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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dime Community Bancshares Inc | NASDAQ:DCOM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.54 | 2.91% | 19.08 | 18.32 | 25.60 | 19.14 | 18.53 | 18.53 | 160,074 | 22:30:00 |
Delaware
|
|
11-3297463
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. employer identification number)
|
|
|
|
300 Cadman Plaza West, 8Th Floor, Brooklyn, NY
|
|
11201
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
|
Trading
Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $0.01 Par Value
|
|
DCOM
|
|
The NASDAQ Stock Market
|
Preferred Stock, Series A, $0.01 Par Value
|
|
DCOMP
|
|
The NASDAQ Stock Market
|
Large Accelerated Filer ☐
|
Accelerated Filer ☒
|
Non -Accelerated Filer ☐
|
Smaller Reporting Company ☐
|
|
Emerging Growth Company ☐
|
Classes of Common Stock
|
Number of shares outstanding at August 7, 2020
|
$0.01 Par Value
|
33,057,426
|
|
|
Page
|
|
PART I – FINANCIAL INFORMATION
|
|
Item 1.
|
4
|
|
|
4
|
|
|
5
|
|
|
6
|
|
|
7
|
|
|
9
|
|
|
10
|
|
Item 2.
|
29
|
|
Item 3.
|
43
|
|
Item 4.
|
45
|
|
|
PART II - OTHER INFORMATION
|
|
Item 1.
|
45
|
|
Item 1A.
|
45
|
|
Item 2.
|
48
|
|
Item 3.
|
48
|
|
Item 4.
|
48
|
|
Item 5.
|
48
|
|
Item 6.
|
49
|
|
|
50
|
● |
there may be increases in competitive pressure among financial institutions or from non-financial institutions;
|
● |
the net interest margin is subject to material short-term fluctuation based upon market rates;
|
● |
changes in deposit flows, loan demand or real estate values may affect the business of Dime Community Bank (the “Bank”);
|
● |
changes in the quality and composition of our loan or investment portfolios;
|
● |
changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently;
|
● |
changes in corporate and/or individual income tax laws may adversely affect the Company’s business or financial condition or results of operations;
|
● |
general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry, may differ than the Company currently anticipates;
|
● |
legislative, regulatory or policy changes may adversely affect the Company’s business or results of operations;
|
● |
technological changes may be more difficult or expensive than the Company anticipates;
|
● |
success or consummation of new business initiatives or the integration of any acquired entities may be more difficult or expensive than the Company anticipates;
|
● |
the businesses of the Company and Bridge Bancorp may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected;
|
● |
the expected growth opportunities or cost savings from the Merger may not be fully realized or may take longer to realize than expected;
|
● |
deposit attrition, operating costs, loss of customers and business disruption prior to and following the Merger, including adverse effects on relationships with employees and customers, may be greater than expected;
|
● |
the regulatory and shareholder approvals required for the Merger may not be obtained, or may not be obtained on the proposed terms or on the anticipated schedule;
|
● |
litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events, including the Merger, longer than the Company anticipates; and
|
● |
the risks referred to in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 as updated by our Quarterly Reports on Form 10-Q.
|
Item 1. |
Condensed Consolidated Financial Statements
|
|
June 30,
2020
|
December 31,
2019
|
||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
117,013
|
$
|
155,488
|
||||
Total cash and cash equivalents
|
117,013
|
155,488
|
||||||
Securities available-for-sale, at fair value
|
542,007
|
550,995
|
||||||
Marketable equity securities, at fair value
|
5,707
|
5,894
|
||||||
Loans:
|
||||||||
Real estate
|
4,811,401
|
5,002,354
|
||||||
Commercial and industrial (“C&I”) loans
|
631,518
|
336,412
|
||||||
Other loans
|
1,463
|
1,772
|
||||||
Less allowance for loan losses
|
(42,492
|
)
|
(28,441
|
)
|
||||
Total loans, net
|
5,401,890
|
5,312,097
|
||||||
Premises and fixed assets, net
|
21,423
|
21,692
|
||||||
Premises held for sale
|
—
|
514
|
||||||
Loans held for sale
|
1,794
|
500
|
||||||
Federal Home Loan Bank of New York (“FHLBNY”) capital stock
|
52,305
|
56,019
|
||||||
Bank Owned Life Insurance (“BOLI”)
|
154,036
|
114,257
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Operating lease assets
|
36,813
|
37,858
|
||||||
Other assets
|
78,895
|
43,508
|
||||||
Total Assets
|
$
|
6,467,521
|
$
|
6,354,460
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest-bearing deposits
|
$
|
3,774,089
|
$
|
3,804,076
|
||||
Non-interest-bearing deposits
|
664,323
|
478,549
|
||||||
Total deposits
|
4,438,412
|
4,282,625
|
||||||
Escrow and other deposits
|
87,646
|
76,481
|
||||||
FHLBNY advances
|
1,017,300
|
1,092,250
|
||||||
Subordinated debt, net
|
113,979
|
113,906
|
||||||
Other borrowings
|
5,000
|
110,000
|
||||||
Operating lease liabilities
|
42,733
|
44,098
|
||||||
Other liabilities
|
80,908
|
38,342
|
||||||
Total Liabilities
|
5,785,978
|
5,757,702
|
||||||
Stockholders’ Equity:
|
||||||||
Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 9,000,000 shares authorized, 5,299,200 shares issued and outstanding at June 30, 2020, and none issued or outstanding at December 31, 2019)
|
116,569
|
—
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 53,724,233 shares and 53,721,189 shares issued at June 30, 2020 and December 31, 2019, respectively, and 33,089,585 shares and 35,154,642 shares outstanding at June 30, 2020 and December 31, 2019, respectively)
|
537
|
537
|
||||||
Additional paid-in capital
|
278,581
|
279,322
|
||||||
Retained earnings
|
592,497
|
581,817
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(14,403
|
)
|
(5,940
|
)
|
||||
Unearned equity awards
|
(7,549
|
)
|
(6,731
|
)
|
||||
Common stock held by the Benefit Maintenance Plan (“BMP”)
|
(1,496
|
)
|
(1,496
|
)
|
||||
Treasury stock, at cost (20,634,648 shares and 18,566,547 shares at June 30, 2020 and December 31, 2019, respectively)
|
(283,193
|
)
|
(250,751
|
)
|
||||
Total Stockholders’ Equity
|
681,543
|
596,758
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
6,467,521
|
$
|
6,354,460
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Interest income:
|
||||||||||||||||
Loans secured by real estate
|
$
|
49,058
|
$
|
50,811
|
$
|
99,175
|
$
|
99,988
|
||||||||
C&I loans
|
5,071
|
4,134
|
9,116
|
7,570
|
||||||||||||
Other loans
|
13
|
18
|
28
|
36
|
||||||||||||
Mortgage-backed securities (“MBS”)
|
3,064
|
2,961
|
6,369
|
6,158
|
||||||||||||
Investment securities
|
582
|
570
|
1,003
|
990
|
||||||||||||
Other short-term investments
|
846
|
1,457
|
1,848
|
2,904
|
||||||||||||
Total interest income
|
58,634
|
59,951
|
117,539
|
117,646
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits and escrow
|
9,700
|
16,271
|
21,626
|
31,288
|
||||||||||||
Borrowed funds
|
5,378
|
7,176
|
11,833
|
14,530
|
||||||||||||
Total interest expense
|
15,078
|
23,447
|
33,459
|
45,818
|
||||||||||||
Net interest income
|
43,556
|
36,504
|
84,080
|
71,828
|
||||||||||||
Provision (credit) for loan losses
|
6,060
|
(449
|
)
|
14,072
|
(128
|
)
|
||||||||||
Net interest income after provision for loan losses
|
37,496
|
36,953
|
70,008
|
71,956
|
||||||||||||
Non-interest income:
|
||||||||||||||||
Service charges and other fees
|
1,083
|
1,264
|
2,286
|
2,363
|
||||||||||||
Net mortgage banking income
|
52
|
61
|
118
|
129
|
||||||||||||
Net gain on sale of equity securities
|
436
|
148
|
(36
|
)
|
416
|
|||||||||||
Net gain on sale of securities and other assets
|
3,134
|
(57
|
)
|
3,142
|
(133
|
)
|
||||||||||
Gain on sale of loans
|
206
|
339
|
521
|
594
|
||||||||||||
Income from BOLI
|
911
|
707
|
2,798
|
1,401
|
||||||||||||
Loan level derivative income
|
2,494
|
291
|
3,657
|
291
|
||||||||||||
Other
|
70
|
67
|
136
|
119
|
||||||||||||
Total non-interest income
|
8,386
|
2,820
|
12,622
|
5,180
|
||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
14,719
|
12,061
|
29,565
|
23,945
|
||||||||||||
Severance
|
3,930
|
—
|
4,000
|
—
|
||||||||||||
Stock benefit plan compensation expense
|
478
|
491
|
1,149
|
775
|
||||||||||||
Occupancy and equipment
|
3,959
|
3,827
|
8,015
|
7,696
|
||||||||||||
Data processing costs
|
2,007
|
1,908
|
4,031
|
3,974
|
||||||||||||
Marketing
|
136
|
465
|
533
|
931
|
||||||||||||
Federal deposit insurance premiums
|
529
|
586
|
1,006
|
1,040
|
||||||||||||
Merger expenses
|
1,072
|
—
|
1,658
|
—
|
||||||||||||
Other
|
2,516
|
2,958
|
5,429
|
5,987
|
||||||||||||
Total non-interest expense
|
29,346
|
22,296
|
55,386
|
44,348
|
||||||||||||
Income before income taxes
|
16,536
|
17,477
|
27,244
|
32,788
|
||||||||||||
Income tax expense
|
3,570
|
4,442
|
5,886
|
8,252
|
||||||||||||
Net income
|
12,966
|
13,035
|
21,358
|
24,536
|
||||||||||||
Preferred stock dividends
|
1,140
|
—
|
1,140
|
—
