Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 08, 2018 | |
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 Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 36,440,804 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Cash and due from banks | $ 132,822 | $ 169,455 |
Mortgage-backed securities ("MBS") available-for-sale, at fair value (See Note 7) | 465,490 | 351,384 |
Marketable equity securities, at fair value | 6,111 | 0 |
Investment securities available-for-sale, at fair value (See Note 7) | 5,088 | 4,006 |
Trading securities | 0 | 2,715 |
Loans: | ||
Real estate | 5,204,462 | 5,464,067 |
Commercial and industrial ("C&I") loans | 207,743 | 136,671 |
Other loans | 1,162 | 1,379 |
Less allowance for loan losses | (21,330) | (21,033) |
Total loans, net | 5,392,037 | 5,581,084 |
Premises and fixed assets, net | 24,736 | 24,326 |
Federal Home Loan Bank of New York ("FHLBNY") capital stock | 53,842 | 59,696 |
Bank Owned Life Insurance ("BOLI") | 110,706 | 108,545 |
Goodwill | 55,638 | 55,638 |
Other assets | 47,723 | 46,611 |
Total Assets | 6,294,193 | 6,403,460 |
Due to depositors: | ||
Interest-bearing deposits | 4,013,470 | 4,095,701 |
Non-interest-bearing deposits | 368,780 | 307,746 |
Total deposits | 4,382,250 | 4,403,447 |
Escrow and other deposits | 119,796 | 82,168 |
FHLBNY advances | 1,042,925 | 1,170,000 |
Subordinated debt, net | 113,722 | 113,612 |
Other liabilities | 31,923 | 35,666 |
Total Liabilities | 5,690,616 | 5,804,893 |
Stockholders' Equity: | ||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at September 30, 2018 and December 31, 2017) | 0 | 0 |
Common stock ($0.01 par, 125,000,000 shares authorized, 53,690,825 shares and 53,624,453 shares issued at September 30, 2018 and December 31, 2017, respectively, and 36,612,153 shares and 37,419,070 shares outstanding at September 30, 2018 and December 31, 2017, respectively) | 537 | 536 |
Additional paid-in capital | 277,718 | 276,730 |
Retained earnings | 558,357 | 535,130 |
Accumulated other comprehensive loss, net of deferred taxes | (5,734) | (3,641) |
Unearned Restricted Stock Award common stock | (4,699) | (2,894) |
Common stock held by Benefit Maintenance Plan ("BMP") | (1,509) | (2,736) |
Treasury stock, at cost (17,078,672 shares and 16,205,383 shares at September 30, 2018 and December 31, 2017, respectively) | (221,093) | (204,558) |
Total Stockholders' Equity | 603,577 | 598,567 |
Total Liabilities and Stockholders' Equity | $ 6,294,193 | $ 6,403,460 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
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) | 53,690,825 | 53,624,453 |
Common stock, shares outstanding (in shares) | 36,612,153 | 37,419,070 |
Treasury stock (in shares) | 17,078,672 | 16,205,383 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Interest income: | |||||
Loans secured by real estate | $ 47,486 | $ 51,621 | $ 144,889 | $ 153,233 | |
C&I loans | 2,729 | 1,043 | 6,541 | 1,558 | |
Other loans | 18 | 19 | 55 | 55 | |
MBS | 2,852 | 27 | 7,515 | 55 | |
Investment securities | 59 | 108 | 123 | 462 | |
Other short-term investments | 1,480 | 811 | 4,537 | 2,139 | |
Total interest income | 54,624 | 53,629 | 163,660 | 157,502 | |
Interest expense: | |||||
Deposits and escrow | 13,361 | 9,408 | 36,100 | 28,424 | |
Borrowed funds | 6,235 | 5,763 | 18,384 | 15,080 | |
Total interest expense | 19,596 | 15,171 | 54,484 | 43,504 | |
Net interest income | 35,028 | 38,458 | 109,176 | 113,998 | |
Provision for loan losses | 335 | 23 | 1,641 | 1,520 | |
Net interest income after provision for loan losses | 34,693 | 38,435 | 107,535 | 112,478 | |
Non-interest income: | |||||
Service charges and other fees | 1,233 | 948 | 3,443 | 2,661 | |
Net mortgage banking income | 79 | 69 | 292 | 150 | |
Net gain on sale of securities and other assets | [1] | 99 | 2,635 | 1,484 | 2,769 |
Gain on sale of loans | 18 | 0 | 143 | 0 | |
Income from BOLI | 729 | 558 | 2,161 | 1,654 | |
Other | 63 | 73 | 179 | 574 | |
Total non-interest income | 2,221 | 4,283 | 7,702 | 7,808 | |
Non-interest expense: | |||||
Salaries and employee benefits | 10,963 | 8,593 | 33,024 | 27,577 | |
Stock benefit plan compensation expense | 403 | 353 | 1,198 | 1,030 | |
Occupancy and equipment | 3,845 | 3,492 | 11,414 | 10,620 | |
Data processing costs | 1,823 | 3,392 | 5,374 | 6,502 | |
Marketing | 975 | 1,467 | 2,168 | 4,399 | |
Federal deposit insurance premiums | 382 | 875 | 1,521 | 2,242 | |
Loss from extinguishment of debt | 0 | 1,272 | 0 | 1,272 | |
Other | 3,194 | 2,731 | 9,446 | 8,771 | |
Total non-interest expense | 21,585 | 22,175 | 64,145 | 62,413 | |
Income before income taxes | 15,329 | 20,543 | 51,092 | 57,873 | |
Income tax expense | 3,547 | 7,230 | 12,244 | 21,414 | |
Net income | $ 11,782 | $ 13,313 | $ 38,848 | $ 36,459 | |
Earnings per Share: | |||||
Basic (in dollars per share) | $ 0.32 | $ 0.36 | $ 1.04 | $ 0.97 | |
Diluted (in dollars per share) | $ 0.32 | $ 0.35 | $ 1.04 | $ 0.97 | |
[1] | Amount includes periodic valuation gains or losses sales on of marketable equity and trading securities |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Net Income | $ 11,782 | $ 13,313 | $ 38,848 | $ 36,459 |
Other comprehensive income (loss): | ||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities | 0 | 1,235 | 0 | 1,299 |
Change in unrealized holding loss on securities available-for-sale | (2,774) | 27 | (7,011) | 251 |
Change in pension and other postretirement obligations | 287 | 355 | 728 | 1,012 |
Change in unrealized gain on derivatives | 754 | 92 | 3,330 | (326) |
Other comprehensive gain (loss) before income taxes | (1,733) | 1,709 | (2,953) | 2,236 |
Deferred tax expense (benefit) | (577) | 773 | (981) | 1,008 |
Other comprehensive income (loss), net of tax | (1,156) | 936 | (1,972) | 1,228 |
Total comprehensive income | $ 10,626 | $ 14,249 | $ 36,876 | $ 37,687 |
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] | Unearned Stock Award Common Stock [Member] | Common Stock Held by BMP [Member] | Treasury Stock, at Cost [Member] | Total | |
Balance at Dec. 31, 2016 | $ 536 | $ 278,356 | $ 503,539 | $ (5,939) | $ (1,932) | $ (6,859) | $ (201,833) | $ 565,868 | |
Balance (in shares) at Dec. 31, 2016 | 37,455,853 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | $ 0 | 0 | 36,459 | 0 | 0 | 0 | 0 | 36,459 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 1,228 | 0 | 0 | 0 | 1,228 | |
Exercise of stock options, net | $ 0 | 680 | 0 | 0 | 0 | 0 | 0 | 680 | |
Exercise of stock options (in shares) | 45,174 | ||||||||
Release of shares, net of forfeitures | $ 0 | 1,325 | 0 | 0 | (2,874) | (170) | 1,917 | 198 | |
Release of shares, net of forfeitures (in shares) | 152,215 | ||||||||
Stock-based compensation | $ 0 | 0 | 0 | 0 | 1,270 | 0 | 0 | 1,270 | |
Shares received to satisfy distribution of retirement benefits | $ 0 | (3,687) | 0 | 0 | 0 | 4,293 | (4,511) | (3,905) | |
Shares received to satisfy distribution of retirement benefits (in shares) | (230,358) | ||||||||
Cash dividends declared and paid | $ 0 | 0 | (15,761) | 0 | 0 | 0 | 0 | (15,761) | |
Balance at Sep. 30, 2017 | $ 536 | 276,674 | 524,237 | (4,711) | (3,536) | (2,736) | (204,427) | 586,037 | |
Balance (in shares) at Sep. 30, 2017 | 37,422,884 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reclassification of unrealized gains and losses on marketable equity securities | ASU 2016-01 [Member] | $ 0 | 0 | 153 | (153) | [1] | 0 | 0 | 0 | 0 |
Balance at Dec. 31, 2017 | 536 | 276,730 | 535,130 | (3,641) | (2,894) | (2,736) | (204,558) | 598,567 | |
Balance (ASU 2016-01 [Member]) at Dec. 31, 2017 | $ 536 | 276,730 | 535,283 | (3,794) | (2,894) | (2,736) | (204,558) | 598,567 | |
Balance (in shares) at Dec. 31, 2017 | 37,419,070 | ||||||||
Balance (in shares) (ASU 2016-01 [Member]) at Dec. 31, 2017 | 37,419,070 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | $ 0 | 0 | 38,848 | 0 | 0 | 0 | 0 | 38,848 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (1,972) | 0 | 0 | 0 | (1,972) | |
Exercise of stock options, net | $ 1 | 1,118 | 0 | 0 | 0 | 0 | (165) | 954 | |
Exercise of stock options (in shares) | 57,327 | ||||||||
Release of shares, net of forfeitures | $ 0 | 1,022 | 0 | 0 | (3,003) | 0 | 1,994 | 13 | |
Release of shares, net of forfeitures (in shares) | 158,851 | ||||||||
Stock-based compensation | $ 0 | 0 | 0 | 0 | 1,198 | 0 | 0 | 1,198 | |
Shares received to satisfy distribution of retirement benefits | $ 0 | (1,152) | 0 | 0 | 0 | 1,227 | (958) | (883) | |
Shares received to satisfy distribution of retirement benefits (in shares) | (49,895) | ||||||||
Reclassification of tax effects on other comprehensive income (loss) | $ 0 | 0 | (32) | 32 | 0 | 0 | 0 | 0 | |
Cash dividends declared and paid | 0 | 0 | (15,742) | 0 | 0 | 0 | 0 | (15,742) | |
Repurchase of common stock | $ 0 | 0 | 0 | 0 | 0 | 0 | (17,406) | (17,406) | |
Repurchase of common stock (in shares) | (973,200) | ||||||||
Balance at Sep. 30, 2018 | $ 537 | $ 277,718 | $ 558,357 | $ (5,734) | $ (4,699) | $ (1,509) | $ (221,093) | $ 603,577 | |
Balance (in shares) at Sep. 30, 2018 | 36,612,153 | ||||||||
[1] | Represents the impact of adopting ASU 2016-01 allowing the reclassification of unrealized gains and losses on available-for-sale equity securities from accumulated other comprehensive income to retained earnings. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 38,848 | $ 36,459 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net gain recognized on marketable equity and trading securities | (110) | (2,769) |
Net gain on sale of loans held for sale | (143) | 0 |
Net gain on sale of MBS available-for-sale | (1,374) | 0 |
Net depreciation, amortization and accretion | 3,054 | 2,697 |
Stock plan compensation | 1,198 | 1,270 |
Provision for loan losses | 1,641 | 1,520 |
Loss from extinguishment of debt | 0 | 1,272 |
Proceeds from sale of loans held for sale | 2,283 | 0 |
Increase in cash surrender value of BOLI | (2,161) | (1,654) |
Deferred income tax provision | (1,910) | (2,869) |
Reduction in credit related other than temporary impairment ("OTTI") amortized through interest income | 0 | (60) |
Changes in assets and liabilities: | ||
Decrease (Increase) in other assets | 5,129 | (351) |
Increase in other liabilities | (3,010) | (10) |
Net cash provided by Operating activities | 43,445 | 35,505 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of marketable equity securities | 923 | 0 |
Proceeds from sale of investment securities held to maturity | 0 | 9,167 |
Proceeds from sales of investment securities available-for-sale | 0 | 240 |
Proceeds from sales of MBS available-for-sale | 158,758 | 0 |
Proceeds from sales of trading securities | 0 | 4,629 |
Proceeds from calls and principal repayments of MBS available-for-sale | 51,472 | 38 |
Purchases of investment securities available-for-sale | (5,071) | (242) |
Purchases of marketable equity securities | (202) | 0 |
Purchases of MBS available-for-sale | (330,987) | (23,995) |
Proceeds from sale of portfolio loans held for sale | 0 | 4,471 |
Net decrease (increase) in loans | 185,239 | (346,856) |
Purchases of fixed assets, net | (2,356) | (7,024) |
Redemption (purchase) of FHLBNY capital stock, net | 5,854 | (17,345) |
Net cash provided by (used in) Investing Activities | 63,630 | (376,917) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Decrease in due to depositors | (21,197) | (24,233) |
Increase in escrow and other deposits | 37,628 | 14,764 |
Repayments of FHLBNY advances | (2,519,600) | (3,044,575) |
Proceeds from FHLBNY advances | 2,392,525 | 3,430,950 |
Proceeds from exercise of stock options | 954 | 680 |
Release of stock for benefit plan awards | 13 | 198 |
BMP ESOP shares received to satisfy distribution of retirement benefits | (883) | (3,905) |
Treasury shares repurchased | (17,406) | 0 |
Cash dividends paid to stockholders, net | (15,742) | (15,761) |
Proceeds from Subordinated debt issuance, net | 0 | 113,531 |
Repayments of Trust Preferred securities | 0 | (70,680) |
Net cash provided by (used in) Financing Activities | (143,708) | 400,969 |
DECREASE (INCREASE) IN CASH AND CASH EQUIVALENTS | (36,633) | 59,557 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 169,455 | 113,503 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 132,822 | 173,060 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 7,928 | 26,415 |
Cash paid for interest | 52,450 | 42,794 |
Loans transferred to held for sale | 2,140 | 4,471 |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 0 | 50 |
Net decrease in non-credit component of OTTI | 0 | 20 |
Reductions for previous credit losses realized on securities sold | $ 0 | $ 1,229 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2018 | |
NATURE OF OPERATIONS [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Dime Community Bancshares, Inc. (the “Holding Company” and together with its direct and indirect subsidiaries, the “Company”) is a Delaware corporation organized by Dime Community Bank ( f/k/a The Bank was originally founded in 1864 as a New York State-chartered mutual savings bank, and currently operates as a New York State-chartered stock savings bank. 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 online community. 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, mixed use, and, to an increasing extent, commercial and industrial (“C&I”) loans, , mortgage-backed securities, obligations of the U.S. government and government sponsored enterprises, and corporate debt and equity securities. The Holding Company neither owns nor leases any property, but instead uses the administrative offices of the Bank, located in the Brooklyn Heights section of the borough of Brooklyn, New York. The Bank maintains its principal office in the Williamsburg section of the borough of Brooklyn, New York. As of September 30, 2018, the Bank had twenty-nine retail banking offices located throughout the boroughs of Brooklyn, Queens, and the Bronx, and in Nassau County and Suffolk County, New York. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 and December 31, 2017, the results of operations and statements of comprehensive income for the three-month and nine-month periods ended September 30, 2018 and 2017, and the changes in stockholders’ equity and cash flows for the nine-month periods ended September 30, 2018 and 2017. The results of operations for the three-month and nine-month periods ended September 30, 2018 are not necessarily indicative of the results of operations for the remainder of the year ending December 31, 2018. 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, 2017 and notes thereto contained in our Annual Report on Form 10-K. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2018 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2018 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 4. ACCUMULATED 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 Asset Total Accumulated Other Comprehensive Loss Balance as of January 1, 2018 $ — $ 285 $ (6,633 ) $ 2,707 $ (3,641 ) Reclassification of unrealized gains and losses on available-for-sale equity securities (1) — (153 ) — — (153 ) Adjusted balance as of January 1, 2018 — 132 (6,633 ) 2,707 (3,794 ) Other comprehensive income (loss) before reclassifications — (3,928 ) 161 2,711 (1,056 ) Amounts reclassified from accumulated other comprehensive loss — (932 ) 329 (313 ) (916 ) Net other comprehensive income during the period — (4,860 ) 490 2,398 (1,972 ) Reclassification of tax effects on other comprehensive income (2) — — 32 — 32 Balance as of September 30, 2018 $ — $ (4,728 ) $ (6,111 ) $ 5,105 $ (5,734 ) Balance as of January 1, 2017 $ (713 ) $ (92 ) $ (6,910 ) $ 1,776 $ (5,939 ) Other comprehensive income (loss) before reclassifications 39 133 — (313 ) (141 ) Amounts reclassified from accumulated other comprehensive loss 674 — 560 135 1,369 Net other comprehensive income during the period 713 133 560 (178 ) 1,228 Balance as of September 30, 2017 $ — $ 41 $ (6,350 ) $ 1,598 $ (4,711 ) (1) Represents the impact of adopting ASU 2016-01 allowing the reclassification of unrealized gains and losses on available-for-sale equity securities from accumulated other comprehensive income to retained earnings. (2) Represents the impact of adopting ASU 2018-02 allowing the reclassification of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) from accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded. The amount of the reclassification is an adjustment for the difference between the historical corporate income tax rate (35%) and the newly enacted 21% corporate income tax rate. The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Change in unrealized holding loss on securities held-to-maturity and transferred securities: Accretion of previously recognized non-credit component of OTTI $ — $ 3 $ — $ 20 Change in unrealized loss on securities transferred to held-to-maturity — 3 — 50 Reclassification adjustment for net gains included in net gain on securities and other assets — 1,229 — 1,229 Net change — 1,235 — 1,299 Tax expense — 558 — 586 Net change in unrealized holding loss on securities held-to-maturity and transferred securities — 677 — 713 Change in unrealized holding gain on securities available-for-sale: Change in net unrealized gain during the period (2,770 ) 27 (5,637 ) 251 Reclassification adjustment for net gains included in net gain on securities and other assets (4 ) — (1,374 ) — Net change (2,774 ) 27 (7,011 ) 251 Tax expense (benefit) (767 ) 19 (2,151 ) 118 Net change in unrealized holding gain on securities available-for-sale (2,007 ) 8 (4,860 ) 133 Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense 162 355 485 1,012 Change in the net actuarial gain or loss 125 — 243 — Net change 287 355 728 1,012 Tax expense 94 160 238 452 Net change in pension and other postretirement obligations 193 195 490 560 Change in unrealized loss on derivatives: Change in net unrealized loss during the period 966 24 3,792 (573 ) Reclassification adjustment for expense included in interest expense (212 ) 68 (462 ) 247 Net change 754 92 3,330 (326 ) Tax expense (benefit) 96 36 932 (148 ) Net change in unrealized loss on derivatives 658 56 2,398 (178 ) Other comprehensive income (loss) $ (1,156 ) $ 936 $ (1,972 ) $ 1,228 |
