Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 10, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DIME COMMUNITY BANCSHARES INC | |
Entity Central Index Key | 0001005409 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 36,056,385 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Cash and due from banks | $ 143,473 | $ 147,256 |
Total cash and cash equivalents | 143,473 | 147,256 |
Securities available-for-sale, at fair value | 511,623 | 502,885 |
Marketable equity securities, at fair value | 5,912 | 5,667 |
Loans: | ||
Real estate | 5,238,882 | 5,163,122 |
Commercial and industrial ("C&I") loans | 266,415 | 229,504 |
Other loans | 1,139 | 1,192 |
Less allowance for loan losses | (21,941) | (21,782) |
Total loans, net | 5,484,495 | 5,372,036 |
Premises and fixed assets, net | 23,708 | 24,713 |
Loans held for sale | 682 | 1,097 |
Federal Home Loan Bank of New York ("FHLBNY") capital stock | 55,840 | 57,551 |
Bank Owned Life Insurance ("BOLI") | 112,121 | 111,427 |
Goodwill | 55,638 | 55,638 |
Operating lease assets | 40,401 | 0 |
Other assets | 41,408 | 42,308 |
Total Assets | 6,475,301 | 6,320,578 |
Due to depositors: | ||
Interest-bearing deposits | 3,990,147 | 3,961,277 |
Non-interest-bearing deposits | 417,475 | 395,477 |
Total depositors | 4,407,622 | 4,356,754 |
Escrow and other deposits | 137,116 | 85,234 |
FHLBNY advances | 1,087,325 | 1,125,350 |
Subordinated debt, net | 113,796 | 113,759 |
Other borrowings | 45,000 | 0 |
Operating lease liabilities | 46,868 | 0 |
Other liabilities | 31,300 | 37,400 |
Total Liabilities | 5,869,027 | 5,718,497 |
Stockholders' Equity: | ||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at March 31, 2019 and December 31, 2018) | 0 | 0 |
Common stock ($0.01 par, 125,000,000 shares authorized, 53,690,825 shares and 53,690,825 shares issued at March 31, 2019 and December 31, 2018, respectively, and 36,020,112 shares and 36,081,455 shares outstanding at March 31, 2019 and December 31, 2018, respectively) | 537 | 537 |
Additional paid-in capital | 278,358 | 277,512 |
Retained earnings | 572,175 | 565,713 |
Accumulated other comprehensive loss, net of deferred taxes | (5,232) | (6,500) |
Unearned Restricted Stock Award common stock | (6,068) | (3,623) |
Common stock held by Benefit Maintenance Plan ("BMP") | (1,509) | (1,509) |
Treasury stock, at cost (17,670,713 shares and 17,609,370 shares at March 31, 2019 and December 31, 2018, respectively) | (231,987) | (230,049) |
Total Stockholders' Equity | 606,274 | 602,081 |
Total Liabilities and Stockholders' Equity | $ 6,475,301 | $ 6,320,578 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
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 | 53,690,825 |
Common stock, shares outstanding (in shares) | 36,020,112 | 36,081,455 |
Treasury stock (in shares) | 17,670,713 | 17,609,370 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Interest income: | |||
Loans secured by real estate | $ 49,177 | $ 49,575 | |
C&I loans | 3,436 | 1,656 | |
Other loans | 18 | 19 | |
Mortgage-backed securities ("MBS") and Agency Collateralized Mortgage Obligation ("CMO") securities | 3,197 | 2,257 | |
Marketable equity and investment securities | 420 | 15 | |
Other short-term investments | 1,447 | 1,511 | |
Total interest income | 57,695 | 55,033 | |
Interest expense: | |||
Deposits and escrow | 15,017 | 10,751 | |
Borrowed funds | 7,354 | 6,267 | |
Total interest expense | 22,371 | 17,018 | |
Net interest income | 35,324 | 38,015 | |
Provision for loan losses | 321 | 193 | |
Net interest income after provision for loan losses | 35,003 | 37,822 | |
Non-interest income: | |||
Service charges and other fees | 1,099 | 911 | |
Mortgage banking income, net | 68 | 111 | |
Net gain on securities and other assets | [1] | 192 | 1,366 |
Gain on sale of loans | 255 | 90 | |
Income from BOLI | 694 | 712 | |
Other | 52 | 54 | |
Total non-interest income | 2,360 | 3,244 | |
Non-interest expense: | |||
Salaries and employee benefits | 11,884 | 11,177 | |
Stock benefit plan compensation expense | 284 | 388 | |
Occupancy and equipment | 3,869 | 3,872 | |
Data processing costs | 2,066 | 1,754 | |
Marketing | 466 | 1,047 | |
Federal deposit insurance premiums | 454 | 665 | |
Other | 3,029 | 2,831 | |
Total non-interest expense | 22,052 | 21,734 | |
Income before income taxes | 15,311 | 19,332 | |
Income tax expense | 3,810 | 4,587 | |
Net income | $ 11,501 | $ 14,745 | |
Earnings per Share: | |||
Basic (in dollars per share) | $ 0.32 | $ 0.39 | |
Diluted (in dollars per share) | $ 0.32 | $ 0.39 | |
[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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||
Net Income | $ 11,501 | $ 14,745 |
Other comprehensive income (loss): | ||
Change in holding gain (loss) on securities available-for-sale | 4,687 | (2,558) |
Change in pension and other postretirement obligations | 492 | 155 |
Change in gain (loss) on derivative assets | (3,284) | 2,016 |
Other comprehensive gain (loss) before income taxes | 1,895 | (387) |
Deferred tax expense (benefit) | 627 | (112) |
Other comprehensive income (loss), net of tax | 1,268 | (275) |
Total comprehensive income | $ 12,769 | $ 14,470 |
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 | |
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 | 14,745 | 0 | 0 | 0 | 0 | 14,745 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (275) | 0 | 0 | 0 | (275) | |
Exercise of stock options, net | $ 1 | 454 | 0 | 0 | 0 | 0 | (165) | 290 | |
Exercise of stock options, net (in shares) | 19,726 | ||||||||
Release of shares, net of forfeitures | $ 0 | 426 | 0 | 0 | (1,349) | 0 | 923 | 0 | |
Release of shares, net of forfeitures (in shares) | 73,019 | ||||||||
Stock-based compensation | $ 0 | 0 | 0 | 0 | 388 | 0 | 0 | 388 | |
Shares received to satisfy distribution of retirement benefits | $ 0 | (540) | 0 | 0 | 0 | 540 | (524) | (524) | |
Shares received to satisfy distribution of retirement benefits (in shares) | (27,545) | ||||||||
Reclassification of tax effects on other comprehensive income (loss) | $ 0 | 0 | (32) | 32 | 0 | 0 | 0 | 0 | |
Cash dividends declared and paid | 0 | 0 | (5,234) | 0 | 0 | 0 | 0 | (5,234) | |
Balance at Mar. 31, 2018 | $ 537 | 277,070 | 544,762 | (4,037) | (3,855) | (2,196) | (204,324) | 607,957 | |
Balance (in shares) at Mar. 31, 2018 | 37,484,270 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reclassification of unrealized gains and losses on marketable equity securities | ASU 2016-01 [Member] | 153 | (153) | |||||||
Balance at Dec. 31, 2018 | $ 537 | 277,512 | 565,713 | (6,500) | (3,623) | (1,509) | (230,049) | $ 602,081 | |
Balance (in shares) at Dec. 31, 2018 | 36,081,455 | 36,081,455 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | $ 0 | 0 | 11,501 | 0 | 0 | 0 | 0 | $ 11,501 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 1,268 | 0 | 0 | 0 | 1,268 | |
Release of shares, net of forfeitures | $ 0 | 846 | 0 | 0 | (2,729) | 0 | 1,883 | 0 | |
Release of shares, net of forfeitures (in shares) | 138,329 | ||||||||
Stock-based compensation | $ 0 | 0 | 0 | 0 | 284 | 0 | 0 | 284 | |
Payments related to tax withholding for stock-based compensation | $ 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) | |
Payments related to tax withholding for stock-based compensation (in shares) | (418) | ||||||||
Cash dividends declared and paid | $ 0 | 0 | (5,039) | 0 | 0 | 0 | 0 | (5,039) | |
Repurchase of shares of Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | $ (3,814) | (3,814) | |
Repurchase of shares of Common Stock (in shares) | (199,254) | ||||||||
Balance at Mar. 31, 2019 | $ 537 | $ 278,358 | $ 572,175 | $ (5,232) | $ (6,068) | $ (1,509) | $ (231,987) | $ 606,274 | |
Balance (in shares) at Mar. 31, 2019 | 36,020,112 | 36,020,112 | |||||||
[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 | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 11,501 | $ 14,745 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net (gain) loss on sales of securities and available-for-sale | 76 | (1,370) |
Net (gain) loss recognized on marketable equity securities | (268) | 4 |
Net gain on sale of loans held for sale | (255) | (90) |
Net depreciation, amortization and accretion | 2,875 | 2,184 |
Cash paid for amounts included in the measurement of lease liabilities | (1,712) | 0 |
Stock plan compensation | 284 | 388 |
Provision for loan losses | 321 | 193 |
Originations of loans held for sale | (569) | 0 |
Proceeds from sale of loans originated for sale | 618 | 0 |
Increase in cash surrender value of BOLI | (694) | (712) |
Deferred income tax provision | (807) | (1,728) |
Changes in assets and liabilities: | ||
Decrease (Increase) in other assets | (262) | 3,204 |
Decrease in other liabilities | (923) | (4,072) |
Net cash provided by Operating activities | 10,185 | 12,746 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities available-for-sale | 15,499 | 158,484 |
Proceeds from sales of marketable equity securities | 137 | 393 |
Purchases of securities available-for-sale | (38,319) | (189,874) |
Acquisition of marketable equity securities | (114) | (109) |
Proceeds from calls and principal repayments of securities available-for-sale | 18,530 | 25,958 |
Proceeds from sale of portfolio loans held for sale | 8,659 | 765 |
Net decrease (increase) in loans | (120,886) | 93,994 |
Purchases of fixed assets, net | (50) | (1,879) |
Sale of FHLBNY capital stock, net | 1,711 | 7,182 |
Net cash provided by (used in) Investing Activities | (114,833) | 94,914 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in due to depositors | 50,868 | 26,994 |
Increase in escrow and other deposits | 51,882 | 49,785 |
Repayments of FHLBNY advances | (1,030,150) | (1,034,600) |
Proceeds from FHLBNY advances | 992,125 | 875,000 |
Repayments of other borrowings | (571,000) | 0 |
Proceeds from other borrowings | 616,000 | 0 |
Proceeds from exercise of stock options | 0 | 290 |
Payments related to tax withholding for stock-based compensation | (7) | 0 |
BMP ESOP shares received to satisfy distribution of retirement benefits | 0 | (524) |
Treasury shares repurchased | (3,814) | 0 |
Cash dividends paid to stockholders, net | (5,039) | (5,234) |
Net cash provided by (used in) Financing Activities | 100,865 | (88,289) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,783) | 19,371 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 147,256 | 169,455 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 143,473 | 188,826 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 4,406 | 2,928 |
Cash paid for interest | 24,013 | 15,323 |
Loans transferred to held for sale | 2,329 | 675 |
Operating lease assets in exchange for operating lease liabilities | $ 41,641 | $ 0 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2019 | |
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 (the "Bank") for the purpose of acquiring all of the capital stock of the Bank issued in the Bank's conversion to stock ownership on June 26, 1996. On January 24, 2019, the Bank filed an application with the New York Department of Financial Services (“NYSDFS”) seeking approval to convert from a New York stock form savings bank to a New York commercial bank (the “Charter Conversion”). Simultaneous with the Charter Conversion application to NYSDFS, the Company filed an application with the Federal Reserve Bank of Philadelphia to delist as a savings and loan holding company and elect to become a bank holding company. Having received all applicable regulatory approvals, on April 25, 2019 the Bank completed the Charter Conversion, and began operating as a New York commercial bank. Simultaneously, the Company began operating as a bank holding company. At March 31, 2019 the significant assets of the Holding Company were the capital stock of the Bank and investments retained by the Holding Company. The liabilities of the Holding Company were comprised primarily of $113,796 subordinated notes due in 2027, which become callable commencing in 2022. The Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. The Bank was originally founded in 1864 as a New York State-chartered mutual savings bank, and operated as a New York State-chartered stock savings bank until April 2019. 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 reflected the Bank's evolving business model and emphasized its broader geographic and business reach while retaining the Bank's mission to be in and of the communities it served, including the virtual online community. The Bank's principal business is gathering The Holding Company neither owns nor leases any property, but instead uses the back office 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 March 31, 2019, 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 | 3 Months Ended |