|
||||||||||||
Net income available to common stockholders
|
$
|
11,826
|
$
|
13,035
|
$
|
20,218
|
$
|
24,536
|
||||||||
|
||||||||||||||||
Earnings per Share:
|
||||||||||||||||
Basic
|
$
|
0.36
|
$
|
0.36
|
$
|
0.60
|
$
|
0.68
|
||||||||
Diluted
|
$
|
0.35
|
$
|
0.36
|
$
|
0.59
|
$
|
0.68
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Net Income
|
$
|
12,966
|
$
|
13,035
|
$
|
21,358
|
$
|
24,536
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Change in unrealized holding gain (loss) on securities available-for-sale
|
659
|
4,261
|
10,911
|
8,948
|
||||||||||||
Change in pension and other postretirement obligations
|
271
|
237
|
542
|
729
|
||||||||||||
Change in unrealized gain (loss) on derivatives
|
(3,461
|
)
|
(6,077
|
)
|
(23,838
|
)
|
(9,361
|
)
|
||||||||
Other comprehensive income (loss) before income taxes
|
(2,531
|
)
|
(1,579
|
)
|
(12,385
|
)
|
316
|
|||||||||
Deferred tax expense (benefit)
|
(760
|
)
|
(523
|
)
|
(3,922
|
)
|
104
|
|||||||||
Other comprehensive income (loss), net of tax
|
(1,771
|
)
|
(1,056
|
)
|
(8,463
|
)
|
212
|
|||||||||
Total comprehensive income
|
$
|
11,195
|
$
|
11,979
|
$
|
12,895
|
$
|
24,748
|
|
Six Month Period Ended June 30, 2020
|
|||||||||||||||||||||||||||||||||||||||
|
Number of
Shares of
Common
Stock
|
Preferred
Stock
|
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss,
Net of Deferred
Taxes
|
Unearned
Equity
Awards
|
Common
Stock
Held
by BMP
|
Treasury
Stock, at
cost
|
Total
Stockholders’
|
||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2020
|
35,154,642
|
$
|
—
|
$
|
537
|
$
|
279,322
|
$
|
581,817
|
$
|
(5,940
|
)
|
$
|
(6,731
|
)
|
$
|
(1,496
|
)
|
$
|
(250,751
|
)
|
$
|
596,758
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
8,392
|
—
|
—
|
—
|
—
|
8,392
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
—
|
—
|
—
|
—
|
—
|
(6,692
|
)
|
—
|
—
|
—
|
(6,692
|
)
|
||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
91
|
—
|
—
|
5
|
—
|
—
|
(7
|
)
|
—
|
2
|
—
|
|||||||||||||||||||||||||||||
Stock-based compensation
|
—
|
—
|
—
|
—
|
—
|
—
|
671
|
—
|
—
|
671
|
||||||||||||||||||||||||||||||
Proceeds from Preferred Stock issuance, net
|
—
|
72,224
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
72,224
|
||||||||||||||||||||||||||||||
Shares received related to tax withholding
|
(4,668
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(79
|
)
|
(79
|
)
|
|||||||||||||||||||||||||||
Cash dividends declared and paid
|
—
|
—
|
—
|
—
|
(4,915
|
)
|
—
|
—
|
—
|
—
|
(4,915
|
)
|
||||||||||||||||||||||||||||
Repurchase of shares of Common Stock
|
(1,274,679
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(20,711
|
)
|
(20,711
|
)
|
|||||||||||||||||||||||||||
Ending balance as of March 31, 2020
|
33,875,386
|
72,224
|
537
|
279,327
|
585,294
|
(12,632
|
)
|
(6,067
|
)
|
(1,496
|
)
|
(271,539
|
)
|
645,648
|
||||||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
12,966
|
—
|
—
|
—
|
—
|
12,966
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
—
|
—
|
—
|
—
|
—
|
(1,771
|
)
|
—
|
—
|
—
|
(1,771
|
)
|
||||||||||||||||||||||||||||
Exercise of stock options, net
|
3,044
|
—
|
38
|
—
|
—
|
—
|
—
|
—
|
38
|
|||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
196,886
|
—
|
—
|
(784
|
)
|
—
|
—
|
(1,960
|
)
|
—
|
2,772
|
28
|
||||||||||||||||||||||||||||
Stock-based compensation
|
—
|
—
|
—
|
—
|
—
|
—
|
478
|
—
|
—
|
478
|
||||||||||||||||||||||||||||||
Proceeds from Preferred Stock issuance, net
|
—
|
44,345
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
44,345
|
||||||||||||||||||||||||||||||
Shares received related to tax withholding
|
(10,667
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(169
|
)
|
(169
|
)
|
|||||||||||||||||||||||||||
Cash dividends declared and paid to preferred stockholders
|
—
|
—
|
—
|
—
|
(1,140
|
)
|
—
|
—
|
—
|
—
|
(1,140
|
)
|
||||||||||||||||||||||||||||
Cash dividends declared and paid to common stockholders
|
—
|
—
|
—
|
—
|
(4,623
|
)
|
—
|
—
|
—
|
—
|
(4,623
|
)
|
||||||||||||||||||||||||||||
Repurchase of shares of Common Stock
|
(975,064
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(14,257
|
)
|
(14,257
|
)
|
|||||||||||||||||||||||||||
Ending balance as of June 30, 2020
|
33,089,585
|
$
|
116,569
|
$
|
537
|
$
|
278,581
|
$
|
592,497
|
$
|
(14,403
|
)
|
$
|
(7,549
|
)
|
$
|
(1,496
|
)
|
$
|
(283,193
|
)
|
$
|
681,543
|
|
Six Month Period Ended June 30, 2019
|
|||||||||||||||||||||||||||||||||||
|
Number of
Shares of
Common
Stock
|
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss, Net of
Deferred Taxes
|
Unearned
Equity
Awards
|
Common
Stock Held
by BMP
|
Treasury
stock, at
cost
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2019
|
36,081,455
|
$
|
537
|
$
|
277,512
|
$
|
565,713
|
$
|
(6,500
|
)
|
$
|
(3,623
|
)
|
$
|
(1,509
|
)
|
$
|
(230,049
|
)
|
$
|
602,081
|
|||||||||||||||
Net Income
|
—
|
—
|
—
|
11,501
|
—
|
—
|
—
|
—
|
11,501
|
|||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
—
|
—
|
—
|
—
|
1,268
|
—
|
—
|
—
|
1,268
|
|||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
138,329
|
—
|
846
|
—
|
—
|
(2,729
|
)
|
—
|
1,883
|
—
|
||||||||||||||||||||||||||
Stock-based compensation
|
—
|
—
|
—
|
—
|
—
|
284
|
—
|
—
|
284
|
|||||||||||||||||||||||||||
Shares received related to tax withholding
|
(418
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
(7
|
)
|
(7
|
)
|
||||||||||||||||||||||||
Cash dividends declared and paid
|
—
|
—
|
—
|
(5,039
|
)
|
—
|
—
|
—
|
—
|
(5,039
|
)
|
|||||||||||||||||||||||||
Repurchase of shares of Common Stock
|
(199,254
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
(3,814
|
)
|
(3,814
|
)
|
||||||||||||||||||||||||
Ending balance as of March 31, 2019
|
36,020,112
|
537
|
278,358
|
572,175
|
(5,232
|
)
|
(6,068
|
)
|
(1,509
|
)
|
(231,987
|
)
|
606,274
|
|||||||||||||||||||||||
Net Income
|
—
|
—
|
—
|
13,035
|
—
|
—
|
—
|
—
|
13,035
|
|||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
—
|
—
|
—
|
—
|
(1,056
|
)
|
—
|
—
|
—
|
(1,056
|
)
|
|||||||||||||||||||||||||
Exercise of stock options
|
8,869
|
—
|
73
|
—
|
—
|
—
|
—
|
—
|
73
|
|||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
133,451
|
—
|
896
|
—
|
—
|
(2,588
|
)
|
—
|
1,747
|
55
|
||||||||||||||||||||||||||
Stock-based compensation
|
—
|
—
|
—
|
—
|
—
|
491
|
—
|
—
|
491
|
|||||||||||||||||||||||||||
Payments related to tax withholding for stock-based compensation
|
(4,901
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
(98
|
)
|
(98
|
)
|
||||||||||||||||||||||||
Cash dividends declared and paid
|
—
|
—
|
—
|
(5,051
|
)
|
—
|
—
|
—
|
—
|
(5,051
|
)
|
|||||||||||||||||||||||||
Repurchase of shares of Common Stock
|
(270,136
|
)
|
—
|
—
|
—
|
—
|
—
|
—
|
(5,022
|
)
|
(5,022
|
)
|
||||||||||||||||||||||||
Ending balance as of June 30, 2019
|
35,887,395
|
$
|
537
|
$
|
279,327
|
$
|
580,159
|
$
|
(6,288
|
)
|
$
|
(8,165
|
)
|
$
|
(1,509
|
)
|
$
|
(235,360
|
)
|
$
|
608,701
|
|
Six Months Ended June 30,
|
|||||||
|
2020
|
2019
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income
|
$
|
21,358
|
$
|
24,536
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Net (gain) loss on sales of securities available-for-sale
|
(3,142
|
)
|
133
|
|||||
Net (gain) loss recognized on marketable equity securities
|
36
|
(416
|
)
|
|||||
Net gain on sale of loans held for sale
|
(521
|
)
|
(594
|
)
|
||||
Net depreciation, amortization and accretion
|
2,489
|
2,495
|
||||||
Stock-based compensation
|
1,149
|
775
|
||||||
Provision (credit) for loan losses
|
14,072
|
(128
|
)
|
|||||
Originations of loans held for sale
|
(12,308
|
)
|
(4,202
|
)
|
||||
Proceeds from sale of loans originated for sale
|
14,024
|
7,969
|
||||||
Increase in cash surrender value of BOLI
|
(1,664
|
)
|
(1,401
|
)
|
||||
Gain from death benefits from BOLI
|
(1,134
|
)
|
—
|
|||||
Deferred income tax expense (benefit)
|
(4,263
|
)
|
1,005
|
|||||
Changes in assets and liabilities:
|
||||||||
Increase in other assets
|
(12,946
|
)
|
(237
|
)
|
||||
Increase (decrease) in other liabilities
|
6,431
|
(3,940
|
)
|
|||||
Net cash provided by Operating Activities
|
23,581
|
25,995
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from sales of securities available-for-sale
|
62,797
|
104,131
|
||||||
Proceeds from sales of marketable equity securities
|
273
|
273
|
||||||
Purchases of securities available-for-sale
|
(107,342
|
)
|
(117,656
|
)
|
||||
Acquisition of marketable equity securities
|
(122
|
)
|
(143
|
)
|
||||
Proceeds from calls and principal repayments of securities available-for-sale
|
67,250
|
48,399
|
||||||
Purchase of BOLI
|
(40,000
|
)
|
—
|
|||||
Proceeds received from cash surrender value of BOLI
|
1,452
|
—
|
||||||
Loans purchased
|
(18,892
|
)
|
—
|
|||||
Proceeds from the sale of portfolio loans transferred to held for sale
|
7,074
|
8,282
|
||||||
Net increase in loans
|
(94,706
|
)
|
(152,459
|
)
|
||||
Purchases of fixed assets, net
