Price Graph
Price
Yield
These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large accelerated filer __
Non-accelerated filer
__
|
Accelerated filer
_
X
__
Smaller reporting company __
|
|
PAGE
|
||
|
Item 1.
|
|
(Dollars in thousands, except per share data)
|
September 30,
2013
|
December 31,
2012
|
||||||
|
ASSETS
|
||||||||
|
Cash and due from banks
|
$ | 40,328 | $ | 40,425 | ||||
|
Securities available for sale:
|
||||||||
|
Mortgage-backed securities ($12,004 and $24,911 at fair value pursuant to
the fair value option at September 30, 2013 and December 31, 2012, respectively)
|
785,210 | 720,113 | ||||||
|
Other securities ($29,491 and $29,577 at fair value pursuant to the fair
value option at September 30, 2013 and December 31, 2012 respectively)
|
273,344 | 229,453 | ||||||
|
Loans available for sale
|
5,485 | 5,313 | ||||||
| Loans: | ||||||||
|
Multi-family residential
|
1,684,277 | 1,534,438 | ||||||
|
Commercial real estate
|
516,314 | 515,438 | ||||||
|
One-to-four family ― mixed-use property
|
595,435 | 637,353 | ||||||
|
One-to-four family ― residential
|
196,659 | 198,968 | ||||||
|
Co-operative apartments
|
10,165 | 6,303 | ||||||
|
Construction
|
4,645 | 14,381 | ||||||
|
Small Business Administration
|
8,003 | 9,496 | ||||||
|
Taxi medallion
|
5,088 | 9,922 | ||||||
|
Commercial business and other
|
364,069 | 295,076 | ||||||
|
Net unamortized premiums and unearned loan fees
|
11,483 | 12,746 | ||||||
|
Allowance for loan losses
|
(30,816 | ) | (31,104 | ) | ||||
|
Net loans
|
3,365,322 | 3,203,017 | ||||||
|
Interest and dividends receivable
|
17,250 | 17,917 | ||||||
|
Bank premises and equipment, net
|
20,731 | 22,500 | ||||||
|
Federal Home Loan Bank of New York stock
|
46,003 | 42,337 | ||||||
|
Bank owned life insurance
|
108,762 | 106,244 | ||||||
|
Goodwill
|
16,127 | 16,127 | ||||||
|
Core deposit intangible
|
117 | 468 | ||||||
|
Other assets
|
53,586 | 47,502 | ||||||
|
Total assets
|
$ | 4,732,265 | $ | 4,451,416 | ||||
|
LIABILITIES
|
||||||||
|
Due to depositors:
|
||||||||
|
Non-interest bearing
|
$ | 180,661 | $ | 155,789 | ||||
|
Interest-bearing:
|
||||||||
|
Certificate of deposit accounts
|
1,242,317 | 1,253,229 | ||||||
|
Savings accounts
|
277,417 | 288,398 | ||||||
|
Money market accounts
|
191,247 | 148,618 | ||||||
|
NOW accounts
|
1,306,664 | 1,136,599 | ||||||
|
Total interest-bearing deposits
|
3,017,645 | 2,826,844 | ||||||
|
Mortgagors' escrow deposits
|
41,064 | 32,560 | ||||||
|
Borrowed funds ($26,465 and $23,922 at fair value pursuant to the fair
value option at September 30, 2013 and December 31, 2012, respectively)
|
852,931 | 763,105 | ||||||
|
Securities sold under agreements to repurchase
|
165,300 | 185,300 | ||||||
|
Other liabilities
|
47,652 | 45,453 | ||||||
|
Total liabilities
|
4,305,253 | 4,009,051 | ||||||
|
STOCKHOLDERS' EQUITY
|
||||||||
|
Preferred stock ($0.01 par value; 5,000,000 shares authorized; None issued)
|
- | - | ||||||
|
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595
shares issued at September 30, 2013 and December 31, 2012; 30,092,744
shares and 30,743,329 shares outstanding at September 30, 2013 and
December 31, 2012, respectively)
|
315 | 315 | ||||||
|
Additional paid-in capital
|
200,987 | 198,314 | ||||||
|
Treasury stock, at average cost (1,437,851 shares and 787,266 shares at
|
||||||||
|
September 30, 2013 and December 31, 2012, respectively)
|
(21,796 | ) | (10,257 | ) | ||||
|
Retained earnings
|
255,687 | 241,856 | ||||||
|
Accumulated other comprehensive income (loss), net of taxes
|
(8,181 | ) | 12,137 | |||||
|
Total stockholders' equity
|
427,012 | 442,365 | ||||||
|
Total liabilities and stockholders' equity
|
$ | 4,732,265 | $ | 4,451,416 | ||||
|
For the three months
ended September 30,
|
For the nine months
ended September 30 ,
|
|||||||||||||||
|
(Dollars in thousands, except per share data)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Interest and dividend income
|
||||||||||||||||
|
Interest and fees on loans
|
$ | 42,540 | $ | 44,857 | $ | 128,341 | $ | 137,540 | ||||||||
|
Interest and dividends on securities:
|
||||||||||||||||
|
Interest
|
7,135 | 8,120 | 21,263 | 23,796 | ||||||||||||
|
Dividends
|
163 | 191 | 574 | 603 | ||||||||||||
|
Other interest income
|
13 | 25 | 54 | 53 | ||||||||||||
|
Total interest and dividend income
|
49,851 | 53,193 | 150,232 | 161,992 | ||||||||||||
|
Interest expense
|
||||||||||||||||
|
Deposits
|
7,776 | 10,097 | 24,160 | 31,232 | ||||||||||||
|
Other interest expense
|
5,090 | 5,513 | 17,645 | 17,545 | ||||||||||||
|
Total interest expense
|
12,866 | 15,610 | 41,805 | 48,777 | ||||||||||||
|
Net interest income
|
36,985 | 37,583 | 108,427 | 113,215 | ||||||||||||
|
Provision for loan losses
|
3,435 | 5,000 | 12,935 | 16,000 | ||||||||||||
|
Net interest income after provision for loan losses
|
33,550 | 32,583 | 95,492 | 97,215 | ||||||||||||
|
Non-interest income
|
||||||||||||||||
|
Other-than-temporary impairment ("OTTI") charge
|
(1,622 | ) | - | (2,508 | ) | (4,102 | ) | |||||||||
|
Less: Non-credit portion of OTTI charge recorded in Other
Comprehensive Income, before taxes
|
706 | - | 1,089 | 3,326 | ||||||||||||
|
Net OTTI charge recognized in earnings
|
(916 | ) | - | (1,419 | ) | (776 | ) | |||||||||
|
Loan fee income
|
(71 | ) | 731 | 1,354 | 1,831 | |||||||||||
|
Banking services fee income
|
415 | 411 | 1,258 | 1,275 | ||||||||||||
|
Net gain on sale of loans
|
1 | 52 | 144 | 91 | ||||||||||||
|
Net gain from sale of securities
|
96 | 96 | 2,972 | 96 | ||||||||||||
|
Net gain (loss) from fair value adjustments
|
(190 | ) | 825 | (621 | ) | (185 | ) | |||||||||
|
Federal Home Loan Bank of New York stock dividends
|
399 | 390 | 1,214 | 1,113 | ||||||||||||
|
Bank owned life insurance
|
853 | 703 | 2,519 | 2,088 | ||||||||||||
|
Other income
|
358 | 305 | 1,071 | 966 | ||||||||||||
|
Total non-interest income
|
945 | 3,513 | 8,492 | 6,499 | ||||||||||||
|
Non-interest expense
|
||||||||||||||||
|
Salaries and employee benefits
|
10,716 | 10,725 | 33,910 | 32,223 | ||||||||||||
|
Occupancy and equipment
|
1,961 | 2,019 | 5,677 | 5,867 | ||||||||||||
|
Professional services
|
1,247 | 1,546 | 4,380 | 4,821 | ||||||||||||
|
FDIC deposit insurance
|
658 | 1,064 | 2,435 | 3,168 | ||||||||||||
|
Data processing
|
1,042 | 1,016 | 3,184 | 3,043 | ||||||||||||
|
Depreciation and amortization
|
737 | 810 | 2,238 | 2,429 | ||||||||||||
|
Other real estate owned/foreclosure expense
|
417 | 887 | 1,529 | 2,194 | ||||||||||||
|
Other operating expenses
|
2,272 | 2,676 | 8,329 | 8,773 | ||||||||||||
|
Total non-interest expense
|
19,050 | 20,743 | 61,682 | 62,518 | ||||||||||||
|
Income before income taxes
|
15,445 | 15,353 | 42,302 | 41,196 | ||||||||||||
|
Provision for income taxes
|
||||||||||||||||
|
Federal
|
4,593 | 4,543 | 12,717 | 12,403 | ||||||||||||
|
State and local
|
1,431 | 1,445 | 3,781 | 3,662 | ||||||||||||
|
Total taxes
|
6,024 | 5,988 | 16,498 | 16,065 | ||||||||||||
|
Net income
|
$ | 9,421 | $ | 9,365 | $ | 25,804 | $ | 25,131 | ||||||||
|
Basic earnings per common share
|
$ | 0.32 | $ | 0.31 | $ | 0.86 | $ | 0.83 | ||||||||
|
Diluted earnings per common share
|
$ | 0.32 | $ | 0.31 | $ | 0.86 | $ | 0.82 | ||||||||
|
Dividends per common share
|
$ | 0.13 | $ | 0.13 | $ | 0.39 | $ | 0.39 | ||||||||
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
|
(in thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Comprehensive Income
|
||||||||||||||||
|
Net income
|
$ | 9,421 | $ | 9,365 | $ | 25,804 | $ | 25,131 | ||||||||
|
Amortization of actuarial losses
|
174 | 149 | 522 | 447 | ||||||||||||
|
Amortization of prior service credits
|
(7 | ) | (6 | ) | (19 | ) | (19 | ) | ||||||||
|
OTTI charges included in income
|
516 | - | 799 | 437 | ||||||||||||
|
Reclassification adjustment for gains included in income
|
(54 | ) | (54 | ) | (1,673 | ) | (54 | ) | ||||||||
|
Unrealized gains (losses) on securities, net
|
(1,729 | ) | 5,034 | (19,947 | ) | 8,303 | ||||||||||
|
Comprehensive income
|
$ | 8,321 | $ | 14,488 | $ | 5,486 | $ | 34,245 | ||||||||
|
For the nine months ended
September 30,
|
||||||||
|
(Dollars in thousands)
|
2013
|
2012
|
||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
|
Net income
|
$ | 25,804 | $ | 25,131 | ||||
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||
|
Provision for loan losses
|
12,935 | 16,000 | ||||||
|
Depreciation and amortization of bank premises and equipment
|
2,238 | 2,429 | ||||||
|
Net gain on sale of loans
|
(144 | ) | (91 | ) | ||||
|
Net gain on sale of securities
|
(2,972 | ) | (96 | ) | ||||
|
Amortization of premium, net of accretion of discount
|
5,744 | 4,893 | ||||||
|
Net loss from fair value adjustments
|
621 | 185 | ||||||
|
OTTI charge recognized in earnings
|
1,419 | 776 | ||||||
|
Income from bank owned life insurance
|
(2,519 | ) | (2,088 | ) | ||||
|
Stock-based compensation expense
|
2,916 | 2,864 | ||||||
|
Deferred compensation
|
(410 | ) | (169 | ) | ||||
|
Amortization of core deposit intangibles
|
351 | 351 | ||||||
|
Excess tax benefit from stock-based payment arrangements
|
(339 | ) | (111 | ) | ||||
|
Deferred income tax provision (benefit)
|
148 | (592 | ) | |||||
|
Decrease in prepaid FDIC assessment
|
3,287 | 2,941 | ||||||
|
Increase in other liabilities
|
8,266 | 2,057 | ||||||
|
(Increase) decrease in other assets
|
(782 | ) | 1,964 | |||||
|
Net cash provided by operating activities
|
56,563 | 56,444 | ||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
|
Purchases of bank premises and equipment
|
(469 | ) | (906 | ) | ||||
|
Net purchase of Federal Home Loan Bank of New York shares
|
(3,666 | ) | (4,757 | ) | ||||
|
Purchases of securities available for sale
|
(380,326 | ) | (264,508 | ) | ||||
|
Proceeds from sales and call of securities available for sale
|
112,886 | 6,856 | ||||||
|
Proceeds from maturities and prepayments of securities available for sale
|
123,746 | 121,215 | ||||||
|
Net originations of loans
|
(201,627 | ) | (15,482 | ) | ||||
|
Purchases of loans
|
(452 | ) | (3,456 | ) | ||||
|
Proceeds from sale of real estate owned
|
3,408 | 1,261 | ||||||
|
Proceeds from sale of delinquent loans
|
25,217 | 33,092 | ||||||
|
Net cash used in investing activities
|
(321,283 | ) | (126,685 | ) | ||||
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
Net increase in non-interest bearing deposits
|
24,872 | 30,331 | ||||||
|
Net increase (decrease) in interest-bearing deposits
|
189,972 | (73,417 | ) | |||||
|
Net increase in mortgagors' escrow deposits
|
8,504 | 6,079 | ||||||