Mar. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF ACCOUNTING POLICIES | 2. SUMMARY OF ACCOUNTING POLICIES In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company's financial condition as of March 31, 2019 and December 31, 2018, the results of operations and statements of comprehensive income for the three-month periods ended March 31, 2019 and 2018, and the changes in stockholders' equity and cash flows for the three-month periods ended March 31, 2019 and 2018. The results of operations for the three-month period ended March 31, 2019 is not necessarily indicative of the results of operations for the remainder of the year ending December 31, 2019. 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, 2018 and notes thereto contained in our Annual Report on Form 10-K. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2019 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASU") 2016-02, Leases (Topic 842) Codification Improvements to Topic 842, Leases Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) The Company has engaged a third party software provider in order to evaluate the potential impact of ASU 2016-13, and is currently working through implementation of the software. 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) | 3 Months Ended |
Mar. 31, 2019 | |
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 Available-for-Sale Defined Benefit Plans Derivative Asset Total Accumulated Other Comprehensive Loss Balance as of January 1, 2019 $ (1,957 ) $ (6,290 ) $ 1,747 $ (6,500 ) Other comprehensive income (loss) before reclassifications 3,129 252 (2,007 ) 1,374 Amounts reclassified from accumulated other comprehensive loss 51 82 (239 ) (106 ) Net other comprehensive income during the period 3,180 334 (2,246 ) 1,268 Balance as of March 31, 2019 $ 1,223 $ (5,956 ) $ (499 ) $ (5,232 ) Balance as of January 1, 2018 $ 285 $ (6,633 ) $ 2,707 $ (3,641 ) Reclassification for adoption of ASU 2016-01 (1) (153 ) — — (153 ) Adjusted balance as of January 1, 2018 132 (6,633 ) 2,707 (3,794 ) Other comprehensive income (loss) before reclassifications (786 ) (88 ) 1,373 499 Amounts reclassified from accumulated other comprehensive loss (922 ) 192 (44 ) (774 ) Net other comprehensive income during the period (1,708 ) 104 1,329 (275 ) Reclassification of tax effects on other comprehensive income (2) — 32 — 32 Balance as of March 31, 2018 $ (1,576 ) $ (6,497 ) $ 4,036 $ (4,037 ) (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 March 31, 2019 2018 Change in holding gain (loss) on securities available-for-sale: Change in net unrealized holding gain (loss) during the period $ 4,611 $ (1,188 ) Reclassification adjustment for net gains included in net gain on securities and other assets 76 (1,370 ) Net change 4,687 (2,558 ) Tax expense (benefit) 1,507 (850 ) Net change in holding gain (loss) on securities available-for-sale 3,180 (1,708 ) Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense 122 286 Change in the net actuarial gain or loss 370 (131 ) Net change 492 155 Tax expense 158 51 Net change in pension and other postretirement obligations 334 104 Change in gain (loss) on derivative assets: Change in net unrealized gain (loss) during the period (2,928 ) 2,081 Reclassification adjustment for expense included in interest expense (356 ) (65 ) Net change (3,284 ) 2,016 Tax expense (benefit) (1,038 ) 687 Net change in unrealized loss on derivative asset or liability (2,246 ) 1,329 Other comprehensive income (loss) $ 1,268 $ (275 ) |
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS") | 3 Months Ended |
Mar. 31, 2019 | |
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 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 March 31, 2019 2018 Net income per the Consolidated Statements of Income $ 11,501 $ 14,745 Less: Dividends paid and earnings allocated to participating securities (37 ) (29 ) Income attributable to common stock $ 11,464 $ 14,716 Weighted average common shares outstanding, including participating securities 36,000,140 37,495,317 Less: weighted average participating securities (153,793 ) (145,725 ) Weighted average common shares outstanding 35,846,347 37,349,592 Basic EPS $ 0.32 $ 0.39 Income attributable to common stock $ 11,464 $ 14,716 Weighted average common shares outstanding 35,846,347 37,349,592 Weighted average common equivalent shares outstanding 130,568 115,133 Weighted average common and equivalent shares outstanding 35,976,915 37,464,725 Diluted EPS $ 0.32 $ 0.39 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 periods ended March 31, 2019 or 2018. 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 periods ended March 31, 2019 and 2018, service charges and other fees totaled $1,099 and $911, respectively. Service Charges on Deposit Accounts Interchange Income |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 3 Months Ended |
Mar. 31, 2019 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 7. INVESTMENT AND MORTGAGE-BACKED SECURITIES The Company adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, on January 1, 2018. As a result of adoption all registered mutual funds were reclassified as marketable equity securities on the Consolidated Statement of Financial Condition 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 below. The following tables summarize the major categories of securities owned by the Company as of the dates indicated: At March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale: Agency Notes $ 25,124 $ 52 $ 3 $ 25,173 Corporate Securities 29,131 166 64 29,233 Pass-through MBS issued by Government-sponsored Enterprises ("GSEs") 346,338 2,829 560 348,607 Agency CMOs 109,244 142 776 108,610 Total securities available-for-sale $ 509,837 $ 3,189 $ 1,403 $ 511,623 At December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale: Agency Notes $ 25,110 $ 45 $ 10 $ 25,145 Corporate Securities 11,167 0 32 11,135 Pass-through MBS issued by GSEs 356,039 574 2,000 354,613 Agency CMOs 113,470 157 1,635 111,992 Total securities available-for-sale $ 505,786 $ 776 $ 3,677 $ 502,885 The carrying amount of securities pledged as collateral for the Bank's first loss guarantee was $23,786 and $27,248 at March 31, 2019 and December 31, 2018, respectively. At March 31, 2019, the available-for-sale agency notes possessed a weighted average contractual maturity of 3.9 years. At March 31, 2019, available-for-sale agency CMO and MBS securities possessed a weighted average contractual maturity of 12.9 years. At March 31, 2019, the corporate securities possessed had a weighted average contractual maturity of 5.9 years. For the Three Months Ended March 31, 2019 2018 Pass through MBS issued by GSEs: Proceeds $ 6,117 $ — Gross gains — — Tax expense on gain — — Gross losses 174 — Tax benefit on loss (56 ) — Agency CMOs: Proceeds 9,382 158,484 Gross gains 98 1,370 Tax expense on gain 31 440 Gross losses — — Tax benefit on loss — — The Company holds marketable equity securities 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 March 31, 2019 2018 Proceeds: Marketable equity securities $ 137 $ 393 The remaining gain or loss on securities shown in the unaudited condensed consolidated statements of income was due to market valuation changes. Net gains (losses) of $268 and $(4) were recognized on marketable equity securities for the three-month period ended March 31, 2019 and March 31, 2018, respectively. 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: March 31, 2019 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securities available-for-sale: Agency Notes $ 5,121 $ 3 $ — $ — $ 5,121 $ 3 Corporate Securities 10,104 64 — — 10,104 64 Pass through MBS issued by GSEs — — 81,834 560 81,834 560 Agency CMOs 86,626 716 4,583 60 91,209 776 December 31, 2018 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securities available-for-sale: Agency Notes $ 5,100 $ 10 $ — $ — $ 5,100 $ 10 Corporate Securities 11,135 32 — — 11,135 32 Pass through MBS issued by GSEs 216,451 1,049 45,489 951 261,940 2,000 Agency CMOs 52,605 439 39,833 1,196 92,438 1,635 The issuers of 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 March 31, 2019. |
LOANS RECEIVABLE AND CREDIT QUA
LOANS RECEIVABLE AND CREDIT QUALITY | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 or December 31, 2018. All real estate and C&I loans not classified as Special Mention or Substandard were deemed pass loans at both March 31, 2019 and December 31, 2018. 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 March 31, 2019 Pass Special Mention Substandard Doubtful Total Real Estate: One-to-four family residential, including condominium and cooperative apartment $ 106,659 $ — $ 1,050 $ — $ 107,709 Multifamily residential and residential mixed-use 3,793,706 25,326 12,113 — 3,831,145 Commercial real estate and commercial mixed-use 1,230,111 6,110 9,585 — 1,245,806 ADC 54,222 — — — 54,222 Total real estate 5,184,698 31,436 22,748 — 5,238,882 C&I 265,521 49 845 — 266,415 Total Real Estate and C&I $ 5,450,219 $ 31,485 $ 23,593 $ — $ 5,505,297 Balance at December 31, 2018 Pass Special Mention Substandard Doubtful Total Real Estate: One-to-four family residential, including condominium and cooperative apartment $ 95,782 $ — $ 1,065 $ — $ 96,847 Multifamily residential and residential mixed-use 3,829,643 32,682 4,463 — 3,866,788 Commercial real estate and commercial mixed-use 1,162,429 1,209 6,447 — 1,170,085 ADC 29,402 — — — 29,402 Total real estate 5,117,256 33,891 11,975 — 5,163,122 C&I 228,924 — 580 — 229,504 Total Real Estate and C&I $ 5,346,180 $ 33,891 $ 12,555 $ — $ 5,392,626 The following is a summary of the credit risk profile of consumer loans by internally assigned grade: Balance at Grade March 31, 2019 December 31, 2018 Performing $ 1,133 $ 1,189 Non-accrual 6 3 Total $ 1,139 $ 1,192 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 March 31, 2019 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 $ 133 $ 8 $ — $ 706 $ 847 $ 106,862 $ 107,709 Multifamily residential and residential mixed-use 145 — 768 276 1,189 3,829,956 3,831,145 Commercial real estate and commercial mixed-use — — 5,622 4,205 9,827 1,235,979 1,245,806 ADC — — — — — 54,222 54,222 Total real estate $ 278 $ 8 $ 6,390 $ 5,187 $ 11,863 $ 5,227,019 $ 5,238,882 C& I $ 49 $ — $ 565 $ 232 $ 846 $ 265,569 $ 266,415 Consumer $ 3 $ 1 $ — $ 6 $ 10 $ 1,129 $ 1,139 (1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of March 31, 2019. At December 31, 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 $ 312 $ — $ — $ 712 $ 1,024 $ 95,823 $ 96,847 Multifamily residential and residential mixed-use — — 100 280 380 3,866,408 3,866,788 Commercial real estate and commercial mixed-use — — — 1,041 1,041 1,169,044 1,170,085 ADC — — — — — 29,402 29,402 Total real estate $ 312 $ — $ 100 $ 2,033 $ 2,445 $ 5,160,677 $ 5,163,122 C&I $ 50 $ 49 $ — $ 309 $ 408 $ 229,096 $ 229,504 Consumer $ 12 $ 1 $ — $ 3 $ 16 $ 1,176 $ 1,192 (1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2018. Accruing Loans 90 Days or More Past Due The Bank continued accruing interest on eleven loans with an aggregate outstanding balance of 6,955 at March 31, 2019, and one real estate loan with an aggregate outstanding balance of $100 at December 31, 2018, all of which were 90 days or more past due on their respective contractual maturity dates. These loans continued to make monthly payments consistent with their initial contractual amortization schedule exclusive of the balloon payments due at maturity. These loans were well secured and were expected to be refinanced, and therefore remained on accrual status and were deemed performing assets at the dates indicated above. Troubled Debt Restructurings ("TDRs") 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 March 31, 2019 As of December 31, 2018 No. of Loans Balance No. of Loans Balance One-to-four family residential, including condominium and cooperative apartment 1 $ 12 1 $ 14 Multifamily residential and residential mixed-use 2 261 2 271 Commercial real estate and commercial mixed-use 1 4,061 1 4,084 Total real estate 4 $ 4,334 4 $ 4,369 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 were no TDRs on non-accrual status at March 31, 2019 or at December 31, 2018. 