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS") | 9 Months Ended |
Sep. 30, 2018 | |
EARNINGS PER SHARE ("EPS") [Abstract] | |
EARNINGS PER SHARE ("EPS") | 5. EARNINGS PER SHARE (“EPS”) Basic EPS is computed by dividing net income 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 if all likely aggregate Long-term Incentive Plan (“LTIP”) and Sales Incentive Plan (“SIP”) share are issued. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA, LTIP, and SIP shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income per the Consolidated Statements of Income $ 11,782 $ 13,313 $ 38,848 $ 36,459 Less: Dividends paid and earnings allocated to participating securities (41 ) (34 ) (113 ) (97 ) Income attributable to common stock $ 11,741 $ 13,279 $ 38,735 $ 36,362 Weighted average common shares outstanding, including participating securities 37,220,933 37,528,933 37,428,595 37,627,568 Less: weighted average participating securities (154,775 ) (162,074 ) (156,311 ) (169,797 ) Weighted average common shares outstanding 37,066,158 37,366,859 37,272,284 37,457,771 Basic EPS $ 0.32 $ 0.36 $ 1.04 $ 0.97 Income attributable to common stock $ 11,741 $ 13,279 $ 38,735 $ 36,362 Weighted average common shares outstanding 37,066,158 37,366,859 37,272,284 37,457,771 Weighted average common equivalent shares outstanding 123,490 74,996 127,456 79,045 Weighted average common and equivalent shares outstanding 37,189,648 37,441,855 37,399,740 37,536,816 Diluted EPS $ 0.32 $ 0.35 $ 1.04 $ 0.97 Common and 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 no “out-of-the-money” stock options during the three-month or nine-month ended September 30, 2018 or 2017. For information about the calculation of expected aggregate LTIP and SIP share payouts, see Note 14. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2018 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6. REVENUE FROM CONTRACTS WITH CUSTOMERS The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In accordance with ASU 2014-09, revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. The Company applies the following five steps to properly recognize revenue: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to performance obligations in the contract 5 Recognize revenue when (or as) the Company satisfies a performance obligation The Company’s only in-scope revenue stream that is subject to the accounting standard is service fees on deposit accounts (including interchange fees), which is disclosed on the Consolidated Statements of Operations as “Service charges and other fees.” For the three-month and nine-month period ended September 30, 2018, service charges and other fees totaled $1,233 and $3,443, respectively. Service Charges on Deposit Accounts Interchange Income |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 9 Months Ended |
Sep. 30, 2018 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 7. INVESTMENT AND MORTGAGE-BACKED SECURITIES The Company adopted ASU 2016-01 on January 1, 2018. As a result of adoption all registered mutual funds and trading securities were reclassified as marketable equity securities on the Consolidated Statement of Financial Conditions and are recorded at fair value with changes in fair value recorded through the income statement. Additionally, $153 of unrealized gains, net of taxes, was reclassified from accumulated other comprehensive income to beginning retained earnings on January 1, 2018. Marketable equity securities are excluded from the tables for the period ended September 30, 2018. The following tables summarize the major categories of securities owned by the Company as of the dates indicated: At September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Agency Notes $ 5,096 $ — $ 8 $ 5,088 Pass-through MBS issued by Government-sponsored Enterprises (“GSEs”) 353,124 1 5,478 347,647 Agency Collateralized Mortgage Obligation (“CMO”) 119,172 227 1,556 117,843 Total debt securities available-for-sale $ 477,392 $ 228 $ 7,042 $ 470,578 At December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available-for-sale: Registered Mutual Funds $ 3,779 $ 311 $ 84 $ 4,006 Pass-through MBS issued by GSEs 72,938 16 325 72,629 CMO 278,251 669 165 278,755 Total investment securities available-for-sale $ 354,968 $ 996 $ 574 $ 355,390 The carrying amount of securities pledged as collateral for the Bank’s first loss guarantee was $26,827 and $28,738 at September 30, 2018 and December 31, 2017, respectively (see Note 10). At September 30, 2018, the available-for-sale agency notes possessed a weighted average contractual maturity of 0.8 years. At September 30, 2018, available-for-sale pass-through MBS issued by GSEs possessed a weighted average contractual maturity of 13.7 years. As of September 30, 2018, the available-for-sale agency CMO securities had a weighted average term to maturity of 12.1 years. During the three-month period ended September 30, 2017, the Company sold its entire portfolio of investment securities held-to-maturity consisting of six pooled trust preferred securities (“TRUP CDO”) securities, of which five were deemed to be OTTI. The TRUP CDO portfolio was sold as part of the Company’s strategy to take advantage of investment opportunities. The Company will evaluate purchases of securities for appropriate classification. During the three-month and nine-month periods ended September 30, 2017, the Company recognized amortization of $26 and $52, respectively, of the unamortized portion of unrealized losses that were 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), and $9 and $17, respectively, on the unamortized portion of previous credit losses recognized in accumulated other comprehensive loss. Proceeds from the sales of available for sale pass-through MBS issued by GSEs totaled $274 during the three-month and nine-month period ending September 30, 2018. Gross gains of $4 were recognized on these sales. The tax expense related to the gain on sale of available for sale pass-through MBS issued by GSEs recognized during the three-month and nine-month periods ending September 30, 2018 was $1. There were no sales of available for sale pass-through MBS issued by GSEs during the three-month and nine-month periods ended September 30, 2017. There were no sales of available-for-sale CMOs during the three-month period ended September 30, 2018. Proceeds from the sales of available-for-sale CMOs totaled $158,484 during the nine-month period ended September 30, 2018. Gross gains of $1,370 were recognized on these sales. The tax expense related to the gain on sales of available-for-sale CMOs recognized during the nine month period ended September 30, 2018 was $440. There were no sales of available-for-sale CMOs during the three-month or nine-month periods ended September 30, 2017. The Company holds marketable equity securities (disclosed as both investment securities available-for-sale and trading securities as of December 31, 2017) as the underlying mutual fund investments of the BMP, held in a rabbi trust. The Company may sell these securities on a periodic basis in order to pay retirement benefits to plan retirees. There are no gains or losses recognized from the sales of marketable equity securities. A summary of the sales of marketable equity securities is listed below for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Proceeds: Marketable equity securities $ 394 $ — $ 923 $ — Investment securities available-for-sale — 137 — 240 Trading securities — 85 — 4,629 The remaining gain or loss on securities shown in the unaudited condensed consolidated statements of income was due to market valuation changes. Net gains of $94 and $110 were recognized on marketable equity securities for the three-month and nine-month periods ended September 30, 2018, respectively. Net 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 as of the dates indicated: September 30, 2018 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Debt securities available-for-sale: Agency Notes $ 5,088 $ 8 $ — $ — $ 5,088 $ 8 Pass through MBS issued by GSEs 289,994 4,546 47,569 932 337,563 5478 Agency CMO 51,362 1,435 4,664 121 56,026 1,556 December 31, 2017 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 available-for-sale: Registered Mutual Funds $ — $ — $ 2,591 $ 84 $ 2,591 $ 84 Pass through MBS issued by GSEs 55,819 325 — — 55,819 325 Agency CMO 86,746 96 3,168 69 89,914 165 The issuers of debt securities available-for-sale are U.S. government-sponsored entities or agencies. The decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality. It is likely that the Company will not be required to sell the securities before their anticipated recovery, and as such, the Company does not consider these securities to be other-than-temporarily-impaired at September 30, 2018. |
LOANS RECEIVABLE AND CREDIT QUA
LOANS RECEIVABLE AND CREDIT QUALITY | 9 Months Ended |
Sep. 30, 2018 | |
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. 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. The Company uses the following definitions for risk ratings: Special Mention. Substandard. Doubtful. The Bank had no loans classified as doubtful as of September 30, 2018 or December 31, 2017. All real estate and C&I loans not classified as Special Mention or Substandard were deemed pass loans at both September 30, 2018 and December 31, 2017. The following is a summary of the credit risk profile of real estate and C&I loans (including deferred costs) by internally assigned grade as of the dates indicated: Balance at September 30, 2018 Pass Special Mention Substandard Doubtful Total Real Estate: One-to-four family residential, including condominium and cooperative apartment $ 70,657 $ — $ 807 $ — $ 71,464 Multifamily residential and residential mixed-use 4,009,338 3,142 2,944 — 4,015,424 Commercial mixed-use real estate 381,547 1,329 4,310 — 387,186 Commercial real estate 717,892 497 855 — 719,244 ADC 11,144 — — — 11,144 Total real estate 5,190,578 4,968 8,916 — 5,204,462 C&I 207,743 — — — 207,743 Total Real Estate and C&I $ 5,398,321 $ 4,968 $ 8,916 $ — $ 5,412,205 Balance at December 31, 2017 Pass Special Mention Substandard Doubtful Total Real Estate: One-to-four family residential, including condominium and cooperative apartment $ 62,042 $ 178 $ 875 $ — $ 63,095 Multifamily residential and residential mixed-use 4,374,388 6,326 466 — 4,381,180 Commercial mixed-use real estate 396,647 — 4,908 — 401,555 Commercial real estate 602,448 1,897 4,703 — 609,048 ADC 9,189 — — — 9,189 Total real estate 5,444,714 8,401 10,952 — 5,464,067 C&I 136,671 — — — 136,671 Total Real Estate and C&I $ 5,581,385 $ 8,401 $ 10,952 $ — $ 5,600,738 The following is a summary of the credit risk profile of consumer loans by internally assigned grade: Grade September 30, 2018 December 31, 2017 Performing $ 1,159 $ 1,375 Non-accrual 3 4 Total $ 1,162 $ 1,379 The following is a breakdown of the past due status of the Company’s investment in loans (excluding accrued interest) as of the dates indicated: At September 30, 2018 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 $ 72 $ 449 $ — $ 443 $ 964 $ 70,500 $ 71,464 Multifamily residential and residential mixed-use — — — 1,473 1,473 4,013,951 4,015,424 Commercial mixed-use real estate — — — 204 204 386,982 387,186 Commercial real estate — — 1,242 855 2,097 717,147 719,244 ADC — — — — — 11,144 11,144 Total real estate $ 72 $ 449 $ 1,242 $ 2,975 $ 4,738 $ 5,199,722 $ 5,204,462 C&I $ — $ — $ — $ — $ — $ 207,743 $ 207,743 Consumer $ 7 $ 3 $ — $ 3 $ 13 $ 1,149 $ 1,162 (1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2018. At December 31, 2017 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 $ 10 $ 23 $ 6,397 $ 436 $ 6,866 $ 56,229 $ 63,095 Multifamily residential and residential mixed-use — — 1,669 — 1,669 4,379,511 4,381,180 Commercial mixed-use real estate — — 520 93 613 400,942 401,555 Commercial real estate — — 11,349 — 11,349 597,699 609,048 ADC — — — — — 9,189 9,189 Total real estate $ 10 $ 23 $ 19,935 $ 529 $ 20,497 $ 5,443,570 $ 5,464,067 C&I $ — $ — $ — $ — $ — $ 136,671 $ 136,671 Consumer $ 4 $ — $ — $ 4 $ 8 $ 1,371 $ 1,379 (1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2017. Accruing Loans 90 Days or More Past Due The Bank continued accruing interest on four real estate loans with an aggregate outstanding balance of $1,242 at September 30, 2018, and fourteen real estate loans with an aggregate outstanding balance of $19,935 at December 31, 2017, 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 repayment or refinance is expected, and, therefore, remained on accrual status and were deemed performing assets at the dates indicated above. Troubled Debt Restructurings (“TDRs”) A TDR has been created in the event that, for economic or legal reasons, any of the following concessions has been granted that would not have otherwise been considered to a debtor experiencing financial difficulties. · A reduction of interest rate has been made for the remaining term of the loan · The maturity date of the loan has been extended with a stated interest rate lower than the current market rate for new debt with similar risk · The outstanding principal amount and/or accrued interest have been reduced I n instances in which the interest rate has been reduced, management would not deem the modification a TDR in the event that the reduction in interest rate reflected either a general decline in market interest rates or an effort to maintain a relationship with a borrower who could readily obtain funds from other sources at the current market interest rate, and the terms of the restructured loan are comparable to the terms offered by the Bank to non-troubled debtors. The following table summarizes outstanding TDRs by underlying collateral types as of the dates indicated: As of September 30, 2018 As of December 31, 2017 No. of Loans Balance No. of Loans Balance One-to-four family residential, including condominium and cooperative apartment 1 $ 16 1 $ 22 Multifamily residential and residential mixed-use 2 277 3 619 Commercial mixed-use real estate 1 4,107 1 4,174 Commercial real estate — — 1 3,296 Total real estate 5 $ 4,400 6 $ 8,111 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. There was one TDR for $314 on non-accrual status at September 30, 2018 and none at December 31, 2017. The Company has not restructured any C&I or consumer loans, as these loan portfolios have not experienced any problem issues warranting restructuring. Therefore, all TDRs were collateralized by real estate at both September 30, 2018 and December 31, 2017. There were no loans modified in a manner that met the criteria of a TDR during the three-month or nine-month periods ended September 30, 2018 or 2017. As of September 30, 2018 and December 31, 2017, 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, 2018 or 2017 (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 all non-accrual loans, except one-to-four family loans equal to or less than the FNMA conforming loan limits for high-cost areas, such as the Bank’s primary lending area, (“FNMA Limits”) and consumer loans, to be impaired. Non-accrual one-to-four family loans equal to or less than the FNMA Limits and 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, 2018 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | 9. ALLOWANCE FOR LOAN LOSSES The allowance for loan losses consists of specific and general components. At September 30, 2018, the Bank’s periodic evaluation of its allowance for loan losses (specific or general) was comprised of two primary components: (1) impaired loans and (2) 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; (2) C&I loans; and (3) consumer loans. Within these segments, the Bank analyzes the allowance for loan losses based upon the underlying collateral type (classes). 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, and consumer loans are collectively evaluated for impairment, and accordingly, are not separately identified for impairment disclosures. Impaired Loan Component All loans that are deemed to meet the definition of impaired 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 certain 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, 2018 and December 31, 2017, there were no allocated reserves related to TDRs within the allowance for loan losses. Non-Impaired Loan Component 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; 5) ADC; and 6) C&I. 