|
Net (repayments) proceeds from short-term borrowed funds
|
(43,000 | ) | 19,000 | |||||
|
Proceeds from long-term borrowings
|
199,346 | 162,518 | ||||||
|
Repayment of long-term borrowings
|
(89,911 | ) | (80,000 | ) | ||||
|
Purchases of treasury stock
|
(14,064 | ) | (2,955 | ) | ||||
|
Excess tax benefit from stock-based payment arrangements
|
339 | 111 | ||||||
|
Proceeds from issuance of common stock upon exercise of stock options
|
312 | 836 | ||||||
|
Cash dividends paid
|
(11,747 | ) | (11,885 | ) | ||||
|
Net cash provided by financing activities
|
264,623 | 50,618 | ||||||
|
Net decrease in cash and cash equivalents
|
(97 | ) | (19,623 | ) | ||||
|
Cash and cash equivalents, beginning of period
|
40,425 | 55,721 | ||||||
|
Cash and cash equivalents, end of period
|
$ | 40,328 | $ | 36,098 | ||||
|
SUPPLEMENTAL CASH FLOW DISCLOSURE
|
||||||||
|
Interest paid
|
$ | 40,944 | $ | 48,365 | ||||
|
Income taxes paid
|
11,996 | 15,520 | ||||||
|
Taxes paid if excess tax benefits were not tax deductible
|
12,335 | 15,631 | ||||||
|
Non-cash activities:
|
||||||||
|
Loans transferred to real estate owned
|
4,543 | 3,541 | ||||||
|
Loans provided for the sale of real estate owned
|
3,011 | 1,646 | ||||||
|
Loans held for investment transferred to held for sale
|
13,008 | 8,780 | ||||||
|
Loans held for sale transferred to held for investment
|
2,214 | - | ||||||
|
For the nine months ended
September 30,
|
||||||||
|
(Dollars in thousands, except per share data)
|
2013
|
2012
|
||||||
|
Common Stock
|
||||||||
|
Balance, beginning of period
|
$ | 315 | $ | 315 | ||||
|
No activity
|
- | - | ||||||
|
Balance, end of period
|
$ | 315 | $ | 315 | ||||
|
Additional Paid-In Capital
|
||||||||
|
Balance, beginning of period
|
$ | 198,314 | $ | 195,628 | ||||
|
Award of common shares released from Employee Benefit Trust (141,059 and 154,543
common shares for the nine months ended September 30, 2013 and 2012, respectively)
|
1,608 | 1,442 | ||||||
|
Shares issued upon vesting of restricted stock unit awards (120,014 and 113,272 common
shares for the nine months ended September 30, 2013 and 2012, respectively)
|
161 | 317 | ||||||
|
Issuance upon exercise of stock options (235,025 and 154,543 common shares for the
nine months ended September 30, 2013 and 2012, respectively)
|
849 | 160 | ||||||
|
Stock-based compensation activity, net
|
(284 | ) | 670 | |||||
|
Stock-based income tax benefit
|
339 | 111 | ||||||
|
Balance, end of period
|
$ | 200,987 | $ | 198,328 | ||||
|
Treasury Stock
|
||||||||
|
Balance, beginning of period
|
$ | (10,257 | ) | $ | (7,355 | ) | ||
|
Purchases of shares outstanding (836,092 and 181,000 common shares for the
nine months ended September 30, 2013, and 2012, respectively)
|
(13,152 | ) | (2,444 | ) | ||||
|
Shares issued upon vesting of restricted stock unit awards (176,656 and 142,222 common
shares for the nine months ended September 30, 2013 and 2012, respectively)
|
2,338 | 1,686 | ||||||
|
Issuance upon exercise of stock options (300,195 and 138,025 common shares
for the nine months ended September 30, 2013 and 2012, respectively)
|
4,262 | 1,665 | ||||||
|
Purchases of shares to fund options exercised (233,933 and 60,571 common shares for the
nine months ended September 30, 2013 and 2012, respectively)
|
(4,075 | ) | (835 | ) | ||||
|
Repurchase of shares to satisfy tax obligations (57,411 and 38,723 common shares
for the nine months ended September 30, 2013 and 2012, respectively)
|
(912 | ) | (511 | ) | ||||
|
Balance, end of period
|
$ | (21,796 | ) | $ | (7,794 | ) | ||
|
Retained Earnings
|
||||||||
|
Balance, beginning of period
|
$ | 241,856 | $ | 223,510 | ||||
|
Net income
|
25,804 | 25,131 | ||||||
|
Cash dividends declared and paid on common shares ($0.39 per common
share for the nine months ended September 30, 2013 and 2012, respectively)
|
(11,747 | ) | (11,885 | ) | ||||
|
Issuance upon exercise of stock options (65,170 and 10,480 common shares
for the nine months ended September 30, 2013 and 2012, respectively)
|
(126 | ) | (37 | ) | ||||
|
Shares issued upon vesting of restricted stock unit awards (56,642 and 28,950
common shares for the nine months ended September 30, 2013 and 2012, respectively)
|
(100 | ) | (97 | ) | ||||
|
Balance, end of period
|
$ | 255,687 | $ | 236,622 | ||||
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||
|
Balance, beginning of period
|
$ | 12,137 | $ | 4,813 | ||||
|
Change in net unrealized gains (losses) on securities available for sale, net of taxes of
approximately $15,482 and ($6,401) for the nine months ended September 30, 2013 and 2012, respectively
|
(19,947 | ) | 8,303 | |||||
|
Amortization of actuarial losses, net of taxes of approximately ($405) and ($347)
for the nine months ended September 30, 2013 and 2012, respectively
|
522 | 447 | ||||||
|
Amortization of prior service credits, net of taxes of approximately $15 and $10 for
the nine month periods ended September 30, 2013 and 2012, respectively
|
(19 | ) | (19 | ) | ||||
|
OTTI charges included in income, net of taxes of approximately ($620) and ($339)
for the nine months ended September 30, 2013 and 2012, respectively)
|
799 | 437 | ||||||
|
Reclassification adjustment for gains included in net income, net of tax of approximately
$1,299 and $42 for the nine months ended September 30, 2013 and 2012, respectively
|
(1,673 | ) | (54 | ) | ||||
|
Balance, end of period
|
$ | (8,181 | ) | $ | 13,927 | |||
|
Total Stockholders' Equity
|
$ | 427,012 | $ | 441,398 | ||||
|
1.
|
Basis of Presentation
|
|
2.
|
Use of Estimates
|
|
3.
|
Earnings Per Share
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||
|
Net income, as reported
|
$ | 9,421 | $ | 9,365 | $ | 25,804 | $ | 25,131 | ||||||||
|
Divided by:
|
||||||||||||||||
|
Weighted average common shares outstanding
|
29,773 | 30,432 | 30,143 | 30,434 | ||||||||||||
|
Weighted average common stock equivalents
|
32 | 30 | 25 | 30 | ||||||||||||
|
Total weighted average common shares outstanding and
common stock equivalents
|
29,805 | 30,462 | 30,168 | 30,464 | ||||||||||||
|
Basic earnings per common share
|
$ | 0.32 | $ | 0.31 | $ | 0.86 | $ | 0.83 | ||||||||
|
Diluted earnings per common share (1)
|
$ | 0.32 | $ | 0.31 | $ | 0.86 | $ | 0.82 | ||||||||
|
Dividend payout ratio
|
40.6 | % | 41.9 | % | 45.3 | % | 47.0 | % | ||||||||
|
(1)
|
For the three months ended September 30, 2013, options to purchase 111,050 shares at an average exercise price of $19.56 were not included in the computation of diluted earnings per common share as they are anti-dilutive. For the nine months ended September 30, 2013, options to purchase 320,200 shares at an average exercise price of $18.33 were not included in the computation of diluted earnings per common share as they are anti-dilutive. For the three and nine months ended September 30, 2012, options to purchase 557,140 shares at an average exercise price of $17.62 were not included in the computation of diluted earnings per common share as they are anti-dilutive.
|
|
4.
|
|
|
Amortized
Cost
|
Fair Value
|
Gross
Unrealized
|
Gross
Unrealized
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Corporate
|
$ | 122,883 | $ | 125,922 | $ | 3,982 | $ | 943 | ||||||||
|
Municipals
|
116,105 | 112,164 | 213 | 4,154 | ||||||||||||
|
Mutual funds
|
21,631 | 21,631 | - | - | ||||||||||||
|
Other
|
17,422 | 13,627 | - | 3,795 | ||||||||||||
|
Total other securities
|
278,041 | 273,344 | 4,195 | 8,892 | ||||||||||||
|
REMIC and CMO
|
524,071 | 525,819 | 10,464 | 8,716 | ||||||||||||
|
GNMA
|
41,334 | 43,431 | 2,458 | 361 | ||||||||||||
|
FNMA
|
204,573 | 201,909 | 3,089 | 5,753 | ||||||||||||
|
FHLMC
|
13,899 | 14,051 | 272 | 120 | ||||||||||||
|
Total mortgage-backed securities
|
783,877 | 785,210 | 16,283 | 14,950 | ||||||||||||
|
Total securities available for sale
|
$ | 1,061,918 | $ | 1,058,554 | $ | 20,478 | $ | 23,842 | ||||||||
|
Total
|
Less than 12 months
|
12 months or more
|
||||||||||||||||||||||
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||
|
Corporate
|
$ | 39,057 | $ | 943 | $ | 39,057 | $ | 943 | $ | - | $ | - | ||||||||||||
|
Municipals
|
83,204 | 4,154 | 83,204 | 4,154 | - | - | ||||||||||||||||||
|
Other
|
5,767 | 3,795 | - | - | 5,767 | 3,795 | ||||||||||||||||||
|
Total other securities
|
128,028 | 8,892 | 122,261 | 5,097 | 5,767 | 3,795 | ||||||||||||||||||
|
REMIC and CMO
|
244,699 | 8,716 | 226,568 | 7,669 | 18,131 | 1,047 | ||||||||||||||||||
|
GNMA
|
9,524 | 361 | 9,524 | 361 | - | - | ||||||||||||||||||
|
FNMA
|
104,550 | 5,753 | 104,550 | 5,753 | - | - | ||||||||||||||||||
|
FHLMC
|
7,786 | 120 | 7,786 | 120 | - | - | ||||||||||||||||||
|
Total mortgage-backed
securities
|
366,559 | 14,950 | 348,428 | 13,903 | 18,131 | 1,047 | ||||||||||||||||||
|
Total securities
available for sale
|
$ | 494,587 | $ | 23,842 | $ | 470,689 | $ | 19,000 | $ | 23,898 | $ | 4,842 | ||||||||||||
|
§
|
Ratio of tangible equity to assets
|
|
§
|
Tier 1 Risk Weighted Capital
|
|
§
|
Net interest margin
|
|
§
|
Efficiency ratio for most recent two quarters
|
|
§
|
Return on average assets for most recent two quarters
|
|
§
|
Texas Ratio (ratio of non-performing assets plus assets past due over 90 days divided by tangible equity plus the reserve for loan losses)
|
|
§
|
Credit ratings (where applicable)
|
|
§
|
Capital issuances within the past year (where applicable)
|
|
§
|
Ability to complete Federal Deposit Insurance Corporation (“FDIC”) assisted acquisitions (where applicable)
|
|
§
|
All of the performing issuers in our pools are well capitalized banks and do not appear likely to be closed by their regulators.
|
|
§
|
All of the performing issuers in our pools will continue as a going concern and will not default on their securities.
|
|
Deferrals/Defaults (1)
|
|||||||||||||||||||||||||||||
|
Issuer
Type
|
Class
|
Performing
Banks
|
Amortized
Cost
|
Fair
Value
|
Cumulative
Credit Related
|
Actual as a
Percentage
|
Expected
Percentage
|
Current
Lowest
|
|||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||
|
Single issuer
|
n/a | 1 | $ | 300 | $ | 287 | $ | - |
None
|
None
|
BB-
|
||||||||||||||||||
|
Pooled issuer
|
B1 | 17 | 5,617 | 2,880 | 2,196 | 23.4% | 0.0% | C | |||||||||||||||||||||
|
Pooled issuer
|
C1 | 16 | 3,645 | 2,600 | 1,542 | 21.3% | 1.5% | C | |||||||||||||||||||||
|
Total
|
$ | 9,562 | $ | 5,767 | $ | 3,738 | |||||||||||||||||||||||
|
(1)
|
Represents deferrals/defaults as a percentage of the original security and expected deferrals/defaults as a percentage of performing issuers.