|
(1,297
|
)
|
(466
|
)
|
||||
Sale of FHLBNY capital stock, net
|
3,714
|
500
|
||||||
Net cash used in Investing Activities
|
(119,799
|
)
|
(109,139
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Increase in due to depositors
|
155,787
|
78,782
|
||||||
Increase in escrow and other deposits
|
11,165
|
577
|
||||||
Repayments of FHLBNY advances
|
(4,590,520
|
)
|
(1,657,650
|
)
|
||||
Proceeds from FHLBNY advances
|
4,515,570
|
1,647,500
|
||||||
Proceeds (repayments) of other borrowings, net
|
(105,000
|
)
|
58,000
|
|||||
Proceeds from preferred stock issuance, net
|
116,569
|
—
|
||||||
Proceeds from exercise of stock options
|
38
|
73
|
||||||
Release of stock for benefit plan awards
|
28
|
55
|
||||||
Payments related to tax withholding for stock-based compensation
|
(248
|
)
|
(105
|
)
|
||||
Treasury shares repurchased
|
(34,968
|
)
|
(8,836
|
)
|
||||
Cash dividends paid to preferred stockholders
|
(1,140
|
)
|
—
|
|||||
Cash dividends paid to common stockholders, net
|
(9,538
|
)
|
(10,090
|
)
|
||||
Net cash provided by Financing Activities
|
57,743
|
108,306
|
||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(38,475
|
)
|
25,162
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
155,488
|
147,256
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
117,013
|
$
|
172,418
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for income taxes
|
$
|
8,055
|
$
|
6,435
|
||||
Cash paid for interest
|
36,068
|
46,407
|
||||||
Loans transferred to held for sale
|
9,583
|
5,778
|
||||||
Premises held for sale transferred to investment
|
(514
|
)
|
—
|
|||||
Operating lease assets in exchange for operating lease liabilities
|
1,524
|
49,160
|
||||||
Transfer of cash surrender value for BOLI to other assets
|
1,567
|
—
|
1. |
NATURE OF OPERATIONS
|
2. |
SUMMARY OF ACCOUNTING POLICIES
|
3. |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
|
Securities
Available-for-Sale
|
Defined
Benefit Plans
|
Derivatives
|
Total
Accumulated Other
Comprehensive
Loss
|
||||||||||||
Balance as of January 1, 2020
|
$
|
4,621
|
$
|
(6,024
|
)
|
$
|
(4,537
|
)
|
$
|
(5,940
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
9,609
|
241
|
(17,218
|
)
|
(7,368
|
)
|
||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
(2,154
|
)
|
130
|
929
|
(1,095
|
)
|
||||||||||
Net other comprehensive income during the period
|
7,455
|
371
|
(16,289
|
)
|
(8,463
|
)
|
||||||||||
Balance as of June 30, 2020
|
$
|
12,076
|
$
|
(5,653
|
)
|
$
|
(20,826
|
)
|
$
|
(14,403
|
)
|
|||||
|
||||||||||||||||
Balance as of January 1, 2019
|
$
|
(1,957
|
)
|
$
|
(6,290
|
)
|
$
|
1,747
|
$
|
(6,500
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
5,981
|
250
|
(5,890
|
)
|
341
|
|||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
89
|
245
|
(463
|
)
|
(129
|
)
|
||||||||||
Net other comprehensive income during the period
|
6,070
|
495
|
(6,353
|
)
|
212
|
|||||||||||
Balance as of June 30, 2019
|
$
|
4,113
|
$
|
(5,795
|
)
|
$
|
(4,606
|
)
|
$
|
(6,288
|
)
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Change in unrealized holding gain or loss on securities available-for-sale:
|
||||||||||||||||
Change in net unrealized gain or loss during the period
|
$
|
3,793
|
$
|
4,204
|
$
|
14,053
|
$
|
8,815
|
||||||||
Reclassification adjustment for net (gains) losses included in net gain on securities and other assets
|
(3,134
|
)
|
57
|
(3,142
|
)
|
133
|
||||||||||
Net change
|
659
|
4,261
|
10,911
|
8,948
|
||||||||||||
Tax expense
|
248
|
1,371
|
3,456
|
2,878
|
||||||||||||
Net change in unrealized holding gain or loss on securities available-for-sale
|
411
|
2,890
|
7,455
|
6,070
|
||||||||||||
Change in pension and other postretirement obligations:
|
||||||||||||||||
Reclassification adjustment for expense included in other expense
|
95
|
181
|
190
|
364
|
||||||||||||
Change in the net actuarial gain or loss
|
176
|
56
|
352
|
365
|
||||||||||||
Net change
|
271
|
237
|
542
|
729
|
||||||||||||
Tax expense
|
85
|
76
|
171
|
234
|
||||||||||||
Net change in pension and other postretirement obligations
|
186
|
161
|
371
|
495
|
||||||||||||
Change in unrealized gain or loss on derivatives:
|
||||||||||||||||
Change in net unrealized gain or loss during the period
|
(4,617
|
)
|
(5,745
|
)
|
(25,198
|
)
|
(8,673
|
)
|
||||||||
Reclassification adjustment for expense included in interest expense
|
1,156
|
(332
|
)
|
1,360
|
(688
|
)
|
||||||||||
Net change
|
(3,461
|
)
|
(6,077
|
)
|
(23,838
|
)
|
(9,361
|
)
|
||||||||
Tax benefit
|
(1,093
|
)
|
(1,970
|
)
|
(7,549
|
)
|
(3,008
|
)
|
||||||||
Net change in unrealized gain or loss on derivatives
|
(2,368
|
)
|
(4,107
|
)
|
(16,289
|
)
|
(6,353
|
)
|
||||||||
Other comprehensive income (loss)
|
$
|
(1,771
|
)
|
$
|
(1,056
|
)
|
$
|
(8,463
|
)
|
$
|
212
|
4. |
EARNINGS PER COMMON SHARE (“EPS”)
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Net income available to common stockholders
|
$
|
11,826
|
$
|
13,035
|
$
|
20,218
|
$
|
24,536
|
||||||||
Less: Dividends paid and earnings allocated to participating securities
|
(46
|
)
|
(63
|
)
|
(113
|
)
|
(100
|
)
|
||||||||
Income attributable to common stock
|
$
|
11,780
|
$
|
12,972
|
$
|
20,105
|
$
|
24,436
|
||||||||
Weighted average common shares outstanding, including participating securities
|
33,357,104
|
35,891,341
|
34,083,656
|
35,951,257
|
||||||||||||
Less: weighted average participating securities
|
(320,316
|
)
|
(197,249
|
)
|
(299,079
|
)
|
(178,538
|
)
|
||||||||
Weighted average common shares outstanding
|
33,036,789
|
35,694,092
|
33,784,577
|
35,772,719
|
||||||||||||
Basic EPS
|
$
|
0.36
|
$
|
0.36
|
$
|
0.60
|
$
|
0.68
|
||||||||
Income attributable to common stock
|
$
|
11,780
|
$
|
12,972
|
$
|
20,105
|
$
|
24,436
|
||||||||
Weighted average common shares outstanding
|
33,036,789
|
35,694,092
|
33,784,577
|
35,772,719
|
||||||||||||
Weighted average common equivalent shares outstanding
|
206,911
|
170,297
|
209,547
|
171,642
|
||||||||||||
Weighted average common and equivalent shares outstanding
|
33,243,700
|
35,864,389
|
33,994,124
|
35,944,361
|
||||||||||||
Diluted EPS
|
$
|
0.35
|
$
|
0.36
|
$
|
0.59
|
$
|
0.68
|
5. |
PREFERRED STOCK
|
6. |
INVESTMENT AND MORTGAGE-BACKED SECURITIES
|
|
At June 30, 2020
|
|||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains |
Gross
Unrealized
Losses |
Fair
Value
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
Agency Notes
|
$
|
34,998
|
$
|
10
|
$
|
—
|
$
|
35,008
|
||||||||
Corporate Securities
|
43,065
|
120
|
(465
|
)
|
42,720
|
|||||||||||
Pass-through MBS issued by GSEs
|
182,031
|
9,771
|
—
|
191,802
|
||||||||||||
Agency Collateralized Mortgage Obligations (“CMOs”)
|
264,243
|
8,534
|
(300
|
)
|
272,477
|
|||||||||||
Total securities available-for-sale
|
$
|
524,337
|
$
|
18,435
|
$
|
(765
|
)
|
$
|
542,007
|
|
At December 31, 2019
|
|||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
Agency Notes
|
$
|
20,000
|
$
|
—
|
$
|
(65
|
)
|
$
|
19,935
|
|||||||
Corporate Securities
|
28,086
|
510
|
—
|
28,596
|
||||||||||||
Pass-through MBS issued by GSEs
|
241,695
|
5,788
|
—
|
247,483
|
||||||||||||
Agency CMOs
|
254,453
|
1,105
|
(577
|
)
|
254,981
|
|||||||||||
Total securities available-for-sale
|
$
|
544,234
|
$
|
7,403
|
$
|
(642
|
)
|
$
|
550,995
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Agency Notes:
|
||||||||||||||||
Proceeds
|
$
|
273
|
$
|
3,038
|
$
|
273
|
$
|
3,038
|
||||||||
Gross gains
|
—
|
39
|
—
|
39
|
||||||||||||
Tax expense on gain
|
—
|
12
|
—
|
12
|
||||||||||||
Gross losses
|
—
|
—
|
—
|
—
|
||||||||||||
Tax benefit on loss
|
—
|
—
|
—
|
—
|
||||||||||||
Corporate Securities:
|
||||||||||||||||
Proceeds
|
25,403
|
—
|
25,403
|
—
|
||||||||||||
Gross gains
|
1,344
|
—
|
1,344
|
—
|
||||||||||||
Tax expense on gain
|
423
|
—
|
423
|
—
|
||||||||||||
Gross losses
|
—
|
—
|
—
|
—
|
||||||||||||
Tax benefit on loss
|
—
|
—
|
—
|
—
|
||||||||||||
Pass through MBS issued by GSEs:
|
||||||||||||||||
Proceeds
|
33,195
|
85,594
|
33,195
|
91,711
|
||||||||||||
Gross gains
|
1,790
|
248
|
1,790
|
248
|
||||||||||||
Tax expense on gain
|
563
|
79
|
563
|
79
|
||||||||||||
Gross losses
|
—
|
344
|
—
|
518
|
||||||||||||
Tax benefit on loss
|
—
|
(110
|
)
|
—
|
(166
|
)
|
||||||||||
Agency CMOs:
|
||||||||||||||||
Proceeds
|
—
|
—
|
4,199
|
—
|
||||||||||||
Gross gains
|
—
|
—
|
8
|
—
|
||||||||||||
Tax expense on gain
|
—
|
—
|
3
|
—
|
||||||||||||
Gross losses
|
—
|
—
|
—
|
—
|
||||||||||||
Tax benefit on loss
|
—
|
—
|
—
|
—
|
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Proceeds:
|
||||||||||||||||
Marketable equity securities
|
$
|
136
|
$
|
136
|
$
|
273
|
$
|
273
|
|
June 30, 2020
|
|||||||||||||||||||||||
|
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:
|
||||||||||||||||||||||||
Corporate Notes
|
$
|
16,600
|
$
|
465
|
$
|
—
|
$
|
—
|
$
|
16,600
|
$
|
465
|
||||||||||||
Agency CMOs
|