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 – (ii) Economic conditions – (iii) Underwriting standards or experience – (iv) Loan concentrations – (v) Regulatory climate – Consideration is given to public statements made by the banking regulatory agencies that have a potential impact on the Bank’s loan portfolio and allowance for loan losses. (vi) Nature and volume of the portfolio – The Bank considers any significant changes in the overall nature and volume of its loan portfolio. (vii) Changes in the quality and scope of the loan review function – The Bank considers the potential impact upon its allowance for loan losses of any adverse change in the quality and scope of the loan review function. Consumer Loans Due to their small individual balances, the Bank does not evaluate individual consumer loans for impairment. Loss percentages are applied to aggregate consumer loans based upon both their delinquency status and loan type. These loss percentages are derived from a combination of the Company’s historical loss experience and/or nationally published loss data on such loans. Consumer loans in excess of 120 days delinquent are typically fully charged off against the allowance for loan losses. Reserve for Loan Commitments At both September 30, 2018 and December 31, 2017, respectively, the Bank maintained a reserve of $25 associated with unfunded loan commitments accepted by the borrower. This reserve is determined based upon the outstanding volume of loan commitments at each period end. Any increases or reductions in this reserve are recognized in periodic non-interest expense. The following tables present data regarding the allowance for loan losses activity for the periods indicated: At or for the Three Months Ended September 30, 2018 One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Beginning balance $ 123 $ 14,299 $ 1,382 $ 2,285 $ 141 $ 18,230 $ 2,737 $ 17 Provision (credit) for loan losses (2 ) (312 ) (43 ) 220 8 (129 ) 463 1 Charge-offs (1 ) (1 ) — — — (2 ) — — Recoveries 10 — 3 — — 13 — — Ending balance $ 130 $ 13,986 $ 1,342 $ 2,505 $ 149 $ 18,112 $ 3,200 $ 18 At or for the Three Months Ended September 30, 2017 One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Beginning balance $ 122 $ 17,372 $ 1,411 $ 2,034 $ 6 $ 20,945 $ 1,023 $ 17 Provision (credit) for loan losses (7 ) (709 ) 37 49 8 (622 ) 643 2 Charge-offs (2 ) (12 ) — — — (14 ) — — Recoveries 2 11 — — — 13 — — Ending balance $ 115 $ 16,662 $ 1,448 $ 2,083 $ 14 $ 20,322 $ 1,666 $ 19 At or for the Nine Months Ended September 30, 2018 One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Beginning balance $ 116 $ 15,219 $ 1,388 $ 2,147 $ 123 $ 18,993 $ 2,021 $ 19 Provision (credit) for loan losses 171 (1,232 ) (43 ) 358 26 (720 ) 2,358 3 Charge-offs (169 ) (1 ) (6 ) — — (176 ) (1,179 ) (4 ) Recoveries 12 — 3 — — 15 — — Ending balance $ 130 $ 13,986 $ 1,342 $ 2,505 $ 149 $ 18,112 $ 3,200 $ 18 At or for the Nine Months Ended September 30, 2017 One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Beginning balance $ 145 $ 16,555 $ 1,698 $ 2,118 $ — $ 20,516 $ — $ 20 Provision (credit) for loan losses (30 ) 155 (254 ) (35 ) 14 (150 ) 1,666 4 Charge-offs (15 ) (104 ) — — — (119 ) — (5 ) Recoveries 15 56 4 — — 75 — — Ending balance $ 115 $ 16,662 $ 1,448 $ 2,083 $ 14 $ 20,322 $ 1,666 $ 19 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment evaluation method as of the dates indicated: At September 30, 2018 One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 130 13,986 1,342 2,505 149 18,112 3,200 18 Total ending allowance balance $ 130 $ 13,986 $ 1,342 $ 2,505 $ 149 $ 18,112 $ 3,200 $ 18 Loans: Individually evaluated for impairment $ 16 $ 1,750 $ 4,311 $ 855 $ — $ 6,932 $ — $ — Collectively evaluated for impairment 71,448 4,013,674 382,875 718,389 11,144 5,197,530 207,743 1,162 Total ending loans balance $ 71,464 $ 4,015,424 $ 387,186 $ 719,244 $ 11,144 $ 5,204,462 $ 207,743 $ 1,162 At December 31, 2017 One-to-Four Family Residential, Including Condominium and Cooperative Multifamily Residential and Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 116 15,219 1,388 2,147 123 18,993 2,021 19 Total ending allowance balance $ 116 $ 15,219 $ 1,388 $ 2,147 $ 123 $ 18,993 $ 2,021 $ 19 Loans: Individually evaluated for impairment $ 22 $ 619 $ 4,267 $ 3,296 $ — $ 8,204 $ — $ — Collectively evaluated for impairment 63,073 4,380,561 397,288 605,752 9,189 5,455,863 136,671 1,379 Total ending loans balance $ 63,095 $ 4,381,180 $ 401,555 $ 609,048 $ 9,189 $ 5,464,067 $ 136,671 $ 1,379 There were no impaired loans with a related allowance recorded as of September 30, 2018 or December 31, 2017. The following table summarizes impaired loans with no related allowance recorded as of the dates indicated (by collateral type within the real estate loan segment): At September 30, 2018 At December 31, 2017 Unpaid Principal Balance Recorded Investment (1) Related Allowance Unpaid Principal Balance Recorded Investment (1) Related Allowance With no related allowance recorded: One-to-four family residential, including condominium and cooperative apartment $ 16 $ 16 $ — $ 22 $ 22 $ — Multifamily residential and residential mixed-use 1,750 1,750 — 619 619 — Commercial mixed-use real estate 4,311 4,311 — 4,267 4,267 — Commercial real estate 855 855 — 3,296 3,296 — Total with no related allowance recorded $ 6,932 $ 6,932 $ — $ 8,204 $ 8,204 $ — (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. The following table presents information for impaired loans for the periods indicated : Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Average Recorded Investment (1) Interest Income Recognized Average Recorded Investment (1) Interest Income Recognized With no related allowance recorded: One-to-four family residential, including condominium and cooperative apartment $ 17 $ — $ 397 $ 7 Multifamily residential and residential mixed-use 1,174 8 1,943 13 Commercial mixed-use real estate 4,204 58 4,306 43 Commercial real estate 1,066 35 3,321 33 Total with no related allowance recorded 6,461 101 9,967 96 With an allowance recorded: C&I — — — — Total $ 6,461 $ 101 $ 9,967 $ 96 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. The following table presents information for impaired loans for the periods indicated : Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Average Recorded Investment (1) Interest Income Recognized Average Recorded Investment (1) Interest Income Recognized With no related allowance recorded: One-to-four family residential, including condominium and cooperative apartment $ 19 $ — $ 400 $ 21 Multifamily residential and residential mixed-use 892 43 2,623 75 Commercial mixed-use real estate 4,230 131 4,539 131 Commercial real estate 2,177 152 3,339 100 Total with no related allowance recorded 7,318 326 10,901 327 With an allowance recorded: C&I 295 — — — Total $ 7,613 $ 326 $ 10,901 $ 327 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
LOAN SECURITIZATION
LOAN SECURITIZATION | 9 Months Ended |
Sep. 30, 2018 | |
LOAN SECURITIZATION [Abstract] | |
LOAN SECURITIZATION | 10. LOAN SECURITIZATION During the year ended December 31, 2017, the Bank completed a securitization of $280,186 of its multifamily loans through a Federal Home Loan Mortgage Corporation (“FHLMC”) sponsored “Q-deal” securitization completed in December 2017. Four classes of FHLMC guaranteed structured pass-through certificates were issued and purchased entirely by the Bank. As part of the securitization transaction, the Bank entered into a Servicing Agreement, which included general representations and warranties, and reimbursement obligations. Servicing responsibilities on loan sales generally include obligations to collect and remit payments of principal and interest, provide foreclosure services, manage payments of tax and insurance, and otherwise administer the underlying loans. In connection with the securitization transaction, FHLMC was designated as the master servicer and appointed the Bank to perform sub-servicing responsibilities, which generally include the servicing responsibilities described above with exception to the servicing of foreclosed or defaulted loans. The overall management, servicing, and resolution of defaulted loans and foreclosed loans are separately designated to the special servicer, a third party institution that is independent of the master servicer and the Bank. The master servicer has the right to terminate the Bank in its role as sub-servicer and direct such responsibilities accordingly. General representations and warranties associated with loan sales and securitization sales require the Company to uphold various assertions that pertain to the underlying loans at the time of the transaction, including, but not limited to, compliance with relevant laws and regulations, absence of fraud, enforcement of liens, no environmental damages, and maintenance of relevant environmental insurance. Such representations and warranties are limited to those that do not meet the quality represented at the transaction date and do not pertain to a decline in value or future payment defaults. In circumstances where the Company breaches its representations and warranties, the Company would generally be required to cure such instances through a repurchase or substitution of the subject loan(s). With respect to the securitization transaction, the Company also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse FHLMC for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date. At both September 30, 2018 and December 31, 2017, respectively, the Bank maintained a liability of $420 for the exposure to the reimbursement agreement with FHLMC, the first loss guarantee. Any increases or reductions in this liability are recognized in periodic non-interest expense. |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 30, 2018 | |
DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | 11. DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio. 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. During 2018, such derivatives were used to hedge the variable cash flows associated with existing or forecasted issuances of short term borrowings debt. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income (Loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that an additional $1,615 will be reclassified as a reduction to interest expense. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of the periods indicated. At September 30, 2018 At December 31, 2017 Count Notional Amount Fair Value Assets Fair Value Liabilities Count Notional Amount Fair Value Assets Fair Value Liabilities Included in other assets/(liabilities): Interest rate swaps related to FHLBNY advances 11 $ 200,000 $ 7,353 $ – 7 $ 135,000 $ 4,041 $ — The table below presents the effect of the cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss) as of September 30, 2018 and 2017. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest rate products Amount of gain (loss) recognized in other comprehensive income $ 966 $ 24 $ 3,792 $ (573 ) Amount of gain (loss) reclassified from other comprehensive income into interest expense 212 (68 ) 462 (247 ) The table below presents a gross presentation, the effects of offsetting of derivative assets, and a net presentation of the Company’s derivatives for the periods indicated. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value in Note 12 provides the location that derivative assets and liabilities are presented on the Balance Sheet. At September 30, 2018 Gross Amounts Gross Amounts Offset in the Net Amounts of Assets Presented in Gross Amounts Not Offset Statement of Financial Position of Assets Statement of Financial Position the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount FHLB Advances $ 7,353 $ — $ 7,353 $ — $ — $ 7,353 At December 31, 2017 Gross Amounts Gross Amounts Offset in the Net Amounts of Assets Presented in Gross Amounts Not Offset in the Statement of Financial Position of Recognized Assets Statement of Financial Position the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount FHLB Advances $ 4,041 $ — $ 4,041 $ — $ — $ 4,041 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, 2018, 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 $7,433. If the Company had breached any of the above provisions at September 30, 2018, 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, 2018. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2018 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 Inputs Level 2 Inputs e.g. Level 3 Inputs Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities The Company’s marketable equity securities and available-for-sale securities 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. All debt securities available-for-sale are guaranteed either implicitly or explicitly by GSEs as of September 30, 2018 and December 31, 2017. Obtaining market values as of September 30, 2018 and December 31, 2017 for these securities utilizing significant observable inputs was not difficult due to their considerable demand. Derivatives Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date. The following tables present financial assets 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, 2018 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Marketable equity securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 4,168 $ 4,168 $ — $ — International Equity Mutual Funds 239 239 — — Fixed Income Mutual Funds 1,704 1,704 — — Debt securities available-for-sale: Agency Notes 5,088 — 5,088 — Pass-through MBS issued by GSEs 347,647 — 347,647 — Agency CMOs 117,843 — 117,843 — Derivative – interest rate product 7,353 — 7,353 — Fair Value Measurements at December 31, 2017 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 460 $ 460 $ — $ — International Equity Mutual Funds 120 120 — — Fixed Income Mutual Funds 2,135 2,135 — — Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,512 1,512 — — International Equity Mutual Funds 445 445 — — Fixed Income Mutual Funds 2,049 2,049 — — Pass-through MBS issued by GSEs 72,629 — 72,629 — Agency CMOs 278,755 — 278,755 — Derivative – interest rate product 4,041 — 4,041 — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis. That is, they are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment), and are subject to fair value adjustments. Financial assets measured at fair value on a non-recurring basis include certain impaired loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Impaired Loans Loans with certain characteristics are evaluated individually for impairment. A loan is considered impaired under ASC 310-10-35 when, based upon existing information and events, it is probable that the Bank will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. The Bank’s impaired loans were collateralized by real estate both at September 30, 2018 and at December 31, 2017, and were thus carried at the lower of the outstanding principal balance or the estimated fair value of the collateral. Fair value is estimated through either a negotiated note sale price (Level 3 input), or, more commonly, a recent real estate appraisal (Level 3 input) or discounted valuation of underlying collateral, such as accounts receivable for non-real estate loans. Types of discounts considered include aging of receivables, condition of the collateral, potential market for the collateral and estimated disposal costs. These discounts will vary from loan to loan and may be discounted based on management’s opinions concerning market developments or the client’s business. At both September 30, 2018 and December 31, 2017, there were no impaired loans carried at fair value. Financial Instruments Not Measured at Fair Value The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 20 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K, except for the valuation of loans which was impacted by the adoption of ASU 2016-01. In accordance with ASU 2016-01, the fair value of loans held for investment, excluding previously presented impaired loans measured at fair value on a non-recurring basis, is estimated using discounted cash flow analyses. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit, and nonperformance risk of the loans. Loans are considered a Level 3 classification. The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or non-recurring is as follows for 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, 2018 Using Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 132,822 $ 132,822 $ — $ — $ 132,822 Loans, net 5,392,037 — — 5,323,822 5,323,822 Accrued interest receivable 17,379 — 1,144 16,235 17,379 FHLBNY capital stock 53,842 N/A N/A N/A N/A Financial Liabilities Savings, money market and checking accounts 3,044,587 3,044,587 — — 3,044,587 Certificates of Deposits (“CDs”) 1,337,663 — 1,333,445 — 1,333,445 Escrow and other deposits 119,796 119,796 — — 119,796 FHLBNY Advances 1,042,925 — 1,032,262 — 1,032,262 Subordinated debt, net 113,722 — 112,585 — 112,585 Accrued interest payable 3,657 — 3,657 — 3,657 Fair Value Measurements at December 31, 2017 Using Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 169,455 $ 169,455 $ — $ — $ 169,455 Loans, net 5,581,084 — — 5,519,746 5,519,746 Accrued interest receivable 16,543 — 751 15,792 16,543 FHLBNY capital stock 59,696 N/A N/A N/A N/A Financial Liabilities Savings, money market and checking accounts 3,311,560 3,311,560 — — 3,311,560 CDs 1,091,887 — 1,192,964 — 1,192,964 Escrow and other deposits 82,168 82,168 — — 82,168 FHLBNY Advances 1,170,000 — 1,164,947 — 1,164,947 Subordinated debt, net 113,612 — 115,337 — 115,337 Accrued interest payable 1,623 — 1,623 — 1,623 |
RETIREMENT AND POSTRETIREMENT P
RETIREMENT AND POSTRETIREMENT PLANS | 9 Months Ended |
Sep. 30, 2018 | |