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 March 31, 2019 and December 31, 2018. There were no loans modified in a manner that met the criteria of a TDR during the three-month periods ended March 31, 2019 or 2018. As of March 31, 2019 and December 31, 2018, 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 periods ended March 31, 2019 or 2018 (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 | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, 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 March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018, respectively, the Bank maintained a reserve of $0.03 million 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 March 31, 2019 Real Estate Loans One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Real Estate and Commercial Mixed-Use ADC Total Real Estate C& I Consumer Loans Beginning balance $ 198 $ 13,446 $ 3,777 $ 397 $ 17,818 $ 3,946 $ 18 Provision (credit) for loan losses 4 (453 ) 250 246 47 273 1 Charge-offs (1 ) (5 ) (5 ) — (11 ) (150 ) (1 ) Recoveries — — — — — — — Ending balance $ 201 $ 12,988 $ 4,022 $ 643 $ 17,854 $ 4,069 $ 18 At or for the Three Months Ended March 31, 2018 Real Estate Loans One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Real Estate and Commercial Mixed-Use ADC Total Real Estate C& I Consumer Loans Beginning balance $ 116 $ 15,219 $ 3,535 $ 123 $ 18,993 $ 2,021 $ 19 Provision (credit) for loan losses — (223 ) (13 ) 3 (233 ) 424 2 Charge-offs (15 ) — (4 ) — (19 ) — (4 ) Recoveries 1 — — — 1 — — Ending balance $ 102 $ 14,996 $ 3,518 $ 126 $ 18,742 $ 2,445 $ 17 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 March 31, 2019 Real Estate Loans One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Real Estate and Commercial Mixed-Use ADC Total Real Estate C& I Consumer Loans Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 116 $ — Collectively evaluated for impairment 201 12,988 4,022 643 17,854 3,953 18 Total ending allowance balance $ 201 $ 12,988 $ 4,022 $ 643 $ 17,854 $ 4,069 $ 18 Loans: Individually evaluated for impairment $ 12 $ 537 $ 8,266 $ — $ 8,815 $ 232 $ — Collectively evaluated for impairment 107,697 3,830,608 1,237,540 54,222 5,230,067 266,183 1,139 Total ending loans balance $ 107,709 $ 3,831,145 $ 1,245,806 $ 54,222 $ 5,238,882 $ 266,415 $ 1,139 At December 31, 2018 Real Estate Loans One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Real Estate and Commercial Mixed-Use ADC Total Real Estate C& I Consumer Loans Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 230 $ — Collectively evaluated for impairment 198 13,446 3,777 397 17,818 3,716 18 Total ending allowance balance $ 198 $ 13,446 $ 3,777 $ 397 $ 17,818 $ 3,946 $ 18 Loans: Individually evaluated for impairment $ 14 $ 551 $ 5,125 $ — $ 5,690 $ 309 $ — Collectively evaluated for impairment 96,833 3,866,237 1,164,960 29,402 5,157,432 229,195 1,192 Total ending loans balance $ 96,847 $ 3,866,788 $ 1,170,085 $ 29,402 $ 5,163,122 $ 229,504 $ 1,192 The following table summarizes impaired loans recorded as of the dates indicated (by collateral type within the real estate loan segment): At March 31, 2019 At December 31, 2018 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 $ 12 $ 12 $ — $ 14 $ 14 $ — Multifamily residential and residential mixed-use 537 537 — 551 551 — Commercial real estate and commercial mixed-use 8,266 8,266 — 5,125 5,125 — Total with no related allowance recorded 8,815 8,815 — 5,690 5,690 — With an allowance recorded: C& I 232 232 116 309 309 230 Total with an allowance recorded 232 232 116 309 309 230 Total $ 9,047 $ 9,047 $ 116 $ 5,999 $ 5,999 $ 230 (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 March 31, 2019 Three Months Ended March 31, 2018 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 $ 13 $ — $ 21 $ — Multifamily residential and residential mixed-use 544 13 611 12 Commercial real estate and commercial mixed-use 6,695 99 7,542 76 Total with no related allowance recorded 7,252 112 8,174 88 With an allowance recorded: C&I 271 6 589 — Total $ 7,523 $ 118 $ 8,763 $ 88 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2019 | |
LEASES [Abstract] | |
LEASES | 10. LEASES The Company adopted ASU 2016-02 on January 1, 2019. As a result of adoption, the Company recognized operating lease assets and corresponding lease liabilities related to its office facilities and retail branches. The operating lease assets represent the Company’s right to use an underlying asset for the lease term, and the lease liability represents the Company’s obligation to make lease payments over the lease term. The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. As most of our leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date. The Company made a policy election to exclude the recognition requirements of ASU 2016-02 to short-term leases, those leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties. Maturities of the Company's operating lease liabilities at March 31, 2019 are as follows: Rent to be Capitalized 2019 $ 5,184 2020 6,807 2021 6,664 2022 6,362 2023 5,395 Thereafter 23,573 Total undiscounted lease payments 53,985 Less amounts representing interest 7,117 Lease liability $ 46,868 Other information related to our operating leases was as follows: At March 31, 2019 Operating lease cost $ 1,620 Cash paid for amounts included in the measurement of operating lease liabilities 1,712 Weighted average remaining lease term 8.55 years Weighted average discount rate 3.28 % |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 3 Months Ended |
Mar. 31, 2019 | |
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. The Company uses derivatives 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 $907 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 March 31, 2019 At December 31, 2018 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 17 $ 295,000 $ 3,258 $ (3,970 ) 14 $ 245,000 $ 4,669 $ (2,097 ) The table below presents the effect of the cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss) as of March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 Interest rate products Amount of gain (loss) recognized in other comprehensive income $ (2,928 ) $ 2,081 Amount of loss reclassified from other comprehensive income into interest expense (356 ) (65 ) 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 March 31, 2019 Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral Received FHLB Advances $ 3,258 $ (3,970 ) $ (712 ) $ — $ — $ (712 ) At December 31, 2018 Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral Received FHLB Advances $ 4,669 $ (2,097 ) $ 2,572 $ — $ — $ 2,572 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 March 31, 2019, 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 $(597). If the Company had breached any of the above provisions at March 31, 2019, 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 March 31, 2019. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2019 | |
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 securities available-for-sale are guaranteed either implicitly or explicitly by GSEs as of March 31, 2019 and December 31, 2018. Obtaining market values as of March 31, 2019 and December 31, 2018 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. Total Fair Value Measurements at March 31, 2019 Using Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Marketable equity securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 1,611 $ 1,611 $ — $ — International Equity Mutual Funds 416 416 — — Fixed Income Mutual Funds 3,885 3,885 — — Securities available-for-sale: Agency Notes 25,173 — 25,173 — Corporate Securities 29,233 — 29,233 — Pass-through MBS issued by GSEs 348,607 — 348,607 — Agency CMOs 108,610 — 108,610 — Loans Held for Sale 682 — 682 — Derivative – interest rate product 3,258 — 3,258 — Financial Liabilities Derivative – interest rate product 3,970 — 3,970 — Fair Value Measurements at December 31, 2018 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Marketable Equity Securities (Registered Mutual Funds) Domestic Equity Mutual Funds $ 1,420 $ 1,420 $ — $ — International Equity Mutual Funds 377 377 — — Fixed Income Mutual Funds 3,870 3,870 — — Securities available-for-sale: Agency Notes 25,145 — 25,145 — Corporate Securities 11,135 — 11,135 — Pass-through MBS issued by GSEs 354,613 — 354,613 — Agency CMOs 111,992 — 111,992 — Loans Held for Sale 1,097 — 1,097 — Derivative – interest rate product 4,669 — 4,669 — Financial Liabilities Derivative – interest rate product 2,097 — 2,097 — 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. 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 23 to the Company's Consolidated Financial Statements included in the Annual Report on Form 10-K. 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. Carrying Amount Fair Value Measurements at March 31, 2019 Using Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 143,473 $ 143,473 $ — $ — $ 143,473 Loans, net 5,484,495 — — 5,410,989 5,410,989 Accrued interest receivable 18,868 27 1,664 17,177 18,868 Financial Liabilities Savings, money market and checking accounts 2,826,844 2,826,844 — — 2,826,844 Certificates of Deposits ("CDs") 1,580,778 — 1,577,338 — 1,577,338 Escrow and other deposits 137,116 137,116 — — 137,116 FHLBNY Advances 1,087,325 — 1,085,118 — 1,085,118 Subordinated debt, net 113,796 — 112,089 — 112,089 Other borrowings 45,000 45,000 — — 45,000 Accrued interest payable 4,352 10 4,342 — 4,352 Carrying Amount Fair Value Measurements at December 31, 2018 Using Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 147,256 $ 147,256 $ — $ — $ 147,256 Loans, net 5,372,036 — — 5,301,281 5,301,281 Accrued interest receivable 17,875 — 1,296 16,579 17,875 Financial Liabilities — — — — — Savings, money market and checking accounts 2,946,717 2,946,717 — — 2,946,717 CDs 1,410,037 — 1,407,747 — 1,407,747 Escrow and other deposits 85,234 85,234 — — 85,234 FHLBNY Advances 1,125,350 — 1,119,548 — 1,119,548 Subordinated debt, net 113,759 — 110,346 — 110,346 Accrued interest payable 2,710 — 2,710 — 2,710 |
RETIREMENT AND POSTRETIREMENT P
RETIREMENT AND POSTRETIREMENT PLANS | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ — $ — $ — $ — Interest cost 313 14 292 14 Expected return on assets (382 ) — (430 ) — Unrecognized past service liability — (2 ) — (2 ) Amortization of unrealized loss (gain) 243 (3 ) 289 — Net periodic cost $ 174 $ 9 $ 151 $ 12 The following table presents the Company's planned contributions to, or benefit payments on behalf of each benefit plan as disclosed in its consolidated financial statements for the year ended December 31, 2018, as well as the actual contributions to, or benefit payments on behalf of each benefit plan during the period indicated: Planned Contributions/Benefit Payments for the Year Ended December 31, 2019 Actual Contributions/Benefit Payments for the Three Months Ended March, 31, 2019 Employee Retirement Plans $ 1,492 $ — Outside Director Retirement Plans 225 56 Post Retirement Plan 109 44 BMP 564 137 The Company expects to make the remainder of the contributions to, or benefit payments on behalf of, each benefit plan during 2019. 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 component of the BMP discussed above, the following distributions were made to retired participants: For the Three Months Ended March 31, 2019 2018 Cash $ — $ 257 Market value of Common Stock from Employee Stock Ownership Plan of BMP (22,051 shares for March 31, 2018) — 942 Gross lump-sum distribution $ — $ 1,199 Non-cash tax benefit $ — $ 285 |
ACCOUNTING FOR STOCK BASED COMP
ACCOUNTING FOR STOCK BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2019 | |