|
|
Cumulative
OTTI
|
Current
|
Average
|
||||||||||||||||||||||||||||||||||||||||||
|
Amortized
|
Fair
|
Outstanding
|
Charges
|
Year of
|
Lowest
|
Collateral Located in:
|
FICO
|
|||||||||||||||||||||||||||||||||||||
|
Security
|
Cost
|
Value
|
Principal
|
Recorded
|
Issuance
|
Maturity
|
Rating
|
CA
|
FL
|
VA
|
NY
|
NJ
|
TX
|
CO
|
Score
|
|||||||||||||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ | 8,287 | $ | 8,179 | $ | 9,541 | $ | 3,966 | 2006 |
05/25/36
|
Caa3
|
42% | 16% | 718 | ||||||||||||||||||||||||||||||
| 2 | 3,206 | 2,822 | 3,447 | 931 | 2006 |
08/19/36
|
D | 55% | 11% | 740 | ||||||||||||||||||||||||||||||||||
| 3 | 3,956 | 3,723 | 4,425 | 1,341 | 2006 |
08/25/36
|
D | 36% | 15% | 711 | ||||||||||||||||||||||||||||||||||
| 4 | 2,538 | 2,173 | 3,492 | 1,266 | 2006 |
08/25/36
|
D | 41% | 13% | 13% | 10% | 687 | ||||||||||||||||||||||||||||||||
| 5 | 3,678 | 3,297 | 3,954 | 222 | 2006 |
05/25/36
|
CC
|
23% |
17%
|
13% |
14%
|
709 | ||||||||||||||||||||||||||||||||
|
Total
|
$ | 21,665 | $ | 20,194 | $ | 24,859 | $ | 7,726 | ||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
Amortized Cost
|
Fair Value
|
Gross Unrealized
Losses Recorded
|
Cumulative
Credit OTTI
|
||||||||||||
|
Private issued CMO's
(1)
|
$ | 21,665 | $ | 20,194 | $ | 1,471 | $ | 3,185 | ||||||||
|
Trust preferred securities
(1)
|
9,262 | 5,480 | 3,782 | 3,738 | ||||||||||||
|
Total
|
$ | 30,927 | $ | 25,674 | $ | 5,253 | $ | 6,923 | ||||||||
|
(1)
|
The Company has recorded OTTI charges in the Consolidated Statements of Income on five private issue CMOs and two pooled trust preferred securities for which a portion of the OTTI is currently recorded in AOCI.
|
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
|
(in thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Beginning balance
|
$ | 6,193 | $ | 6,938 | $ | 6,178 | $ | 6,922 | ||||||||
|
Recognition of actual losses
|
(186 | ) | (185 | ) | (674 | ) | (945 | ) | ||||||||
|
OTTI charges due to credit loss recorded in earnings
|
916 | - | 1,419 | 776 | ||||||||||||
|
Securities sold during the period
|
- | - | - | - | ||||||||||||
|
Securities where there is an intent to sell or requirement to sell
|
- | - | - | - | ||||||||||||
|
Ending balance
|
$ | 6,923 | $ | 6,753 | $ | 6,923 | $ | 6,753 | ||||||||
|
Amortized
Cost
|
Fair Value
|
|||||||
|
(In thousands)
|
||||||||
|
Due in one year or less
|
$ | 22,631 | $ | 22,631 | ||||
|
Due after one year through five years
|
59,412 | 62,140 | ||||||
|
Due after five years through ten years
|
64,132 | 63,450 | ||||||
|
Due after ten years
|
131,866 | 125,123 | ||||||
|
Total other securities
|
278,041 | 273,344 | ||||||
|
Mortgage-backed securities
|
783,877 | 785,210 | ||||||
|
Total securities available for sale
|
$ | 1,061,918 | $ | 1,058,554 | ||||
|
Amortized
Cost
|
Fair Value
|
Gross
Unrealized
|
Gross
Unrealized
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
U.S. government agencies
|
$ | 31,409 | $ | 31,513 | $ | 104 | $ | - | ||||||||
|
Corporate
|
83,389 | 87,485 | 4,096 | - | ||||||||||||
|
Municipals
|
74,228 | 75,297 | 1,152 | 83 | ||||||||||||
|
Mutual funds
|
21,843 | 21,843 | - | - | ||||||||||||
|
Other
|
17,797 | 13,315 | 17 | 4,499 | ||||||||||||
|
Total other securities
|
228,666 | 229,453 | 5,369 | 4,582 | ||||||||||||
|
REMIC and CMO
|
453,468 | 474,050 | 23,690 | 3,108 | ||||||||||||
|
GNMA
|
43,211 | 46,932 | 3,721 | - | ||||||||||||
|
FNMA
|
168,040 | 175,929 | 7,971 | 82 | ||||||||||||
|
FHLMC
|
22,562 | 23,202 | 640 | - | ||||||||||||
|
Total mortgage-backed securities
|
687,281 | 720,113 | 36,022 | 3,190 | ||||||||||||
|
Total securities available for sale
|
$ | 915,947 | $ | 949,566 | $ | 41,391 | $ | 7,772 | ||||||||
|
Total
|
Less than 12 months
|
12 months or more
|
||||||||||||||||||||||
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||
|
Municipals
|
$ | 9,782 | $ | 83 | $ | 9,782 | $ | 83 | $ | - | $ | - | ||||||||||||
|
Other
|
5,064 | 4,499 | - | - | 5,064 | 4,499 | ||||||||||||||||||
|
Total other securities
|
14,846 | 4,582 | 9,782 | 83 | 5,064 | 4,499 | ||||||||||||||||||
|
REMIC and CMO
|
64,126 | 3,108 | 40,651 | 155 | 23,475 | 2,953 | ||||||||||||||||||
|
FNMA
|
10,331 | 82 | 10,331 | 82 | - | - | ||||||||||||||||||
|
Total mortgage-backed securities
|
74,457 | 3,190 | 50,982 | 237 | 23,475 | 2,953 | ||||||||||||||||||
|
Total securities available for sale
|
$ | 89,303 | $ | 7,772 | $ | 60,764 | $ | 320 | $ | 28,539 | $ | 7,452 | ||||||||||||
|
For the thee months
ended September 30, 2012
|
|||||||||
|
(Dollars in thousands)
|
Number
|
Balance
|
Modification description
|
||||||
|
One-to-four family - residential
|
1 | $ | 400 |
Received a below market interest rate
|
|||||
|
Commercial business and other
|
2 | 1,900 |
Received a below market interest rate and the loan amortization was extended
|
||||||
|
Total
|
3 | $ | 2,300 | ||||||
|
For the nine months
ended September 30, 2013
|
|||||||||
|
(Dollars in thousands)
|
Number
|
Balance
|
Modification description
|
||||||
|
Multi-family residential
|
1 | $ | 413 |
Received a below market interest rate and the loan amortization was extended
|
|||||
|
Commercial real estate
|
2 | 761 |
Received a below market interest rate and the loan amortization was extended
|
||||||
|
One-to-four family - mixed-use property
|
1 | 390 |
Received a below market interest rate and the loan amortization was extended
|
||||||
|
One-to-four family - residential
|
- | - | |||||||
|
Commercial business and other
|
1 | 615 |
Received a below market interest rate and the loan amortization was extended
|
||||||
|
Total
|
5 | $ | 2,179 | ||||||
|
For the nine months
ended September 30, 2012
|
|||||||||
|
(Dollars in thousands)
|
Number
|
Balance
|
Modification description
|
||||||
|
Multi-family residential
|
- | $ | - | ||||||
|
Commercial real estate
|
3 | 5,300 |
Received a below market interest rate and the loan amortization was extended
|
||||||
|
One-to-four family - mixed-use property
|
3 | 1,200 |
Received a below market interest rate
|
||||||
|
One-to-four family - residential
|
1 | 400 |
Received a below market interest rate
|
||||||
|
Commercial business and other
|
2 | 1,900 |
Received a below market interest rate and the loan amortization was extended
|
||||||
|
Total
|
9 | $ | 8,800 | ||||||
|
September 30, 2013
|
December 31, 2012
|
|||||||||||||||
|
(Dollars in thousands)
|
Number
of contracts
|
Recorded
investment
|
Number
of contracts
|
Recorded
investment
|
||||||||||||
|
Multi-family residential
|
9 | $ | 2,812 | 8 | $ | 2,347 | ||||||||||
|
Commercial real estate
|
6 | 8,652 | 5 | 8,499 | ||||||||||||
|
One-to-four family - mixed-use property
|
8 | 2,704 | 7 | 2,336 | ||||||||||||
|
One-to-four family - residential
|
1 | 367 | 1 | 374 | ||||||||||||
|
Construction
|
1 | 1,916 | 1 | 3,805 | ||||||||||||
|
Commercial business and other
|
3 | 3,082 | 2 | 2,540 | ||||||||||||
|
Total performing troubled debt restructured
|
28 | $ | 19,533 | 24 | $ | 19,901 | ||||||||||
|
September 30, 2013
|
December 31, 2012
|
|||||||||||||||
|
(Dollars in thousands)
|
Number
of contracts
|
Recorded
investment
|
Number
of contracts
|
Recorded
investment
|
||||||||||||
|
Multi-family residential
|
- | $ | - | 2 | $ | 323 | ||||||||||
|
Commercial real estate
|
2 | 2,705 | 2 | 3,075 | ||||||||||||
|
One-to-four family - mixed-use property
|
- | - | 2 | 816 | ||||||||||||
|
Construction
|
1 | 5,000 | 1 | 7,368 | ||||||||||||
|
Total troubled debt restructurings
that subsequently defaulted
|
3 | $ | 7,705 | 7 | $ | 11,582 | ||||||||||
|
(Dollars in thousands)
|
September 30,
2013
|
December 31,
2012
|
||||||
|
Loans ninety days or more past due
and still accruing:
|
||||||||
|
Multi-family residential
|
$ | 479 | $ | - | ||||
|
Commercial real estate
|
298 | - | ||||||
|
One-to-four family - residential
|
15 | - | ||||||
|
Commercial Business and other
|
502 | 644 | ||||||
|
Total
|
1,294 | 644 | ||||||
|
Non-accrual mortgage loans:
|
||||||||
|
Multi-family residential
|
17,999 | 13,095 | ||||||
|
Commercial real estate
|
10,653 | 15,640 | ||||||
|
One-to-four family - mixed-use property
|
9,854 | 16,553 | ||||||
|
One-to-four family - residential
|
13,229 | 13,726 | ||||||
|
Co-operative apartments
|
160 | 234 | ||||||
|
Construction
|
367 | 7,695 | ||||||
|
Total
|
52,262 | 66,943 | ||||||
|
Non-accrual non-mortgage loans:
|
||||||||
|
Small Business Administration
|
- | 283 | ||||||
|
Commercial Business and other
|
2,564 | 16,860 | ||||||
|
Total
|
2,564 | 17,143 | ||||||
|
Total non-accrual loans
|
54,826 | 84,086 | ||||||
|
Total non-accrual loans and loans ninety
days or more past due and still accruing
|
$ | 56,120 | $ | 84,730 | ||||
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Interest income that would have been recognized had the loans
performed in accordance with their original terms
|
$ | 1,507 | $ | 2,177 | $ | 4,520 | $ | 6,650 | ||||||||
|
Less: Interest income included in the results of operations
|
225 | 251 | 959 | 1,136 | ||||||||||||
|
Total foregone interest
|
$ | 1,282 | $ | 1,926 | $ | 3,561 | $ | 5,514 | ||||||||
|
(in thousands)
|
30 - 59 Days
Past Due
|
60 - 89 Days
Past Due
|
Greater
than
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||
|
Multi-family residential
|
$ | 15,471 | $ | 2,864 | $ | 17,999 | $ | 36,334 | $ | 1,647,943 | $ | 1,684,277 | ||||||||||||
|
Commercial real estate
|
9,378 | 5,015 | 10,653 | 25,046 | 491,268 | 516,314 | ||||||||||||||||||
|
One-to-four family - mixed-use property
|
19,497 | 685 | 9,854 | 30,036 | 565,399 | 595,435 | ||||||||||||||||||
|
One-to-four family - residential
|
2,276 | 1,200 | 13,018 | 16,494 | 180,165 | 196,659 | ||||||||||||||||||
|
Co-operative apartments
|
- | - | 160 | 160 | 10,005 | 10,165 | ||||||||||||||||||
|
Construction loans
|