49,916
|
209
|
4,909
|
91
|
54,825
|
300
|
|
December 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
|
$
|
9,935
|
$
|
65
|
$
|
—
|
$
|
—
|
$
|
9,935
|
$
|
65
|
||||||||||||
Agency CMOs
|
107,150
|
548
|
4,304
|
29
|
111,454
|
577
|
7. |
LOANS
|
|
Balance at
|
|||||||
|
June 30, 2020
|
December 31, 2019
|
||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
182,264
|
$
|
148,429
|
||||
Multifamily residential and residential mixed-use
|
2,988,511
|
3,385,375
|
||||||
Commercial real estate and commercial mixed-use
|
1,504,020
|
1,350,185
|
||||||
Acquisition, development, and construction (“ADC”)
|
136,606
|
118,365
|
||||||
Total Real Estate
|
4,811,401
|
5,002,354
|
||||||
C&I
|
631,518
|
336,412
|
||||||
Other
|
1,463
|
1,772
|
||||||
Total
|
5,444,382
|
5,340,538
|
||||||
Allowance for loans losses
|
(42,492
|
)
|
(28,441
|
)
|
||||
Loans, net
|
$
|
5,401,890
|
$
|
5,312,097
|
|
At or for the Three Months Ended June 30, 2020
|
|||||||||||||||||||||||||||||||
|
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
|
Other
Loans
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
645
|
$
|
14,283
|
$
|
6,336
|
$
|
1,671
|
$
|
22,935
|
$
|
13,513
|
$
|
15
|
$
|
36,463
|
||||||||||||||||
Provision (credit) for loan losses
|
30
|
2,415
|
3,523
|
106
|
6,074
|
(16
|
)
|
2
|
6,060
|
|||||||||||||||||||||||
Charge-offs
|
(4
|
)
|
(32
|
)
|
—
|
—
|
(36
|
)
|
—
|
—
|
(36
|
)
|
||||||||||||||||||||
Recoveries
|
—
|
—
|
—
|
—
|
—
|
5
|
—
|
5
|
||||||||||||||||||||||||
Ending balance
|
$
|
671
|
$
|
16,666
|
$
|
9,859
|
$
|
1,777
|
$
|
28,973
|
$
|
13,502
|
$
|
17
|
$
|
42,492
|
|
At or for the Three Months Ended June 30, 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
|
Other
Loans
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
201
|
$
|
12,988
|
$
|
4,022
|
$
|
643
|
$
|
17,854
|
$
|
4,069
|
$
|
18
|
$
|
21,941
|
||||||||||||||||
Provision (credit) for loan losses
|
8
|
(1,136
|
)
|
(36
|
)
|
337
|
(827
|
)
|
379
|
(1
|
)
|
(449
|
)
|
|||||||||||||||||||
Charge-offs
|
(5
|
)
|
(35
|
)
|
(140
|
)
|
—
|
(180
|
)
|
(182
|
)
|
—
|
(362
|
)
|
||||||||||||||||||
Recoveries
|
3
|
—
|
—
|
—
|
3
|
1
|
—
|
4
|
||||||||||||||||||||||||
Ending balance
|
$
|
207
|
$
|
11,817
|
$
|
3,846
|
$
|
980
|
$
|
16,850
|
$
|
4,267
|
$
|
17
|
$
|
21,134
|
|
At or for the Six Months Ended June 30, 2020
|
|||||||||||||||||||||||||||||||
|
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
|
Other
Loans
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
269
|
$
|
10,142
|
$
|
3,900
|
$
|
1,244
|
$
|
15,555
|
$
|
12,870
|
$
|
16
|
$
|
28,441
|
||||||||||||||||
Provision for loan losses
|
406
|
6,542
|
5,965
|
533
|
13,446
|
625
|
1
|
14,072
|
||||||||||||||||||||||||
Charge-offs
|
(4
|
)
|
(32
|
)
|
(6
|
)
|
—
|
(42
|
)
|
—
|
—
|
(42
|
)
|
|||||||||||||||||||
Recoveries
|
—
|
14
|
—
|
—
|
14
|
7
|
—
|
21
|
||||||||||||||||||||||||
Ending balance
|
$
|
671
|
$
|
16,666
|
$
|
9,859
|
$
|
1,777
|
$
|
28,973
|
$
|
13,502
|
$
|
17
|
$
|
42,492
|
|
At or for the Six Months Ended June 30, 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
|
Other
Loans
|
Total
|
||||||||||||||||||||||||
Beginning balance
|
$
|
198
|
$
|
13,446
|
$
|
3,777
|
$
|
397
|
$
|
17,818
|
$
|
3,946
|
$
|
18
|
$
|
21,782
|
||||||||||||||||
Provision (credit) for loan losses
|
12
|
(1,589
|
)
|
214
|
583
|
(780
|
)
|
652
|
—
|
(128
|
)
|
|||||||||||||||||||||
Charge-offs
|
(6
|
)
|
(40
|
)
|
(145
|
)
|
—
|
(191
|
)
|
(332
|
)
|
(1
|
)
|
(524
|
)
|
|||||||||||||||||
Recoveries
|
3
|
—
|
—
|
—
|
3
|
1
|
—
|
4
|
||||||||||||||||||||||||
Ending balance
|
$
|
207
|
$
|
11,817
|
$
|
3,846
|
$
|
980
|
$
|
16,850
|
$
|
4,267
|
$
|
17
|
$
|
21,134
|
|
At June 30, 2020
|
|||||||||||||||||||||||||||||||
|
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
|
Other
Loans
|
Total
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
10,129
|
$
|
—
|
$
|
10,129
|
||||||||||||||||
Collectively evaluated for impairment
|
671
|
16,666
|
9,859
|
1,777
|
28,973
|
3,373
|
17
|
32,363
|
||||||||||||||||||||||||
Total ending allowance balance
|
$
|
671
|
$
|
16,666
|
$
|
9,859
|
$
|
1,777
|
$
|
28,973
|
$
|
13,502
|
$
|
17
|
$
|
42,492
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
—
|
$
|
1,377
|
$
|
3,003
|
$
|
—
|
$
|
4,380
|
$
|
10,176
|
$
|
—
|
$
|
14,556
|
||||||||||||||||
Collectively evaluated for impairment
|
182,264
|
2,987,134
|
1,501,017
|
136,606
|
4,807,021
|
621,342
|
1,463
|
5,429,826
|
||||||||||||||||||||||||
Total ending loans balance
|
$
|
182,264
|
$
|
2,988,511
|
$
|
1,504,020
|
$
|
136,606
|
$
|
4,811,401
|
$
|
631,518
|
$
|
1,463
|
$
|
5,444,382
|
|
At December 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
|
Other
Loans
|
Total
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
10,082
|
$
|
—
|
$
|
10,082
|
||||||||||||||||
Collectively evaluated for impairment
|
269
|
10,142
|
3,900
|
1,244
|
15,555
|
2,788
|
16
|
18,359
|
||||||||||||||||||||||||
Total ending allowance balance
|
$
|
269
|
$
|
10,142
|
$
|
3,900
|
$
|
1,244
|
$
|
15,555
|
$
|
12,870
|
$
|
16
|
$
|
28,441
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
—
|
153
|
60
|
—
|
213
|
10,082
|
—
|
10,295
|
||||||||||||||||||||||||
Collectively evaluated for impairment
|
148,429
|
3,385,222
|
1,350,125
|
118,365
|
5,002,141
|
326,330
|
1,772
|
5,330,243
|
||||||||||||||||||||||||
Total ending loans balance
|
$
|
148,429
|
$
|
3,385,375
|
$
|
1,350,185
|
$
|
118,365
|
$
|
5,002,354
|
$
|
336,412
|
$
|
1,772
|
$
|
5,340,538
|
• |
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
|
|
June 30, 2020
|
|||||||||||
|
Number
of Loans
|
Booked Amount
|
Booked % of
Portfolio
|
|||||||||
(Dollars in thousands)
|
||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
19
|
$
|
23,824
|
12.0
|
%
|
|||||||
Multifamily residential and residential mixed-use real estate
|
126
|
544,197
|
18.3
|
|||||||||
Commercial real estate and commercial mixed-use
|
103
|
335,597
|
22.5
|
|||||||||
C&I
|
6
|
12,644
|
3.9
|
|||||||||
Total
|
254
|
$
|
916,262
|
|
At June 30, 2020
|
At December 31, 2019
|
||||||||||||||||||||||
|
Unpaid
Principal
Balance
|
Recorded
Investment
(1)
|
Related
Allowance
|
Unpaid
Principal
Balance
|
Recorded
Investment
(1)
|
Related
Allowance
|
||||||||||||||||||
|
||||||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Multifamily residential and residential mixed-use
|
$
|
1,377
|
$
|
1,377
|
$
|
—
|
$
|
153
|
$
|
153
|
$
|
—
|
||||||||||||
Commercial real estate and commercial mixed-use
|
3,003
|
3,003
|
—
|
60
|
60
|
—
|
||||||||||||||||||
Total with no related allowance recorded
|
4,380
|
4,380
|
—
|
213
|
213
|
—
|
||||||||||||||||||
|
||||||||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
C&I
|
10,176
|
10,176
|
10,129
|
10,082
|
10,082
|
10,082
|
||||||||||||||||||
Total with an allowance recorded
|
10,176
|
10,176
|
10,129
|
10,082
|
10,082
|
10,082
|
||||||||||||||||||
Total
|
$
|
14,556
|
$
|
14,556
|
$
|
10,129
|
$
|
10,295
|
$
|
10,295
|
$
|
10,082
|
(1) |
The recorded investment excludes accrued interest receivable and net deferred costs due to immateriality.
|
|
Three Months Ended
June 30, 2020
|
Three Months Ended
June 30, 2019
|
||||||||||||||
|
Average
Recorded
Investment (1)
|
Interest
Income
Recognized
(2)
|
Average
Recorded
Investment (1)
|
Interest
Income
Recognized
(2)
|
||||||||||||
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
2,948
|
$
|
—
|
$
|
11
|
$
|
—
|
||||||||
Multifamily residential and residential mixed-use
|
1,355
|
—
|
608
|
9
|
||||||||||||
Commercial real estate and commercial mixed-use
|
1,529
|
—
|
6,789
|
91
|
||||||||||||
Total with no related allowance recorded
|
5,832
|
—
|
7,408
|
100
|
||||||||||||
|
||||||||||||||||
With an allowance recorded:
|
||||||||||||||||
C&I
|
10,129
|
—
|
116
|
—
|
||||||||||||
Total
|
$
|
15,961
|
$
|
—
|
$
|
7,524
|
$
|
100
|
(1) |
The recorded investment excludes accrued interest receivable and net deferred costs due to immateriality.
|
(2) |
Cash basis interest and interest income recognized on accrual basis approximate each other.
|
|
Six Months Ended
June 30, 2020
|
Six Months Ended
June 30, 2019
|
||||||||||||||
|
Average
Recorded
Investment
(1)
|
Interest
Income
Recognized
(2)
|
Average
Recorded
Investment
(1)
|
Interest
Income
Recognized
(2)
|
||||||||||||
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
1,965
|
$
|
—
|
$
|
12
|
$
|
—
|
||||||||
Multifamily residential and residential mixed-use
|
954
|
6
|
589
|
22
|
||||||||||||
Commercial real estate and commercial mixed-use
|
1,039
|
1
|
6,234
|
189
|
||||||||||||
Total with no related allowance recorded
|
3,958
|
7
|
6,835
|
211
|
||||||||||||
|
||||||||||||||||
With an allowance recorded:
|
||||||||||||||||
C&I
|
10,113
|
—
|
181
|
6
|
||||||||||||
Total
|
$
|
14,071
|
$
|
7
|
$
|
7,016
|
$
|
217
|
(1) |
The recorded investment excludes accrued interest receivable and net deferred costs due to immateriality.