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 21 to the Company's Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2018, 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, 2019 72,395 $ 13.58 Options granted — — Options expired — — Options exercised — — Options outstanding at March 31, 2019 72,395 $ 13.58 1.7 $ 373 Options vested and exercisable at March 31, 2019 72,395 $ 13.58 1.7 $ 373 Information related to stock options during each period is as follows: For the Three Months Ended March 31, 2019 2018 Cash received for option exercise cost $ — $ 290 Income tax benefit recognized on stock option exercises — 4 Intrinsic value of options exercised — 97 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 pre-determined 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, 2019 148,235 $ 19.48 Shares granted 11,584 17.24 Shares vested (4,329 ) 20.50 Shares forfeited (3,743 ) 19.45 Unvested allocated shares at March 31, 2019 151,747 $ 19.28 Information related to restricted stock awards during each period is as follows: At or for the Three Months Ended March 31, 2019 2018 Compensation expense recognized $ 289 $ 304 Income tax benefit (expense) recognized on vesting of RSA (3 ) (2 ) Weighted average remaining years for which compensation expense is to be recognized 2.4 2.7 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, 2019 120,880 $ 18.90 Shares granted 138,562 19.18 Shares vested (2,276 ) 17.35 Shares forfeited (2,574 ) 17.35 Maximum aggregate share payout at March 31, 2019 254,592 $ 19.08 Minimum aggregate share payout — — Expected aggregate share payout 112,388 $ 19.28 Compensation expense recorded for performance based equity awards was $(75) and $84 for the three-month periods ended March 31, 2019 and March 31, 2018, 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, 2019 8,151 $ 18.40 Shares granted — — Shares vested — — Shares forfeited (5,500 ) 18.40 Maximum aggregate share payout at March 31, 2019 2,651 $ 18.40 Minimum aggregate share payout — — Expected aggregate share payout 2,651 $ 18.40 Compensation expense recorded for sales incentive based equity awards was $70 for the three-month period ended March 31, 2019. No compensation expense was recognized for the three-month period ended March 31, 2018. |
OTHER BORROWINGS
OTHER BORROWINGS | 3 Months Ended |
Mar. 31, 2019 | |
OTHER BORROWINGS [Abstract] | |
OTHER BORROWINGS | 15. OTHER BORROWINGS Other borrowings consists of overnight or short-term borrowings with member commercial banks within a network of financial institutions. The availability of funds changes daily. As of March 31, 2019, the Bank had $45,000 of such borrowings outstanding. Interest expense for the three month period ended March 31, 2019 was $65. There was no activity during 2018. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2019 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 16. INCOME TAXES During the three months ended March 31, 2019 and 2018, the Company's consolidated effective tax rates were 24.9% and 23.7%, respectively. There were no significant unusual income tax items during the three-month periods ended either March 31, 2019 or 2018. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 Available-for-Sale Defined Benefit Plans Derivative Asset Total Accumulated Other Comprehensive Loss Balance as of January 1, 2019 $ (1,957 ) $ (6,290 ) $ 1,747 $ (6,500 ) Other comprehensive income (loss) before reclassifications 3,129 252 (2,007 ) 1,374 Amounts reclassified from accumulated other comprehensive loss 51 82 (239 ) (106 ) Net other comprehensive income during the period 3,180 334 (2,246 ) 1,268 Balance as of March 31, 2019 $ 1,223 $ (5,956 ) $ (499 ) $ (5,232 ) Balance as of January 1, 2018 $ 285 $ (6,633 ) $ 2,707 $ (3,641 ) Reclassification for adoption of ASU 2016-01 (1) (153 ) — — (153 ) Adjusted balance as of January 1, 2018 132 (6,633 ) 2,707 (3,794 ) Other comprehensive income (loss) before reclassifications (786 ) (88 ) 1,373 499 Amounts reclassified from accumulated other comprehensive loss (922 ) 192 (44 ) (774 ) Net other comprehensive income during the period (1,708 ) 104 1,329 (275 ) Reclassification of tax effects on other comprehensive income (2) — 32 — 32 Balance as of March 31, 2018 $ (1,576 ) $ (6,497 ) $ 4,036 $ (4,037 ) (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 March 31, 2019 2018 Change in holding gain (loss) on securities available-for-sale: Change in net unrealized holding gain (loss) during the period $ 4,611 $ (1,188 ) Reclassification adjustment for net gains included in net gain on securities and other assets 76 (1,370 ) Net change 4,687 (2,558 ) Tax expense (benefit) 1,507 (850 ) Net change in holding gain (loss) on securities available-for-sale 3,180 (1,708 ) Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense 122 286 Change in the net actuarial gain or loss 370 (131 ) Net change 492 155 Tax expense 158 51 Net change in pension and other postretirement obligations 334 104 Change in gain (loss) on derivative assets: Change in net unrealized gain (loss) during the period (2,928 ) 2,081 Reclassification adjustment for expense included in interest expense (356 ) (65 ) Net change (3,284 ) 2,016 Tax expense (benefit) (1,038 ) 687 Net change in unrealized loss on derivative asset or liability (2,246 ) 1,329 Other comprehensive income (loss) $ 1,268 $ (275 ) |
EARNINGS PER SHARE ("EPS") (Tab
EARNINGS PER SHARE ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 Net income per the Consolidated Statements of Income $ 11,501 $ 14,745 Less: Dividends paid and earnings allocated to participating securities (37 ) (29 ) Income attributable to common stock $ 11,464 $ 14,716 Weighted average common shares outstanding, including participating securities 36,000,140 37,495,317 Less: weighted average participating securities (153,793 ) (145,725 ) Weighted average common shares outstanding 35,846,347 37,349,592 Basic EPS $ 0.32 $ 0.39 Income attributable to common stock $ 11,464 $ 14,716 Weighted average common shares outstanding 35,846,347 37,349,592 Weighted average common equivalent shares outstanding 130,568 115,133 Weighted average common and equivalent shares outstanding 35,976,915 37,464,725 Diluted EPS $ 0.32 $ 0.39 |
INVESTMENT AND MORTGAGE-BACKE_2
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale: Agency Notes $ 25,124 $ 52 $ 3 $ 25,173 Corporate Securities 29,131 166 64 29,233 Pass-through MBS issued by Government-sponsored Enterprises ("GSEs") 346,338 2,829 560 348,607 Agency CMOs 109,244 142 776 108,610 Total securities available-for-sale $ 509,837 $ 3,189 $ 1,403 $ 511,623 At December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale: Agency Notes $ 25,110 $ 45 $ 10 $ 25,145 Corporate Securities 11,167 0 32 11,135 Pass-through MBS issued by GSEs 356,039 574 2,000 354,613 Agency CMOs 113,470 157 1,635 111,992 Total securities available-for-sale $ 505,786 $ 776 $ 3,677 $ 502,885 |
Summary of Available-for-sale Agency Securities | At March 31, 2019, available-for-sale agency CMO and MBS securities possessed a weighted average contractual maturity of 12.9 years. At March 31, 2019, the corporate securities possessed had a weighted average contractual maturity of 5.9 years. For the Three Months Ended March 31, 2019 2018 Pass through MBS issued by GSEs: Proceeds $ 6,117 $ — Gross gains — — Tax expense on gain — — Gross losses 174 — Tax benefit on loss (56 ) — Agency CMOs: Proceeds 9,382 158,484 Gross gains 98 1,370 Tax expense on gain 31 440 Gross losses — — Tax benefit on loss — — |
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 March 31, 2019 2018 Proceeds: Marketable equity securities $ 137 $ 393 |
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: March 31, 2019 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securities available-for-sale: Agency Notes $ 5,121 $ 3 $ — $ — $ 5,121 $ 3 Corporate Securities 10,104 64 — — 10,104 64 Pass through MBS issued by GSEs — — 81,834 560 81,834 560 Agency CMOs 86,626 716 4,583 60 91,209 776 December 31, 2018 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Securities available-for-sale: Agency Notes $ 5,100 $ 10 $ — $ — $ 5,100 $ 10 Corporate Securities 11,135 32 — — 11,135 32 Pass through MBS issued by GSEs 216,451 1,049 45,489 951 261,940 2,000 Agency CMOs 52,605 439 39,833 1,196 92,438 1,635 |
LOANS RECEIVABLE AND CREDIT Q_2
LOANS RECEIVABLE AND CREDIT QUALITY (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Pass Special Mention Substandard Doubtful Total Real Estate: One-to-four family residential, including condominium and cooperative apartment $ 106,659 $ — $ 1,050 $ — $ 107,709 Multifamily residential and residential mixed-use 3,793,706 25,326 12,113 — 3,831,145 Commercial real estate and commercial mixed-use 1,230,111 6,110 9,585 — 1,245,806 ADC 54,222 — — — 54,222 Total real estate 5,184,698 31,436 22,748 — 5,238,882 C&I 265,521 49 845 — 266,415 Total Real Estate and C&I $ 5,450,219 $ 31,485 $ 23,593 $ — $ 5,505,297 Balance at December 31, 2018 Pass Special Mention Substandard Doubtful Total Real Estate: One-to-four family residential, including condominium and cooperative apartment $ 95,782 $ — $ 1,065 $ — $ 96,847 Multifamily residential and residential mixed-use 3,829,643 32,682 4,463 — 3,866,788 Commercial real estate and commercial mixed-use 1,162,429 1,209 6,447 — 1,170,085 ADC 29,402 — — — 29,402 Total real estate 5,117,256 33,891 11,975 — 5,163,122 C&I 228,924 — 580 — 229,504 Total Real Estate and C&I $ 5,346,180 $ 33,891 $ 12,555 $ — $ 5,392,626 The following is a summary of the credit risk profile of consumer loans by internally assigned grade: Balance at Grade March 31, 2019 December 31, 2018 Performing $ 1,133 $ 1,189 Non-accrual 6 3 Total $ 1,139 $ 1,192 |
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 March 31, 2019 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 $ 133 $ 8 $ — $ 706 $ 847 $ 106,862 $ 107,709 Multifamily residential and residential mixed-use 145 — 768 276 1,189 3,829,956 3,831,145 Commercial real estate and commercial mixed-use — — 5,622 4,205 9,827 1,235,979 1,245,806 ADC — — — — — 54,222 54,222 Total real estate $ 278 $ 8 $ 6,390 $ 5,187 $ 11,863 $ 5,227,019 $ 5,238,882 C& I $ 49 $ — $ 565 $ 232 $ 846 $ 265,569 $ 266,415 Consumer $ 3 $ 1 $ — $ 6 $ 10 $ 1,129 $ 1,139 (1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of March 31, 2019. At December 31, 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 $ 312 $ — $ — $ 712 $ 1,024 $ 95,823 $ 96,847 Multifamily residential and residential mixed-use — — 100 280 380 3,866,408 3,866,788 Commercial real estate and commercial mixed-use — — — 1,041 1,041 1,169,044 1,170,085 ADC — — — — — 29,402 29,402 Total real estate $ 312 $ — $ 100 $ 2,033 $ 2,445 $ 5,160,677 $ 5,163,122 C&I $ 50 $ 49 $ — $ 309 $ 408 $ 229,096 $ 229,504 Consumer $ 12 $ 1 $ — $ 3 $ 16 $ 1,176 $ 1,192 (1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2018. |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes outstanding TDRs by underlying collateral types as of the dates indicated: As of March 31, 2019 As of December 31, 2018 No. of Loans Balance No. of Loans Balance One-to-four family residential, including condominium and cooperative apartment 1 $ 12 1 $ 14 Multifamily residential and residential mixed-use 2 261 2 271 Commercial real estate and commercial mixed-use 1 4,061 1 4,084 Total real estate 4 $ 4,334 4 $ 4,369 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Real Estate Loans One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Real Estate and Commercial Mixed-Use ADC Total Real Estate C& I Consumer Loans Beginning balance $ 198 $ 13,446 $ 3,777 $ 397 $ 17,818 $ 3,946 $ 18 Provision (credit) for loan losses 4 (453 ) 250 246 47 273 1 Charge-offs (1 ) (5 ) (5 ) — (11 ) (150 ) (1 ) Recoveries — — — — — — — Ending balance $ 201 $ 12,988 $ 4,022 $ 643 $ 17,854 $ 4,069 $ 18 At or for the Three Months Ended March 31, 2018 Real Estate Loans One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Real Estate and Commercial Mixed-Use ADC Total Real Estate C& I Consumer Loans Beginning balance $ 116 $ 15,219 $ 3,535 $ 123 $ 18,993 $ 2,021 $ 19 Provision (credit) for loan losses — (223 ) (13 ) 3 (233 ) 424 2 Charge-offs (15 ) — (4 ) — (19 ) — (4 ) Recoveries 1 — — — 1 — — Ending balance $ 102 $ 14,996 $ 3,518 $ 126 $ 18,742 $ 2,445 $ 17 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 March 31, 2019 Real Estate Loans One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Real Estate and Commercial Mixed-Use ADC Total Real Estate C& I Consumer Loans Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 116 $ — Collectively evaluated for impairment 201 12,988 4,022 643 17,854 3,953 18 Total ending allowance balance $ 201 $ 12,988 $ 4,022 $ 643 $ 17,854 $ 4,069 $ 18 Loans: Individually evaluated for impairment $ 12 $ 537 $ 8,266 $ — $ 8,815 $ 232 $ — Collectively evaluated for impairment 107,697 3,830,608 1,237,540 54,222 5,230,067 266,183 1,139 Total ending loans balance $ 107,709 $ 3,831,145 $ 1,245,806 $ 54,222 $ 5,238,882 $ 266,415 $ 1,139 At December 31, 2018 Real Estate Loans One-to-Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed-Use Commercial Real Estate and Commercial Mixed-Use ADC Total Real Estate C& I Consumer Loans Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 230 $ — Collectively evaluated for impairment 198 13,446 3,777 397 17,818 3,716 18 Total ending allowance balance $ 198 $ 13,446 $ 3,777 $ 397 $ 17,818 $ 3,946 $ 18 Loans: Individually evaluated for impairment $ 14 $ 551 $ 5,125 $ — $ 5,690 $ 309 $ — Collectively evaluated for impairment 96,833 3,866,237 1,164,960 29,402 5,157,432 229,195 1,192 Total ending loans balance $ 96,847 $ 3,866,788 $ 1,170,085 $ 29,402 $ 5,163,122 $ 229,504 $ 1,192 |