- | - | 367 | 367 | 4,278 | 4,645 | ||||||||||||||||||
|
Small Business Administration
|
148 | - | - | 148 | 7,855 | 8,003 | ||||||||||||||||||
|
Taxi medallion
|
- | - | - | - | 5,088 | 5,088 | ||||||||||||||||||
|
Commercial business and other
|
- | - | 773 | 773 | 363,296 | 364,069 | ||||||||||||||||||
|
Total
|
$ | 46,770 | $ | 9,764 | $ | 52,824 | $ | 109,358 | $ | 3,275,297 | $ | 3,384,655 | ||||||||||||
|
(in thousands)
|
30 - 59 Days
Past Due
|
60 - 89 Days
Past Due
|
Greater
than
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
Multi-family residential
|
$ | 24,059 | $ | 4,828 | $ | 13,095 | $ | 41,982 | $ | 1,492,456 | $ | 1,534,438 | ||||||||||||
|
Commercial real estate
|
9,764 | 3,622 | 15,639 | 29,025 | 486,413 | 515,438 | ||||||||||||||||||
|
One-to-four family - mixed-use property
|
21,012 | 3,368 | 16,554 | 40,934 | 596,419 | 637,353 | ||||||||||||||||||
|
One-to-four family - residential
|
3,407 | 2,010 | 13,602 | 19,019 | 179,949 | 198,968 | ||||||||||||||||||
|
Co-operative apartments
|
- | - | 234 | 234 | 6,069 | 6,303 | ||||||||||||||||||
|
Construction loans
|
2,462 | - | 7,695 | 10,157 | 4,224 | 14,381 | ||||||||||||||||||
|
Small Business Administration
|
404 | - | 283 | 687 | 8,809 | 9,496 | ||||||||||||||||||
|
Taxi medallion
|
- | - | - | - | 9,922 | 9,922 | ||||||||||||||||||
|
Commercial business and other
|
2 | 5 | 15,601 | 15,608 | 279,468 | 295,076 | ||||||||||||||||||
|
Total
|
$ | 61,110 | $ | 13,833 | $ | 82,703 | $ | 157,646 | $ | 3,063,729 | $ | 3,221,375 | ||||||||||||
|
(in thousands)
|
Multi-family
residential
|
Commercial
real estate
|
One-to-four
family -
mixed-use
property
|
One-to-four
family -
residential
|
Co-operative
apartments
|
Construction
loans
|
Small Business
Administration
|
Taxi
medallion
|
Commercial
business and
other
|
Total
|
||||||||||||||||||||||||||||||
|
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||||||||||
|
Beginning balance
|
$ | 12,958 | $ | 5,884 | $ | 6,434 | $ | 2,099 | $ | 99 | $ | 196 | $ | 497 | $ | 4 | $ | 4,184 | $ | 32,355 | ||||||||||||||||||||
|
Charge-off's
|
(710 | ) | (171 | ) | (645 | ) | (4 | ) | - | (2,374 | ) | (89 | ) | - | (1,193 | ) | (5,186 | ) | ||||||||||||||||||||||
|
Recoveries
|
90 | - | 58 | 11 | - | - | 17 | - | 36 | 212 | ||||||||||||||||||||||||||||||
|
Provision
|
(561 | ) | (603 | ) | 76 | (152 | ) | - | 2,443 | 71 | (4 | ) | 2,165 | 3,435 | ||||||||||||||||||||||||||
|
Ending balance
|
$ | 11,777 | $ | 5,110 | $ | 5,923 | $ | 1,954 | $ | 99 | $ | 265 | $ | 496 | $ | - | $ | 5,192 | $ | 30,816 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 265 | $ | 270 | $ | 649 | $ | 59 | $ | - | $ | 17 | $ | - | $ | - | $ | 166 | $ | 1,426 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 11,512 | $ | 4,840 | $ | 5,274 | $ | 1,895 | $ | 99 | $ | 248 | $ | 496 | $ | - | $ | 5,026 | $ | 29,390 | ||||||||||||||||||||
|
Financing Receivables:
|
||||||||||||||||||||||||||||||||||||||||
|
Ending balance
|
$ | 1,684,277 | $ | 516,314 | $ | 595,435 | $ | 196,659 | $ | 10,165 | $ | 4,645 | $ | 8,003 | $ | 5,088 | $ | 364,069 | $ | 3,384,655 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 26,068 | $ | 24,738 | $ | 16,980 | $ | 15,120 | $ | 164 | $ | 2,341 | $ | - | $ | - | $ | 5,110 | $ | 90,521 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 1,658,209 | $ | 491,576 | $ | 578,455 | $ | 181,539 | $ | 10,001 | $ | 2,304 | $ | 8,003 | $ | 5,088 | $ | 358,959 | $ | 3,294,134 | ||||||||||||||||||||
|
(in thousands)
|
Multi-family
residential
|
Commercial
real estate
|
One-to-four
family -
mixed-use
property
|
One-to-four
family -
residential
|
Co-operative
apartments
|
Construction
loans
|
Small Business
Administration
|
Taxi
medallion
|
Commercial
business and
other
|
Total
|
||||||||||||||||||||||||||||||
|
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||||||||||
|
Beginning balance
|
$ | 12,065 | $ | 6,329 | $ | 5,786 | $ | 1,821 | $ | 100 | $ | 727 | $ | 656 | $ | 28 | $ | 3,387 | $ | 30,899 | ||||||||||||||||||||
|
Charge-off's
|
(3,090 | ) | (179 | ) | (1,072 | ) | (198 | ) | (19 | ) | (59 | ) | (59 | ) | - | (965 | ) | (5,641 | ) | |||||||||||||||||||||
|
Recoveries
|
9 | 124 | 258 | - | - | - | 36 | - | 2 | 429 | ||||||||||||||||||||||||||||||
|
Provision
|
3,596 | (397 | ) | 983 | 340 | (33 | ) | (602 | ) | (54 | ) | (18 | ) | 1,185 | 5,000 | |||||||||||||||||||||||||
|
Ending balance
|
$ | 12,580 | $ | 5,877 | $ | 5,955 | $ | 1,963 | $ | 48 | $ | 66 | $ | 579 | $ | 10 | $ | 3,609 | $ | 30,687 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 62 | $ | 385 | $ | 713 | $ | 95 | $ | - | $ | 50 | $ | - | $ | - | $ | 304 | $ | 1,609 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 12,518 | $ | 5,492 | $ | 5,242 | $ | 1,868 | $ | 48 | $ | 16 | $ | 579 | $ | 10 | $ | 3,305 | $ | 29,078 | ||||||||||||||||||||
|
Financing Receivables:
|
||||||||||||||||||||||||||||||||||||||||
|
Ending balance
|
$ | 1,482,765 | $ | 527,337 | $ | 653,151 | $ | 202,291 | $ | 6,632 | $ | 16,319 | $ | 10,764 | $ | 13,103 | $ | 260,998 | $ | 3,173,360 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 23,049 | $ | 25,368 | $ | 31,208 | $ | 15,429 | $ | 237 | $ | 16,319 | $ | 1,404 | $ | - | $ | 25,300 | $ | 138,314 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 1,459,716 | $ | 501,969 | $ | 621,943 | $ | 186,862 | $ | 6,395 | $ | - | $ | 9,360 | $ | 13,103 | $ | 235,698 | $ | 3,035,046 | ||||||||||||||||||||
|
(in thousands)
|
Multi-family
residential
|
Commercial
real estate
|
One-to-four
family -
mixed-use
property
|
One-to-four
family -
residential
|
Co-operative
apartments
|
Construction
loans
|
Small Business
Administration
|
Taxi
medallion
|
Commercial
business and
other
|
Total
|
||||||||||||||||||||||||||||||
|
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||||||||||
|
Beginning balance
|
$ | 13,001 | $ | 5,705 | $ | 5,960 | $ | 1,999 | $ | 46 | $ | 66 | $ | 505 | $ | 7 | $ | 3,815 | $ | 31,104 | ||||||||||||||||||||
|
Charge-off's
|
(3,459 | ) | (905 | ) | (3,780 | ) | (695 | ) | (74 | ) | (2,678 | ) | (426 | ) | - | (2,057 | ) | (14,074 | ) | |||||||||||||||||||||
|
Recoveries
|
155 | 293 | 169 | 117 | 4 | - | 77 | - | 36 | 851 | ||||||||||||||||||||||||||||||
|
Provision
|
2,080 | 17 | 3,574 | 533 | 123 | 2,877 | 340 | (7 | ) | 3,398 | 12,935 | |||||||||||||||||||||||||||||
|
Ending balance
|
$ | 11,777 | $ | 5,110 | $ | 5,923 | $ | 1,954 | $ | 99 | $ | 265 | $ | 496 | $ | - | $ | 5,192 | $ | 30,816 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 265 | $ | 270 | $ | 649 | $ | 59 | $ | - | $ | 17 | $ | - | $ | - | $ | 166 | $ | 1,426 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 11,512 | $ | 4,840 | $ | 5,274 | $ | 1,895 | $ | 99 | $ | 248 | $ | 496 | $ | - | $ | 5,026 | $ | 29,390 | ||||||||||||||||||||
|
Financing Receivables:
|
||||||||||||||||||||||||||||||||||||||||
|
Ending balance
|
$ | 1,684,277 | $ | 516,314 | $ | 595,435 | $ | 196,659 | $ | 10,165 | $ | 4,645 | $ | 8,003 | $ | 5,088 | $ | 364,069 | $ | 3,384,655 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 26,068 | $ | 24,738 | $ | 16,980 | $ | 15,120 | $ | 164 | $ | 2,341 | $ | - | $ | - | $ | 5,110 | $ | 90,521 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 1,658,209 | $ | 491,576 | $ | 578,455 | $ | 181,539 | $ | 10,001 | $ | 2,304 | $ | 8,003 | $ | 5,088 | $ | 358,959 | $ | 3,294,134 | ||||||||||||||||||||
|
(in thousands)
|
Multi-family
residential
|
Commercial
real estate
|
One-to-four
family -
mixed-use
property
|
One-to-four
family -
residential
|
Co-operative
apartments
|
Construction
loans
|
Small Business
Administration
|
Taxi
medallion
|
Commercial
business and
other
|
Total
|
||||||||||||||||||||||||||||||
|
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||||||||||
|
Beginning balance
|
$ | 11,267 | $ | 5,210 | $ | 5,314 | $ | 1,649 | $ | 80 | $ | 668 | $ | 987 | $ | 41 | $ | 5,128 | $ | 30,344 | ||||||||||||||||||||
|
Charge-off's
|
(5,252 | ) | (2,401 | ) | (3,401 | ) | (1,096 | ) | (62 | ) | (2,500 | ) | (324 | ) | - | (1,488 | ) | (16,524 | ) | |||||||||||||||||||||
|
Recoveries
|
89 | 249 | 337 | 29 | - | - | 59 | - | 104 | 867 | ||||||||||||||||||||||||||||||
|
Provision
|
6,476 | 2,819 | 3,705 | 1,381 | 30 | 1,898 | (143 | ) | (31 | ) | (135 | ) | 16,000 | |||||||||||||||||||||||||||
|
Ending balance
|
$ | 12,580 | $ | 5,877 | $ | 5,955 | $ | 1,963 | $ | 48 | $ | 66 | $ | 579 | $ | 10 | $ | 3,609 | $ | 30,687 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 62 | $ | 385 | $ | 713 | $ | 95 | $ | - | $ | 50 | $ | - | $ | - | $ | 304 | $ | 1,609 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 12,518 | $ | 5,492 | $ | 5,242 | $ | 1,868 | $ | 48 | $ | 16 | $ | 579 | $ | 10 | $ | 3,305 | $ | 29,078 | ||||||||||||||||||||
|
Financing Receivables:
|
||||||||||||||||||||||||||||||||||||||||
|
Ending balance
|
$ | 1,482,765 | $ | 527,337 | $ | 653,151 | $ | 202,291 | $ | 6,632 | $ | 16,319 | $ | 10,764 | $ | 13,103 | $ | 260,998 | $ | 3,173,360 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 23,049 | $ | 25,368 | $ | 31,208 | $ | 15,429 | $ | 237 | $ | 16,319 | $ | 1,404 | $ | - | $ | 25,300 | $ | 138,314 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 1,459,716 | $ | 501,969 | $ | 621,943 | $ | 186,862 | $ | 6,395 | $ | - | $ | 9,360 | $ | 13,103 | $ | 235,698 | $ | 3,035,046 | ||||||||||||||||||||
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
|
Interest
Income
|
||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
|
With no related allowance recorded:
|
||||||||||||||||||||
|
Mortgage loans:
|
||||||||||||||||||||
|
Multi-family residential
|
$ | 23,043 | $ | 26,245 | $ | - | $ | 23,219 | $ | 208 | ||||||||||
|
Commercial real estate
|
16,836 | 17,786 | - | 20,887 | 205 | |||||||||||||||
|
One-to-four family mixed-use property