|
(2) |
Cash basis interest and interest income recognized on accrual basis approximate each other.
|
|
At June 30, 2020
|
|||||||||||||||||||||||||||
|
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
|
$
|
—
|
$
|
62
|
$
|
44
|
$
|
819
|
$
|
925
|
$
|
181,339
|
$
|
182,264
|
||||||||||||||
Multifamily residential and residential mixed-use
|
3,705
|
510
|
1,480
|
1,377
|
7,072
|
2,981,439
|
2,988,511
|
|||||||||||||||||||||
Commercial real estate and commercial mixed-use
|
1,990
|
—
|
2,167
|
3,003
|
7,160
|
1,496,860
|
1,504,020
|
|||||||||||||||||||||
ADC
|
—
|
—
|
—
|
—
|
—
|
136,606
|
136,606
|
|||||||||||||||||||||
Total real estate
|
5,695
|
572
|
3,691
|
5,199
|
15,157
|
4,796,244
|
4,811,401
|
|||||||||||||||||||||
C&I
|
—
|
—
|
—
|
10,176
|
10,176
|
621,342
|
631,518
|
|||||||||||||||||||||
Other
|
2
|
8
|
—
|
8
|
18
|
1,445
|
1,463
|
|||||||||||||||||||||
Total
|
$
|
5,697
|
$
|
580
|
$
|
3,691
|
$
|
15,383
|
$
|
25,351
|
$
|
5,419,031
|
$
|
5,444,382
|
(1) |
Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of June 30, 2020.
|
|
At December 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
|
$
|
417
|
$
|
—
|
$
|
—
|
$
|
794
|
$
|
1,211
|
$
|
147,218
|
$
|
148,429
|
||||||||||||||
Multifamily residential and residential mixed-use
|
214
|
—
|
1,169
|
153
|
1,536
|
3,383,839
|
3,385,375
|
|||||||||||||||||||||
Commercial real estate and commercial mixed-use
|
—
|
—
|
364
|
60
|
424
|
1,349,761
|
1,350,185
|
|||||||||||||||||||||
ADC
|
—
|
—
|
—
|
—
|
—
|
118,365
|
118,365
|
|||||||||||||||||||||
Total real estate
|
631
|
—
|
1,533
|
1,007
|
3,171
|
4,999,183
|
5,002,354
|
|||||||||||||||||||||
C&I
|
44
|
—
|
—
|
10,082
|
10,126
|
326,286
|
336,412
|
|||||||||||||||||||||
Other
|
6
|
1
|
—
|
2
|
9
|
1,763
|
1,772
|
|||||||||||||||||||||
Total
|
$
|
681
|
$
|
1
|
$
|
1,533
|
$
|
11,091
|
$
|
13,306
|
$
|
5,327,232
|
$
|
5,340,538
|
(1) |
Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2019.
|
|
Balance at June 30, 2020
|
|||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Real Estate:
|
||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
181,368
|
$
|
—
|
$
|
896
|
$
|
—
|
$
|
182,264
|
||||||||||
Multifamily residential and residential mixed-use
|
2,907,528
|
47,313
|
33,670
|
—
|
2,988,511
|
|||||||||||||||
Commercial real estate and commercial mixed-use
|
1,485,575
|
4,783
|
13,662
|
—
|
1,504,020
|
|||||||||||||||
ADC
|
136,606
|
—
|
—
|
—
|
136,606
|
|||||||||||||||
Total real estate
|
4,711,077
|
52,096
|
48,228
|
—
|
4,811,401
|
|||||||||||||||
C&I
|
618,214
|
2,058
|
1,164
|
10,082
|
631,518
|
|||||||||||||||
Total Real Estate and C&I
|
$
|
5,329,291
|
$
|
54,154
|
$
|
49,392
|
$
|
10,082
|
$
|
5,442,919
|
|
Balance at December 31, 2019
|
|||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Real Estate:
|
||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
147,635
|
$
|
—
|
$
|
794
|
$
|
—
|
$
|
148,429
|
||||||||||
Multifamily residential and residential mixed-use
|
3,319,226
|
14,606
|
51,543
|
—
|
3,385,375
|
|||||||||||||||
Commercial real estate and commercial mixed-use
|
1,334,518
|
4,840
|
10,827
|
—
|
1,350,185
|
|||||||||||||||
ADC
|
118,365
|
—
|
—
|
—
|
118,365
|
|||||||||||||||
Total real estate
|
4,919,744
|
19,446
|
63,164
|
—
|
5,002,354
|
|||||||||||||||
C&I
|
325,296
|
1,034
|
—
|
10,082
|
336,412
|
|||||||||||||||
Total Real Estate and C&I
|
$
|
5,245,040
|
$
|
20,480
|
$
|
63,164
|
$
|
10,082
|
$
|
5,338,766
|
|
Balance at
|
|||||||
|
June 30, 2020
|
December 31, 2019
|
||||||
Performing
|
$
|
1,455
|
$
|
1,770
|
||||
Non-accrual
|
8
|
2
|
||||||
Total
|
$
|
1,463
|
$
|
1,772
|
8. |
LEASES
|
|
Rent to be Capitalized
|
|||
2020
|
$
|
3,501
|
||
2021
|
7,030
|
|||
2022
|
6,829
|
|||
2023
|
5,870
|
|||
2024
|
5,985
|
|||
Thereafter
|
19,108
|
|||
Total undiscounted lease payments
|
48,323
|
|||
Less amounts representing interest
|
5,590
|
|||
Lease liability
|
$
|
42,733
|
|
For Three Months Ended
June 30,
|
For Six Months Ended
June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Operating lease cost
|
$
|
1,628
|
$
|
1,621
|
$
|
3,231
|
$
|
3,241
|
|
At June 30,
|
|||||||
|
2020
|
2019
|
||||||
Weighted average remaining lease term
|
7.7 years
|
8.5 years
|
||||||
Cash paid for amounts included in the measurement of operating lease liabilities
|
$
|
3,550
|
$
|
3,433
|
||||
Weighted average discount rate
|
3.23
|
%
|
3.25
|
%
|
9. |
DERIVATIVES AND HEDGING ACTIVITIES
|
|
At June 30, 2020
|
At December 31, 2019
|
||||||||||||||||||||||||||||||
|
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
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
7
|
$
|
130,000
|
$
|
1,081
|
$
|
—
|
||||||||||||||||||
Interest rate swaps related to FHLBNY advances
|
38
|
$
|
750,000
|
$
|
—
|
$
|
30,504
|
19
|
$
|
315,000
|
$
|
—
|
$
|
7,718
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Amount of loss recognized in other comprehensive income
|
$
|
(4,617
|
)
|
$
|
(5,745
|
)
|
$
|
(25,198
|
)
|
$
|
(8,673
|
)
|
||||
Amount of gain (loss) reclassified from other comprehensive income into interest expense
|
(1,156
|
)
|
332
|
(1,360
|
)
|
688
|
|
At June 30, 2020
|
|||||||||||||||
|
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value
Liabilities
|
||||||||||||
Included in other assets/(liabilities):
|
||||||||||||||||
Loan level interest rate swaps with borrower
|
30
|
$
|
277,792
|
$
|
20,019
|
$
|
—
|
|||||||||
Loan level interest rate floors with borrower
|
7
|
94,492
|
—
|
1,544
|
||||||||||||
Loan level interest rate swaps with third-party counterparties
|
30
|
277,792
|
—
|
20,019
|
||||||||||||
Loan level interest rate floors with third-party counterparties
|
7
|
94,492
|
1,544
|
—
|
|
At December 31, 2019
|
|||||||||||||||
|
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value
Liabilities
|
||||||||||||
Included in other assets/(liabilities):
|
||||||||||||||||
Loan level interest rate swaps with borrower
|
7
|
$
|
61,038
|
$
|
$1,347
|
$
|
—
|
|||||||||
Loan level interest rate swaps with borrower
|
1
|
7,205
|
—
|
15
|
||||||||||||
Loan level interest rate swaps with third-party counterparties
|
7
|
61,038
|
—
|
1,347
|
||||||||||||
Loan level interest rate swaps with third-party counterparties
|
1
|
7,205
|
15
|
—
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Loan level derivative income
|
$
|
2,494
|
$
|
291
|
$
|
3,657
|
$
|
291
|
10. |
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
|
Fair Value Measurements
at June 30, 2020 Using
|
|||||||||||||||
|
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
||||||||||||
Financial Assets
|
||||||||||||||||
Marketable equity securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic equity mutual funds
|
$
|
1,503
|
$
|
1,503
|
$
|
—
|
$
|
—
|
||||||||
International equity mutual funds
|
385
|
385
|
—
|
—
|
||||||||||||
Fixed income mutual funds
|
3,819
|
3,819
|
—
|
—
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
Agency Notes
|
35,008
|
—
|
35,008
|
—
|
||||||||||||
Corporate Securities
|
42,720
|
—
|
42,720
|
—
|
||||||||||||
Pass-through MBS issued by GSEs
|
191,802
|
—
|
191,802
|
—
|
||||||||||||
Agency CMOs
|
272,477
|
—
|
272,477
|
—
|
||||||||||||
Derivative – freestanding derivatives, net
|
18,475
|
—
|
18,475
|
—
|
||||||||||||
|
||||||||||||||||
Financial Liabilities
|
||||||||||||||||
Derivative – cash flow hedges
|
30,504
|
—
|
30,504
|
—
|
||||||||||||
Derivative – freestanding derivatives, net
|
18,475
|
—
|
18,475
|
—
|
|
Fair Value Measurements
at December 31, 2019 Using
|
|||||||||||||||
|
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
||||||||||||
Financial Assets
|
||||||||||||||||
Marketable equity securities (Registered Mutual Funds)
|
||||||||||||||||
Domestic equity mutual funds
|
$
|
1,657
|
$
|
1,657
|
$
|
—
|
$
|
—
|
||||||||
International equity mutual funds
|
420
|
420
|
—
|
—
|
||||||||||||
Fixed income mutual funds
|
3,817
|
3,817
|
—
|
—
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
Agency Notes
|
19,935
|
—
|
19,935
|
—
|
||||||||||||
Corporate Securities
|
28,596
|
—
|
28,596
|
—
|
||||||||||||
Pass-through MBS issued by GSEs
|
247,483
|
—
|
247,483
|
—
|
||||||||||||
Agency CMOs
|
254,981
|
—
|
254,981
|
—
|
||||||||||||
Derivative – cash flow hedges
|
1,081
|
—
|
1,081
|
—
|
||||||||||||
Derivative – freestanding derivatives
|
1,362
|
—
|
1,362
|
—
|
||||||||||||
|
||||||||||||||||
Financial Liabilities
|
||||||||||||||||
Derivative – cash flow hedges
|
7,718
|
—
|
7,718
|
—
|
||||||||||||
Derivative – freestanding derivatives
|
1,362
|
—
|
1,362
|
—
|
|
Fair Value Measurements
at June 30, 2020 Using
|
|||||||||||||||||||
|
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
|||||||||||||||
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
117,013
|
$
|
117,013
|
$
|
—
|
$
|
—
|
$
|
117,013
|
||||||||||
Loans, net
|
5,401,890
|
—
|
—
|
5,413,499
|
5,413,499
|
|||||||||||||||
Accrued interest receivable