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 Dime Community Bank (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 Dime Community Bank (the “Postretirement Plan”). The Company adopted ASU 2017-07 , Compensation-Retirement Benefits (Topic 715), Three Months Ended September 30, 2018 2017 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ — $ — $ — $ — Interest cost 291 13 329 14 Expected return on assets (430 ) — (395 ) — Unrecognized past service liability — (2 ) — (2 ) Amortization of unrealized loss (gain) 289 — 358 (1 ) Net periodic cost $ 150 $ 11 $ 292 $ 11 Nine Months Ended September 30, 2018 2017 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ — $ — $ — $ — Interest cost 874 40 987 42 Expected return on assets (1,290 ) — (1,185 ) — Unrecognized past service liability — (6 ) — (6 ) Amortization of unrealized loss (gain) 866 — 1,076 (3 ) Net periodic cost $ 450 $ 34 $ 878 $ 33 The Company disclosed in its consolidated financial statements for the year ended December 31, 2017 that it expected to make contributions to, or benefit payments on behalf of, benefit plans during 2018 as follows: Employee Retirement Plan - $17, Outside Director Retirement Plan - $226, Postretirement Plan - $121, and BMP - $564. The Company made contributions of $12 and $24 to the Employee Retirement Plan during the three months and nine months ended September 30, 2018, respectively, and expects to make the remainder of the contributions during 2018. The Company made benefit payments of $56 and $168 on behalf of the Outside Director Retirement Plan during the three and nine months ended September 30, 2018, respectively, and expects to make the remainder of the estimated net contributions or benefit payments during 2018. The Company made benefit payments totaling $41 and $91 on behalf of the Postretirement Plan during the three months and nine months ended September 30, 2018, respectively, and expects to make any additional contributions or benefit payments required for 2018. The Company made benefit payments totaling $137 and $410 on behalf of the BMP during the three and nine month period ended September 30, 2018, respectively, and expects to make the remaining anticipated benefit payments during 2018. The BMP exists in order to compensate executive officers for any curtailments in benefits due to statutory limitations on qualifying benefit plans. In addition to benefit payments from the defined benefit plan component of the BMP discussed above, a gross lump-sum distribution of $1,221 was made to a retired participant during the three-month period ended September 30, 2018. The distribution during the three-month period ended September 30, 2018 was satisfied by 49,440 shares of Common Stock (market value of $964) held by the previous Employee Stock Ownership Plan component of the BMP, of which 21,260 shares were returned to Treasury Stock to cover income tax liabilities. As a result of the distribution, a non-cash tax benefit of $315 was recognized for the difference between market value and cost basis of the Common Stock held by the BMP. For the nine-month period ended September 30, 2018, gross lump-sum distributions of $2,477 were made. The distributions during the nine-month period ended September 30, 2018 were satisfied by 102,074 shares of common stock (market value of $1,963) held by the previous Employee Stock Ownership Plan component of the BMP, of which 49,895 shares were returned to Treasury Stock to cover income tax liabilities, and result of the distribution, a non-cash tax benefit of $608 was recognized for the difference between market value and cost basis of the Common Stock held by the BMP. |
ACCOUNTING FOR STOCK BASED COMP
ACCOUNTING FOR STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2018 | |
ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract] | |
ACCOUNTING FOR STOCK BASED COMPENSATION | 14. ACCOUNTING FOR STOCK BASED COMPENSATION The Company maintains 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 (“2013 Equity Plan”) (collectively, the “Stock Plans”), which are discussed more fully in Note 18 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2017, 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 period then ended: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Years Aggregate Intrinsic Value Options outstanding at January 1, 2018 157,546 $ 15.53 Options granted — — Options expired (18,779 ) 17.50 Options exercised (66,372 ) $ 17.10 Options outstanding at September 30, 2018 72,395 $ 13.58 2.2 $ 309 Options vested and exercisable at September 30, 2018 72,395 $ 13.58 2.2 $ 309 During the nine-month period ended September 30, 2018, the cost of one exercise of 10,000 stock options was satisfied by 9,045 shares of Common Stock at an exercise price of $18.18. These shares were returned to Treasury Stock. Information related to stock options during each period is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Cash received for option exercise cost $ — $ 54 $ 954 $ 680 Income tax benefit recognized on stock option exercises (1) (68 ) — (44 ) 69 Intrinsic value of options exercised — 10 167 286 (1) Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January 1, 2017, income tax benefits were recognized through additional paid in capital. Restricted Stock Awards The Company has made restricted stock award grants to outside Directors and certain officers under the Stock Plans. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers may vest in equal annual installments over a four-year period or at the end of the four-year requisite period. All awards were made at the fair value of Common Stock on the grant date. Compensation expense on all restricted stock awards are based upon the fair value of the shares on the respective dates of the grant. The following table presents a summary of activity related to the RSAs granted, and changes during the period then ended: Number of Shares Weighted-Average Grant-Date Fair Value Unvested allocated shares outstanding at January 1, 2018 $ 150,567 $ 18.85 Shares granted 63,612 19.75 Shares vested (56,742 ) 18.19 Shares forfeited (2,014 ) 19.39 Unvested allocated shares at September 30, 2018 155,423 $ 19.45 Information related to restricted stock awards during each period is as follows: At or for the Three Months Ended September 30, At or for the Nine Months Ended September 30, 2018 2017 2018 2017 Compensation expense recognized $ 326 $ 353 $ 950 $ 1,195 Income tax benefit (expense) recognized on vesting of RSA (1) 0 3 (22 ) 78 Weighted average remaining years for which compensation expense is to be recognized 2.5 2.8 2.5 2.8 (1) Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January 1, 2017, income tax benefits were recognized through additional paid in capital. Performance Based Equity Awards The Company established the LTIP, a long term incentive award program for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and maximum (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of Common Stock are issued on the grant date and held as unvested stock awards until the end of the performance period. They are issued at the maximum opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. The following table presents a summary of activity related to performance based equity awards, and changes during the period then ended: Number of Shares Weighted-Average Grant-Date Fair Value Maximum aggregate share payout at January 1, 2018 69,224 $ 19.19 Shares granted 81,353 18.55 Shares vested (3,536 ) 18.83 Shares forfeited (6,320 ) 19.19 Maximum aggregate share payout at September 30, 2018 140,721 $ 18.83 Minimum aggregate share payout — — Expected aggregate share payout 93,813 $ 18.83 Compensation expense recorded for performance based equity awards was $(36) and $112 for the three-month and nine-month periods ended September 30, 2018, respectively. Compensation expense recorded for performance based equity awards was $79 and $251 for the three-month and nine-month periods ended September 30, 2017, respectively. Sales Incentive Awards The Company established the SIP, a sales incentive award program for certain officers, which meets the criteria for equity-based accounting. For each quarter an individual can earn their shares based on their sales performance in that quarter. The shares then vest one year from the quarter in which they are earned. Shares of Common Stock are issued on the grant date and held as unvested stock awards until the end of the performance period. They are issued at the maximum opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. The following table presents a summary of activity related to performance based equity awards, and changes during the period then ended: Number of Shares Weighted-Average Grant-Date Fair Value Maximum aggregate share payout at January 1, 2018 — $ — Shares granted 21,736 18.40 Shares vested — — Shares forfeited — — Maximum aggregate share payout at September 30, 2018 21,736 $ 18.40 Minimum aggregate share payout — — Expected aggregate share payout 21,736 $ 18.40 Compensation expense recorded for sales incentive based equity awards was $113 and $136 for the three-month and nine-month periods ended September 30, 2018, respectively. |
SUBORDINATED NOTES PAYABLE
SUBORDINATED NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2018 | |
SUBORDINATED NOTES PAYABLE [Abstract] | |
SUBORDINATED NOTES PAYABLE | 15. SUBORDINATED NOTES PAYABLE During the year ended December 31, 2017, the Holding Company issued $115,000 of fixed-to-floating rate subordinated notes due June 2027, which become callable commencing on June 15, 2022. The notes will mature on June 15, 2027 (the “Maturity Date”). From and including June 13, 2017 until but excluding June 15, 2022, interest will be paid semi-annually in arrears on each June 15 and December 15 at a fixed annual interest rate equal to 4.50%. From and including June 15, 2022 to, but excluding, the Maturity Date or earlier redemption date, the interest rate shall reset quarterly to an annual interest rate equal to the then-current three-month LIBOR plus 266 basis points, payable quarterly in arrears. Debt issuance cost directly associated with subordinated debt offering was capitalized and netted with subordinated notes payable on the Consolidated Statements of Financial Condition. Interest expense related to the subordinated debt was $1,330 and $3,991 during the three months and nine months ended September 30, 2018, respectively. Interest expense of $1,330 and $1,597 was recognized for the three months and nine months ended September 30, 2017. |
TRUST PREFERRED SECURITIES PAYA
TRUST PREFERRED SECURITIES PAYABLE | 9 Months Ended |
Sep. 30, 2018 | |
TRUST PREFERRED SECURITIES PAYABLE [Abstract] | |
TRUST PREFERRED SECURITIES PAYABLE | 16. TRUST PREFERRED SECURITIES PAYABLE On March 19, 2004, the Holding Company completed an offering of $72,165 of trust preferred securities through Dime Community Capital Trust I, an unconsolidated special purpose entity formed for the purpose of the offering. The trust preferred securities bear a fixed interest rate of 7.0%, mature on April 14, 2034, and became callable without penalty at any time on or after April 15, 2009. Interest expense related to the trust preferred securities payable was $196 and $2,708 during the three and nine months ended September 30, 2017, respectively. During the three months ended September 30, 2017, the Company fully redeemed its $70,680 of trust preferred securities borrowings at par from third parties. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 17. INCOME TAXES During the three months ended September 30, 2018 and 2017, the Company’s consolidated effective tax rates were 23.1% and 35.2%, respectively. During the nine months ended September 30, 2018 and 2017, the Company’s consolidated effective tax rates were 24.0% and 37.0%, respectively. The lower effective tax rate during the three months and nine months ended September 30, 2018 compared to September 30, 2017 was the result of the Tax Act, which was enacted on December 22, 2017, and reduced the corporate federal tax rate from a maximum rate of 35% to a flat rate of 21%. There were no other significant unusual income tax items during the three-month and nine-month periods ended either September 30, 2018 or 2017. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2018 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS Subsequent to September 30, 2018, and through the date of this filing, the Company repurchased 131,349 shares of common stock into treasury at a weighted average price of $17.92 from the stock repurchase program announced in September 2007. This completed the stock repurchase program from September 2007. On October 26, 2018, the Board of Directors of the Company authorized a stock repurchase program pursuant to which the Company may repurchase up to 1,824,040 shares, or 5.0% of the Company’s currently outstanding common stock. Through the date of this filing, the Company repurchased 40,000 shares of common stock into treasury at a weighted average price of $16.42 from the stock repurchase program announced in October 2018. Following the shares repurchased, the Company had an additional 1,784,040 shares remaining for repurchase from the stock repurchase program announced in October 2018. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
ACCUMULATED 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 Asset Total Accumulated Other Comprehensive Loss Balance as of January 1, 2018 $ — $ 285 $ (6,633 ) $ 2,707 $ (3,641 ) Reclassification of unrealized gains and losses on available-for-sale equity securities (1) — (153 ) — — (153 ) Adjusted balance as of January 1, 2018 — 132 (6,633 ) 2,707 (3,794 ) Other comprehensive income (loss) before reclassifications — (3,928 ) 161 2,711 (1,056 ) Amounts reclassified from accumulated other comprehensive loss — (932 ) 329 (313 ) (916 ) Net other comprehensive income during the period — (4,860 ) 490 2,398 (1,972 ) Reclassification of tax effects on other comprehensive income (2) — — 32 — 32 Balance as of September 30, 2018 $ — $ (4,728 ) $ (6,111 ) $ 5,105 $ (5,734 ) Balance as of January 1, 2017 $ (713 ) $ (92 ) $ (6,910 ) $ 1,776 $ (5,939 ) Other comprehensive income (loss) before reclassifications 39 133 — (313 ) (141 ) Amounts reclassified from accumulated other comprehensive loss 674 — 560 135 1,369 Net other comprehensive income during the period 713 133 560 (178 ) 1,228 Balance as of September 30, 2017 $ — $ 41 $ (6,350 ) $ 1,598 $ (4,711 ) (1) Represents the impact of adopting ASU 2016-01 allowing the reclassification of unrealized gains and losses on available-for-sale equity securities from accumulated other comprehensive income to retained earnings. (2) Represents the impact of adopting ASU 2018-02 allowing the reclassification of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) from accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded. The amount of the reclassification is an adjustment for the difference between the historical corporate income tax rate (35%) and the newly enacted 21% corporate income tax rate. |
Other Comprehensive Income (Loss) | The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Change in unrealized holding loss on securities held-to-maturity and transferred securities: Accretion of previously recognized non-credit component of OTTI $ — $ 3 $ — $ 20 Change in unrealized loss on securities transferred to held-to-maturity — 3 — 50 Reclassification adjustment for net gains included in net gain on securities and other assets — 1,229 — 1,229 Net change — 1,235 — 1,299 Tax expense — 558 — 586 Net change in unrealized holding loss on securities held-to-maturity and transferred securities — 677 — 713 Change in unrealized holding gain on securities available-for-sale: Change in net unrealized gain during the period (2,770 ) 27 (5,637 ) 251 Reclassification adjustment for net gains included in net gain on securities and other assets (4 ) — (1,374 ) — Net change (2,774 ) 27 (7,011 ) 251 Tax expense (benefit) (767 ) 19 (2,151 ) 118 Net change in unrealized holding gain on securities available-for-sale (2,007 ) 8 (4,860 ) 133 Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense 162 355 485 1,012 Change in the net actuarial gain or loss 125 — 243 — Net change 287 355 728 1,012 Tax expense 94 160 238 452 Net change in pension and other postretirement obligations 193 195 490 560 Change in unrealized loss on derivatives: Change in net unrealized loss during the period 966 24 3,792 (573 ) Reclassification adjustment for expense included in interest expense (212 ) 68 (462 ) 247 Net change 754 92 3,330 (326 ) Tax expense (benefit) 96 36 932 (148 ) Net change in unrealized loss on derivatives 658 56 2,398 (178 ) Other comprehensive income (loss) $ (1,156 ) $ 936 $ (1,972 ) $ 1,228 |
EARNINGS PER SHARE ("EPS") (Tab
EARNINGS PER SHARE ("EPS") (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
EARNINGS PER SHARE ("EPS") [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted EPS | The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income per the Consolidated Statements of Income $ 11,782 $ 13,313 $ 38,848 $ 36,459 Less: Dividends paid and earnings allocated to participating securities (41 ) (34 ) (113 ) (97 ) Income attributable to common stock $ 11,741 $ 13,279 $ 38,735 $ 36,362 Weighted average common shares outstanding, including participating securities 37,220,933 37,528,933 37,428,595 37,627,568 Less: weighted average participating securities (154,775 ) (162,074 ) (156,311 ) (169,797 ) Weighted average common shares outstanding 37,066,158 37,366,859 37,272,284 37,457,771 Basic EPS $ 0.32 $ 0.36 $ 1.04 $ 0.97 Income attributable to common stock $ 11,741 $ 13,279 $ 38,735 $ 36,362 Weighted average common shares outstanding 37,066,158 37,366,859 37,272,284 37,457,771 Weighted average common equivalent shares outstanding 123,490 74,996 127,456 79,045 Weighted average common and equivalent shares outstanding 37,189,648 37,441,855 37,399,740 37,536,816 Diluted EPS $ 0.32 $ 0.35 $ 1.04 $ 0.97 |