|
13,210 | 15,685 | - | 14,305 | 149 | |||||||||||||||
|
One-to-four family residential
|
14,753 | 18,840 | - | 14,697 | 330 | |||||||||||||||
|
Co-operative apartments
|
164 | 282 | - | 232 | - | |||||||||||||||
|
Construction
|
425 | 651 | - | 5,351 | - | |||||||||||||||
|
Non-mortgage loans:
|
||||||||||||||||||||
|
Small Business Administration
|
- | - | - | 329 | - | |||||||||||||||
|
Taxi Medallion
|
- | - | - | - | - | |||||||||||||||
|
Commercial Business and other
|
2,028 | 4,328 | - | 6,003 | 110 | |||||||||||||||
|
Total loans with no related allowance recorded
|
70,459 | 83,817 | - | 85,023 | 1,002 | |||||||||||||||
|
With an allowance recorded:
|
||||||||||||||||||||
|
Mortgage loans:
|
||||||||||||||||||||
|
Multi-family residential
|
3,025 | 3,026 | 265 | 2,839 | 109 | |||||||||||||||
|
Commercial real estate
|
7,902 | 7,968 | 270 | 7,506 | 232 | |||||||||||||||
|
One-to-four family mixed-use property
|
3,770 | 3,769 | 649 | 3,991 | 165 | |||||||||||||||
|
One-to-four family residential
|
367 | 367 | 59 | 369 | 11 | |||||||||||||||
|
Co-operative apartments
|
- | - | - | - | - | |||||||||||||||
|
Construction
|
1,916 | 1,916 | 17 | 2,323 | 48 | |||||||||||||||
|
Non-mortgage loans:
|
||||||||||||||||||||
|
Small Business Administration
|
- | - | - | - | - | |||||||||||||||
|
Taxi Medallion
|
- | - | - | - | - | |||||||||||||||
|
Commercial Business and other
|
3,082 | 3,082 | 166 | 4,174 | 111 | |||||||||||||||
|
Total loans with an allowance recorded
|
20,062 | 20,128 | 1,426 | 21,202 | 676 | |||||||||||||||
|
Total Impaired Loans:
|
||||||||||||||||||||
|
Total mortgage loans
|
$ | 85,411 | $ | 96,535 | $ | 1,260 | $ | 95,719 | $ | 1,457 | ||||||||||
|
Total non-mortgage loans
|
$ | 5,110 | $ | 7,410 | $ | 166 | $ | 10,506 | $ | 221 | ||||||||||
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
|
Interest
Income
|
||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
|
With no related allowance recorded:
|
||||||||||||||||||||
|
Mortgage loans:
|
||||||||||||||||||||
|
Multi-family residential
|
$ | 19,753 | $ | 22,889 | $ | - | $ | 27,720 | $ | 429 | ||||||||||
|
Commercial real estate
|
34,672 | 38,594 | - | 43,976 | 536 | |||||||||||||||
|
One-to-four family mixed-use property
|
23,054 | 25,825 | - | 27,018 | 485 | |||||||||||||||
|
One-to-four family residential
|
15,328 | 18,995 | - | 15,047 | 186 | |||||||||||||||
|
Co-operative apartments
|
237 | 299 | - | 174 | 2 | |||||||||||||||
|
Construction
|
10,598 | 15,182 | - | 14,689 | 173 | |||||||||||||||
|
Non-mortgage loans:
|
||||||||||||||||||||
|
Small Business Administration
|
850 | 1,075 | - | 1,042 | 25 | |||||||||||||||
|
Taxi Medallion
|
- | - | - | - | - | |||||||||||||||
|
Commercial Business and other
|
4,391 | 5,741 | - | 5,102 | 53 | |||||||||||||||
|
Total loans with no related allowance recorded
|
108,883 | 128,600 | - | 134,768 | 1,889 | |||||||||||||||
|
With an allowance recorded:
|
||||||||||||||||||||
|
Mortgage loans:
|
||||||||||||||||||||
|
Multi-family residential
|
1,922 | 1,937 | 183 | 3,174 | 124 | |||||||||||||||
|
Commercial real estate
|
7,773 | 7,839 | 359 | 6,530 | 400 | |||||||||||||||
|
One-to-four family mixed-use property
|
3,314 | 3,313 | 571 | 4,385 | 205 | |||||||||||||||
|
One-to-four family residential
|
374 | 374 | 94 | 188 | 19 | |||||||||||||||
|
Co-operative apartments
|
- | - | - | 101 | - | |||||||||||||||
|
Construction
|
3,805 | 3,805 | 38 | 4,275 | 140 | |||||||||||||||
|
Non-mortgage loans:
|
||||||||||||||||||||
|
Small Business Administration
|
- | - | - | - | - | |||||||||||||||
|
Taxi Medallion
|
- | - | - | - | - | |||||||||||||||
|
Commercial Business and other
|
2,539 | 2,540 | 249 | 2,273 | 116 | |||||||||||||||
|
Total loans with an allowance recorded
|
19,727 | 19,808 | 1,494 | 20,926 | 1,004 | |||||||||||||||
|
Total Impaired Loans:
|
||||||||||||||||||||
|
Total mortgage loans
|
$ | 120,830 | $ | 139,052 | $ | 1,245 | $ | 147,277 | $ | 2,699 | ||||||||||
|
Total non-mortgage loans
|
$ | 7,780 | $ | 9,356 | $ | 249 | $ | 8,417 | $ | 194 | ||||||||||
|
(In thousands)
|
Special Mention
|
Substandard
(1)
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||
|
Multi-family residential
|
$ | 10,847 | $ | 23,250 | $ | - | $ | - | $ | 34,097 | ||||||||||
|
Commercial real estate
|
12,885 | 21,300 | - | - | 34,185 | |||||||||||||||
|
One-to-four family - mixed-use property
|
9,656 | 14,931 | - | - | 24,587 | |||||||||||||||
|
One-to-four family - residential
|
1,714 | 14,753 | - | - | 16,467 | |||||||||||||||
|
Co-operative apartments
|
- | 164 | - | - | 164 | |||||||||||||||
|
Construction loans
|
1,916 | 425 | - | - | 2,341 | |||||||||||||||
|
Small Business Administration
|
336 | - | - | - | 336 | |||||||||||||||
|
Commercial business and other
|
2,000 | 5,939 | 50 | - | 7,989 | |||||||||||||||
|
Total loans
|
$ | 39,354 | $ | 80,762 | $ | 50 | $ | - | $ | 120,166 | ||||||||||
|
(In thousands)
|
Special Mention
|
Substandard
(1)
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||
|
Multi-family residential
|
$ | 16,345 | $ | 19,327 | $ | - | $ | - | $ | 35,672 | ||||||||||
|
Commercial real estate
|
11,097 | 27,877 | - | - | 38,974 | |||||||||||||||
|
One-to-four family - mixed-use property
|
13,104 | 24,635 | - | - | 37,739 | |||||||||||||||
|
One-to-four family - residential
|
5,223 | 15,328 | - | - | 20,551 | |||||||||||||||
|
Co-operative apartments
|
103 | 237 | - | - | 340 | |||||||||||||||
|
Construction loans
|
3,805 | 10,598 | - | - | 14,403 | |||||||||||||||
|
Small Business Administration
|
323 | 212 | 244 | - | 779 | |||||||||||||||
|
Commercial business and other
|
3,044 | 18,419 | 1,080 | - | 22,543 | |||||||||||||||
|
Total loans
|
$ | 53,044 | $ | 116,633 | $ | 1,324 | $ | - | $ | 171,001 | ||||||||||
|
(1)
|
The tables above do not include $5.0 million and $5.3 million of Substandard loans held for sale at September 30, 2013 and December 31, 2012, respectively.
|
|
For the three months
ended September 30
|
For the nine months
ended September 30
|
|||||||||||||||
|
(In thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Balance, beginning of period
|
$ | 32,355 | $ | 30,899 | $ | 31,104 | $ | 30,344 | ||||||||
|
Provision for loan losses
|
3,435 | 5,000 | 12,935 | 16,000 | ||||||||||||
|
Charge-off's
|
(5,186 | ) | (5,641 | ) | (14,074 | ) | (16,524 | ) | ||||||||
|
Recoveries
|
212 | 429 | 851 | 867 | ||||||||||||
|
Balance, end of period
|
$ | 30,816 | $ | 30,687 | $ | 30,816 | $ | 30,687 | ||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
(In thousands)
|
September 30,
2013
|
September 30,
2012
|
September 30,
2013
|
September 30,
2012
|
||||||||||||
|
Multi-family residential
|
$ | 620 | $ | 3,081 | $ | 3,304 | $ | 5,163 | ||||||||
|
Commercial real estate
|
171 | 55 | 612 | 2,152 | ||||||||||||
|
One-to-four family – mixed-use property
|
587 | 814 | 3,611 | 3,064 | ||||||||||||
|
One-to-four family – residential
|
(7 | ) | 198 | 578 | 1,067 | |||||||||||
|
Co-operative apartments
|
- | 19 | 70 | 62 | ||||||||||||
|
Construction
|
2,374 | 59 | 2,678 | 2,500 | ||||||||||||
|
Small Business Administration
|
72 | 23 | 349 | 265 | ||||||||||||
|
Commercial business and other
|
1,157 | 963 | 2,021 | 1,384 | ||||||||||||
|
Total net loan charge-offs
|
$ | 4,974 | $ | 5,212 | $ | 13,223 | $ | 15,657 | ||||||||
|
September 30, 2013
|
December 31, 2012
|
|||||||||||||||
|
(Dollars in thousands)
|
Number
of loans
|
Carrying
Value
|
Number
of loans
|
Carrying
Value
|
||||||||||||
|
Multi-family residential
|
1 | $ | 485 | 4 | $ | 3,442 | ||||||||||
|
One-to-four family - mixed-use property
|
- | - | 4 | 1,871 | ||||||||||||
|
Construction
|
1 | 5,000 | - | - | ||||||||||||
|
Total
|
2 | $ | 5,485 | 8 | $ | 5,313 | ||||||||||
|
For the three months ended
September 30, 2013
|
||||||||||||||||
|
(Dollars in thousands)
|
Loans sold
|
Proceeds
|
Net (charge-offs)
recoveries
|
Net gain (loss)
|
||||||||||||
|
Multi-family residential
|
2 | $ | 2,079 | $ | 65 | $ | - | |||||||||
|
Commercial real estate
|
1 | 760 | - | 6 | ||||||||||||
|
One-to-four family - mixed-use property
|
4 | 1,487 | (243 | ) | (5 | ) | ||||||||||
|
Total
|
7 | $ | 4,326 | $ | (178 | ) | $ | 1 | ||||||||
|
For the three months ended
September 30, 2012
|
||||||||||||||||
|
(Dollars in thousands)
|
Loans sold
|
Proceeds
|
Net charge-offs
|
Net gain (loss)
|
||||||||||||
|
Multi-family residential
|
14 | $ | 11,031 | $ | (2,295 | ) | $ | (8 | ) | |||||||
|
Commercial real estate
|
2 | 750 | (65 | ) | - | |||||||||||
|
One-to-four family - mixed-use property
|
12 | 3,642 | (939 | ) | - | |||||||||||
|
Total
|
28 | $ | 15,423 | $ | (3,299 | ) | $ | (8 | ) | |||||||
|
For the nine months ended
September 30, 2013
|
||||||||||||||||
|
(Dollars in thousands)
|
Loans sold
|
Proceeds
|
Net charge-offs
|
Net gain (loss)
|
||||||||||||
|
Multi-family residential
|
17 | $ | 9,138 | $ | (1,036 | ) | $ | 6 | ||||||||
|
Commercial real estate
|
8 | 4,223 | (564 | ) | 6 | |||||||||||
|
One-to-four family - mixed-use property
|
34 | 9,449 | (2,773 | ) | (52 | ) | ||||||||||
|
Commercial business and other
|
2 | 66 | (185 | ) | - | |||||||||||
|
Total
|
61 | $ | 22,876 | $ | (4,558 | ) | $ | (40 | ) | |||||||
|
For the nine months ended
September 30, 2012
|
||||||||||||||||
|
(Dollars in thousands)
|
Loans sold
|
Proceeds
|
Net charge-offs
|
Net gain (loss)
|
||||||||||||
|
Multi-family residential
|
26 | $ | 18,102 | $ | (2,683 | ) | $ | 23 | ||||||||
|
Commercial real estate
|
8 | 4,619 | (432 | ) | - | |||||||||||
|
One-to-four family - mixed-use property
|
21 | 7,085 | (1,736 | ) | - | |||||||||||
|
Construction
|
3 | 2,540 | (57 | ) | - | |||||||||||
|
Commercial business and other
|
2 | 714 | (136 | ) | 8 | |||||||||||
|
Total
|
60 | $ | 33,060 | $ | (5,044 | ) | $ | 31 | ||||||||