|
27,506
|
—
|
1,559
|
25,947
|
27,506
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Savings, money market and checking accounts
|
3,044,858
|
3,044,858
|
—
|
—
|
3,044,858
|
|||||||||||||||
Certificates of Deposits (“CDs”)
|
1,393,554
|
—
|
1,400,677
|
—
|
1,400,677
|
|||||||||||||||
Escrow and other deposits
|
87,646
|
87,646
|
—
|
—
|
87,646
|
|||||||||||||||
FHLBNY Advances
|
1,017,300
|
—
|
1,026,525
|
—
|
1,026,525
|
|||||||||||||||
Subordinated debt, net
|
113,979
|
—
|
109,379
|
—
|
109,379
|
|||||||||||||||
Accrued interest payable
|
1,961
|
—
|
1,961
|
—
|
1,961
|
|
Fair Value Measurements
at December 31, 2019 Using
|
|||||||||||||||||||
|
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
|||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
155,488
|
$
|
155,488
|
$
|
—
|
$
|
—
|
$
|
155,488
|
||||||||||
Loans, net
|
5,312,097
|
—
|
—
|
5,301,708
|
5,301,708
|
|||||||||||||||
Accrued interest receivable
|
18,891
|
—
|
1,674
|
17,217
|
18,891
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Savings, money market and checking accounts
|
2,709,756
|
2,709,756
|
—
|
—
|
2,709,756
|
|||||||||||||||
CDs
|
1,572,869
|
—
|
1,576,706
|
—
|
1,576,706
|
|||||||||||||||
Escrow and other deposits
|
76,481
|
76,481
|
—
|
—
|
76,481
|
|||||||||||||||
FHLBNY Advances
|
1,092,250
|
—
|
1,093,964
|
—
|
1,093,964
|
|||||||||||||||
Subordinated debt, net
|
113,906
|
—
|
114,769
|
—
|
114,769
|
|||||||||||||||
Other borrowings
|
110,000
|
110,000
|
—
|
—
|
110,000
|
|||||||||||||||
Accrued interest payable
|
4,570
|
—
|
4,570
|
—
|
4,570
|
11. |
RETIREMENT AND POSTRETIREMENT PLANS
|
|
Three Months Ended June 30,
|
|||||||||||||||
|
2020
|
2019
|
||||||||||||||
|
BMP, Employee and
Outside Director
Retirement Plans
|
Postretirement
Plan
|
BMP, Employee and
Outside Director
Retirement Plans
|
Postretirement
Plan
|
||||||||||||
|
||||||||||||||||
Service cost
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Interest cost
|
241
|
10
|
312
|
13
|
||||||||||||
Expected return on assets
|
(428
|
)
|
—
|
(382
|
)
|
—
|
||||||||||
Unrecognized past service liability
|
—
|
(2
|
)
|
—
|
(2
|
)
|
||||||||||
Amortization of unrealized loss (gain)
|
274
|
—
|
243
|
(3
|
)
|
|||||||||||
Net periodic cost
|
$
|
87
|
$
|
8
|
$
|
173
|
$
|
8
|
|
Six Months Ended June 30,
|
|||||||||||||||
|
2020
|
2019
|
||||||||||||||
|
BMP, Employee and
Outside Director
Retirement Plans
|
Postretirement
Plan
|
BMP, Employee and
Outside Director
Retirement Plans
|
Postretirement
Plan
|
||||||||||||
|
||||||||||||||||
Service cost
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Interest cost
|
482
|
20
|
625
|
27
|
||||||||||||
Expected return on assets
|
(856
|
)
|
—
|
(764
|
)
|
—
|
||||||||||
Unrecognized past service liability
|
—
|
(4
|
)
|
—
|
(4
|
)
|
||||||||||
Amortization of unrealized loss (gain)
|
548
|
—
|
486
|
(6
|
)
|
|||||||||||
Net periodic cost
|
$
|
174
|
$
|
16
|
$
|
347
|
$
|
17
|
Planned Contributions/Benefit
|
Actual Contributions/Benefit Payments for the
|
|||||||||||
|
Payments for the Year Ended
December 31, 2020
|
Three Months Ended
June 30, 2020
|
Six Months Ended
June 30, 2020
|
|||||||||
|
||||||||||||
Employee Retirement Plan
|
$
|
58
|
$
|
—
|
$
|
—
|
||||||
Outside Director Retirement Plan
|
263
|
56
|
112
|
|||||||||
Post Retirement Plan
|
109
|
137
|
274
|
|||||||||
BMP
|
569
|
57
|
95
|
12. |
STOCK-BASED COMPENSATION
|
|
Number of
Options
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contractual Years
|
Aggregate
Intrinsic Value
|
||||||||||||
Options outstanding at January 1, 2020
|
42,031
|
$
|
14.63
|
|||||||||||||
Options granted
|
—
|
—
|
||||||||||||||
Options expired
|
(4,077
|
)
|
12.75
|
|||||||||||||
Options exercised
|
(3,044
|
)
|
12.75
|
|||||||||||||
Options outstanding at June 30, 2020
|
34,910
|
$
|
15.01
|
1.1
|
$
|
—
|
||||||||||
Options vested and exercisable at June 30, 2020
|
34,910
|
$
|
15.01
|
1.1
|
$
|
—
|
|
For Three Months Ended June 30,
|
For Six Months Ended June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Cash received for option exercise cost
|
$
|
38
|
$
|
73
|
$
|
38
|
$
|
73
|
||||||||
Income tax benefit recognized on stock option exercises
|
—
|
18
|
—
|
18
|
||||||||||||
Intrinsic value of options exercised
|
8
|
103
|
8
|
103
|
|
Number of
Shares
|
Weighted-Average
Grant-Date
Fair Value
|
||||||
Unvested allocated shares outstanding at January 1, 2020
|
256,575
|
$
|
19.79
|
|||||
Shares granted
|
120,478
|
13.93
|
||||||
Shares vested
|
(63,161
|
)
|
19.80
|
|||||
Shares forfeited
|
(36,283
|
)
|
17.93
|
|||||
Unvested allocated shares at June 30, 2020
|
277,609
|
$
|
17.49
|
|
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Compensation expense recognized
|
$
|
406
|
$
|
354
|
$
|
867
|
$
|
643
|
||||||||
Income tax benefit (expense) recognized on vesting of RSA
|
(61
|
)
|
7
|
(57
|
)
|
10
|
|
Number of
Shares
|
Weighted-Average
Grant-Date
Fair Value
|
||||||
Maximum aggregate share payout at January 1, 2020
|
214,948
|
$
|
18.96
|
|||||
Shares granted
|
102,080
|
9.96
|
||||||
Shares vested
|
—
|
—
|
||||||
Shares forfeited
|
(61,525
|
)
|
15.22
|
|||||
Maximum aggregate share payout at June 30, 2020
|
255,503
|
$
|
14.87
|
|||||
Minimum aggregate share payout
|
—
|
—
|
||||||
Expected aggregate share payout
|
147,697
|
$
|
13.75
|
|
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Compensation expense recognized
|
$
|
(3
|
)
|
$
|
155
|
$
|
152
|
$
|
81
|
|||||||
Income tax benefit recognized on vesting of LTIP
|
—
|
7
|
—
|
10
|
|
Number of
Shares
|
Weighted-Average
Grant-Date
Fair Value
|
||||||
Maximum aggregate share payout at January 1, 2020
|
19,396
|
$
|
19.15
|
|||||
Shares granted
|
72,291
|
13.32
|
||||||
Shares vested
|
(10,144
|
)
|
19.14
|
|||||
Shares forfeited
|
(2,208
|
)
|
19.14
|
|||||
Maximum aggregate share payout at June 30, 2020
|
79,335
|
$
|
13.83
|
|||||
Minimum aggregate share payout
|
—
|
—
|
||||||
Expected aggregate share payout
|
79,335
|
$
|
13.83
|
|
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
Compensation expense recognized
|
$
|
75
|
$
|
(19
|
)
|
$
|
130
|
$
|
51
|
|||||||
Income tax (espense) recognized on vesting of awards
|
(49
|
)
|
—
|
(43
|
)
|
—
|
13. |
INCOME TAXES
|
14. |
SUBSEQUENT EVENTS
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Direct Subsidiaries of the Bank
|
Year/ State of
Incorporation
|
Primary Business Activities
|
Boulevard Funding Corp.
|
1981 / New York
|
Management and ownership of real estate.
|
DSBW Preferred Funding Corp.
|
1998 / Delaware
|
Real Estate Investment Trust investing in multifamily
residential and commercial real estate loans.
|
DSBW Residential Preferred Funding Corp.
|
1998 / Delaware
|
Real Estate Investment Trust investing in one-to-four
family residential loans.
|
Dime Insurance Agency Inc. (f/k/a Havemeyer Investments, Inc.)
|
1997 / New York
|
Sale of non-FDIC insured investment products.
|
Dime Reinvestment Corporation
|
2004 / Delaware
|
Community Development Entity. Currently inactive.
|
195 Havemeyer Corp.
|
2008 / New York
|
Management and ownership of real estate. Currently inactive.
|
DSB Holdings NY, LLC
|
2015 / New York
|
Management and ownership of real estate. Currently inactive.
|
• |
On March 3, 2020, the Federal Reserve reduced the target federal funds rate by 50 basis points, followed by an additional reduction of 100 basis points on March 16, 2020. These reductions in interest rates may adversely affect the Company’s financial condition and results of operations.
|
• |
The Company’s interest income could be reduced due to COVID-19. In adherence with guidance from regulators, the Company is actively working with COVID-19 affected borrowers to defer their interest and /or principal payments. While interest is expected to still accrue to income during the deferral period, should deterioration in the financial condition of the borrowers that would not support ultimate repayment of interest emerge, interest income accrued would need to be reversed. In such a scenario, interest income in future periods could be negatively impacted.
|
• |
The Company’s fee income could be reduced due to COVID-19. In keeping with guidance from regulators, the Company is actively working with COVID-19 affected customers to waive fees from a variety of sources, such as, but not limited to, insufficient funds and overdraft fees, ATM fees, account maintenance fees, etc. These reductions in fees are thought, at this time, to be temporary in conjunction with the length of the expected COVID-19 related economic crisis.
|
• |
The Company’s operating expenses could increase due to additional expenditures for salaries in effort to compensate employees who are working in the front lines of retail operations, supporting a remote work environment, information technology and cybersecurity costs, and facility maintenance and cleaning costs.