INVESTMENT AND MORTGAGE-BACKE_2
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | |
Major Categories of Securities Owned by Entity | The following tables summarize the major categories of securities owned by the Company as of the dates indicated: At September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available-for-sale: Agency Notes $ 5,096 $ — $ 8 $ 5,088 Pass-through MBS issued by Government-sponsored Enterprises (“GSEs”) 353,124 1 5,478 347,647 Agency Collateralized Mortgage Obligation (“CMO”) 119,172 227 1,556 117,843 Total debt securities available-for-sale $ 477,392 $ 228 $ 7,042 $ 470,578 At December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities available-for-sale: Registered Mutual Funds $ 3,779 $ 311 $ 84 $ 4,006 Pass-through MBS issued by GSEs 72,938 16 325 72,629 CMO 278,251 669 165 278,755 Total investment securities available-for-sale $ 354,968 $ 996 $ 574 $ 355,390 |
Sales of Registered Mutual Funds and Trading Securities | A summary of the sales of marketable equity securities is listed below for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Proceeds: Marketable equity securities $ 394 $ — $ 923 $ — Investment securities available-for-sale — 137 — 240 Trading securities — 85 — 4,629 |
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 as of the dates indicated: September 30, 2018 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Debt securities available-for-sale: Agency Notes $ 5,088 $ 8 $ — $ — $ 5,088 $ 8 Pass through MBS issued by GSEs 289,994 4,546 47,569 932 337,563 5478 Agency CMO 51,362 1,435 4,664 121 56,026 1,556 December 31, 2017 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 available-for-sale: Registered Mutual Funds $ — $ — $ 2,591 $ 84 $ 2,591 $ 84 Pass through MBS issued by GSEs 55,819 325 — — 55,819 325 Agency CMO 86,746 96 3,168 69 89,914 165 |
LOANS RECEIVABLE AND CREDIT Q_2
LOANS RECEIVABLE AND CREDIT QUALITY (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
LOANS RECEIVABLE AND CREDIT QUALITY [Abstract] | |
Credit Risk Profile of the Real Estate Loans | The following is a summary of the credit risk profile of real estate and C&I loans (including deferred costs) by internally assigned grade as of the dates indicated: Balance at September 30, 2018 Pass Special Mention Substandard Doubtful Total Real Estate: One-to-four family residential, including condominium and cooperative apartment $ 70,657 $ — $ 807 $ — $ 71,464 Multifamily residential and residential mixed-use 4,009,338 3,142 2,944 — 4,015,424 Commercial mixed-use real estate 381,547 1,329 4,310 — 387,186 Commercial real estate 717,892 497 855 — 719,244 ADC 11,144 — — — 11,144 Total real estate 5,190,578 4,968 8,916 — 5,204,462 C&I 207,743 — — — 207,743 Total Real Estate and C&I $ 5,398,321 $ 4,968 $ 8,916 $ — $ 5,412,205 Balance at December 31, 2017 Pass Special Mention Substandard Doubtful Total Real Estate: One-to-four family residential, including condominium and cooperative apartment $ 62,042 $ 178 $ 875 $ — $ 63,095 Multifamily residential and residential mixed-use 4,374,388 6,326 466 — 4,381,180 Commercial mixed-use real estate 396,647 — 4,908 — 401,555 Commercial real estate 602,448 1,897 4,703 — 609,048 ADC 9,189 — — — 9,189 Total real estate 5,444,714 8,401 10,952 — 5,464,067 C&I 136,671 — — — 136,671 Total Real Estate and C&I $ 5,581,385 $ 8,401 $ 10,952 $ — $ 5,600,738 The following is a summary of the credit risk profile of consumer loans by internally assigned grade: Grade September 30, 2018 December 31, 2017 Performing $ 1,159 $ 1,375 Non-accrual 3 4 Total $ 1,162 $ 1,379 |
Past Due Financing Receivables | The following is a breakdown of the past due status of the Company’s investment in loans (excluding accrued interest) as of the dates indicated: At September 30, 2018 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 $ 72 $ 449 $ — $ 443 $ 964 $ 70,500 $ 71,464 Multifamily residential and residential mixed-use — — — 1,473 1,473 4,013,951 4,015,424 Commercial mixed-use real estate — — — 204 204 386,982 387,186 Commercial real estate — — 1,242 855 2,097 717,147 719,244 ADC — — — — — 11,144 11,144 Total real estate $ 72 $ 449 $ 1,242 $ 2,975 $ 4,738 $ 5,199,722 $ 5,204,462 C&I $ — $ — $ — $ — $ — $ 207,743 $ 207,743 Consumer $ 7 $ 3 $ — $ 3 $ 13 $ 1,149 $ 1,162 (1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2018. At December 31, 2017 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 $ 10 $ 23 $ 6,397 $ 436 $ 6,866 $ 56,229 $ 63,095 Multifamily residential and residential mixed-use — — 1,669 — 1,669 4,379,511 4,381,180 Commercial mixed-use real estate — — 520 93 613 400,942 401,555 Commercial real estate — — 11,349 — 11,349 597,699 609,048 ADC — — — — — 9,189 9,189 Total real estate $ 10 $ 23 $ 19,935 $ 529 $ 20,497 $ 5,443,570 $ 5,464,067 C&I $ — $ — $ — $ — $ — $ 136,671 $ 136,671 Consumer $ 4 $ — $ — $ 4 $ 8 $ 1,371 $ 1,379 (1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2017. |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes outstanding TDRs by underlying collateral types as of the dates indicated: As of September 30, 2018 As of December 31, 2017 No. of Loans Balance No. of Loans Balance One-to-four family residential, including condominium and cooperative apartment 1 $ 16 1 $ 22 Multifamily residential and residential mixed-use 2 277 3 619 Commercial mixed-use real estate 1 4,107 1 4,174 Commercial real estate — — 1 3,296 Total real estate 5 $ 4,400 6 $ 8,111 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | |
Allowance for Credit Losses for Impairment by Financing Receivables Class | The following tables present data regarding the allowance for loan losses activity for the periods indicated: At or for the Three Months Ended September 30, 2018 One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Beginning balance $ 123 $ 14,299 $ 1,382 $ 2,285 $ 141 $ 18,230 $ 2,737 $ 17 Provision (credit) for loan losses (2 ) (312 ) (43 ) 220 8 (129 ) 463 1 Charge-offs (1 ) (1 ) — — — (2 ) — — Recoveries 10 — 3 — — 13 — — Ending balance $ 130 $ 13,986 $ 1,342 $ 2,505 $ 149 $ 18,112 $ 3,200 $ 18 At or for the Three Months Ended September 30, 2017 One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Beginning balance $ 122 $ 17,372 $ 1,411 $ 2,034 $ 6 $ 20,945 $ 1,023 $ 17 Provision (credit) for loan losses (7 ) (709 ) 37 49 8 (622 ) 643 2 Charge-offs (2 ) (12 ) — — — (14 ) — — Recoveries 2 11 — — — 13 — — Ending balance $ 115 $ 16,662 $ 1,448 $ 2,083 $ 14 $ 20,322 $ 1,666 $ 19 At or for the Nine Months Ended September 30, 2018 One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Beginning balance $ 116 $ 15,219 $ 1,388 $ 2,147 $ 123 $ 18,993 $ 2,021 $ 19 Provision (credit) for loan losses 171 (1,232 ) (43 ) 358 26 (720 ) 2,358 3 Charge-offs (169 ) (1 ) (6 ) — — (176 ) (1,179 ) (4 ) Recoveries 12 — 3 — — 15 — — Ending balance $ 130 $ 13,986 $ 1,342 $ 2,505 $ 149 $ 18,112 $ 3,200 $ 18 At or for the Nine Months Ended September 30, 2017 One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Beginning balance $ 145 $ 16,555 $ 1,698 $ 2,118 $ — $ 20,516 $ — $ 20 Provision (credit) for loan losses (30 ) 155 (254 ) (35 ) 14 (150 ) 1,666 4 Charge-offs (15 ) (104 ) — — — (119 ) — (5 ) Recoveries 15 56 4 — — 75 — — Ending balance $ 115 $ 16,662 $ 1,448 $ 2,083 $ 14 $ 20,322 $ 1,666 $ 19 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment evaluation method as of the dates indicated: At September 30, 2018 One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 130 13,986 1,342 2,505 149 18,112 3,200 18 Total ending allowance balance $ 130 $ 13,986 $ 1,342 $ 2,505 $ 149 $ 18,112 $ 3,200 $ 18 Loans: Individually evaluated for impairment $ 16 $ 1,750 $ 4,311 $ 855 $ — $ 6,932 $ — $ — Collectively evaluated for impairment 71,448 4,013,674 382,875 718,389 11,144 5,197,530 207,743 1,162 Total ending loans balance $ 71,464 $ 4,015,424 $ 387,186 $ 719,244 $ 11,144 $ 5,204,462 $ 207,743 $ 1,162 At December 31, 2017 One-to-Four Family Residential, Including Condominium and Cooperative Multifamily Residential and Mixed-Use Commercial Mixed-Use Real Estate Commercial Real Estate ADC Total Real Estate C& I Consumer Loans Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 116 15,219 1,388 2,147 123 18,993 2,021 19 Total ending allowance balance $ 116 $ 15,219 $ 1,388 $ 2,147 $ 123 $ 18,993 $ 2,021 $ 19 Loans: Individually evaluated for impairment $ 22 $ 619 $ 4,267 $ 3,296 $ — $ 8,204 $ — $ — Collectively evaluated for impairment 63,073 4,380,561 397,288 605,752 9,189 5,455,863 136,671 1,379 Total ending loans balance $ 63,095 $ 4,381,180 $ 401,555 $ 609,048 $ 9,189 $ 5,464,067 $ 136,671 $ 1,379 |
Impaired Real Estate Loans | The following table summarizes impaired loans with no related allowance recorded as of the dates indicated (by collateral type within the real estate loan segment): At September 30, 2018 At December 31, 2017 Unpaid Principal Balance Recorded Investment (1) Related Allowance Unpaid Principal Balance Recorded Investment (1) Related Allowance With no related allowance recorded: One-to-four family residential, including condominium and cooperative apartment $ 16 $ 16 $ — $ 22 $ 22 $ — Multifamily residential and residential mixed-use 1,750 1,750 — 619 619 — Commercial mixed-use real estate 4,311 4,311 — 4,267 4,267 — Commercial real estate 855 855 — 3,296 3,296 — Total with no related allowance recorded $ 6,932 $ 6,932 $ — $ 8,204 $ 8,204 $ — (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. The following table presents information for impaired loans for the periods indicated : Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Average Recorded Investment (1) Interest Income Recognized Average Recorded Investment (1) Interest Income Recognized With no related allowance recorded: One-to-four family residential, including condominium and cooperative apartment $ 17 $ — $ 397 $ 7 Multifamily residential and residential mixed-use 1,174 8 1,943 13 Commercial mixed-use real estate 4,204 58 4,306 43 Commercial real estate 1,066 35 3,321 33 Total with no related allowance recorded 6,461 101 9,967 96 With an allowance recorded: C&I — — — — Total $ 6,461 $ 101 $ 9,967 $ 96 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. The following table presents information for impaired loans for the periods indicated : Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Average Recorded Investment (1) Interest Income Recognized Average Recorded Investment (1) Interest Income Recognized With no related allowance recorded: One-to-four family residential, including condominium and cooperative apartment $ 19 $ — $ 400 $ 21 Multifamily residential and residential mixed-use 892 43 2,623 75 Commercial mixed-use real estate 4,230 131 4,539 131 Commercial real estate 2,177 152 3,339 100 Total with no related allowance recorded 7,318 326 10,901 327 With an allowance recorded: C&I 295 — — — Total $ 7,613 $ 326 $ 10,901 $ 327 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 Statements of Financial Condition as of the periods indicated. At September 30, 2018 At December 31, 2017 Count Notional Amount Fair Value Assets Fair Value Liabilities Count Notional Amount Fair Value Assets Fair Value Liabilities Included in other assets/(liabilities): Interest rate swaps related to FHLBNY advances 11 $ 200,000 $ 7,353 $ – 7 $ 135,000 $ 4,041 $ — |
Effect of Derivative Financial Instruments on Consolidated Statements of Income | The table below presents the effect of the cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss) as of September 30, 2018 and 2017. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest rate products Amount of gain (loss) recognized in other comprehensive income $ 966 $ 24 $ 3,792 $ (573 ) Amount of gain (loss) reclassified from other comprehensive income into interest expense 212 (68 ) 462 (247 ) |
Offsetting of Derivative Assets | The tabular disclosure of fair value in Note 12 provides the location that derivative assets and liabilities are presented on the Balance Sheet. At September 30, 2018 Gross Amounts Gross Amounts Offset in the Net Amounts of Assets Presented in Gross Amounts Not Offset Statement of Financial Position of Assets Statement of Financial Position the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount FHLB Advances $ 7,353 $ — $ 7,353 $ — $ — $ 7,353 At December 31, 2017 Gross Amounts Gross Amounts Offset in the Net Amounts of Assets Presented in Gross Amounts Not Offset in the Statement of Financial Position of Recognized Assets Statement of Financial Position the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount FHLB Advances $ 4,041 $ — $ 4,041 $ — $ — $ 4,041 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Assets and Liabilities Measured on Recurring Basis | 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, 2018 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Marketable equity securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 4,168 $ 4,168 $ — $ — International Equity Mutual Funds 239 239 — — Fixed Income Mutual Funds 1,704 1,704 — — Debt securities available-for-sale: Agency Notes 5,088 — 5,088 — Pass-through MBS issued by GSEs 347,647 — 347,647 — Agency CMOs 117,843 — 117,843 — Derivative – interest rate product 7,353 — 7,353 — Fair Value Measurements at December 31, 2017 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 460 $ 460 $ — $ — International Equity Mutual Funds 120 120 — — Fixed Income Mutual Funds 2,135 2,135 — — Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,512 1,512 — — International Equity Mutual Funds 445 445 — — Fixed Income Mutual Funds 2,049 2,049 — — Pass-through MBS issued by GSEs 72,629 — 72,629 — Agency CMOs 278,755 — 278,755 — Derivative – interest rate product 4,041 — 4,041 — |
Carrying Amounts and Estimated Fair Values of Financial Instruments | 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, 2018 Using Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 132,822 $ 132,822 $ — $ — $ 132,822 Loans, net 5,392,037 — — 5,323,822 5,323,822 Accrued interest receivable 17,379 — 1,144 16,235 17,379 FHLBNY capital stock 53,842 N/A N/A N/A N/A Financial Liabilities Savings, money market and checking accounts 3,044,587 3,044,587 — — 3,044,587 Certificates of Deposits (“CDs”) 1,337,663 — 1,333,445 — 1,333,445 Escrow and other deposits 119,796 119,796 — — 119,796 FHLBNY Advances 1,042,925 — 1,032,262 — 1,032,262 Subordinated debt, net 113,722 — 112,585 — 112,585 Accrued interest payable 3,657 — 3,657 — 3,657 Fair Value Measurements at December 31, 2017 Using Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 169,455 $ 169,455 $ — $ — $ 169,455 Loans, net 5,581,084 — — 5,519,746 5,519,746 Accrued interest receivable 16,543 — 751 15,792 16,543 FHLBNY capital stock 59,696 N/A N/A N/A N/A Financial Liabilities Savings, money market and checking accounts 3,311,560 3,311,560 — — 3,311,560 CDs 1,091,887 — 1,192,964 — 1,192,964 Escrow and other deposits 82,168 82,168 — — 82,168 FHLBNY Advances 1,170,000 — 1,164,947 — 1,164,947 Subordinated debt, net 113,612 — 115,337 — 115,337 Accrued interest payable 1,623 — 1,623 — 1,623 |
RETIREMENT AND POSTRETIREMENT_2
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | |
Net Periodic Costs | Net expenses associated with these plans were comprised of the following components: Three Months Ended September 30, 2018 2017 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ — $ — $ — $ — Interest cost 291 13 329 14 Expected return on assets (430 ) — (395 ) — Unrecognized past service liability — (2 ) — (2 ) Amortization of unrealized loss (gain) 289 — 358 (1 ) Net periodic cost $ 150 $ 11 $ 292 $ 11 Nine Months Ended September 30, 2018 2017 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ — $ — $ — $ — Interest cost 874 40 987 42 Expected return on assets (1,290 ) — (1,185 ) — Unrecognized past service liability — (6 ) — (6 ) Amortization of unrealized loss (gain) 866 — 1,076 (3 ) Net periodic cost $ 450 $ 34 $ 878 $ 33 |
ACCOUNTING FOR STOCK BASED CO_2
ACCOUNTING FOR STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract] | |
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 period then ended: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Years Aggregate Intrinsic Value Options outstanding at January 1, 2018 157,546 $ 15.53 Options granted — — Options expired (18,779 ) 17.50 Options exercised (66,372 ) $ 17.10 Options outstanding at September 30, 2018 72,395 $ 13.58 2.2 $ 309 Options vested and exercisable at September 30, 2018 72,395 $ 13.58 2.2 $ 309 |
Information Related to Stock Option Plan | Information related to stock options during each period is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Cash received for option exercise cost $ — $ 54 $ 954 $ 680 Income tax benefit recognized on stock option exercises (1) (68 ) — (44 ) 69 Intrinsic value of options exercised — 10 167 286 (1) Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January 1, 2017, income tax benefits were recognized through additional paid in capital. |