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Balance at beginning of period
|
$ | 2,591 | $ | 2,094 | $ | 5,278 | $ | 3,179 | ||||||||
|
Acquisitions
|
1,785 | 1,910 | 4,543 | 3,541 | ||||||||||||
|
Write-down of carrying value
|
(63 | ) | (82 | ) | (243 | ) | (285 | ) | ||||||||
|
Sales
|
(810 | ) | (262 | ) | (6,075 | ) | (2,775 | ) | ||||||||
|
Balance at end of period
|
$ | 3,503 | $ | 3,660 | $ | 3,503 | $ | 3,660 | ||||||||
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Gross gains
|
$ | 192 | $ | 12 | $ | 433 | $ | 57 | ||||||||
|
Gross losses
|
- | - | (89 | ) | (189 | ) | ||||||||||
|
Write-down of carrying value
|
(63 | ) | (82 | ) | (243 | ) | (285 | ) | ||||||||
|
Total
|
$ | 129 | $ | (70 | ) | $ | 101 | $ | (417 | ) | ||||||
|
Full Value Awards
|
Shares
|
Weighted-Average
Grant-Date
|
||||||
|
Non-vested at December 31, 2012
|
318,051 | $ | 13.35 | |||||
|
Granted
|
246,045 | 15.30 | ||||||
|
Vested
|
(185,530 | ) | 14.46 | |||||
|
Forfeited
|
(17,695 | ) | 14.25 | |||||
|
Non-vested at September 30, 2013
|
360,871 | $ | 14.06 | |||||
|
Vested but unissued at September 30, 2013
|
217,435 | $ | 14.15 | |||||
| Non-Full Value Awards |
Shares
|
Weighted-
Average
|
Weighted-Average
Remaining
|
Aggregate
Intrinsic
|
||||||||||||
|
Outstanding at December 31, 2012
|
770,355 | $ | 15.92 | |||||||||||||
|
Granted
|
- | - | ||||||||||||||
|
Exercised
|
(300,195 | ) | 14.62 | |||||||||||||
|
Forfeited
|
(420 | ) | 16.25 | |||||||||||||
|
Outstanding at September 30, 2013
|
469,740 | $ | 16.76 | 2.7 | $ | 918 | ||||||||||
|
Exercisable shares at September 30, 2013
|
447,440 | $ | 17.17 | 2.6 | $ | 695 | ||||||||||
|
Vested but unexercisable shares at
September 30, 2013
|
8,100 | $ | 8.44 | 5.3 | $ | 81 | ||||||||||
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
|
(In thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Proceeds from stock options exercised
|
$ | 77 | $ | 21 | $ | 312 | $ | 836 | ||||||||
|
Fair value of shares received upon exercised of stock options
|
2,323 | 287 | 4,074 | 835 | ||||||||||||
|
Tax (expense) benefit related to stock options exercised
|
(71 | ) | 3 | 97 | 30 | |||||||||||
|
Intrinsic value of stock options exercised
|
436 | 56 | 813 | 186 | ||||||||||||
|
Phantom Stock Plan
|
Shares
|
Fair Value
|
||||||
|
Outstanding at December 31, 2012
|
50,067 | $ | 15.34 | |||||
|
Granted
|
9,467 | 15.74 | ||||||
|
Forfeited
|
- | - | ||||||
|
Distributions
|
(500 | ) | 16.26 | |||||
|
Outstanding at September 30, 2013
|
59,034 | $ | 18.45 | |||||
|
Vested at September 30, 2013
|
58,742 | $ | 18.45 | |||||
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
|
(In thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Employee Pension Plan:
|
||||||||||||||||
|
Interest cost
|
$ | 207 | $ | 220 | $ | 621 | $ | 660 | ||||||||
|
Amortization of unrecognized loss
|
306 | 263 | 918 | 789 | ||||||||||||
|
Expected return on plan assets
|
(315 | ) | (310 | ) | (945 | ) | (930 | ) | ||||||||
|
Net employee pension expense
|
$ | 198 | $ | 173 | $ | 594 | $ | 519 | ||||||||
|
Outside Director Pension Plan:
|
||||||||||||||||
|
Service cost
|
$ | 21 | $ | 20 | $ | 63 | $ | 60 | ||||||||
|
Interest cost
|
24 | 28 | 72 | 84 | ||||||||||||
|
Amortization of unrecognized gain
|
(9 | ) | (7 | ) | (27 | ) | (21 | ) | ||||||||
|
Amortization of past service liability
|
9 | 9 | 27 | 27 | ||||||||||||
|
Net outside director pension expense
|
$ | 45 | $ | 50 | $ | 135 | $ | 150 | ||||||||
|
Other Postretirement Benefit Plans:
|
||||||||||||||||
|
Service cost
|
$ | 112 | $ | 100 | $ | 336 | $ | 300 | ||||||||
|
Interest cost
|
55 | 54 | 165 | 162 | ||||||||||||
|
Amortization of unrecognized loss
|
12 | 10 | 36 | 30 | ||||||||||||
|
Amortization of past service credit
|
(20 | ) | (21 | ) | (60 | ) | (63 | ) | ||||||||
|
Net other postretirement expense
|
$ | 159 | $ | 143 | $ | 477 | $ | 429 | ||||||||
|
Fair Value
Measurements
|
Fair Value
Measurements
|
Changes in Fair Values For Items Measured at Fair Value
Pursuant to Election of the Fair Value Option
|
||||||||||||||||||||||
|
at September 30,
|
at December 31,
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||
|
(In thousands)
|
2013
|
2012
|
September 30, 2013
|
September 30, 2012
|
September 30, 2013
|
September 30, 2012
|
||||||||||||||||||
|
Mortgage-backed securities
|
$ | 12,004 | $ | 24,911 | $ | (95 | ) | $ | (14 | ) | $ | (626 | ) | $ | (175 | ) | ||||||||
|
Other securities
|
29,491 | 29,577 | (381 | ) | 325 | (328 | ) | 571 | ||||||||||||||||
|
Borrowed funds
|
26,465 | 23,922 | (272 | ) | 374 | (2,547 | ) | 2,279 | ||||||||||||||||
|
Net (loss) gain from fair value adjustments
(1) (2)
|
$ | (748 | ) | $ | 685 | $ | (3,501 | ) | $ | 2,675 | ||||||||||||||
|
(1)
|
The net gain (loss) from fair value adjustments presented in the above table does not include net gains of $0.6 million and $0.1 million for the three months ended September 30, 2013 and 2012, respectively, from the change in the fair value of interest rate caps/swaps.
|
|
(2)
|
The net gain (loss) from fair value adjustments presented in the above table does not include net gains of $2.9 million and net losses of ($2.9) million for the nine months ended September 30, 2013 and 2012, respectively, from the change in the fair value of interest rate caps/swaps.
|
|
Quoted Prices
in Active Markets
|
Significant Other
Observable Inputs
|
Significant Other
Unobservable Inputs
|
Total carried at fair value
on a recurring basis
|
|||||||||||||||||||||||||||||
|
September 30,
2013
|
December 31,
2012
|
September 30,
2013
|
December 31,
2012
|
September 30,
2013
|
December 31,
2012
|
September 30,
2013
|
December 31,
2012
|
|||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||||||||||
|
Mortgage-backed
Securities
|
$ | - | $ | - | $ | 765,016 | $ | 696,638 | $ | 20,194 | $ | 23,475 | $ | 785,210 | $ | 720,113 | ||||||||||||||||
|
Other securities
|
- | - | 256,563 | 213,374 | 16,781 | 16,079 | 273,344 | 229,453 | ||||||||||||||||||||||||
|
Interest rate caps
|
- | - | - | 19 | - | - | - | 19 | ||||||||||||||||||||||||
|
Interest rate swaps
|
- | - | 1,212 | 3 | - | - | 1,212 | 3 | ||||||||||||||||||||||||
|
Total assets
|
$ | - | $ | - | $ | 1,022,791 | $ | 910,034 | $ | 36,975 | $ | 39,554 | $ | 1,059,766 | $ | 949,588 | ||||||||||||||||
|
Liabilities:
|
||||||||||||||||||||||||||||||||
|
Borrowings
|
$ | - | $ | - | $ | - | $ | - | $ | 26,465 | $ | 23,922 | $ | 26,465 | $ | 23,922 | ||||||||||||||||
|
Interest rate swaps
|
- | - | - | 1,922 | - | - | - | 1,922 | ||||||||||||||||||||||||
|
Total liabilities
|
$ | - | $ | - | $ | - | $ | 1,922 | $ | 26,465 | $ | 23,922 | $ | 26,465 | $ | 25,844 | ||||||||||||||||
|
For the three months ended
September 30, 2013
|
||||||||||||||||
|
REMIC and
CMO
|
Municipals
|
Trust preferred
securities
|
Junior subordinated
debentures
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Beginning balance
|
$ | 22,930 | $ | 9,327 | $ | 8,367 | $ | 26,192 | ||||||||
|
Transfer into Level 3
|
- | - | - | - | ||||||||||||
|
Net loss from fair value adjustment
|
||||||||||||||||
|
of financial assets
|
- | - | (361 | ) | - | |||||||||||
|
Net loss from fair value
|
||||||||||||||||
|
adjustment of financial liabilities
|
- | - | - | 272 | ||||||||||||
|
Increase in accrued interest payable
|
- | - | - | 1 | ||||||||||||
|
Other-than-temporary impairment charge
|
(916 | ) | - | - | - | |||||||||||
|
Change in net unrealized losses included
|
||||||||||||||||
|
in other comprehensive income
|
(1,820 | ) | (52 | ) | (500 | ) | - | |||||||||
|
Ending balance
|
$ | 20,194 | $ | 9,275 | $ | 7,506 | $ | 26,465 | ||||||||
|
Changes in unrealized held at period end
|
$ | (1,820 | ) | $ | (52 | ) | $ | (500 | ) | $ | - | |||||
|
For the three months ended
September 30, 2012
|
||||||||
|
Trust preferred
securities
|
Junior subordinated
debentures
|
|||||||
|
(In thousands)
|
||||||||
|
Beginning balance
|
$ | 5,653 | $ | 24,356 | ||||
|
Transfer into Level 3
|
- | - | ||||||
|
Net loss from fair value adjustment
of financial assets
|
137 | - | ||||||
|
Net gain from fair value
adjustment of financial liabilities
|
- | (374 | ) | |||||
|
Decrease in accrued interest payable
|
(9 | ) | (273 | ) | ||||
|
Other-than-temporary impairment charge
|
- | - | ||||||
|
Change in net unrealized gains included
in other comprehensive income
|
315 | - | ||||||
|
Ending balance
|
$ | 6,096 | $ | 23,709 | ||||
|
Changes in unrealized held at period end
|
$ | 315 | $ | - | ||||
|
For the nine months ended
September 30, 2013
|
||||||||||||||||
|
REMIC and
CMO
|
Municipals
|
Trust preferred
securities
|
Junior subordinated
debentures
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Beginning balance
|
$ | 23,475 | $ | 9,429 | $ | 6,650 | $ | 23,922 | ||||||||
|
Transfer into Level 3
|
- | - | - | - | ||||||||||||
|
Net gain from fair value adjustment
of financial assets
|
- | - | 150 | - | ||||||||||||
|
Net loss from fair value
adjustment of financial liabilities
|
- | - | - | 2,547 | ||||||||||||
|
Decrease in accrued interest payable
|
- | - | - | (4 | ) | |||||||||||
|
Other-than-temporary impairment charge
|
(1,419 | ) | - | - | - | |||||||||||
|
Change in net unrealized gains (losses) included
in other comprehensive income
|
(1,862 | ) | (154 | ) | 706 | - | ||||||||||
|
Ending balance
|
$ | 20,194 | $ | 9,275 | $ | 7,506 | $ | 26,465 | ||||||||
|
Changes in unrealized held at period end
|
$ | (1,862 | ) | $ | (154 | ) | $ | 706 | $ | - | ||||||
|
For the nine months ended
September 30, 2012
|
||||||||
|
Trust preferred
securities
|
Junior subordinated
debentures
|
|||||||
|
(In thousands)
|
||||||||
|
Beginning balance
|
$ | 5,632 | $ | 26,311 | ||||
|
Transfer into Level 3
|
- | - | ||||||
|
Net gain from fair value adjustment