Impaired Real Estate Loans | The following table summarizes impaired loans recorded as of the dates indicated (by collateral type within the real estate loan segment): At March 31, 2019 At December 31, 2018 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 $ 12 $ 12 $ — $ 14 $ 14 $ — Multifamily residential and residential mixed-use 537 537 — 551 551 — Commercial real estate and commercial mixed-use 8,266 8,266 — 5,125 5,125 — Total with no related allowance recorded 8,815 8,815 — 5,690 5,690 — With an allowance recorded: C& I 232 232 116 309 309 230 Total with an allowance recorded 232 232 116 309 309 230 Total $ 9,047 $ 9,047 $ 116 $ 5,999 $ 5,999 $ 230 (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 March 31, 2019 Three Months Ended March 31, 2018 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 $ 13 $ — $ 21 $ — Multifamily residential and residential mixed-use 544 13 611 12 Commercial real estate and commercial mixed-use 6,695 99 7,542 76 Total with no related allowance recorded 7,252 112 8,174 88 With an allowance recorded: C&I 271 6 589 — Total $ 7,523 $ 118 $ 8,763 $ 88 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
LEASES [Abstract] | |
Maturities of Operating Lease Liabilities | Maturities of the Company's operating lease liabilities at March 31, 2019 are as follows: Rent to be Capitalized 2019 $ 5,184 2020 6,807 2021 6,664 2022 6,362 2023 5,395 Thereafter 23,573 Total undiscounted lease payments 53,985 Less amounts representing interest 7,117 Lease liability $ 46,868 |
Other Information Related to Operating Leases | Other information related to our operating leases was as follows: At March 31, 2019 Operating lease cost $ 1,620 Cash paid for amounts included in the measurement of operating lease liabilities 1,712 Weighted average remaining lease term 8.55 years Weighted average discount rate 3.28 % |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 At December 31, 2018 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 17 $ 295,000 $ 3,258 $ (3,970 ) 14 $ 245,000 $ 4,669 $ (2,097 ) |
Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The table below presents the effect of the cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss) as of March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 Interest rate products Amount of gain (loss) recognized in other comprehensive income $ (2,928 ) $ 2,081 Amount of loss reclassified from other comprehensive income into interest expense (356 ) (65 ) |
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 March 31, 2019 Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral Received FHLB Advances $ 3,258 $ (3,970 ) $ (712 ) $ — $ — $ (712 ) At December 31, 2018 Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral Received FHLB Advances $ 4,669 $ (2,097 ) $ 2,572 $ — $ — $ 2,572 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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. Total Fair Value Measurements at March 31, 2019 Using Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Marketable equity securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 1,611 $ 1,611 $ — $ — International Equity Mutual Funds 416 416 — — Fixed Income Mutual Funds 3,885 3,885 — — Securities available-for-sale: Agency Notes 25,173 — 25,173 — Corporate Securities 29,233 — 29,233 — Pass-through MBS issued by GSEs 348,607 — 348,607 — Agency CMOs 108,610 — 108,610 — Loans Held for Sale 682 — 682 — Derivative – interest rate product 3,258 — 3,258 — Financial Liabilities Derivative – interest rate product 3,970 — 3,970 — Fair Value Measurements at December 31, 2018 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Marketable Equity Securities (Registered Mutual Funds) Domestic Equity Mutual Funds $ 1,420 $ 1,420 $ — $ — International Equity Mutual Funds 377 377 — — Fixed Income Mutual Funds 3,870 3,870 — — Securities available-for-sale: Agency Notes 25,145 — 25,145 — Corporate Securities 11,135 — 11,135 — Pass-through MBS issued by GSEs 354,613 — 354,613 — Agency CMOs 111,992 — 111,992 — Loans Held for Sale 1,097 — 1,097 — Derivative – interest rate product 4,669 — 4,669 — Financial Liabilities Derivative – interest rate product 2,097 — 2,097 — |
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. Carrying Amount Fair Value Measurements at March 31, 2019 Using Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 143,473 $ 143,473 $ — $ — $ 143,473 Loans, net 5,484,495 — — 5,410,989 5,410,989 Accrued interest receivable 18,868 27 1,664 17,177 18,868 Financial Liabilities Savings, money market and checking accounts 2,826,844 2,826,844 — — 2,826,844 Certificates of Deposits ("CDs") 1,580,778 — 1,577,338 — 1,577,338 Escrow and other deposits 137,116 137,116 — — 137,116 FHLBNY Advances 1,087,325 — 1,085,118 — 1,085,118 Subordinated debt, net 113,796 — 112,089 — 112,089 Other borrowings 45,000 45,000 — — 45,000 Accrued interest payable 4,352 10 4,342 — 4,352 Carrying Amount Fair Value Measurements at December 31, 2018 Using Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 147,256 $ 147,256 $ — $ — $ 147,256 Loans, net 5,372,036 — — 5,301,281 5,301,281 Accrued interest receivable 17,875 — 1,296 16,579 17,875 Financial Liabilities — — — — — Savings, money market and checking accounts 2,946,717 2,946,717 — — 2,946,717 CDs 1,410,037 — 1,407,747 — 1,407,747 Escrow and other deposits 85,234 85,234 — — 85,234 FHLBNY Advances 1,125,350 — 1,119,548 — 1,119,548 Subordinated debt, net 113,759 — 110,346 — 110,346 Accrued interest payable 2,710 — 2,710 — 2,710 |
RETIREMENT AND POSTRETIREMENT_2
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | |
Net Periodic Costs | Net expenses associated with these plans were comprised of the following components: Three Months Ended March 31, 2019 2018 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ — $ — $ — $ — Interest cost 313 14 292 14 Expected return on assets (382 ) — (430 ) — Unrecognized past service liability — (2 ) — (2 ) Amortization of unrealized loss (gain) 243 (3 ) 289 — Net periodic cost $ 174 $ 9 $ 151 $ 12 |
Planned Contributions and Actual Contributions to, or Benefit Payments | The following table presents the Company's planned contributions to, or benefit payments on behalf of each benefit plan as disclosed in its consolidated financial statements for the year ended December 31, 2018, as well as the actual contributions to, or benefit payments on behalf of each benefit plan during the period indicated: Planned Contributions/Benefit Payments for the Year Ended December 31, 2019 Actual Contributions/Benefit Payments for the Three Months Ended March, 31, 2019 Employee Retirement Plans $ 1,492 $ — Outside Director Retirement Plans 225 56 Post Retirement Plan 109 44 BMP 564 137 |
Distributions to Retired Participants | 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 component of the BMP discussed above, the following distributions were made to retired participants: For the Three Months Ended March 31, 2019 2018 Cash $ — $ 257 Market value of Common Stock from Employee Stock Ownership Plan of BMP (22,051 shares for March 31, 2018) — 942 Gross lump-sum distribution $ — $ 1,199 Non-cash tax benefit $ — $ 285 |
ACCOUNTING FOR STOCK BASED CO_2
ACCOUNTING FOR STOCK BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 72,395 $ 13.58 Options granted — — Options expired — — Options exercised — — Options outstanding at March 31, 2019 72,395 $ 13.58 1.7 $ 373 Options vested and exercisable at March 31, 2019 72,395 $ 13.58 1.7 $ 373 |
Information Related to Stock Option Plan | Information related to stock options during each period is as follows: For the Three Months Ended March 31, 2019 2018 Cash received for option exercise cost $ — $ 290 Income tax benefit recognized on stock option exercises — 4 Intrinsic value of options exercised — 97 |
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, 2019 148,235 $ 19.48 Shares granted 11,584 17.24 Shares vested (4,329 ) 20.50 Shares forfeited (3,743 ) 19.45 Unvested allocated shares at March 31, 2019 151,747 $ 19.28 |
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 March 31, 2019 2018 Compensation expense recognized $ 289 $ 304 Income tax benefit (expense) recognized on vesting of RSA (3 ) (2 ) Weighted average remaining years for which compensation expense is to be recognized 2.4 2.7 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Activity Related to Performance Based Equity Awards | he 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, 2019 120,880 $ 18.90 Shares granted 138,562 19.18 Shares vested (2,276 ) 17.35 Shares forfeited (2,574 ) 17.35 Maximum aggregate share payout at March 31, 2019 254,592 $ 19.08 Minimum aggregate share payout — — Expected aggregate share payout 112,388 $ 19.28 |
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, 2019 8,151 $ 18.40 Shares granted — — Shares vested — — Shares forfeited (5,500 ) 18.40 Maximum aggregate share payout at March 31, 2019 2,651 $ 18.40 Minimum aggregate share payout — — Expected aggregate share payout 2,651 $ 18.40 |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)RetailBranch | Dec. 31, 2018USD ($) | |
NATURE OF OPERATIONS [Abstract] | ||
Subordinated debt | $ | $ 113,796 | $ 113,759 |
Number of retail banking offices | RetailBranch | 29 |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Recently Adopted Accounting Standards [Abstract] | ||
Right-of-use assets | $ 40,401 | $ 0 |
Operating lease liabilities | 46,868 | $ 0 |
ASU 2016-02 [Member] | ||
Recently Adopted Accounting Standards [Abstract] | ||
Right-of-use assets | 41,641 | |
Operating lease liabilities | $ 41,641 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | $ 602,081 | $ 598,567 | ||||
Other comprehensive income (loss) before reclassifications | 1,374 | 499 | ||||
Amounts reclassified from accumulated other comprehensive loss | (106) | (774) | ||||
Other comprehensive income (loss), net of tax | 1,268 | (275) | ||||
Reclassification of tax effects on other comprehensive income | [1] | 32 | ||||
Balance | $ 606,274 | 607,957 | $ 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 for adoption of ASU 2016-01 | $ 0 | |||||
Balance | 598,567 | |||||
Accumulated Other Comprehensive Loss [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | $ (6,500) | (3,641) | ||||
Balance | (5,232) | (4,037) | (3,641) | |||
Accumulated Other Comprehensive Loss [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | (3,794) | |||||
Reclassification for adoption of ASU 2016-01 | (153) | [2] | $ (153) | |||
Balance | (3,794) | |||||
Securities Available-for-Sale [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | (1,957) | 285 | ||||
Other comprehensive income (loss) before reclassifications | 3,129 | (786) | ||||
Amounts reclassified from accumulated other comprehensive loss | 51 | (922) | ||||
Other comprehensive income (loss), net of tax | 3,180 | (1,708) | ||||
Reclassification of tax effects on other comprehensive income | [1] | 0 | ||||
Balance | 1,223 | (1,576) | 285 | |||
Securities Available-for-Sale [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | 132 | |||||
Reclassification for adoption of ASU 2016-01 | [2] | (153) | ||||
Balance | 132 | |||||
Defined Benefit Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | (6,290) | (6,633) | ||||
Other comprehensive income (loss) before reclassifications | 252 | (88) | ||||
Amounts reclassified from accumulated other comprehensive loss | 82 | 192 | ||||
Other comprehensive income (loss), net of tax | 334 | 104 | ||||
Reclassification of tax effects on other comprehensive income | [1] | 32 | ||||
Balance | (5,956) | (6,497) | (6,633) | |||
Defined Benefit Plans [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | (6,633) | |||||
Reclassification for adoption of ASU 2016-01 | [2] | 0 | ||||
Balance | (6,633) | |||||