Activity Related to Restricted Stock Awards | The following table presents a summary of activity related to the RSAs granted, and changes during the period then ended: Number of Shares Weighted-Average Grant-Date Fair Value Unvested allocated shares outstanding at January 1, 2018 $ 150,567 $ 18.85 Shares granted 63,612 19.75 Shares vested (56,742 ) 18.19 Shares forfeited (2,014 ) 19.39 Unvested allocated shares at September 30, 2018 155,423 $ 19.45 |
Information Related to Restricted Stock Award Plan | Information related to restricted stock awards during each period is as follows: At or for the Three Months Ended September 30, At or for the Nine Months Ended September 30, 2018 2017 2018 2017 Compensation expense recognized $ 326 $ 353 $ 950 $ 1,195 Income tax benefit (expense) recognized on vesting of RSA (1) 0 3 (22 ) 78 Weighted average remaining years for which compensation expense is to be recognized 2.5 2.8 2.5 2.8 (1) Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January 1, 2017, income tax benefits were recognized through additional paid in capital. |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 period then ended: Number of Shares Weighted-Average Grant-Date Fair Value Maximum aggregate share payout at January 1, 2018 69,224 $ 19.19 Shares granted 81,353 18.55 Shares vested (3,536 ) 18.83 Shares forfeited (6,320 ) 19.19 Maximum aggregate share payout at September 30, 2018 140,721 $ 18.83 Minimum aggregate share payout — — Expected aggregate share payout 93,813 $ 18.83 |
Sales Incentive Award Program [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 period then ended: Number of Shares Weighted-Average Grant-Date Fair Value Maximum aggregate share payout at January 1, 2018 — $ — Shares granted 21,736 18.40 Shares vested — — Shares forfeited — — Maximum aggregate share payout at September 30, 2018 21,736 $ 18.40 Minimum aggregate share payout — — Expected aggregate share payout 21,736 $ 18.40 |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)RetailBranch | Dec. 31, 2017USD ($) | |
NATURE OF OPERATIONS [Abstract] | ||
Subordinated notes payable | $ | $ 113,722 | $ 113,612 |
Number of retail banking offices | RetailBranch | 29 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | $ 598,567 | $ 565,868 | $ 565,868 | |||
Other comprehensive income (loss) before reclassifications | (1,056) | (141) | ||||
Amounts reclassified from accumulated other comprehensive loss | (916) | 1,369 | ||||
Other comprehensive income (loss), net of tax | $ (1,156) | $ 936 | (1,972) | 1,228 | ||
Reclassification of tax effects on other comprehensive income | [1] | 32 | ||||
Balance | 603,577 | 586,037 | $ 603,577 | 586,037 | $ 598,567 | |
Corporate income tax rate | 21.00% | 35.00% | ||||
ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | $ 598,567 | |||||
Reclassification of unrealized gains and losses on marketable equity securities | $ 0 | |||||
Balance | 598,567 | |||||
Accumulated Other Comprehensive Loss [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | (3,641) | (5,939) | (5,939) | |||
Balance | (5,734) | (4,711) | (5,734) | (4,711) | (3,641) | |
Accumulated Other Comprehensive Loss [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | (3,794) | |||||
Reclassification of unrealized gains and losses on marketable equity securities | [2] | (153) | ||||
Balance | (3,794) | |||||
Securities Held-to-Maturity and Transferred Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | 0 | (713) | (713) | |||
Other comprehensive income (loss) before reclassifications | 0 | 39 | ||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 674 | ||||
Other comprehensive income (loss), net of tax | 0 | 713 | ||||
Reclassification of tax effects on other comprehensive income | [1] | 0 | ||||
Balance | 0 | 0 | 0 | 0 | 0 | |
Securities Held-to-Maturity and Transferred Securities [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | 0 | |||||
Reclassification of unrealized gains and losses on marketable equity securities | [2] | 0 | ||||
Balance | 0 | |||||
Securities Available-for-Sale [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | 285 | (92) | (92) | |||
Other comprehensive income (loss) before reclassifications | (3,928) | 133 | ||||
Amounts reclassified from accumulated other comprehensive loss | (932) | 0 | ||||
Other comprehensive income (loss), net of tax | (4,860) | 133 | ||||
Reclassification of tax effects on other comprehensive income | [1] | 0 | ||||
Balance | (4,728) | 41 | (4,728) | 41 | 285 | |
Securities Available-for-Sale [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | 132 | |||||
Reclassification of unrealized gains and losses on marketable equity securities | [2] | (153) | ||||
Balance | 132 | |||||
Defined Benefit Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | (6,633) | (6,910) | (6,910) | |||
Other comprehensive income (loss) before reclassifications | 161 | 0 | ||||
Amounts reclassified from accumulated other comprehensive loss | 329 | 560 | ||||
Other comprehensive income (loss), net of tax | 490 | 560 | ||||
Reclassification of tax effects on other comprehensive income | [1] | 32 | ||||
Balance | (6,111) | (6,350) | (6,111) | (6,350) | (6,633) | |
Defined Benefit Plans [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | (6,633) | |||||
Reclassification of unrealized gains and losses on marketable equity securities | [2] | 0 | ||||
Balance | (6,633) | |||||
Derivative Asset [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | 2,707 | 1,776 | 1,776 | |||
Other comprehensive income (loss) before reclassifications | 2,711 | (313) | ||||
Amounts reclassified from accumulated other comprehensive loss | (313) | 135 | ||||
Other comprehensive income (loss), net of tax | 2,398 | (178) | ||||
Reclassification of tax effects on other comprehensive income | [1] | 0 | ||||
Balance | $ 5,105 | $ 1,598 | 5,105 | $ 1,598 | 2,707 | |
Derivative Asset [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | $ 2,707 | |||||
Reclassification of unrealized gains and losses on marketable equity securities | [2] | 0 | ||||
Balance | $ 2,707 | |||||
[1] | Represents the impact of adopting ASU 2018-02 allowing the reclassification of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (the "Tax Act") from accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded. The amount of the reclassification is an adjustment for the difference between the historical corporate income tax rate (35%) and the newly enacted 21% corporate income tax rate. | |||||
[2] | Represents the impact of adopting ASU 2016-01 allowing the reclassification of unrealized gains and losses on available-for-sale equity securities from accumulated other comprehensive income to retained earnings. |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Change in unrealized holding loss on securities held-to-maturity and transferred securities [Abstract] | ||||
Accretion of previously recognized non-credit component of OTTI | $ 0 | $ 3 | $ 0 | $ 20 |
Change in unrealized loss on securities transferred to held-to-maturity | 0 | 3 | 0 | 50 |
Reclassification adjustment for net gains included in net gain on securities and other assets | 0 | 1,229 | 0 | 1,229 |
Net change | 0 | 1,235 | 0 | 1,299 |
Tax expense | 0 | 558 | 0 | 586 |
Net change in unrealized holding loss on securities held-to-maturity and transferred securities | 0 | 677 | 0 | 713 |
Change in unrealized holding gain on securities available-for-sale [Abstract] | ||||
Change in net unrealized gain during the period | (2,770) | 27 | (5,637) | 251 |
Reclassification adjustment for net gains included in net gain on securities and other assets | (4) | 0 | (1,374) | 0 |
Net change | (2,774) | 27 | (7,011) | 251 |
Tax expense (benefit) | (767) | 19 | (2,151) | 118 |
Net change in unrealized holding gain on securities available-for-sale | (2,007) | 8 | (4,860) | 133 |
Change in pension and other postretirement obligations [Abstract] | ||||
Reclassification adjustment for expense included in other expense | 162 | 355 | 485 | 1,012 |
Change in the net actuarial gain or loss | 125 | 0 | 243 | 0 |
Net change | 287 | 355 | 728 | 1,012 |
Tax expense | 94 | 160 | 238 | 452 |
Net change in pension and other postretirement obligations | 193 | 195 | 490 | 560 |
Change in unrealized loss on derivatives [Abstract] | ||||
Change in net unrealized loss during the period | 966 | 24 | 3,792 | (573) |
Reclassification adjustment for expense included in interest expense | (212) | 68 | (462) | 247 |
Net change | 754 | 92 | 3,330 | (326) |
Tax expense (benefit) | 96 | 36 | 932 | (148) |
Net change in unrealized loss on derivatives | 658 | 56 | 2,398 | (178) |
Other comprehensive income (loss), net of tax | $ (1,156) | $ 936 | $ (1,972) | $ 1,228 |
EARNINGS PER SHARE ("EPS") (Det
EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
EARNINGS PER SHARE ("EPS") [Abstract] | ||||
Net income per the Consolidated Statements of Income | $ 11,782 | $ 13,313 | $ 38,848 | $ 36,459 |
Less: Dividends paid and earnings allocated to participating securities | (41) | (34) | (113) | (97) |
Income attributable to common stock | $ 11,741 | $ 13,279 | $ 38,735 | $ 36,362 |
Weighted average common shares outstanding, including participating securities (in shares) | 37,220,933 | 37,528,933 | 37,428,595 | 37,627,568 |
Less: weighted average participating securities (in shares) | (154,775) | (162,074) | (156,311) | (169,797) |
Weighted average common shares outstanding (in shares) | 37,066,158 | 37,366,859 | 37,272,284 | 37,457,771 |
Basic EPS (in dollars per share) | $ 0.32 | $ 0.36 | $ 1.04 | $ 0.97 |
Income attributable to common stock | $ 11,741 | $ 13,279 | $ 38,735 | $ 36,362 |
Weighted average common shares outstanding (in shares) | 37,066,158 | 37,366,859 | 37,272,284 | 37,457,771 |
Weighted average common equivalent shares outstanding (in shares) | 123,490 | 74,996 | 127,456 | 79,045 |
Weighted average common and equivalent shares outstanding (in shares) | 37,189,648 | 37,441,855 | 37,399,740 | 37,536,816 |
Diluted EPS (in dollars per share) | $ 0.32 | $ 0.35 | $ 1.04 | $ 0.97 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Weighted average shares excluded from earnings per share calculation (in shares) | 0 | 0 | 0 | 0 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS [Abstract] | ||||
Service charges and other fees | $ 1,233 | $ 948 | $ 3,443 | $ 2,661 |
INVESTMENT AND MORTGAGE-BACKE_3
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Major Categories of Securities Owned (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($)Security | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($)Security | Dec. 31, 2017USD ($) | ||
Debt securities available-for-sale [Abstract] | ||||||
Amortized Cost | $ 477,392 | $ 477,392 | ||||
Gross Unrealized Gains | 228 | 228 | ||||
Gross Unrealized Losses | 7,042 | 7,042 | ||||
Fair Value | 470,578 | 470,578 | ||||
Investment securities available-for-sale [Abstract] | ||||||
Amortized Cost | $ 354,968 | |||||
Gross Unrealized Gains | 996 | |||||
Gross Unrealized Losses | 574 | |||||
Fair Value | 355,390 | |||||
Securities pledged as collateral | 26,827 | 26,827 | 28,738 | |||
Sale of TRUP CDO securities [Abstract] | ||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 0 | $ 50 | ||||
Net decrease in non-credit component of OCI | 0 | (20) | ||||
Proceeds from sales of mortgage backed securities available-for-sale | 158,758 | 0 | ||||
Proceeds [Abstract] | ||||||
Marketable equity securities | 394 | $ 0 | 923 | 0 | ||
Investment securities available-for-sale | 0 | 137 | 0 | 240 | ||
Trading securities | 0 | 85 | 0 | 4,629 | ||
Gross gain recognized on sale of mortgage backed securities available for sale | 1,374 | 0 | ||||
Net gains on securities | [1] | 99 | 2,635 | 1,484 | 2,769 | |
Marketable Equity Securities [Member] | ||||||
Proceeds [Abstract] | ||||||
Net gains on securities | 94 | 110 | ||||
Trading Securities [Member] | ||||||
Proceeds [Abstract] | ||||||
Net gains on securities | 3 | 41 | ||||
Agency Notes [Member] | ||||||
Debt securities available-for-sale [Abstract] | ||||||
Amortized Cost | 5,096 | 5,096 | ||||
Gross Unrealized Gains | 0 | 0 | ||||
Gross Unrealized Losses | 8 | 8 | ||||
Fair Value | 5,088 | $ 5,088 | ||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||
Securities weighted average term to maturity | 9 months 18 days | |||||
Pooled Bank Trust Preferred Securities ("TRUP CDOs") [Member] | ||||||
Sale of TRUP CDO securities [Abstract] | ||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 26 | 52 | ||||
Net decrease in non-credit component of OCI | $ 9 | $ 17 | ||||
Number of TRUP CDO securities | Security | 6 | 6 | ||||
Number of TRUP CDO securities deemed OTTI | Security | 5 | 5 | ||||
Registered Mutual Funds [Member] | ||||||
Investment securities available-for-sale [Abstract] | ||||||
Amortized Cost | 3,779 | |||||
Gross Unrealized Gains | 311 | |||||
Gross Unrealized Losses | 84 | |||||
Fair Value | 4,006 | |||||
Pass-through MBS Issued by Government Sponsored Entities ("GSEs") [Member] | ||||||
Debt securities available-for-sale [Abstract] | ||||||
Amortized Cost | 353,124 | $ 353,124 | ||||
Gross Unrealized Gains | 1 | 1 | ||||
Gross Unrealized Losses | 5,478 | 5,478 | ||||
Fair Value | 347,647 | $ 347,647 | ||||
Investment securities available-for-sale [Abstract] | ||||||
Amortized Cost | 72,938 | |||||
Gross Unrealized Gains | 16 | |||||
Gross Unrealized Losses | 325 | |||||
Fair Value | 72,629 | |||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||
Securities weighted average term to maturity | 13 years 8 months 12 days | |||||
Sale of TRUP CDO securities [Abstract] | ||||||
Proceeds from sales of mortgage backed securities available-for-sale | 274 | $ 0 | $ 274 | $ 0 | ||
Proceeds [Abstract] | ||||||
Gross gain recognized on sale of mortgage backed securities available for sale | 4 | |||||
Amount of tax expense related to the gain on sales of available for sale | 1 | 1 | ||||
Agency Collateralized Mortgage Obligation ("CMO") [Member] | ||||||
Debt securities available-for-sale [Abstract] | ||||||
Amortized Cost | 119,172 | 119,172 | ||||
Gross Unrealized Gains | 227 | 227 | ||||
Gross Unrealized Losses | 1,556 | 1,556 | ||||
Fair Value | 117,843 | $ 117,843 | ||||
Investment securities available-for-sale [Abstract] | ||||||
Amortized Cost | 278,251 | |||||
Gross Unrealized Gains | 669 | |||||
Gross Unrealized Losses | 165 | |||||
Fair Value | 278,755 | |||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||
Securities weighted average term to maturity | 12 years 1 month 6 days | |||||
Sale of TRUP CDO securities [Abstract] | ||||||
Proceeds from sales of mortgage backed securities available-for-sale | $ 0 | $ 0 | $ 158,484 | $ 0 | ||
Proceeds [Abstract] | ||||||
Gross gain recognized on sale of mortgage backed securities available for sale | 1,370 | |||||
Amount of tax expense related to the gain on sales of available for sale | $ 440 | |||||
ASU 2016-01 [Member] | ||||||
Unrealized Gains, Net of Taxes [Abstract] | ||||||
Reclassification of unrealized gains and losses on marketable equity securities | 0 | |||||
Retained Earnings [Member] | ASU 2016-01 [Member] | ||||||
Unrealized Gains, Net of Taxes [Abstract] | ||||||
Reclassification of unrealized gains and losses on marketable equity securities | 153 | |||||
Accumulated Other Comprehensive Loss [Member] | ASU 2016-01 [Member] | ||||||
Unrealized Gains, Net of Taxes [Abstract] | ||||||
Reclassification of unrealized gains and losses on marketable equity securities | [2] | $ (153) | ||||
[1] | Amount includes periodic valuation gains or losses sales on of marketable equity and trading securities | |||||
[2] | Represents the impact of adopting ASU 2016-01 allowing the reclassification of unrealized gains and losses on available-for-sale equity securities from accumulated other comprehensive income to retained earnings. |
INVESTMENT AND MORTGAGE-BACKE_4
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Agency Notes [Member] | ||
Debt securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | $ 5,088 | |
12 Consecutive Months or Longer | 0 | |
Total | 5,088 | |
Debt securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 8 | |
12 Consecutive Months or Longer | 0 | |
Total | 8 | |
Registered Mutual Funds [Member] | ||
Investment securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | $ 0 | |
12 Consecutive Months or Longer | 2,591 | |
Total | 2,591 | |
Investment securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 0 | |
12 Consecutive Months or Longer | 84 | |
Total | 84 | |
Pass-through MBS Issued by GSEs [Member] | ||
Debt securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 289,994 | |
12 Consecutive Months or Longer | 47,569 | |
Total | 337,563 | |
Debt securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 4,546 | |
12 Consecutive Months or Longer | 932 | |
Total | 5,478 | |
Investment securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 55,819 | |
12 Consecutive Months or Longer | 0 | |
Total | 55,819 | |
Investment securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 325 | |
12 Consecutive Months or Longer | 0 | |
Total | 325 | |
Agency CMO [Member] | ||
Debt securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 51,362 | |
12 Consecutive Months or Longer | 4,664 | |
Total | 56,026 | |
Debt securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 1,435 | |
12 Consecutive Months or Longer | 121 | |
Total | $ 1,556 | |
Investment securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 86,746 | |
12 Consecutive Months or Longer | 3,168 | |
Total | 89,914 | |
Investment securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 96 | |
12 Consecutive Months or Longer | 69 | |
Total | $ 165 |
LOANS RECEIVABLE AND CREDIT Q_3