|
|
At or For the Three
Months Ended
June 30,
|
At or For the Six Months
Ended
June 30,
|
||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Per Share Data:
|
||||||||||||||||
EPS (Diluted)
|
$
|
0.35
|
$
|
0.36
|
$
|
0.59
|
$
|
0.68
|
||||||||
Cash dividends paid per share
|
0.14
|
0.14
|
0.28
|
0.28
|
||||||||||||
Book value per share
|
17.07
|
16.96
|
17.07
|
16.96
|
||||||||||||
Dividend Payout Ratio
|
40.00
|
%
|
38.89
|
%
|
47.46
|
%
|
41.18
|
%
|
||||||||
Performance and Other Selected Ratios:
|
||||||||||||||||
Return on average assets
|
0.81
|
%
|
0.82
|
%
|
0.68
|
%
|
0.77
|
%
|
||||||||
Return on average common equity
|
7.96
|
8.59
|
6.68
|
8.10
|
||||||||||||
Net interest spread
|
2.61
|
2.08
|
2.53
|
2.05
|
||||||||||||
Net interest margin
|
2.86
|
2.38
|
2.79
|
2.35
|
||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
124.97
|
119.47
|
122.94
|
118.80
|
||||||||||||
Non-interest expense to average assets
|
1.84
|
1.40
|
1.76
|
1.39
|
||||||||||||
Efficiency Ratio
|
60.67
|
56.83
|
59.18
|
57.80
|
||||||||||||
Loan-to-Deposit ratio at end of period
|
122.67
|
124.71
|
122.67
|
124.71
|
||||||||||||
Effective tax rate
|
21.59
|
25.42
|
21.60
|
25.17
|
||||||||||||
Asset Quality Summary:
|
||||||||||||||||
Non-performing loans (1)
|
$
|
15,383
|
$
|
2,538
|
$
|
15,383
|
$
|
2,538
|
||||||||
Non-performing assets
|
15,383
|
2,538
|
15,383
|
2,538
|
||||||||||||
Net charge-offs
|
31
|
358
|
21
|
520
|
||||||||||||
Non-performing assets/Total assets
|
0.24
|
%
|
0.04
|
%
|
0.24
|
%
|
0.04
|
%
|
||||||||
Non-performing loans/Total loans
|
0.28
|
0.05
|
0.28
|
0.05
|
||||||||||||
Allowance for loan loss/Total loans
|
0.78
|
0.38
|
0.78
|
0.38
|
||||||||||||
Allowance for loan loss/Non-performing loans
|
276.23
|
832.70
|
276.23
|
832.70
|
(1) |
Non-performing loans are defined as all loans on non-accrual status.
|
|
Actual Ratios at June 30, 2020
|
|||||||||||||||
Bank
|
Consolidated
Company
|
Basel III
Minimum
Requirement
|
To Be
Categorized as
“Well
Capitalized” (1)
|
|||||||||||||
Tier 1 common equity ratio
|
13.10
|
%
|
10.79
|
%
|
4.5
|
%
|
6.5
|
%
|
||||||||
Tier 1 risk-based based capital ratio
|
13.10
|
13.20
|
6.0
|
8.0
|
||||||||||||
Total risk-based based capital ratio
|
13.99
|
16.45
|
8.0
|
10.0
|
||||||||||||
Tier 1 leverage ratio
|
9.98
|
10.11
|
4.0
|
5.0
|
(1) |
Only the Bank is subject to these requirements.
|
|
Less than
One Year
|
One Year to
Three Years
|
Over Three
Years to
Five Years
|
Over Five
Years
|
Total
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Credit Commitments:
|
||||||||||||||||||||
Available lines of credit
|
$
|
160,901
|
$
|
65,938
|
$
|
—
|
$
|
—
|
$
|
226,839
|
||||||||||
Other loan commitments
|
131,706
|
—
|
—
|
—
|
131,706
|
|||||||||||||||
Stand-by letters of credit
|
1,753
|
—
|
—
|
—
|
1,753
|
|||||||||||||||
Total Off-Balance Sheet Arrangements
|
$
|
294,360
|
$
|
65,938
|
$
|
—
|
$
|
—
|
$
|
360,298
|
|
June 30, 2020
|
|||||||
Number
of Loans
|
Balance
|
|||||||
(Dollars in thousands)
|
||||||||
One-to-four family residential, including condominium and cooperative apartment
|
19
|
$
|
23,824
|
|||||
Multifamily residential and residential mixed-use real estate
|
126
|
544,197
|
||||||
Commercial real estate and commercial mixed-use
|
103
|
335,597
|
||||||
C&I
|
6
|
12,644
|
||||||
Total
|
254
|
$
|
916,262
|
|
June 30, 2020
|
December 31, 2019
|
June 30, 2019
|
|||||||||
(Dollars in thousands)
|
||||||||||||
Non-accrual loans (1):
|
||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
819
|
$
|
794
|
$
|
832
|
||||||
Multifamily residential and residential mixed-use real estate
|
1,377
|
153
|
428
|
|||||||||
Commercial real estate and commercial mixed-use
|
3,003
|
60
|
1,274
|
|||||||||
C&I
|
10,176
|
10,082
|
—
|
|||||||||
Other
|
2
|
2
|
4
|
|||||||||
Total non-accrual loans
|
15,377
|
11,091
|
2,538
|
|||||||||
Non-accrual one-to-four family residential and other loans deemed homogeneous loans
|
(821
|
)
|
(796
|
)
|
(836
|
)
|
||||||
TDRs:
|
||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
—
|
—
|
11
|
|||||||||
Multifamily residential and residential mixed-use real estate
|
—
|
—
|
252
|
|||||||||
Commercial real estate and commercial mixed-use
|
—
|
—
|
4,037
|
|||||||||
Total TDRs
|
—
|
—
|
4,300
|
|||||||||
Impaired loans
|
$
|
14,556
|
$
|
10,295
|
$
|
6,002
|
||||||
Ratios:
|
||||||||||||
Total non-accrual loans to total loans
|
0.28
|
%
|
0.21
|
%
|
0.05
|
%
|
||||||
Total non-performing assets to total assets(2)
|
0.24
|
0.17
|
0.04
|
(1) |
There were no non-accruing TDRs for the periods indicated.
|
(2) |
Non-performing assets includes non-accrual loans.
|
● |
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
|
|
June 30, 2020
|
December 31, 2019
|
June 30, 2019
|
|||||||||
(Dollars in Thousands)
|
||||||||||||
Impaired loans
|
$
|
10,129
|
$
|
10,082
|
$
|
—
|
||||||
Non-impaired loans:
|
||||||||||||
Real estate loans
|
28,973
|
15,555
|
16,850
|
|||||||||
C&I loans
|
3,373
|
2,788
|
4,267
|
|||||||||
Consumer loans
|
17
|
16
|
17
|
|||||||||
Total
|
$
|
42,492
|
$
|
28,441
|
$
|
21,134
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/Cost
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
|||||||||||||||||||
Assets:
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
4,867,970
|
$
|
49,058
|
4.03
|
%
|
$
|
5,201,395
|
$
|
50,811
|
3.91
|
%
|
||||||||||||
C&I loans
|
518,999
|
5,071
|
3.91
|
289,843
|
4,134
|
5.71
|
||||||||||||||||||
Other loans
|
870
|
13
|
5.98
|
1,217
|
18
|
5.92
|
||||||||||||||||||
MBS and CMO securities
|
468,705
|
3,064
|
2.61
|
423,387
|
2,961
|
2.80
|
||||||||||||||||||
Investment securities
|
65,155
|
582
|
3.57
|
64,488
|
570
|
3.54
|
||||||||||||||||||
Other short-term investments
|
169,846
|
846
|
1.99
|
154,180
|
1,457
|
3.78
|
||||||||||||||||||
Total interest-earning assets
|
6,091,545
|
58,634
|
3.85
|
%
|
6,134,510
|
59,951
|
3.91
|
%
|
||||||||||||||||
Non-interest earning assets
|
298,223
|
256,966
|
||||||||||||||||||||||
Total assets
|
$
|
6,389,768
|
$
|
6,391,476
|
||||||||||||||||||||
Liabilities and Stockholders’ Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest-bearing checking accounts
|
$
|
222,694
|
$
|
212
|
0.38
|
%
|
$
|
125,041
|
$
|
91
|
0.29
|
%
|
||||||||||||
Money Market accounts
|
1,656,394
|
2,495
|
0.61
|
1,908,737
|
7,397
|
1.55
|
||||||||||||||||||
Savings accounts
|
404,389
|
305
|
0.30
|
327,312
|
46
|
0.06
|
||||||||||||||||||
CDs
|
1,511,598
|
6,688
|
1.78
|
1,595,849
|
8,737
|
2.20
|
||||||||||||||||||
Total interest-bearing deposits
|
3,795,075
|
9,700
|
1.03
|
3,956,939
|
16,271
|
1.65
|
||||||||||||||||||
FHLBNY Advances
|
962,657
|
4,047
|
1.69
|
1,050,824
|
5,756
|
2.20
|
||||||||||||||||||
Subordinated notes
|
113,955
|
1,330
|
4.69
|
113,808
|
1,330
|
4.69
|
||||||||||||||||||
Other borrowings
|
2,747
|
1
|
0.15
|
13,308
|
65
|
2.71
|
||||||||||||||||||
Borrowed funds
|
1,079,359
|
5,378
|
2.00
|
1,177,940
|
7,176
|
2.44
|
||||||||||||||||||
Total interest-bearing liabilities
|
4,874,434
|
15,078
|
1.24
|
%
|
5,134,879
|
23,447
|
1.83
|
%
|
||||||||||||||||
Non-interest-bearing checking accounts
|
618,107
|
422,060
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
245,908
|
227,385
|
||||||||||||||||||||||
Total liabilities
|
5,738,449
|
5,784,324
|
||||||||||||||||||||||
Stockholders’ equity
|
651,319
|
607,152
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
6,389,768
|
$
|
6,391,476
|
||||||||||||||||||||
Net interest income
|
$
|
43,556
|
$
|
36,504
|
||||||||||||||||||||
Net interest spread
|
2.61
|
%
|
2.08
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
1,217,111
|
$
|
999,631
|
||||||||||||||||||||
Net interest margin
|
2.86
|
%
|
2.38
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
124.97
|
%
|
119.47
|
%
|
||||||||||||||||||||
Deposits
|
$
|
4,413,182
|
$
|
9,700
|
0.88
|
%
|
$
|
4,378,999
|
$
|
16,271
|
1.49
|
%
|
|
Three Months Ended June 30, 2020
Compared to Three Months Ended
June 30, 2019
Increase/ (Decrease) Due to:
|
|||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real estate loans
|
$
|
(3,285
|
)
|
$
|
1,532
|
$
|
(1,753
|
)
|
||||
C&I loans
|
2,755
|
(1,818
|
)
|
937
|
||||||||
Other loans
|
(5
|
)
|
—
|
(5
|
)
|
|||||||
MBS and CMO securities
|
311
|
(208
|
)
|
103
|
||||||||
Investment securities
|
7
|
5
|
12
|
|||||||||
Other
|
114
|
(725
|
)
|
(611
|
)
|
|||||||
Total
|
$
|
(103
|
)
|
$
|
(1,214
|
)
|
$
|
(1,317
|
)
|
|||
Interest-bearing liabilities:
|
||||||||||||
Interest-bearing checking accounts
|
$
|
82
|
$
|
39
|
$
|
121
|
||||||
Money market accounts
|
(708
|
)
|
(4,194
|
)
|
(4,902
|
)
|
||||||
Savings accounts
|
38
|
221
|
259
|
|||||||||
CDs
|
(421
|
)
|
(1,628
|
)
|
(2,049
|
)
|
||||||
FHLBNY Advances
|
(430
|
)
|
(1,279
|
)
|
(1,709
|
)
|
||||||
Subordinated notes
|
1
|
(1
|
)
|
—
|
||||||||
Other borrowings
|
(38
|
)
|
(51
|
)
|
(89
|
)
|
||||||
Total
|
$
|
(1,476
|
)
|
$
|
(6,893
|
)
|
$
|
(8,369
|
)
|
|||
Net change in net interest income
|
$
|
1,373
|
$
|
5,679
|
$
|
7,052
|
|
Six Months Ended June 30,
|
|||||||||||||||||||||||