of financial assets
|
104 | - | ||||||
|
Net gain from fair value
adjustment of financial liabilities
|
- | (2,279 | ) | |||||
|
Decrease in accrued interest payable
|
(10 | ) | (323 | ) | ||||
|
Other-than-temporary impairment charge
|
- | - | ||||||
|
Change in net unrealized gains included
in other comprehensive income
|
370 | - | ||||||
|
Ending balance
|
$ | 6,096 | $ | 23,709 | ||||
|
Changes in unrealized held at period end
|
$ | 370 | $ | - | ||||
|
September 30, 2013
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range |
(Weighted Average)
|
||||||
|
(Dollars in thousands)
|
|||||||||||
|
Assets:
|
|||||||||||
|
Spread to index
|
2.1% | - | 3.9% | (3.4%) | |||||||
|
Loss Severity
|
40.0% | - | 70.0% | (53.1%) | |||||||
|
Prepayment speeds
|
1.0% | - | 9.6% | (6.4%) | |||||||
|
Defaults
|
3.0% | - | 16.0% | (9.0%) | |||||||
|
REMIC and CMO
|
$ | 20,194 |
Discounted cash flows
|
Average Life (years)
|
3.7 | - | 15.1 | (6.2) | |||
|
Municipals
|
$ | 9,275 |
Discounted cash flows
|
Discount rate
|
0.4% | - | 4.0% | (3.6%) | |||
|
Discount rate
|
8.0% | - | 18.1% | (12.2%) | |||||||
|
Prepayment assumptions
|
0% | - | 44.3% | (32.2%) | |||||||
|
Trust Preferred Securities
|
$ | 7,506 |
Discounted cash flows
|
Defaults
|
0% | - | 15.6% | (12.1%) | |||
|
Liabilities:
|
|||||||||||
|
Junior subordinated debentures
|
$ | 26,465 |
Discounted cash flows
|
Discount rate
|
8.0% | (8.0%) | |||||
|
Quoted Prices
in Active Markets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant Other
Unobservable Inputs
(Level 3)
|
Total carried at fair value
on a non-recurring basis
|
|||||||||||||||||||||||||||||
|
September 30,
2013
|
December 31,
2012
|
September 30,
2013
|
December 31,
2012
|
September 30,
2013
|
December 31,
2012
|
September 30,
2013
|
December 31,
2012
|
|||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||||||||||
|
Loans held for sale
|
$ | - | $ | - | $ | - | $ | - | $ | 5,485 | $ | 5,313 | $ | 5,485 | $ | 5,313 | ||||||||||||||||
|
Impaired loans
|
- | - | - | - | 27,813 | 49,703 | 27,813 | 49,703 | ||||||||||||||||||||||||
|
Other Real Estate Owned
|
- | - | - | - | 3,503 | 5,278 | 3,503 | 5,278 | ||||||||||||||||||||||||
|
Total assets
|
$ | - | $ | - | $ | - | $ | - | $ | 36,801 | $ | 60,294 | $ | 36,801 | $ | 60,294 | ||||||||||||||||
|
September 30, 2013
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range |
(Weighted Average)
|
||||||
|
(Dollars in thousands)
|
|||||||||||
|
Assets:
|
|||||||||||
|
Loans held for sale
|
$ | 5,485 |
Fair value of collateral
|
Loss severity discount
|
24.5% | - | 57.9% | (56.2%) | |||
|
Impaired loans
|
$ | 27,813 |
Fair value of collateral
|
Loss severity discount
|
0.5% | - | 90.4% | (33.5%) | |||
|
Other real estate owned
|
$ | 3,503 |
Fair value of collateral
|
Loss severity discount
|
0.0% | - | 42.1% | (8.1%) | |||
|
September 30, 2013
|
||||||||||||||||||||
|
Carrying
Amount
|
Fair
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Cash and due from banks
|
$ | 40,328 | $ | 40,328 | $ | 40,328 | $ | - | $ | - | ||||||||||
|
Mortgage-backed
Securities
|
785,210 | 785,210 | - | 765,016 | 20,194 | |||||||||||||||
|
Other securities
|
273,344 | 273,344 | - | 256,563 | 16,781 | |||||||||||||||
|
Loans held for sale
|
5,485 | 5,485 | - | - | 5,485 | |||||||||||||||
|
Loans
|
3,396,138 | 3,465,973 | - | - | 3,465,973 | |||||||||||||||
|
FHLB-NY stock
|
46,003 | 46,003 | - | 46,003 | - | |||||||||||||||
|
Interest rate caps
|
- | - | - | - | - | |||||||||||||||
|
Interest rate swaps
|
1,212 | 1,212 | - | 1,212 | - | |||||||||||||||
|
OREO
|
3,503 | 3,503 | - | - | 3,503 | |||||||||||||||
|
Total assets
|
$ | 4,551,223 | $ | 4,621,058 | $ | 40,328 | $ | 1,068,794 | $ | 3,511,936 | ||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits
|
$ | 3,239,370 | 3,262,780 | $ | 1,997,053 | $ | 1,265,727 | $ | - | |||||||||||
|
Borrowings
|
1,018,231 | 1,043,413 | - | 1,016,948 | 26,465 | |||||||||||||||
|
Total liabilities
|
$ | 4,257,601 | $ | 4,306,193 | $ | 1,997,053 | $ | 2,282,675 | $ | 26,465 | ||||||||||
|
December 31, 2012
|
||||||||||||||||||||
|
Carrying
Amount
|
Fair
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Cash and due from banks
|
$ | 40,425 | $ | 40,425 | $ | 40,425 | $ | - | $ | - | ||||||||||
|
Mortgage-backed
Securities
|
720,113 | 720,113 | - | 696,638 | 23,475 | |||||||||||||||
|
Other securities
|
229,453 | 229,453 | - | 213,374 | 16,079 | |||||||||||||||
|
Loans held for sale
|
5,313 | 5,313 | - | - | 5,313 | |||||||||||||||
|
Loans
|
3,234,121 | 3,416,313 | - | - | 3,416,313 | |||||||||||||||
|
FHLB-NY stock
|
42,337 | 42,337 | - | 42,337 | - | |||||||||||||||
|
Interest rate caps
|
19 | 19 | - | 19 | - | |||||||||||||||
|
Interest rate swaps
|
3 | 3 | - | 3 | - | |||||||||||||||
|
OREO
|
5,278 | 5,278 | - | - | 5,278 | |||||||||||||||
|
Total assets
|
$ | 4,277,062 | $ | 4,459,254 | $ | 40,425 | $ | 952,371 | $ | 3,466,458 | ||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits
|
$ | 3,015,193 | 3,057,152 | $ | 1,761,964 | $ | 1,295,188 | $ | - | |||||||||||
|
Borrowings
|
948,405 | 992,069 | - | 968,147 | 23,922 | |||||||||||||||
|
Interest rate swaps
|
1,922 | 1,922 | - | 1,922 | - | |||||||||||||||
|
Total liabilities
|
$ | 3,965,520 | $ | 4,051,143 | $ | 1,761,964 | $ | 2,265,257 | $ | 23,922 | ||||||||||
|
Notional
Amount
|
Purchase Price
|
Net Carrying
Value
|
||||||||||
|
(In thousands)
|
||||||||||||
|
Interest rate caps (non-hedge)
|
$ | 100,000 | $ | 9,035 | $ | - | ||||||
|
Interest rate swaps (non-hedge)
|
18,000 | - | 960 | |||||||||
|
Interest rate swaps (hedge)
|
4,238 | - | 252 | |||||||||
|
Total derivatives
|
$ | 122,238 | $ | 9,035 | $ | 1,212 | ||||||
|
Notional
Amount
|
Purchase Price
|
Net Carrying
(1)
Value
|
||||||||||
|
(In thousands)
|
||||||||||||
|
Interest rate caps (non-hedge)
|
$ | 100,000 | $ | 9,035 | $ | 19 | ||||||
|
Interest rate swaps (non-hedge)
|
18,000 | - | (1,922 | ) | ||||||||
|
Interest rate swaps (hedge)
|
4,300 | - | 3 | |||||||||
|
Total derivatives
|
$ | 122,300 | $ | 9,035 | $ | (1,900 | ) | |||||
|
(1)
|
Derivatives in a net positive position are recorded as “Other assets” and derivatives in a net negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition.
|
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
|
(In thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Financial Derivatives:
|
||||||||||||||||
|
Interest rate caps
|
$ | (7 | ) | $ | (52 | ) | $ | (18 | ) | $ | (314 | ) | ||||
|
Interest rate swaps
|
565 | 192 | 2,898 | (2,546 | ) | |||||||||||
|
Net gain (loss)
(1)
|
$ | 558 | $ | 140 | $ | 2,880 | $ | (2,860 | ) | |||||||
|
(1)
|
Net gains and (losses) are recorded as part of “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income.
|
|
For the three months
ended September 30,
|
For the nine months
ended September 30,
|
|||||||||||||||
|
(In thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Federal:
|
||||||||||||||||
|
Current
|
$ | 4,678 | $ | 4,578 | $ | 12,699 | $ | 12,807 | ||||||||
|
Deferred
|
(85 | ) | (35 | ) | 18 | (404 | ) | |||||||||
|
Total federal tax provision
|
4,593 | 4,543 | 12,717 | 12,403 | ||||||||||||
|
State and Local:
|
||||||||||||||||
|
Current
|
1,468 | 1,460 | 3,773 | 3,793 | ||||||||||||
|
Deferred
|
(37 | ) | (15 | ) | 8 | (131 | ) | |||||||||
|
Total state and local tax provision
|
1,431 | 1,445 | 3,781 | 3,662 | ||||||||||||
|
Total income tax provision
|
$ | 6,024 | $ | 5,988 | $ | 16,498 | $ | 16,065 | ||||||||
|
For the three months
ended September 30,
|
For the nine months
ended September 30,
|
|||||||||||||||||||||||||||||||
|
(dollars in thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||||||||||||||
|
Taxes at federal statutory rate
|
$ | 5,406 | 35.0 | % | $ | 5,374 | 35.0 | % | $ | 14,806 | 35.0 | % | 14,419 | 35.0 | % | |||||||||||||||||
|
Increase (reduction) in taxes resulting from:
|
||||||||||||||||||||||||||||||||
|
State and local income tax, net of Federal
income tax benefit
|
930 | 6.0 | 938 | 6.1 | 2,458 | 5.8 | 2,380 | 5.8 | ||||||||||||||||||||||||
|
Other
|
(312 | ) | (2.0 | ) | (324 | ) | (2.1 | ) | (766 | ) | (1.8 | ) | (734 | ) | (1.8 | ) | ||||||||||||||||
|
Taxes at effective rate
|
$ | 6,024 | 39.0 | % | $ | 5,988 | 39.0 | % | $ | 16,498 | 39.0 | % | $ | 16,065 | 39.0 | % | ||||||||||||||||
|
Unrealized Gains
and (Losses) on
|
Defined Benefit
Pension Items
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||
|
Beginning balance, net of tax
|
$ | 18,921 | $ | (6,784 | ) | $ | 12,137 | |||||
|
Other comprehensive income (loss) before
reclassifications, net of tax
|
(19,947 | ) | - | $ | (19,947 | ) | ||||||
|
Amounts reclassified from accumulated other
comprehensive income (loss), net of tax
|
(874 | ) | 503 | (371 | ) | |||||||
|
Net current period other comprehensive income (loss), net of tax
|
(20,821 | ) | 503 | (20,318 | ) | |||||||
|
Ending balance, net of tax
|
$ | (1,900 | ) | $ | (6,281 | ) | $ | (8,181 | ) | |||
|
Details about Accumulated Other
Comprehensive Income Components
|
Amounts Reclassified from
Accumulated Other
|
Affected Line Item in the Statement
Where Net Income is Presented
|
|||||
|
(Dollars in thousands)
|
|||||||
|
Unrealized gains (losses) on available
for sale securities:
|
$ | 96 |
Net gain on sale of securities
|
||||
| (42 | ) |
Tax expense
|
|||||
| $ | 54 |
Net of tax
|
|||||
|
OTTI charges
|
$ | (916 | ) |
OTTI charge
|
|||
| 400 |
Tax benefit
|
||||||
| $ | (516 | ) |
Net of tax
|
||||
|
Amortization of defined benefit pension items:
|
|||||||
|
Actuarial losses
|
$ | (309 | ) | (1) |
Other expense
|
||
|
Prior service credits
|
11 | (1) |
Other expense
|
||||
| (298 | ) |
Total before tax
|
|||||
| 130 |
Tax benefit
|
||||||
| $ | (168 | ) |
Net of tax
|
||||
|
|
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”).