LOANS RECEIVABLE AND CREDIT QUALITY, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | $ 5,204,462 | $ 5,464,067 |
C&I | 207,743 | 136,671 |
Total Real Estate and C&I | 5,412,205 | 5,600,738 |
Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Total Real Estate and C&I | 5,398,321 | 5,581,385 |
Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Total Real Estate and C&I | 4,968 | 8,401 |
Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Total Real Estate and C&I | 8,916 | 10,952 |
Doubtful [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Total Real Estate and C&I | 0 | 0 |
Real Estate Loan [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 5,204,462 | 5,464,067 |
Real Estate Loan [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 5,190,578 | 5,444,714 |
Real Estate Loan [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 4,968 | 8,401 |
Real Estate Loan [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 8,916 | 10,952 |
Real Estate Loan [Member] | Doubtful [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 0 |
Real Estate Loan [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 71,464 | 63,095 |
Real Estate Loan [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 70,657 | 62,042 |
Real Estate Loan [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 178 |
Real Estate Loan [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 807 | 875 |
Real Estate Loan [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | Doubtful [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 0 |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed-Use [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 4,015,424 | 4,381,180 |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed-Use [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 4,009,338 | 4,374,388 |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed-Use [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 3,142 | 6,326 |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed-Use [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 2,944 | 466 |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed-Use [Member] | Doubtful [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 0 |
Real Estate Loan [Member] | Commercial Mixed-Use Real Estate [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 387,186 | 401,555 |
Real Estate Loan [Member] | Commercial Mixed-Use Real Estate [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 381,547 | 396,647 |
Real Estate Loan [Member] | Commercial Mixed-Use Real Estate [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 1,329 | 0 |
Real Estate Loan [Member] | Commercial Mixed-Use Real Estate [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 4,310 | 4,908 |
Real Estate Loan [Member] | Commercial Mixed-Use Real Estate [Member] | Doubtful [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 0 |
Real Estate Loan [Member] | Commercial Real Estate [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 719,244 | 609,048 |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 717,892 | 602,448 |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 497 | 1,897 |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 855 | 4,703 |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Doubtful [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 0 |
Real Estate Loan [Member] | ADC [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 11,144 | 9,189 |
Real Estate Loan [Member] | ADC [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 11,144 | 9,189 |
Real Estate Loan [Member] | ADC [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 0 |
Real Estate Loan [Member] | ADC [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 0 |
Real Estate Loan [Member] | ADC [Member] | Doubtful [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 0 | 0 |
C & I Loans [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
C&I | 207,743 | 136,671 |
C & I Loans [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
C&I | 207,743 | 136,671 |
C & I Loans [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
C&I | 0 | 0 |
C & I Loans [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
C&I | 0 | 0 |
C & I Loans [Member] | Doubtful [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
C&I | 0 | 0 |
Consumer Loans [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Consumer loans | 1,162 | 1,379 |
Consumer Loans [Member] | Performing [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Consumer loans | 1,159 | 1,375 |
Consumer Loans [Member] | Non-Accrual [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Consumer loans | $ 3 | $ 4 |
LOANS RECEIVABLE AND CREDIT Q_4
LOANS RECEIVABLE AND CREDIT QUALITY, Past Due (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Real estate loans | $ 5,204,462 | $ 5,464,067 | ||
C&I | $ 207,743 | $ 136,671 | ||
Number of real estate loans more than 90 days past due on contractual balloon payment | Loan | 4 | 14 | ||
Real Estate Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | $ 2,975 | [1] | $ 529 | [2] |
Total past due | 4,738 | 20,497 | ||
Current | 5,199,722 | 5,443,570 | ||
Real estate loans | 5,204,462 | 5,464,067 | ||
Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 72 | 10 | ||
Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 449 | 23 | ||
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 | 1,242 | 19,935 | ||
Real Estate Loans [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 443 | [1] | 436 | [2] |
Total past due | 964 | 6,866 | ||
Current | 70,500 | 56,229 | ||
Real estate loans | 71,464 | 63,095 | ||
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 | 72 | 10 | ||
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 | 449 | 23 | ||
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 | 6,397 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed-Use [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 1,473 | [1] | 0 | [2] |
Total past due | 1,473 | 1,669 | ||
Current | 4,013,951 | 4,379,511 | ||
Real estate loans | 4,015,424 | 4,381,180 | ||
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 | 0 | ||
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 | 0 | 1,669 | ||
Real Estate Loans [Member] | Commercial Mixed-Use Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 204 | [1] | 93 | [2] |
Total past due | 204 | 613 | ||
Current | 386,982 | 400,942 | ||
Real estate loans | 387,186 | 401,555 | ||
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 | 0 | ||
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 | 0 | 520 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 855 | [1] | 0 | [2] |
Total past due | 2,097 | 11,349 | ||
Current | 717,147 | 597,699 | ||
Real estate loans | 719,244 | 609,048 | ||
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 | 0 | ||
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 | 1,242 | 11,349 | ||
Real Estate Loans [Member] | ADC [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 0 | [1] | 0 | [2] |
Total past due | 0 | 0 | ||
Current | 11,144 | 9,189 | ||
Real estate loans | 11,144 | 9,189 | ||
Real Estate Loans [Member] | ADC [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 0 | 0 | ||
Real Estate Loans [Member] | ADC [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 0 | 0 | ||
Real Estate Loans [Member] | ADC [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 0 | 0 | ||
C & I Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 0 | [1] | 0 | [2] |
Total past due | 0 | 0 | ||
Current | 207,743 | 136,671 | ||
C&I | 207,743 | 136,671 | ||
C & I Loans [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
C&I | 0 | 0 | ||
C & I Loans [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
C&I | 0 | 0 | ||
C & I Loans [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
C&I | 0 | 0 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 3 | [1] | 4 | [2] |
Total past due | 13 | 8 | ||
Current | 1,149 | 1,371 | ||
Consumer loans | 1,162 | 1,379 | ||
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 7 | 4 | ||
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 3 | 0 | ||
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 | ||
Real Estate Loans and C & I Loans [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | $ 1,242 | $ 19,935 | ||
[1] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2018. | |||
[2] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2017. |
LOANS RECEIVABLE AND CREDIT Q_5
LOANS RECEIVABLE AND CREDIT QUALITY, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)Loan | Sep. 30, 2017Loan | Sep. 30, 2018USD ($)Loan | Sep. 30, 2017Loan | Dec. 31, 2017USD ($)Loan | |
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of TDRs on non-accrual status | 1 | 0 | |||
Amount of TDRs on non-accrual status | $ | $ 314 | $ 314 | $ 0 | ||
Number of loans modified | 0 | 0 | 0 | 0 | |
Number of loan commitments to borrowers with outstanding TDRs | 0 | 0 | 0 | ||
TDRs which defaulted within twelve months following the modification | 0 | 0 | 0 | 0 | |
Real Estate Loans [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 5 | 6 | |||
Balance | $ | $ 4,400 | $ 4,400 | $ 8,111 | ||
Real Estate Loans [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 1 | |||
Balance | $ | 16 | $ 16 | $ 22 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed-Use [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 2 | 3 | |||
Balance | $ | 277 | $ 277 | $ 619 | ||
Real Estate Loans [Member] | Commercial Mixed-Use Real Estate [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 1 | |||
Balance | $ | 4,107 | $ 4,107 | $ 4,174 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 0 | 1 | |||
Balance | $ | $ 0 | $ 0 | $ 3,296 |
ALLOWANCE FOR LOAN LOSSES, Allo
ALLOWANCE FOR LOAN LOSSES, Allowance by Class of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Reserve for Loan Commitments [Abstract] | |||||
Allocated reserves related to TDRs | $ 0 | $ 0 | $ 0 | ||
Allowance for credit losses [Roll Forward] | |||||
Provision (credit) for loan losses | 335 | $ 23 | 1,641 | $ 1,520 | |
Unfunded Loan Commitment [Member] | |||||
Reserve for Loan Commitments [Abstract] | |||||
Allocated reserves related to TDRs | 25 | 25 | 25 | ||
Real Estate Loans [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 18,230 | 20,945 | 18,993 | 20,516 | |
Provision (credit) for loan losses | (129) | (622) | (720) | (150) | |
Charge-offs | (2) | (14) | (176) | (119) | |
Recoveries | 13 | 13 | 15 | 75 | |
Ending balance | 18,112 | 20,322 | 18,112 | 20,322 | |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 18,112 | 18,112 | 18,993 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 6,932 | 6,932 | 8,204 | ||
Collectively evaluated for impairment | 5,197,530 | 5,197,530 | 5,455,863 | ||
Total ending allowance balance | 5,204,462 | 5,204,462 | 5,464,067 | ||
Real Estate Loans [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 123 | 122 | 116 | 145 | |
Provision (credit) for loan losses | (2) | (7) | 171 | (30) | |
Charge-offs | (1) | (2) | (169) | (15) | |
Recoveries | 10 | 2 | 12 | 15 | |
Ending balance | 130 | 115 | 130 | 115 | |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 130 | 130 | 116 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 16 | 16 | 22 | ||
Collectively evaluated for impairment | 71,448 | 71,448 | 63,073 | ||
Total ending allowance balance | 71,464 | 71,464 | 63,095 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed-Use [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 14,299 | 17,372 | 15,219 | 16,555 | |
Provision (credit) for loan losses | (312) | (709) | (1,232) | 155 | |
Charge-offs | (1) | (12) | (1) | (104) | |
Recoveries | 0 | 11 | 0 | 56 | |
Ending balance | 13,986 | 16,662 | 13,986 | 16,662 | |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 13,986 | 13,986 | 15,219 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 1,750 | 1,750 | 619 | ||
Collectively evaluated for impairment | 4,013,674 | 4,013,674 | 4,380,561 | ||
Total ending allowance balance | 4,015,424 | 4,015,424 | 4,381,180 | ||
Real Estate Loans [Member] | Commercial Mixed-Use Real Estate [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 1,382 | 1,411 | 1,388 | 1,698 | |
Provision (credit) for loan losses | (43) | 37 | (43) | (254) | |
Charge-offs | 0 | 0 | (6) | 0 | |
Recoveries | 3 | 0 | 3 | 4 | |
Ending balance | 1,342 | 1,448 | 1,342 | 1,448 | |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1,342 | 1,342 | 1,388 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 4,311 | 4,311 | 4,267 | ||
Collectively evaluated for impairment | 382,875 | 382,875 | 397,288 | ||
Total ending allowance balance | 387,186 | 387,186 | 401,555 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 2,285 | 2,034 | 2,147 | 2,118 | |
Provision (credit) for loan losses | 220 | 49 | 358 | (35) | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 2,505 | 2,083 | 2,505 | 2,083 | |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 2,505 | 2,505 | 2,147 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 855 | 855 | 3,296 | ||
Collectively evaluated for impairment | 718,389 | 718,389 | 605,752 | ||
Total ending allowance balance | 719,244 | 719,244 | 609,048 | ||
Real Estate Loans [Member] | ADC [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 141 | 6 | 123 | 0 | |
Provision (credit) for loan losses | 8 | 8 | 26 | 14 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 149 | 14 | 149 | 14 | |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 149 | 149 | 123 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 11,144 | 11,144 | 9,189 | ||
Total ending allowance balance | 11,144 | 11,144 | 9,189 | ||
C&I [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 2,737 | 1,023 | 2,021 | 0 | |
Provision (credit) for loan losses | 463 | 643 | 2,358 | 1,666 | |
Charge-offs | 0 | 0 | (1,179) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 3,200 | 1,666 | 3,200 | 1,666 | |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 3,200 | 3,200 | 2,021 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 207,743 | 207,743 | 136,671 | ||
Total ending allowance balance | 207,743 | 207,743 | 136,671 | ||
Consumer Loans [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 17 | 17 | 19 | 20 | |
Provision (credit) for loan losses | 1 | 2 | 3 | 4 | |
Charge-offs | 0 | 0 | (4) | (5) | |
Recoveries | 0 | 0 | 0 | 0 | |
Ending balance | 18 | $ 19 | 18 | $ 19 | |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 18 | 18 | 19 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1,162 | 1,162 | 1,379 | ||
Total ending allowance balance | $ 1,162 | $ 1,162 | $ 1,379 |
ALLOWANCE FOR LOAN LOSSES, Impa
ALLOWANCE FOR LOAN LOSSES, Impaired Real Estate Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Average Recorded Investment [Abstract] | ||||||
Total | [1] | $ 6,461 | $ 9,967 | $ 7,613 | $ 10,901 | |
Interest Income Recognized [Abstract] | ||||||
Total | 101 | 96 | 326 | 327 | ||
Real Estate Loans [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 6,932 | 6,932 | $ 8,204 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 6,932 | 6,932 | 8,204 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 6,461 | 9,967 | 7,318 | 10,901 | |
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 101 | 96 | 326 | 327 | ||
Real Estate Loans [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 16 | 16 | 22 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 16 | 16 | 22 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 17 | 397 | 19 | 400 | |
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 0 | 7 | 0 | 21 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed-Use [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 1,750 | 1,750 | 619 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 1,750 | 1,750 | 619 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 1,174 | 1,943 | 892 | 2,623 | |
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 8 | 13 | 43 | 75 | ||
Real Estate Loans [Member] | Commercial Mixed-Use Real Estate [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 4,311 | 4,311 | 4,267 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 4,311 | 4,311 | 4,267 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 4,204 | 4,306 | 4,230 | 4,539 | |
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 58 | 43 | 131 | 131 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 855 | 855 | 3,296 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 855 | 855 | 3,296 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | $ 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 1,066 | 3,321 | 2,177 | 3,339 | |
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 35 | 33 | 152 | 100 | ||
C & I [Member] | ||||||
Average Recorded Investment [Abstract] | ||||||
With an allowance recorded | [1] | 0 | 0 | 295 | 0 | |
Interest Income Recognized [Abstract] | ||||||
With an allowance recorded | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
LOAN SECURITIZATION (Details)
LOAN SECURITIZATION (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Loans Securitization [Abstract] | ||
Percentage of original principal amount, maximum | 10.00% | |
Reimbursement agreement liability with FHLMC | $ 420 | $ 420 |
Multifamily Loans [Member] | ||
Loans Securitization [Abstract] | ||
Loan securitization amount | $ 280,186 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES, Classification on Consolidated Statements of Financial Condition (Details) - Designated as Hedging Instrument [Member] $ in Thousands | Sep. 30, 2018USD ($)DerivativeInstrument | Dec. 31, 2017USD ($)DerivativeInstrument |