2020
|
2019
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/Cost
|
Average
Balance
|
Interest
|
Average
Yield/Cost
|
|||||||||||||||||||
Assets:
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
4,911,181
|
$
|
99,175
|
4.04
|
%
|
$
|
5,198,673
|
$
|
99,988
|
3.85
|
%
|
||||||||||||
C&I loans
|
423,326
|
9,116
|
4.31
|
269,055
|
7,570
|
5.63
|
||||||||||||||||||
Other loans
|
1,157
|
28
|
4.84
|
1,150
|
36
|
6.26
|
||||||||||||||||||
MBS and CMO
|
477,714
|
6,369
|
2.67
|
443,845
|
6,158
|
2.77
|
||||||||||||||||||
Investment securities
|
56,108
|
1,003
|
3.58
|
55,833
|
990
|
3.55
|
||||||||||||||||||
Other
|
150,970
|
1,848
|
2.45
|
154,346
|
2,904
|
3.76
|
||||||||||||||||||
Total interest-earning assets
|
6,020,454
|
117,539
|
3.90
|
%
|
6,122,902
|
$
|
117,646
|
3.84
|
%
|
|||||||||||||||
Non-interest earning assets
|
278,405
|
254,885
|
||||||||||||||||||||||
Total assets
|
$
|
6,298,859
|
$
|
6,377,787
|
||||||||||||||||||||
Liabilities and Stockholders’ Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest-bearing checking accounts
|
$
|
190,861
|
$
|
299
|
0.31
|
%
|
$
|
120,141
|
$
|
114
|
0.19
|
%
|
||||||||||||
Money Market accounts
|
1,618,587
|
6,081
|
0.75
|
1,969,266
|
15,037
|
1.54
|
||||||||||||||||||
Savings accounts
|
394,079
|
672
|
0.34
|
329,487
|
90
|
0.06
|
||||||||||||||||||
CDs
|
1,549,074
|
14,574
|
1.89
|
1,531,144
|
16,047
|
2.11
|
||||||||||||||||||
Total interest-bearing deposits
|
3,752,600
|
21,626
|
1.16
|
3,950,038
|
31,288
|
1.60
|
||||||||||||||||||
FHLBNY advances
|
1,024,105
|
9,131
|
1.79
|
1,078,177
|
11,713
|
2.19
|
||||||||||||||||||
Subordinated notes
|
113,937
|
2,661
|
4.68
|
113,790
|
2,661
|
4.72
|
||||||||||||||||||
Other borrowings
|
6,319
|
41
|
1.30
|
11,807
|
156
|
2.66
|
||||||||||||||||||
Borrowed funds
|
1,144,360
|
11,833
|
2.07
|
1,203,774
|
14,530
|
2.43
|
||||||||||||||||||
Total interest-bearing liabilities
|
4,896,960
|
33,459
|
1.37
|
%
|
5,153,812
|
$
|
45,818
|
1.79
|
%
|
|||||||||||||||
Non-interest-bearing checking accounts
|
542,788
|
409,984
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
219,780
|
208,378
|
||||||||||||||||||||||
Total liabilities
|
5,659,527
|
5,772,174
|
||||||||||||||||||||||
Stockholders’ equity
|
639,332
|
605,613
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
6,298,859
|
$
|
6,377,787
|
||||||||||||||||||||
Net interest income
|
$
|
84,080
|
$
|
71,828
|
||||||||||||||||||||
Net interest spread
|
2.53
|
%
|
2.05
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
1,123,495
|
$
|
969,090
|
||||||||||||||||||||
Net interest margin
|
2.79
|
%
|
2.35
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
122.94
|
%
|
118.80
|
%
|
||||||||||||||||||||
Deposits
|
$
|
4,295,387
|
$
|
21,626
|
1.01
|
%
|
$
|
4,360,022
|
$
|
31,288
|
1.45
|
%
|
|
Six Months Ended June 30, 2020
Compared to Six Months Ended
June 30, 2019
Increase/ (Decrease) Due to:
|
|||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real estate loans
|
$
|
(5,641
|
)
|
$
|
4,828
|
$
|
(813
|
)
|
||||
C&I loans
|
3,831
|
(2,285
|
)
|
1,546
|
||||||||
Other loans
|
—
|
(8
|
)
|
(8
|
)
|
|||||||
MBS and CMO
|
452
|
(241
|
)
|
211
|
||||||||
Investment securities
|
5
|
8
|
13
|
|||||||||
Other
|
(55
|
)
|
(1,001
|
)
|
(1,056
|
)
|
||||||
Total
|
$
|
(1,408
|
)
|
$
|
1,301
|
$
|
(107
|
)
|
||||
Interest-bearing liabilities:
|
||||||||||||
Interest-bearing checking accounts
|
$
|
90
|
$
|
95
|
$
|
185
|
||||||
Money market accounts
|
(1,946
|
)
|
(7,010
|
)
|
(8,956
|
)
|
||||||
Savings accounts
|
70
|
512
|
582
|
|||||||||
CDs
|
198
|
(1,671
|
)
|
(1,473
|
)
|
|||||||
FHLBNY advances
|
(512
|
)
|
(2,070
|
)
|
(2,582
|
)
|
||||||
Subordinated notes
|
13
|
(13
|
)
|
—
|
||||||||
Other borrowings
|
(54
|
)
|
(61
|
)
|
(115
|
)
|
||||||
Total
|
$
|
(2,141
|
)
|
$
|
10,218
|
$
|
12,359
|
|||||
Net change in net interest income
|
$
|
733
|
$
|
11,519
|
$
|
12,252
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
|
At June 30, 2020
|
At December 31, 2019
|
||||||||||||||||||||||
EVE
|
Dollar
Change
|
Percentage
Change
|
EVE
|
Dollar
Change
|
Percentage
Change
|
|||||||||||||||||||
Rate Shock Scenario
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
+ 200 Basis Points
|
$
|
583,628
|
$
|
773
|
0.13
|
%
|
$
|
595,201
|
$
|
(41,682
|
)
|
(6.5
|
)%
|
|||||||||||
Pre-Shock Scenario
|
582,855
|
—
|
—
|
636,883
|
—
|
—
|
Gradual Change in Interest rates of:
|
Percentage Change in
Net Interest Income
|
|||
+ 200 Basis Points
|
(2.56
|
)%
|
||
+ 100 Basis Points
|
(1.35
|
)%
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
• |
the Company will be required to pay certain costs relating to the merger whether or not the merger is completed, such as legal, accounting, financial advisor, proxy solicitation and printing fees;
|
• |
under the merger agreement, the Company is subject to certain restrictions on the conduct of its business before completing the merger, which may adversely affect its ability to execute certain of its business strategies if the merger is terminated; and
|
• |
matters relating to the merger may require substantial commitments of time and resources by the Company’s management, which could otherwise have been devoted to other opportunities that may have been beneficial to the Company.
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
(a) |
Not applicable.
|
(b) |
Not applicable.
|
Period
|
Total
Number
of Shares
Purchased
|
Average
Price Paid
Per Share
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Programs
|
Maximum Number of
Shares that May Yet be
Purchased Under the
Programs (1) (2)
|
||||||||||||
April 2020
|
766,821
|
$
|
$15.04
|
766,821
|
827,648
|
|||||||||||
May 2020
|
—
|
—
|
—
|
827,648
|
||||||||||||
June 2020
|
208,243
|
$
|
13.07
|
208,243
|
619,405
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
Exhibit Number
|
|
|
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Transition Report on Form 10-K for the transition period ended December 31, 2002, filed with the SEC on March 28, 2003 (File No. 000-27782))
|
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on September 28, 2018 (File No. 000-27782))
|
|
Certificate of Designations, Preferences and Rights of 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-A Registration of Certain Classes of Securities pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934, filed with the Commission on February 5, 2020 (File No. 333-220175)
|
|
Form of Stock Certificate of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 4.3 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended September 30, 1998, filed with the SEC on September 28, 1998 (File No. 000-27782))
|
|
Indenture, dated as of September 13, 2017, by and between Dime Community Bancshares, Inc. and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on September 13, 2017 (File No. 000-27782))
|
|
First Supplemental Indenture, dated as of September 13, 2017, by and between Dime Community Bancshares, Inc. and Wilmington Trust, National Association, as Trustee, including the form of 4.50% fixed-to-floating rate subordinated debentures due 2027 (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on September 13, 2017 (File No. 000-27782))
|
|
Specimen Certificate for 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A (incorporated by reference to Exhibit 3.4 to the Registrant’s Form 8-A Registration of Certain Classes of Securities pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934, filed with the Commission on February 5, 2020 (File No. 333-220175))
|
|
Dime Community Bancshares, Inc. 2020 Equity Incentive Plan (incorporated by reference to Appendix 2 to the Registrant’s Definitive Proxy Statement filed with the Commission on April 15, 2020 (File No. 001-39211))
|
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350
|
|
101
|
Pursuant to Rule 405 of Regulation S-T, the following financial information from the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2020 is formatted in XBRL (Extensible Business Reporting Language) interactive data files: (i) the Consolidated Statements of Financial Condition (Unaudited), (ii) the Consolidated Statements of Income f(Unaudited), (iii) the Consolidated Statements of Comprehensive Income (Unaudited), (iv) the Consolidated Statements of Changes in Stockholders’ Equity (Unaudited), (v) the Consolidated Statements of Cash Flows (Unaudited), and (vi) the Notes to Unaudited Condensed Consolidated Financial Statements **
|
Dated: August 7, 2020
|
By:
|
/s/ KENNETH J. MAHON
|
|
|
|
Kenneth J. Mahon
|
|
|
|
Chief Executive Officer
|
|
Dated: August 7, 2020
|
By:
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/s/ AVINASH REDDY
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Avinash Reddy
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Senior Executive Vice President and Chief Financial Officer
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1 Year Dime Community Bancshares Chart |
1 Month Dime Community Bancshares Chart |
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