Derivative Asset [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | 1,747 | 2,707 | ||||
Other comprehensive income (loss) before reclassifications | (2,007) | 1,373 | ||||
Amounts reclassified from accumulated other comprehensive loss | (239) | (44) | ||||
Other comprehensive income (loss), net of tax | (2,246) | 1,329 | ||||
Reclassification of tax effects on other comprehensive income | [1] | 0 | ||||
Balance | $ (499) | 4,036 | 2,707 | |||
Derivative Asset [Member] | ASU 2016-01 [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance | $ 2,707 | |||||
Reclassification for adoption of ASU 2016-01 | [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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Change in holding gain (loss) on securities available-for-sale [Abstract] | ||
Change in net unrealized holding gain (loss) during the period | $ 4,611 | $ (1,188) |
Reclassification adjustment for net gains included in net gain on securities and other assets | 76 | (1,370) |
Net change | 4,687 | (2,558) |
Tax expense (benefit) | 1,507 | (850) |
Net change in holding gain (loss) on securities available-for-sale | 3,180 | (1,708) |
Change in pension and other postretirement obligations [Abstract] | ||
Reclassification adjustment for expense included in other expense | 122 | 286 |
Change in the net actuarial gain or loss | 370 | (131) |
Net change | 492 | 155 |
Tax expense | 158 | 51 |
Net change in pension and other postretirement obligations | 334 | 104 |
Change in gain (loss) on derivative assets [Abstract] | ||
Change in net unrealized gain (loss) during the period | (2,928) | 2,081 |
Reclassification adjustment for expense included in interest expense | (356) | (65) |
Net change | (3,284) | 2,016 |
Tax expense (benefit) | (1,038) | 687 |
Net change in unrealized loss on derivative asset or liability | (2,246) | 1,329 |
Other comprehensive income (loss), net of tax | $ 1,268 | $ (275) |
EARNINGS PER SHARE ("EPS") (Det
EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
EARNINGS PER SHARE ("EPS") [Abstract] | ||
Net income per the Consolidated Statements of Income | $ 11,501 | $ 14,745 |
Less: Dividends paid and earnings allocated to participating securities | (37) | (29) |
Income attributable to common stock | $ 11,464 | $ 14,716 |
Weighted average common shares outstanding, including participating securities (in shares) | 36,000,140 | 37,495,317 |
Less: weighted average participating securities (in shares) | (153,793) | (145,725) |
Weighted average common shares outstanding (in shares) | 35,846,347 | 37,349,592 |
Basic EPS (in dollars per share) | $ 0.32 | $ 0.39 |
Income attributable to common stock | $ 11,464 | $ 14,716 |
Weighted average common shares outstanding (in shares) | 35,846,347 | 37,349,592 |
Weighted average common equivalent shares outstanding (in shares) | 130,568 | 115,133 |
Weighted average common and equivalent shares outstanding (in shares) | 35,976,915 | 37,464,725 |
Diluted EPS (in dollars per share) | $ 0.32 | $ 0.39 |
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 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS [Abstract] | ||
Service charges and other fees | $ 1,099 | $ 911 |
INVESTMENT AND MORTGAGE-BACKE_3
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Major Categories of Securities Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Securities, available-for-sale [Abstract] | ||||||
Amortized Cost | $ 509,837 | $ 505,786 | ||||
Gross Unrealized Gains | 3,189 | 776 | ||||
Gross Unrealized Losses | 1,403 | 3,677 | ||||
Fair Value | 511,623 | 502,885 | ||||
Securities pledged as collateral | 23,786 | 27,248 | ||||
Pass through MBS issued by GSEs and CMOs [Abstract] | ||||||
Proceeds | 15,499 | $ 158,484 | ||||
Gross gain | (76) | 1,370 | ||||
Net gains (losses) on securities | [1] | 192 | 1,366 | |||
Proceeds [Abstract] | ||||||
Marketable equity securities | 137 | 393 | ||||
Marketable Equity Securities [Member] | ||||||
Pass through MBS issued by GSEs and CMOs [Abstract] | ||||||
Net gains (losses) on securities | 268 | (4) | ||||
Proceeds [Abstract] | ||||||
Marketable equity securities | 137 | 393 | ||||
Agency Notes [Member] | ||||||
Securities, available-for-sale [Abstract] | ||||||
Amortized Cost | 25,124 | 25,110 | ||||
Gross Unrealized Gains | 52 | 45 | ||||
Gross Unrealized Losses | 3 | 10 | ||||
Fair Value | $ 25,173 | 25,145 | ||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||
Securities weighted average term to maturity | 3 years 10 months 24 days | |||||
Corporate Securities [Member] | ||||||
Securities, available-for-sale [Abstract] | ||||||
Amortized Cost | $ 29,131 | 11,167 | ||||
Gross Unrealized Gains | 166 | 0 | ||||
Gross Unrealized Losses | 64 | 32 | ||||
Fair Value | $ 29,233 | 11,135 | ||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||
Securities weighted average term to maturity | 5 years 10 months 24 days | |||||
Pass-through MBS issued by Government-sponsored Enterprises ("GSEs") [Member] | ||||||
Securities, available-for-sale [Abstract] | ||||||
Amortized Cost | $ 346,338 | 356,039 | ||||
Gross Unrealized Gains | 2,829 | 574 | ||||
Gross Unrealized Losses | 560 | 2,000 | ||||
Fair Value | $ 348,607 | 354,613 | ||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||
Securities weighted average term to maturity | 12 years 10 months 24 days | |||||
Pass through MBS issued by GSEs and CMOs [Abstract] | ||||||
Proceeds | $ 6,117 | 0 | ||||
Gross gain | 0 | 0 | ||||
Tax expense on gain | 0 | 0 | ||||
Gross losses | 174 | 0 | ||||
Tax benefit on loss | (56) | 0 | ||||
Agency CMOs [Member] | ||||||
Securities, available-for-sale [Abstract] | ||||||
Amortized Cost | 109,244 | 113,470 | ||||
Gross Unrealized Gains | 142 | 157 | ||||
Gross Unrealized Losses | 776 | 1,635 | ||||
Fair Value | $ 108,610 | 111,992 | ||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||
Securities weighted average term to maturity | 12 years 10 months 24 days | |||||
Pass through MBS issued by GSEs and CMOs [Abstract] | ||||||
Proceeds | $ 9,382 | 158,484 | ||||
Gross gain | 98 | 1,370 | ||||
Tax expense on gain | 31 | 440 | ||||
Gross losses | 0 | 0 | ||||
Tax benefit on loss | $ 0 | $ 0 | ||||
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 | 153 | ||||
Accumulated Other Comprehensive Loss, Net of Deferred Taxes [Member] | ASU 2016-01 [Member] | ||||||
Unrealized Gains, Net of Taxes [Abstract] | ||||||
Reclassification of unrealized gains and losses on marketable equity securities | $ (153) | $ (153) | [2] | |||
[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 | Mar. 31, 2019 | Dec. 31, 2018 |
Agency Notes [Member] | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | $ 5,121 | $ 5,100 |
12 Consecutive Months or Longer | 0 | 0 |
Total | 5,121 | 5,100 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 3 | 10 |
12 Consecutive Months or Longer | 0 | 0 |
Total | 3 | 10 |
Corporate Securities [Member] | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 10,104 | 11,135 |
12 Consecutive Months or Longer | 0 | 0 |
Total | 10,104 | 11,135 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 64 | 32 |
12 Consecutive Months or Longer | 0 | 0 |
Total | 64 | 32 |
Pass-through MBS Issued by GSEs [Member] | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 0 | 216,451 |
12 Consecutive Months or Longer | 81,834 | 45,489 |
Total | 81,834 | 261,940 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 0 | 1,049 |
12 Consecutive Months or Longer | 560 | 951 |
Total | 560 | 2,000 |
Agency CMOs [Member] | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 86,626 | 52,605 |
12 Consecutive Months or Longer | 4,583 | 39,833 |
Total | 91,209 | 92,438 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 716 | 439 |
12 Consecutive Months or Longer | 60 | 1,196 |
Total | $ 776 | $ 1,635 |
LOANS RECEIVABLE AND CREDIT Q_3
LOANS RECEIVABLE AND CREDIT QUALITY, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | $ 5,238,882 | $ 5,163,122 |
C&I | 266,415 | 229,504 |
Total Real Estate and C&I | 5,505,297 | 5,392,626 |
Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Total Real Estate and C&I | 5,450,219 | 5,346,180 |
Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Total Real Estate and C&I | 31,485 | 33,891 |
Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Total Real Estate and C&I | 23,593 | 12,555 |
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 | 5,238,882 | 5,163,122 |
Real Estate Loan [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 5,184,698 | 5,117,256 |
Real Estate Loan [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 31,436 | 33,891 |
Real Estate Loan [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 22,748 | 11,975 |
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 | 107,709 | 96,847 |
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 | 106,659 | 95,782 |
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 | 0 |
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 | 1,050 | 1,065 |
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 | 3,831,145 | 3,866,788 |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed-Use [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 3,793,706 | 3,829,643 |
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 | 25,326 | 32,682 |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed-Use [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 12,113 | 4,463 |
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 Real Estate and Commercial Mixed-Use [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 1,245,806 | 1,170,085 |
Real Estate Loan [Member] | Commercial Real Estate and Commercial Mixed-Use [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 1,230,111 | 1,162,429 |
Real Estate Loan [Member] | Commercial Real Estate and Commercial Mixed-Use [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 6,110 | 1,209 |
Real Estate Loan [Member] | Commercial Real Estate and Commercial Mixed-Use [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 9,585 | 6,447 |
Real Estate Loan [Member] | Commercial Real Estate and Commercial Mixed-Use [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 | 54,222 | 29,402 |
Real Estate Loan [Member] | ADC [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Real estate loans | 54,222 | 29,402 |
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 | 266,415 | 229,504 |
C & I Loans [Member] | Pass [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
C&I | 265,521 | 228,924 |
C & I Loans [Member] | Special Mention [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
C&I | 49 | 0 |
C & I Loans [Member] | Substandard [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
C&I | 845 | 580 |
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 | 1,139 | 1,192 |
Consumer Loans [Member] | Performing [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Consumer loans | 1,133 | 1,189 |
Consumer Loans [Member] | Non-Accrual [Member] | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Consumer loans | $ 6 | $ 3 |
LOANS RECEIVABLE AND CREDIT Q_4
LOANS RECEIVABLE AND CREDIT QUALITY, Past Due (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Real estate loans | $ 5,238,882 | $ 5,163,122 | ||
C&I | $ 266,415 | $ 229,504 | ||
Number of real estate loans more than 90 days past due on contractual balloon payment | Loan | 11 | 1 | ||
Real Estate Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | $ 5,187 | [1] | $ 2,033 | [2] |
Total past due | 11,863 | 2,445 | ||
Current | 5,227,019 | 5,160,677 | ||
Real estate loans | 5,238,882 | 5,163,122 | ||
Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 278 | 312 | ||
Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 8 | 0 | ||
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 | 6,390 | 100 | ||
Real Estate Loans [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 706 | [1] | 712 | [2] |
Total past due | 847 | 1,024 | ||
Current | 106,862 | 95,823 | ||
Real estate loans | 107,709 | 96,847 | ||
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 | 133 | 312 | ||
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 | 8 | 0 | ||
Real Estate Loans [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 0 | 0 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed-Use [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 276 | [1] | 280 | [2] |
Total past due | 1,189 | 380 | ||
Current | 3,829,956 | 3,866,408 | ||
Real estate loans | 3,831,145 | 3,866,788 | ||