Interest Rate Products [Member] | ||
Fair Value of Derivative Financial Instruments [Abstract] | ||
Estimated reclassification decrease to interest expense during next twelve months | $ (1,615) | |
Interest Rate Swaps Related to FHLBNY Advances [Member] | ||
Fair Value of Derivative Financial Instruments [Abstract] | ||
Count | DerivativeInstrument | 11 | 7 |
Notional amount | $ 200,000 | $ 135,000 |
Fair value assets | 7,353 | 4,041 |
Fair value liabilities | $ 0 | $ 0 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES, Effect on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||||
Amount of gain (loss) recognized in other comprehensive income | $ 966 | $ 24 | $ 3,792 | $ (573) |
Interest Rate Products [Member] | Other Comprehensive Income [Member] | ||||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||||
Amount of gain (loss) recognized in other comprehensive income | 966 | 24 | 3,792 | (573) |
Interest Rate Products [Member] | Other Comprehensive Income [Member] | Interest Expense [Member] | ||||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||||
Amount of gain (loss) reclassified from other comprehensive income into interest expense | $ 212 | $ (68) | $ 462 | $ (247) |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITIES, Offsetting of Derivative Assets (Details) - Other Assets [Member] - Interest Rate Swaps Related to FHLBNY Advances [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets | $ 7,353 | $ 4,041 |
Gross amounts offset in the statement of financial position | 0 | 0 |
Net amounts of assets presented in the statement of financial position | 7,353 | 4,041 |
Gross amounts not offset in the statement of financial position, financial instruments | 0 | 0 |
Gross amounts not offset in the statement of financial position, cash collateral received | 0 | 0 |
Net amount | $ 7,353 | $ 4,041 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITIES, Offsetting of Derivative Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)Provision | |
DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | |
Fair value of derivative liability, including accrued interest | $ | $ 7,433 |
Number of provisions breached | Provision | 0 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Marketable equity securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | $ 4,168 | |
International Equity Mutual Funds | 239 | |
Fixed Income Mutual Funds | 1,704 | |
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | $ 460 | |
International Equity Mutual Funds | 120 | |
Fixed Income Mutual Funds | 2,135 | |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,512 | |
International Equity Mutual Funds | 445 | |
Fixed Income Mutual Funds | 2,049 | |
Agency Notes | 5,088 | |
Pass-through MBS issued by GSEs | 347,647 | 72,629 |
Agency CMOs | 117,843 | 278,755 |
Derivative - interest rate product | 7,353 | 4,041 |
Level 1 Inputs [Member] | ||
Marketable equity securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 4,168 | |
International Equity Mutual Funds | 239 | |
Fixed Income Mutual Funds | 1,704 | |
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 460 | |
International Equity Mutual Funds | 120 | |
Fixed Income Mutual Funds | 2,135 | |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,512 | |
International Equity Mutual Funds | 445 | |
Fixed Income Mutual Funds | 2,049 | |
Agency Notes | 0 | |
Pass-through MBS issued by GSEs | 0 | 0 |
Agency CMOs | 0 | 0 |
Derivative - interest rate product | 0 | 0 |
Level 2 Inputs [Member] | ||
Marketable equity securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | |
International Equity Mutual Funds | 0 | |
Fixed Income Mutual Funds | 0 | |
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | |
International Equity Mutual Funds | 0 | |
Fixed Income Mutual Funds | 0 | |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 0 | |
International Equity Mutual Funds | 0 | |
Fixed Income Mutual Funds | 0 | |
Agency Notes | 5,088 | |
Pass-through MBS issued by GSEs | 347,647 | 72,629 |
Agency CMOs | 117,843 | 278,755 |
Derivative - interest rate product | 7,353 | 4,041 |
Level 3 Inputs [Member] | ||
Marketable equity securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | |
International Equity Mutual Funds | 0 | |
Fixed Income Mutual Funds | 0 | |
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | |
International Equity Mutual Funds | 0 | |
Fixed Income Mutual Funds | 0 | |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 0 | |
International Equity Mutual Funds | 0 | |
Fixed Income Mutual Funds | 0 | |
Agency Notes | 0 | |
Pass-through MBS issued by GSEs | 0 | 0 |
Agency CMOs | 0 | 0 |
Derivative - interest rate product | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS, Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Impaired Loans [Abstract] | ||
Impaired loans | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS, Balance Sheet Groupings (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | $ 132,822 | $ 169,455 |
Loans, net | 5,392,037 | 5,581,084 |
Accrued interest receivable | 17,379 | 16,543 |
FHLBNY capital stock | 53,842 | 59,696 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,044,587 | 3,311,560 |
Certificates of Deposits ("CDs") | 1,337,663 | 1,091,887 |
Escrow and other deposits | 119,796 | 82,168 |
FHLBNY Advances | 1,042,925 | 1,170,000 |
Subordinated debt, net | 113,722 | 113,612 |
Accrued interest payable | 3,657 | 1,623 |
Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 132,822 | 169,455 |
Loans, net | 5,323,822 | 5,519,746 |
Accrued interest receivable | 17,379 | 16,543 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,044,587 | 3,311,560 |
Certificates of Deposits ("CDs") | 1,333,445 | 1,192,964 |
Escrow and other deposits | 119,796 | 82,168 |
FHLBNY Advances | 1,032,262 | 1,164,947 |
Subordinated debt, net | 112,585 | 115,337 |
Accrued interest payable | 3,657 | 1,623 |
Fair Value [Member] | Level 1 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 132,822 | 169,455 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,044,587 | 3,311,560 |
Certificates of Deposits ("CDs") | 0 | 0 |
Escrow and other deposits | 119,796 | 82,168 |
FHLBNY Advances | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value [Member] | Level 2 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 1,144 | 751 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposits ("CDs") | 1,333,445 | 1,192,964 |
Escrow and other deposits | 0 | 0 |
FHLBNY Advances | 1,032,262 | 1,164,947 |
Subordinated debt, net | 112,585 | 115,337 |
Accrued interest payable | 3,657 | 1,623 |
Fair Value [Member] | Level 3 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Loans, net | 5,323,822 | 5,519,746 |
Accrued interest receivable | 16,235 | 15,792 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposits ("CDs") | 0 | 0 |
Escrow and other deposits | 0 | 0 |
FHLBNY Advances | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
RETIREMENT AND POSTRETIREMENT_3
RETIREMENT AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Retirement Plans [Member] | BMP, Employee and Outside Director Retirement Plans [Member] | |||||
Net Periodic Benefit Cost [Abstract] | |||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest cost | 291 | 329 | 874 | 987 | |
Expected return on assets | (430) | (395) | (1,290) | (1,185) | |
Unrecognized past service liability | 0 | 0 | 0 | 0 | |
Amortization of unrealized loss (gain) | 289 | 358 | 866 | 1,076 | |
Net periodic cost | 150 | 292 | 450 | 878 | |
Retirement Plans [Member] | Employee Retirement Plan [Member] | |||||
Retirement and Postretirement Plans [Abstract] | |||||
Estimated employer contributions or benefit payments | $ 17 | ||||
Contributions by employer | 12 | 24 | |||
Retirement Plans [Member] | Outside Director Retirement Plan [Member] | |||||
Retirement and Postretirement Plans [Abstract] | |||||
Estimated employer contributions or benefit payments | 226 | ||||
Contributions by employer | 56 | 168 | |||
Retirement Plans [Member] | BMP Retirement Plan [Member] | |||||
Retirement and Postretirement Plans [Abstract] | |||||
Estimated employer contributions or benefit payments | 564 | ||||
Contributions by employer | 137 | 410 | |||
Lump-sum distribution for retired participant | $ 1,221 | $ 2,477 | |||
Distribution of common stock (in shares) | 49,440 | 102,074 | |||
Shares returned to Treasury Stock (in shares) | 21,260 | 49,895 | |||
Component held by ESOP | $ 964 | $ 1,963 | |||
Benefit held by defined contribution plan | 257 | ||||
Tax benefit from market valuation adjustment on distribution of ESOP shares | 315 | 608 | |||
Other Postretirement Plan [Member] | Postretirement Plan [Member] | |||||
Net Periodic Benefit Cost [Abstract] | |||||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost | 13 | 14 | 40 | 42 | |
Expected return on assets | 0 | 0 | 0 | 0 | |
Unrecognized past service liability | (2) | (2) | (6) | (6) | |
Amortization of unrealized loss (gain) | 0 | (1) | 0 | (3) | |
Net periodic cost | 11 | $ 11 | 34 | $ 33 | |
Retirement and Postretirement Plans [Abstract] | |||||
Estimated employer contributions or benefit payments | $ 121 | ||||
Contributions by employer | $ 41 | $ 91 |
ACCOUNTING FOR STOCK BASED CO_3
ACCOUNTING FOR STOCK BASED COMPENSATION, Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Information Related to Stock Option Plans [Abstract] | |||||
Cash received for option exercise cost | $ 954 | $ 680 | |||
Stock Option Awards [Member] | |||||
Number of Options [Roll Forward] | |||||
Options outstanding, beginning of period (in shares) | 157,546 | ||||
Options granted (in shares) | 0 | ||||
Options expired (in shares) | (18,779) | ||||
Options exercised (in shares) | (66,372) | ||||
Options outstanding, end of period (in shares) | 72,395 | 72,395 | |||
Options vested and exercisable, end of period (in shares) | 72,395 | 72,395 | |||
Weighted-Average Exercise Price [Abstract] | |||||
Options outstanding, beginning of period (in dollars per share) | $ 15.53 | ||||
Options granted (in dollars per share) | 0 | ||||
Options expired (in dollars per share) | 17.50 | ||||
Options exercised (in dollars per share) | 17.10 | ||||
Options outstanding, end of period (in dollars per share) | $ 13.58 | 13.58 | |||
Options vested and exercisable. end of period (in dollars per shares) | $ 13.58 | $ 13.58 | |||
Stock Options, Additional Disclosure [Abstract] | |||||
Options outstanding | 2 years 2 months 12 days | ||||
Options vested and exercisable | 2 years 2 months 12 days | ||||
Aggregate Intrinsic Value [Abstract] | |||||
Options outstanding | $ 309 | $ 309 | |||
Options vested and exercisable | 309 | 309 | |||
Information Related to Stock Option Plans [Abstract] | |||||
Cash received for option exercise cost | 0 | $ 54 | 954 | 680 | |
Income tax benefit recognized on stock option exercises | [1] | (68) | 0 | (44) | 69 |
Intrinsic value of options exercised | $ 0 | $ 10 | $ 167 | $ 286 | |
Stock Option Awards [Member] | Treasury Stock [Member] | |||||
Number of Options [Roll Forward] | |||||
Options exercised (in shares) | (10,000) | ||||
Number of shares issued to satisfy option exercise (in shares) | 9,045 | ||||
Weighted-Average Exercise Price [Abstract] | |||||
Options exercised (in dollars per share) | $ 18.18 | ||||
[1] | Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January 1, 2017, income tax benefits were recognized through additional paid in capital. |
ACCOUNTING FOR STOCK BASED CO_4
ACCOUNTING FOR STOCK BASED COMPENSATION, Restricted Stock Awards (Details) - Restricted Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Restricted Stock Awards [Abstract] | |||||
Award vesting period | 4 years | ||||
Number of Shares [Roll Forward] | |||||
Unvested allocated shares outstanding, beginning of period (in shares) | 150,567 | ||||
Shares granted (in shares) | 63,612 | ||||
Shares vested (in shares) | (56,742) | ||||
Shares forfeited (in shares) | (2,014) | ||||
Unvested allocated shares outstanding, end of period (in shares) | 155,423 | 155,423 | |||
Weighted-Average Grant-Date Fair Value [Abstract] | |||||
Unvested allocated shares outstanding, beginning of period (in dollars per share) | $ 18.85 | ||||
Shares granted (in dollars per share) | 19.75 | ||||
Shares vested (in dollars per share) | 18.19 | ||||
Shares forfeited (in dollars per share) | 19.39 | ||||
Unvested allocated shares outstanding, end of period (in dollars per share) | $ 19.45 | $ 19.45 | |||
Information Related to Restricted Stock Awards [Abstract] | |||||
Compensation expense recognized | $ 326 | $ 353 | $ 950 | $ 1,195 | |
Income tax benefit (expense) recognized on vesting of RSA | [1] | $ 0 | $ 3 | $ (22) | $ 78 |
Weighted average remaining years for which compensation expense is to be recognized | 2 years 6 months | 2 years 9 months 18 days | 2 years 6 months | 2 years 9 months 18 days | |
[1] | Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January, 1, 2017, income tax benefits were recognized through additional paid in capital. |
ACCOUNTING FOR STOCK BASED CO_5
ACCOUNTING FOR STOCK BASED COMPENSATION, Performance Based Equity Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 award payment | 3 years | |||
Compensation expense recognized | $ (36) | $ 79 | $ 112 | $ 251 |
Number of Shares [Roll Forward] | ||||
Shares granted (in shares) | 81,353 | |||
Shares vested (in shares) | (3,536) | |||
Shares forfeited (in shares) | (6,320) | |||
Expected aggregate share payout (in shares) | 93,813 | |||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||
Shares granted (in dollars per share) | $ 18.55 | |||
Shares vested (in dollars per share) | 18.83 | |||
Shares forfeited (in dollars per share) | 19.19 | |||
Expected aggregate share payout (in dollars per share) | $ 18.83 | |||
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) | 69,224 | |||
Aggregate share payout, end of period (in shares) | 140,721 | 140,721 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||
Aggregate share payout, beginning of period (in dollars per share) | $ 19.19 | |||
Aggregate share payout, end of period (in dollars per share) | $ 18.83 | $ 18.83 | ||
Sales Incentive Award Program [Member] | ||||
Performance Based Equity Awards [Abstract] | ||||
Compensation expense recognized | $ 113 | $ 136 | ||
Number of Shares [Roll Forward] | ||||
Aggregate share payout, beginning of period (in shares) | 0 | |||
Shares granted (in shares) | 21,736 | |||
Shares vested (in shares) | 0 | |||
Shares forfeited (in shares) | 0 | |||
Expected aggregate share payout (in shares) | 21,736 | |||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||
Aggregate share payout, beginning of period (in dollars per share) | $ 0 | |||
Shares granted (in dollars per share) | 18.40 | |||
Shares vested (in dollars per share) | 0 | |||
Shares forfeited (in dollars per share) | 0 | |||
Expected aggregate share payout (in dollars per share) | $ 18.40 | |||
Sales Incentive Award Program [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 | ||
Sales Incentive Award Program [Member] | Maximum [Member] | ||||
Number of Shares [Roll Forward] | ||||
Aggregate share payout, end of period (in shares) | 21,736 | 21,736 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||
Aggregate share payout, end of period (in dollars per share) | $ 18.40 | $ 18.40 |
SUBORDINATED NOTES PAYABLE (Det
SUBORDINATED NOTES PAYABLE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Subordinated Notes Payable [Abstract] | |||||
Subordinated note issued | $ 113,722 | $ 113,722 | $ 113,612 | ||
Interest rate | 7.00% | ||||
Subordinated Debt [Member] | |||||
Subordinated Notes Payable [Abstract] | |||||
Subordinated note issued | $ 115,000 | ||||
Subordinated debt, Due date | Jun. 30, 2027 | ||||
Subordinated debt, Maturity date | Jun. 15, 2027 | ||||
Interest rate | 4.50% | ||||
Interest expense | $ 1,330 | $ 1,330 | $ 3,991 | $ 1,597 | |
Subordinated Debt [Member] | LIBOR [Member] | |||||
Subordinated Notes Payable [Abstract] | |||||
Variable rate basis | three-month LIBOR | ||||
Basis Spread on Variable Rate | 2.66% |
TRUST PREFERRED SECURITIES PA_2
TRUST PREFERRED SECURITIES PAYABLE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 19, 2004 | |
TRUST PREFERRED SECURITIES PAYABLE [Abstract] | ||||
Trust preferred securities offering | $ 72,165 | |||
Interest rate | 7.00% | |||
Interest expense recorded on trust preferred securities | $ 196 | $ 2,708 | ||
Trust preferred securities redeemed | $ 70,680 | $ 0 | $ 70,680 |
INCOME TAXES (Details)
INCOME TAXES (Details) - Item | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
INCOME TAXES [Abstract] | |||||
Effective tax rate | 23.10% | 35.20% | 24.00% | 37.00% | |
Corporate income tax rate | 21.00% | 35.00% | |||
Number of significant and unusual income tax items in the period | 0 | 0 | 0 | 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Events [Member] | 1 Months Ended | |
Nov. 08, 2018$ / sharesshares | Oct. 26, 2018shares | |
September 2007 Repurchase Program [Member] | ||
Stock Transactions, Repurchase [Abstract] | ||
Number of shares repurchased (in shares) | 131,349 | |
Average price (in dollars per share) | $ / shares | $ 17.92 | |
October 2018 Repurchase Program [Member] | ||
Stock Transactions, Repurchase [Abstract] | ||
Number of shares repurchased (in shares) | 40,000 | |
Average price (in dollars per share) | $ / shares | $ 16.42 | |
Number of shares authorized for repurchase (in shares) | 1,824,040 | |
Percentage of stock authorized for repurchase | 0.050 | |
Shares remaining for repurchase (in shares) | 1,784,040 |