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 | 145 | 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 | 768 | 100 | ||
Real Estate Loans [Member] | Commercial Real Estate and Commercial Mixed-Use [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 4,205 | [1] | 1,041 | [2] |
Total past due | 9,827 | 1,041 | ||
Current | 1,235,979 | 1,169,044 | ||
Real estate loans | 1,245,806 | 1,170,085 | ||
Real Estate Loans [Member] | Commercial Real Estate and Commercial 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] | Commercial Real Estate and Commercial 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] | Commercial Real Estate and Commercial Mixed-Use [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 5,622 | 0 | ||
Real Estate Loans [Member] | ADC [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 0 | [1] | 0 | [2] |
Total past due | 0 | 0 | ||
Current | 54,222 | 29,402 | ||
Real estate loans | 54,222 | 29,402 | ||
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 | 232 | [1] | 309 | [2] |
Total past due | 846 | 408 | ||
Current | 265,569 | 229,096 | ||
C&I | 266,415 | 229,504 | ||
C & I Loans [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
C&I | 49 | 50 | ||
C & I Loans [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
C&I | 0 | 49 | ||
C & I Loans [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
C&I | 565 | 0 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 6 | [1] | 3 | [2] |
Total past due | 10 | 16 | ||
Current | 1,129 | 1,176 | ||
Consumer loans | 1,139 | 1,192 | ||
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 3 | 12 | ||
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 1 | 1 | ||
Consumer [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 0 | 0 | ||
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 | $ 6,955 | $ 100 | ||
[1] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of March 31, 2019. | |||
[2] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2018. |
LOANS RECEIVABLE AND CREDIT Q_5
LOANS RECEIVABLE AND CREDIT QUALITY, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($)Loan | Mar. 31, 2018Loan | Dec. 31, 2018USD ($)Loan | |
Troubled Debt Restructuring on Receivables [Abstract] | |||
Number of TDRs on non-accrual status | 0 | 0 | |
Amount of TDRs on non-accrual status | $ | $ 0 | $ 0 | |
Number of loans modified | 0 | 0 | |
Number of loan commitments to borrowers with outstanding TDRs | 0 | 0 | |
TDRs which defaulted within twelve months following the modification | 0 | 0 | |
Real Estate Loans [Member] | |||
Troubled Debt Restructuring on Receivables [Abstract] | |||
Number of loans | 4 | 4 | |
Balance | $ | $ 4,334 | $ 4,369 | |
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 | $ | $ 12 | $ 14 | |
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed-Use [Member] | |||
Troubled Debt Restructuring on Receivables [Abstract] | |||
Number of loans | 2 | 2 | |
Balance | $ | $ 261 | $ 271 | |
Real Estate Loans [Member] | Commercial Real Estate and Commercial Mixed-Use [Member] | |||
Troubled Debt Restructuring on Receivables [Abstract] | |||
Number of loans | 1 | 1 | |
Balance | $ | $ 4,061 | $ 4,084 |
ALLOWANCE FOR LOAN LOSSES, Allo
ALLOWANCE FOR LOAN LOSSES, Allowance by Class of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Reserve for Loan Commitments [Abstract] | |||
Allocated reserves related to TDRs | $ 0 | $ 0 | |
Allowance for credit losses [Roll Forward] | |||
Provision (credit) for loan losses | 321 | $ 193 | |
Unfunded Loan Commitment [Member] | |||
Reserve for Loan Commitments [Abstract] | |||
Allocated reserves related to TDRs | 30 | 30 | |
Real Estate Loans [Member] | |||
Allowance for credit losses [Roll Forward] | |||
Beginning balance | 17,818 | 18,993 | |
Provision (credit) for loan losses | 47 | (233) | |
Charge-offs | (11) | (19) | |
Recoveries | 0 | 1 | |
Ending balance | 17,854 | 18,742 | |
Allowance for loan losses [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 17,854 | 17,818 | |
Loans [Abstract] | |||
Individually evaluated for impairment | 8,815 | 5,690 | |
Collectively evaluated for impairment | 5,230,067 | 5,157,432 | |
Total ending allowance balance | 5,238,882 | 5,163,122 | |
Real Estate Loans [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | |||
Allowance for credit losses [Roll Forward] | |||
Beginning balance | 198 | 116 | |
Provision (credit) for loan losses | 4 | 0 | |
Charge-offs | (1) | (15) | |
Recoveries | 0 | 1 | |
Ending balance | 201 | 102 | |
Allowance for loan losses [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 201 | 198 | |
Loans [Abstract] | |||
Individually evaluated for impairment | 12 | 14 | |
Collectively evaluated for impairment | 107,697 | 96,833 | |
Total ending allowance balance | 107,709 | 96,847 | |
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed-Use [Member] | |||
Allowance for credit losses [Roll Forward] | |||
Beginning balance | 13,446 | 15,219 | |
Provision (credit) for loan losses | (453) | (223) | |
Charge-offs | (5) | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 12,988 | 14,996 | |
Allowance for loan losses [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 12,988 | 13,446 | |
Loans [Abstract] | |||
Individually evaluated for impairment | 537 | 551 | |
Collectively evaluated for impairment | 3,830,608 | 3,866,237 | |
Total ending allowance balance | 3,831,145 | 3,866,788 | |
Real Estate Loans [Member] | Commercial Real Estate and Commercial Mixed-Use [Member] | |||
Allowance for credit losses [Roll Forward] | |||
Beginning balance | 3,777 | 3,535 | |
Provision (credit) for loan losses | 250 | (13) | |
Charge-offs | (5) | (4) | |
Recoveries | 0 | 0 | |
Ending balance | 4,022 | 3,518 | |
Allowance for loan losses [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 4,022 | 3,777 | |
Loans [Abstract] | |||
Individually evaluated for impairment | 8,266 | 5,125 | |
Collectively evaluated for impairment | 1,237,540 | 1,164,960 | |
Total ending allowance balance | 1,245,806 | 1,170,085 | |
Real Estate Loans [Member] | ADC [Member] | |||
Allowance for credit losses [Roll Forward] | |||
Beginning balance | 397 | 123 | |
Provision (credit) for loan losses | 246 | 3 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 643 | 126 | |
Allowance for loan losses [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 643 | 397 | |
Loans [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 54,222 | 29,402 | |
Total ending allowance balance | 54,222 | 29,402 | |
C&I [Member] | |||
Allowance for credit losses [Roll Forward] | |||
Beginning balance | 3,946 | 2,021 | |
Provision (credit) for loan losses | 273 | 424 | |
Charge-offs | (150) | 0 | |
Recoveries | 0 | 0 | |
Ending balance | 4,069 | 2,445 | |
Allowance for loan losses [Abstract] | |||
Individually evaluated for impairment | 116 | 230 | |
Collectively evaluated for impairment | 3,953 | 3,716 | |
Loans [Abstract] | |||
Individually evaluated for impairment | 232 | 309 | |
Collectively evaluated for impairment | 266,183 | 229,195 | |
Total ending allowance balance | 266,415 | 229,504 | |
Consumer Loans [Member] | |||
Allowance for credit losses [Roll Forward] | |||
Beginning balance | 18 | 19 | |
Provision (credit) for loan losses | 1 | 2 | |
Charge-offs | (1) | (4) | |
Recoveries | 0 | 0 | |
Ending balance | 18 | $ 17 | |
Allowance for loan losses [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 18 | 18 | |
Loans [Abstract] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,139 | 1,192 | |
Total ending allowance balance | $ 1,139 | $ 1,192 |
ALLOWANCE FOR LOAN LOSSES, Impa
ALLOWANCE FOR LOAN LOSSES, Impaired Real Estate Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Unpaid Principal Balance [Abstract] | ||||
With no related allowance recorded | $ 8,815 | $ 5,690 | ||
With related allowance recorded | 232 | 309 | ||
Total | 9,047 | 5,999 | ||
Recorded Investment [Abstract] | ||||
With no related allowance recorded | [1] | 8,815 | 5,690 | |
With related allowance recorded | [1] | 232 | 309 | |
Total | [1] | 9,047 | 5,999 | |
Related Allowance [Abstract] | ||||
Related allowance | 116 | 230 | ||
Average Recorded Investment [Abstract] | ||||
With no related allowance recorded | [1] | 7,252 | $ 8,174 | |
Total | [1] | 7,523 | 8,763 | |
Interest Income Recognized [Abstract] | ||||
With no related allowance recorded | 112 | 88 | ||
Total | 118 | 88 | ||
Real Estate Loans [Member] | ||||
Related Allowance [Abstract] | ||||
Related allowance | 0 | 0 | ||
Real Estate Loans [Member] | One-to-Four Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||
Unpaid Principal Balance [Abstract] | ||||
With no related allowance recorded | 12 | 14 | ||
Recorded Investment [Abstract] | ||||
With no related allowance recorded | [1] | 12 | 14 | |
Related Allowance [Abstract] | ||||
Related allowance | 0 | 0 | ||
Average Recorded Investment [Abstract] | ||||
With no related allowance recorded | [1] | 13 | 21 | |
Interest Income Recognized [Abstract] | ||||
With no related allowance recorded | 0 | 0 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed-Use [Member] | ||||
Unpaid Principal Balance [Abstract] | ||||
With no related allowance recorded | 537 | 551 | ||
Recorded Investment [Abstract] | ||||
With no related allowance recorded | [1] | 537 | 551 | |
Related Allowance [Abstract] | ||||
Related allowance | 0 | 0 | ||
Average Recorded Investment [Abstract] | ||||
With no related allowance recorded | [1] | 544 | 611 | |
Interest Income Recognized [Abstract] | ||||
With no related allowance recorded | 13 | 12 | ||
Real Estate Loans [Member] | Commercial Real Estate and Commercial Mixed-Use [Member] | ||||
Unpaid Principal Balance [Abstract] | ||||
With no related allowance recorded | 8,266 | 5,125 | ||
Recorded Investment [Abstract] | ||||
With no related allowance recorded | [1] | 8,266 | 5,125 | |
Related Allowance [Abstract] | ||||
Related allowance | 0 | 0 | ||
Average Recorded Investment [Abstract] | ||||
With no related allowance recorded | [1] | 6,695 | 7,542 | |
Interest Income Recognized [Abstract] | ||||
With no related allowance recorded | 99 | 76 | ||
C & I [Member] | ||||
Unpaid Principal Balance [Abstract] | ||||
With related allowance recorded | 232 | 309 | ||
Recorded Investment [Abstract] | ||||
With related allowance recorded | [1] | 232 | 309 | |
Related Allowance [Abstract] | ||||
Related allowance | 116 | $ 230 | ||
Average Recorded Investment [Abstract] | ||||
With an allowance recorded | [1] | 271 | 589 | |
Interest Income Recognized [Abstract] | ||||
With an allowance recorded | $ 6 | $ 0 | ||
[1] | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Maturities of Operating Lease Liabilities [Abstract] | |||
2019 | $ 5,184 | ||
2020 | 6,807 | ||
2021 | 6,664 | ||
2022 | 6,362 | ||
2023 | 5,395 | ||
Thereafter | 23,573 | ||
Total undiscounted lease payments | 53,985 | ||
Less amounts representing interest | 7,117 | ||
Lease liability | 46,868 | $ 0 | |
Other Information Related to Operating Leases [Abstract] | |||
Operating lease cost | 1,620 | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,712 | $ 0 | |
Weighted average remaining lease term | 8 years 6 months 18 days | ||
Weighted average discount rate | 3.28% |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES, Classification on Consolidated Statements of Financial Condition (Details) - Designated as Hedging Instrument [Member] $ in Thousands | Mar. 31, 2019USD ($)DerivativeInstrument | Dec. 31, 2018USD ($)DerivativeInstrument |
Interest Rate Products [Member] | ||
Fair Value of Derivative Financial Instruments [Abstract] | ||
Estimated reclassification decrease to interest expense during next twelve months | $ (907) | |
Interest Rate Swaps Related to FHLBNY Advances [Member] | ||
Fair Value of Derivative Financial Instruments [Abstract] | ||
Count | DerivativeInstrument | 17 | 14 |
Notional amount | $ 295,000 | $ 245,000 |
Fair value assets | 3,258 | 4,669 |
Fair value liabilities | $ (3,970) | $ (2,097) |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES, Effect on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||
Amount of gain (loss) recognized in other comprehensive income | $ (2,928) | $ 2,081 |
Interest Rate Products [Member] | Other Comprehensive Income [Member] | ||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||
Amount of gain (loss) recognized in other comprehensive income | (2,928) | 2,081 |
Interest Rate Products [Member] | Other Comprehensive Income [Member] | Interest Expense [Member] | ||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||
Amount of loss reclassified from other comprehensive income into interest expense | $ (356) | $ (65) |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets | $ 3,258 | $ 4,669 |
Gross amounts offset in the statement of financial position | (3,970) | (2,097) |
Net amounts of assets presented in the statement of financial position | (712) | 2,572 |
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 | $ (712) | $ 2,572 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITIES, Offsetting of Derivative Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)Provision | |
DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | |
Fair value of derivative liability, including accrued interest | $ | $ (597) |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Marketable Equity Securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | $ 1,611 | $ 1,420 |
International Equity Mutual Funds | 416 | 377 |
Fixed Income Mutual Funds | 3,885 | 3,870 |
Securities available-for-sale [Abstract] | ||
Agency Notes | 25,173 | 25,145 |
Corporate Securities | 29,233 | 11,135 |
Pass-through MBS issued by GSEs | 348,607 | 354,613 |
Agency CMOs | 108,610 | 111,992 |
Loans held for sale | 682 | 1,097 |
Derivative - interest rate product | 3,258 | 4,669 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 3,970 | 2,097 |
Level 1 Inputs [Member] | ||
Marketable Equity Securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 1,611 | 1,420 |
International Equity Mutual Funds | 416 | 377 |
Fixed Income Mutual Funds | 3,885 | 3,870 |
Securities available-for-sale [Abstract] | ||
Agency Notes | 0 | 0 |
Corporate Securities | 0 | 0 |
Pass-through MBS issued by GSEs | 0 | 0 |
Agency CMOs | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative - interest rate product | 0 | 0 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 0 | 0 |
Level 2 Inputs [Member] | ||
Marketable Equity Securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Securities available-for-sale [Abstract] | ||
Agency Notes | 25,173 | 25,145 |
Corporate Securities | 29,233 | 11,135 |
Pass-through MBS issued by GSEs | 348,607 | 354,613 |
Agency CMOs | 108,610 | 111,992 |
Loans held for sale | 682 | 1,097 |
Derivative - interest rate product | 3,258 | 4,669 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 3,970 | 2,097 |
Level 3 Inputs [Member] | ||
Marketable Equity Securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Securities available-for-sale [Abstract] | ||
Agency Notes | 0 | 0 |
Corporate Securities | 0 | 0 |
Pass-through MBS issued by GSEs | 0 | 0 |
Agency CMOs | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative - interest rate product | 0 | 0 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS, Balance Sheet Groupings (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | $ 143,473 | $ 147,256 |
Loans, net | 5,484,495 | 5,372,036 |
Accrued interest receivable | 18,868 | 17,875 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,826,844 | 2,946,717 |
Certificates of Deposits ("CDs") | 1,580,778 | 1,410,037 |
Escrow and other deposits | 137,116 | 85,234 |
FHLBNY Advances | 1,087,325 | 1,125,350 |
Subordinated debt, net | 113,796 | 113,759 |
Other borrowings | 45,000 | |
Accrued interest payable | 4,352 | 2,710 |
Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 143,473 | 147,256 |
Loans, net | 5,410,989 | 5,301,281 |
Accrued interest receivable | 18,868 | 17,875 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,826,844 | 2,946,717 |
Certificates of Deposits ("CDs") | 1,577,338 | 1,407,747 |
Escrow and other deposits | 137,116 | 85,234 |
FHLBNY Advances | 1,085,118 | 1,119,548 |
Subordinated debt, net | 112,089 | 110,346 |
Other borrowings | 45,000 | |
Accrued interest payable | 4,352 | 2,710 |
Fair Value [Member] | Level 1 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 143,473 | 147,256 |
Loans, net | 0 | 0 |
Accrued interest receivable | 27 | 0 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,826,844 | 2,946,717 |
Certificates of Deposits ("CDs") | 0 | 0 |
Escrow and other deposits | 137,116 | 85,234 |
FHLBNY Advances | 0 | 0 |
Subordinated debt, net | 0 | 0 |
Other borrowings | 45,000 | |
Accrued interest payable | 10 | 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 | 1,664 | 1,296 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposits ("CDs") | 1,577,338 | 1,407,747 |
Escrow and other deposits | 0 | 0 |
FHLBNY Advances | 1,085,118 | 1,119,548 |
Subordinated debt, net | 112,089 | 110,346 |
Other borrowings | 0 | |
Accrued interest payable | 4,342 | 2,710 |
Fair Value [Member] | Level 3 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Loans, net | 5,410,989 | 5,301,281 |
Accrued interest receivable | 17,177 | 16,579 |
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 |
Other borrowings | 0 | |
Accrued interest payable | $ 0 | $ 0 |
RETIREMENT AND POSTRETIREMENT_3
RETIREMENT AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retirement Plans [Member] | BMP, Employee and Outside Director Retirement Plans [Member] | ||
Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 313 | 292 |
Expected return on assets | (382) | (430) |
Unrecognized past service liability | 0 | 0 |
Amortization of unrealized loss (gain) | 243 | 289 |
Net periodic cost | 174 | 151 |
Retirement Plans [Member] | Employee Retirement Plans [Member] | ||
Retirement and Postretirement Plans [Abstract] | ||
Planned contributions/benefit payments | 1,492 | |
Actual contributions/benefit payments | 0 | |
Retirement Plans [Member] | Outside Director Retirement Plans [Member] | ||
Retirement and Postretirement Plans [Abstract] | ||
Planned contributions/benefit payments | 225 | |
Actual contributions/benefit payments | 56 | |
Retirement Plans [Member] | Postretirement Plan [Member] | ||
Retirement and Postretirement Plans [Abstract] | ||
Planned contributions/benefit payments | 109 | |
Actual contributions/benefit payments | 44 | |
Retirement Plans [Member] | BMP Retirement Plan [Member] | ||
Retirement and Postretirement Plans [Abstract] | ||
Planned contributions/benefit payments | 564 | |
Actual contributions/benefit payments | 137 | |
Distributions to Retired Participants [Abstract] | ||
Cash | 0 | 257 |
Market value of Common Stock from Employee Stock Ownership Plan of BMP (22,051 shares for March 31, 2018) | 0 | 942 |
Gross lump-sum distribution | 0 | 1,199 |
Non-cash tax benefit | 0 | $ 285 |
Distribution of common stock (in shares) | 22,051 | |
Other Postretirement Plan [Member] | Postretirement Plan [Member] | ||
Net Periodic Benefit Cost [Abstract] | ||
Service cost | 0 | $ 0 |
Interest cost | 14 | 14 |
Expected return on assets | 0 | 0 |
Unrecognized past service liability | (2) | (2) |
Amortization of unrealized loss (gain) | (3) | 0 |
Net periodic cost | $ 9 | $ 12 |
ACCOUNTING FOR STOCK BASED CO_3
ACCOUNTING FOR STOCK BASED COMPENSATION, Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Information Related to Stock Option Plans [Abstract] | ||
Cash received for option exercise cost | $ 0 | $ 290 |
Stock Option Awards [Member] | ||
Number of Options [Roll Forward] | ||
Options outstanding, beginning of period (in shares) | 72,395 | |
Options granted (in shares) | 0 | |
Options expired (in shares) | 0 | |
Options exercised (in shares) | 0 | |
Options outstanding, end of period (in shares) | 72,395 | |
Options vested and exercisable, end of period (in shares) | 72,395 | |
Weighted-Average Exercise Price [Abstract] | ||
Options outstanding, beginning of period (in dollars per share) | $ 13.58 | |
Options granted (in dollars per share) | 0 | |
Options expired (in dollars per share) | 0 | |
Options exercised (in dollars per share) | 0 | |
Options outstanding, end of period (in dollars per share) | 13.58 | |
Options vested and exercisable. end of period (in dollars per shares) | $ 13.58 | |
Stock Options, Additional Disclosure [Abstract] | ||
Options outstanding | 1 year 8 months 12 days | |
Options vested and exercisable | 1 year 8 months 12 days | |
Aggregate Intrinsic Value [Abstract] | ||
Options outstanding | $ 373 | |
Options vested and exercisable | 373 | |
Information Related to Stock Option Plans [Abstract] | ||
Cash received for option exercise cost | 0 | 290 |
Income tax benefit recognized on stock option exercises | 0 | 4 |
Intrinsic value of options exercised | $ 0 | $ 97 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restricted Stock Awards [Abstract] | ||
Award vesting period | 4 years | |
Number of Shares [Roll Forward] | ||
Unvested allocated shares outstanding, beginning of period (in shares) | 148,235 | |
Shares granted (in shares) | 11,584 | |
Shares vested (in shares) | (4,329) | |
Shares forfeited (in shares) | (3,743) | |
Unvested allocated shares outstanding, end of period (in shares) | 151,747 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Unvested allocated shares outstanding, beginning of period (in dollars per share) | $ 19.48 | |
Shares granted (in dollars per share) | 17.24 | |
Shares vested (in dollars per share) | 20.50 | |
Shares forfeited (in dollars per share) | 19.45 | |
Unvested allocated shares outstanding, end of period (in dollars per share) | $ 19.28 | |
Information Related to Restricted Stock Awards [Abstract] | ||
Compensation expense recognized | $ 289 | $ 304 |
Income tax benefit (expense) recognized on vesting of RSA | $ (3) | $ (2) |
Weighted average remaining years for which compensation expense is to be recognized | 2 years 4 months 24 days | 2 years 8 months 12 days |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | $ (75) | $ 84 |
Number of Shares [Roll Forward] | ||
Shares granted (in shares) | 138,562 | |
Shares vested (in shares) | (2,276) | |
Shares forfeited (in shares) | (2,574) | |
Expected aggregate share payout (in shares) | 112,388 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Shares granted (in dollars per share) | $ 19.18 | |
Shares vested (in dollars per share) | 17.35 | |
Shares forfeited (in dollars per share) | 17.35 | |
Expected aggregate share payout (in dollars per share) | $ 19.28 | |
Performance Based Equity Awards [Member] | Minimum [Member] | ||
Number of Shares [Roll Forward] | ||
Aggregate share payout, end of period (in shares) | 0 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Aggregate share payout, end of period (in dollars per share) | $ 0 | |
Performance Based Equity Awards [Member] | Maximum [Member] | ||
Number of Shares [Roll Forward] | ||
Aggregate share payout, beginning of period (in shares) | 120,880 | |
Aggregate share payout, end of period (in shares) | 254,592 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Aggregate share payout, beginning of period (in dollars per share) | $ 18.90 | |
Aggregate share payout, end of period (in dollars per share) | $ 19.08 | |
Sales Incentive Award Program [Member] | ||
Performance Based Equity Awards [Abstract] | ||
Award vesting period | 1 year | |
Compensation expense recognized | $ 70 | $ 0 |
Number of Shares [Roll Forward] | ||
Shares granted (in shares) | 0 | |
Shares vested (in shares) | 0 | |
Shares forfeited (in shares) | (5,500) | |
Expected aggregate share payout (in shares) | 2,651 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Shares granted (in dollars per share) | $ 0 | |
Shares vested (in dollars per share) | 0 | |
Shares forfeited (in dollars per share) | 18.40 | |
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 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Aggregate share payout, end of period (in dollars per share) | $ 0 | |
Sales Incentive Award Program [Member] | Maximum [Member] | ||
Number of Shares [Roll Forward] | ||
Aggregate share payout, beginning of period (in shares) | 8,151 | |
Aggregate share payout, end of period (in shares) | 2,651 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Aggregate share payout, beginning of period (in dollars per share) | $ 18.40 | |
Aggregate share payout, end of period (in dollars per share) | $ 18.40 |
OTHER BORROWINGS (Details)
OTHER BORROWINGS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
OTHER BORROWINGS [Abstract] | ||
Other borrowings outstanding | $ 45,000 | $ 0 |
Interest expense | $ 65 |
INCOME TAXES (Details)
INCOME TAXES (Details) - Item | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INCOME TAXES [Abstract] | ||
Effective tax rate | 24.90% | 23.70% |
Number of significant and unusual income tax items in the period | 0 | 0 |