|
|
Details about Accumulated Other
Comprehensive Income Components
|
Amounts Reclassified from
Accumulated Other
|
Affected Line Item in the Statement
Where Net Income is Presented
|
|||||
|
(Dollars in thousands)
|
|||||||
|
Unrealized gains losses on available
for sale securities:
|
$ | 2,972 |
Net gain on sale of securities
|
||||
| (1,299 | ) |
Tax expense
|
|||||
| $ | 1,673 |
Net of tax
|
|||||
|
OTTI charges
|
$ | (1,419 | ) |
OTTI charge
|
|||
| 620 |
Tax benefit
|
||||||
| $ | (799 | ) |
Net of tax
|
||||
|
Amortization of defined benefit pension items:
|
|||||||
|
Actuarial losses
|
$ | (927 | ) | (1) |
Other expense
|
||
|
Prior service credits
|
33 | (1) |
Other expense
|
||||
| (894 | ) |
Total before tax
|
|||||
| 391 |
Tax benefit
|
||||||
| $ | (503 | ) |
Net of tax
|
||||
|
|
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 of the Notes to Consolidated Financial Statements “Pension and Other Postretirement Benefit Plans”).
|
|
(Dollars in thousands)
|
Amount
|
Percent of Assets
|
||||||
|
Core Capital:
|
||||||||
|
Capital level
|
$ | 438,423 | 9.48 | % | ||||
|
Well capitalized
|
231,234 | 5.00 | ||||||
|
Excess
|
207,189 | 4.48 | ||||||
|
Tier 1 Risk-Based Capital:
|
||||||||
|
Capital level
|
$ | 438,423 | 14.22 | % | ||||
|
Well capitalized
|
185,022 | 6.00 | ||||||
|
Excess
|
253,401 | 8.22 | ||||||
|
Risk-Based Capital:
|
||||||||
|
Capital level
|
$ | 469,239 | 15.22 | % | ||||
|
Well capitalized
|
308,370 | 10.00 | ||||||
|
Excess
|
160,869 | 5.22 | ||||||
|
·
|
continue our emphasis on the origination of multi-family residential mortgage loans;
|
|
·
|
continue our transition to a commercial banking institution;
|
|
·
|
increase our commitment to the multi-cultural marketplace, with a particular focus on the Asian community in Queens;
|
|
·
|
maintain asset quality;
|
|
·
|
manage deposit growth and maintain a low cost of funds through
|
|
§
|
business banking deposits,
|
|
§
|
municipal deposits through government banking, and
|
|
§
|
new customer relationships via iGObanking.com®;
|
|
·
|
cross sell to lending and deposit customers;
|
|
·
|
take advantage of market disruptions to attract talent and customers from competitors;
|
|
·
|
manage interest rate risk and capital; and
|
|
·
|
manage enterprise-wide risk.
|
|
For the three months
ended September 30,
|
For the nine months
ended September 30,
|
|||||||||||||||
|
(In thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
Multi-family residential
|
$ | 127,310 | $ | 69,299 | $ | 302,527 | $ | 211,052 | ||||||||
|
Commercial real estate
(1)
|
14,180 | 1,943 | 52,778 | 21,756 | ||||||||||||
|
One-to-four family – mixed-use property
|
10,719 | 3,474 | 22,453 | 13,955 | ||||||||||||
|
One-to-four family – residential
|
7,986 | 7,382 | 20,876 | 18,076 | ||||||||||||
|
Co-operative apartments
|
1,037 | 100 | 4,799 | 1,726 | ||||||||||||
|
Construction
|
163 | 83 | 1,951 | 653 | ||||||||||||
|
Small Business Administration
|
92 | 180 | 470 | 513 | ||||||||||||
|
Taxi Medallion
(2)
|
- | - | - | 3,464 | ||||||||||||
|
Commercial business and other
|
100,664 | 68,452 | 229,365 | 162,053 | ||||||||||||
|
Total
|
$ | 262,151 | $ | 150,913 | $ | 635,219 | $ | 433,248 | ||||||||
|
(1)
|
Includes purchases of $0.5 million for the nine months ended September 30, 2013.
|
|
(2)
|
Includes purchases of $3.5 million for the nine months ended September 30, 2012.
|
|
Projected Percentage Change In
|
||||||||||||
|
Change in Interest Rate
|
Net Interest
Income
|
Net Portfolio
Value
|
Net Portfolio
Value Ratio
|
|||||||||
|
-200 Basis points
|
-2.36 | % | 12.14 | % | 13.56 | % | ||||||
|
-100 Basis points
|
0.31 | 8.64 | 13.34 | |||||||||
|
Base interest rate
|
0.00 | 0.00 | 12.62 | |||||||||
|
+100 Basis points
|
-5.49 | -12.97 | 11.34 | |||||||||
|
+200 Basis points
|
-11.17 | -26.06 | 9.95 | |||||||||
|
For the three months ended September 30,
|
||||||||||||||||||||||||
|
2013
|
2012
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
|
Yield/
Cost
|
Average
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||
|
Mortgage loans, net (1)
|
$ | 2,948,640 | 39,358 | 5.34 | % | $ | 2,889,894 | 41,373 | 5.73 | % | ||||||||||||||
|
Other loans, net (1)
|
338,315 | 3,182 | 3.76 | 285,360 | 3,484 | 4.88 | ||||||||||||||||||
|
Total loans, net
|
3,286,955 | 42,540 | 5.18 | 3,175,254 | 44,857 | 5.65 | ||||||||||||||||||
|
Mortgage-backed securities
|
787,680 | 5,732 | 2.91 | 693,001 | 6,765 | 3.90 | ||||||||||||||||||
|
Other securities
|
265,751 | 1,566 | 2.36 | 232,684 | 1,546 | 2.66 | ||||||||||||||||||
|
Total securities
|
1,053,431 | 7,298 | 2.77 | 925,685 | 8,311 | 3.59 | ||||||||||||||||||
|
Interest-earning deposits and
federal funds sold
|
30,905 | 13 | 0.17 | 56,813 | 25 | 0.18 | ||||||||||||||||||
|
Total interest-earning assets
|
4,371,291 | 49,851 | 4.56 | 4,157,752 | 53,193 | 5.12 | ||||||||||||||||||
|
Other assets
|
250,745 | 244,556 | ||||||||||||||||||||||
|
Total assets
|
$ | 4,622,036 | $ | 4,402,308 | ||||||||||||||||||||
|
Liabilities and Equity
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Savings accounts
|
$ | 270,956 | 126 | 0.19 | $ | 306,573 | 150 | 0.20 | ||||||||||||||||
|
NOW accounts
|
1,298,242 | 1,673 | 0.52 | 989,644 | 1,446 | 0.58 | ||||||||||||||||||
|
Money market accounts
|
190,262 | 70 | 0.15 | 172,013 | 75 | 0.17 | ||||||||||||||||||
|
Certificate of deposit accounts
|
1,191,574 | 5,898 | 1.98 | 1,504,736 | 8,417 | 2.24 | ||||||||||||||||||
|
Total due to depositors
|
2,951,034 | 7,767 | 1.05 | 2,972,966 | 10,088 | 1.36 | ||||||||||||||||||
|
Mortgagors' escrow accounts
|
40,596 | 9 | 0.09 | 35,729 | 9 | 0.10 | ||||||||||||||||||
|
Total deposits
|
2,991,630 | 7,776 | 1.04 | 3,008,695 | 10,097 | 1.34 | ||||||||||||||||||
|
Borrowed funds
|
989,791 | 5,090 | 2.06 | 782,614 | 5,513 | 2.82 | ||||||||||||||||||
|
Total interest-bearing liabilities
|
3,981,421 | 12,866 | 1.29 | 3,791,309 | 15,610 | 1.65 | ||||||||||||||||||
|
Non interest-bearing deposits
|
175,217 | 139,562 | ||||||||||||||||||||||
|
Other liabilities
|
44,272 | 38,279 | ||||||||||||||||||||||
|
Total liabilities
|
4,200,910 | 3,969,150 | ||||||||||||||||||||||
|
Equity
|
421,126 | 433,158 | ||||||||||||||||||||||
|
Total liabilities and equity
|
$ | 4,622,036 | $ | 4,402,308 | ||||||||||||||||||||
|
Net interest income /
net interest rate spread
|
$ | 36,985 | 3.27 | % | $ | 37,583 | 3.47 | % | ||||||||||||||||
|
Net interest-earning assets /
net interest margin
|
$ | 389,870 | 3.38 | % | $ | 366,443 | 3.62 | % | ||||||||||||||||
|
Ratio of interest-earning assets to
interest-bearing liabilities
|
1.10 | X | 1.10 | X | ||||||||||||||||||||
|
(1)
|
Loan interest income includes net amortization of deferred fees and costs, late charges, and prepayment penalties of approximately $0.9 million and $0.8 million for the three months ended September 30, 2013 and 2012, respectively.
|
|
For the nine months ended September 30,
|
||||||||||||||||||||||||
|
2013
|
2012
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
|
Yield/
Cost
|
Average
Balance
|
Interest
|
Yield/
Cost
|
|||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||
|
Mortgage loans, net (1)
|
$ | 2,904,864 | 118,921 | 5.46 | % | $ | 2,902,201 | 127,111 | 5.84 | % | ||||||||||||||
|
Other loans, net (1)
|
316,530 | 9,420 | 3.97 | 288,834 | 10,429 | 4.81 | ||||||||||||||||||
|
Total loans, net
|
3,221,394 | 128,341 | 5.31 | 3,191,035 | 137,540 | 5.75 | ||||||||||||||||||
|
Mortgage-backed securities
|
763,918 | 17,321 | 3.02 | 704,347 | 20,652 | 3.91 | ||||||||||||||||||
|
Other securities
|
243,472 | 4,516 | 2.47 | 186,165 | 3,747 | 2.68 | ||||||||||||||||||
|
Total securities
|
1,007,390 | 21,837 | 2.89 | 890,512 | 24,399 | 3.65 | ||||||||||||||||||
|
Interest-earning deposits and
federal funds sold
|
39,669 | 54 | 0.18 | 43,913 | 53 | 0.16 | ||||||||||||||||||
|
Total interest-earning assets
|
4,268,453 | 150,232 | 4.69 | 4,125,460 | 161,992 | 5.24 | ||||||||||||||||||
|
Other assets
|
260,912 | 240,724 | ||||||||||||||||||||||
|
Total assets
|
$ | 4,529,365 | $ | 4,366,184 | ||||||||||||||||||||
|
Liabilities and Equity
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Savings accounts
|
$ | 277,451 | 389 | 0.19 | $ | 325,333 | 546 | 0.22 | ||||||||||||||||
|
NOW accounts
|
1,273,909 | 5,044 | 0.53 | 1,001,843 | 4,685 | 0.62 | ||||||||||||||||||
|
Money market accounts
|
172,868 | 197 | 0.15 | 182,978 | 340 | 0.25 | ||||||||||||||||||
|
Certificate of deposit accounts
|
1,187,403 | 18,504 | 2.08 | 1,475,118 | 25,634 | 2.32 | ||||||||||||||||||
|
Total due to depositors
|
2,911,631 | 24,134 | 1.11 | 2,985,272 | 31,205 | 1.39 | ||||||||||||||||||
|
Mortgagors' escrow accounts
|
46,171 | 26 | 0.08 | 41,179 | 27 | 0.09 | ||||||||||||||||||
|
Total deposits
|
2,957,802 | 24,160 | 1.09 | 3,026,451 | 31,232 | 1.38 | ||||||||||||||||||
|
Borrowed funds
|
933,318 | 17,645 | 2.52 | 749,878 | 17,545 | 3.12 | ||||||||||||||||||
|
Total interest-bearing liabilities
|
3,891,120 | 41,805 | 1.43 | 3,776,329 | 48,777 | 1.72 | ||||||||||||||||||
|
Non interest-bearing deposits
|
162,732 | 128,912 | ||||||||||||||||||||||
|
Other liabilities
|
42,026 | 35,076 | ||||||||||||||||||||||
|
Total liabilities
|
4,095,878 | 3,940,317 | ||||||||||||||||||||||
|
Equity
|
433,487 | 425,867 | ||||||||||||||||||||||
|
Total liabilities and equity
|
$ | 4,529,365 | $ | 4,366,184 | ||||||||||||||||||||
|
Net interest income /
net interest rate spread
|
$ | 108,427 | 3.26 | % | $ | 113,215 | 3.52 | % | ||||||||||||||||
|
Net interest-earning assets /
net interest margin
|
$ | 377,333 | 3.39 | % | $ | 349,131 | 3.66 | % | ||||||||||||||||
|
Ratio of interest-earning assets to
interest-bearing liabilities
|
1.10 | X | 1.09 | X | ||||||||||||||||||||
|
(1)
|
Loan interest income includes net amortization of deferred fees and costs, late charges, and prepayment penalties of approximately $2.7 million and $2.2 million for the nine months ended September 30, 2013 and 2012, respectively.
|
|
For the nine months ended September 30,
|
||||||||
|
(In thousands)
|
2013
|
2012
|
||||||
|
Mortgage Loans
|
|
|
||||||
|
|
|
|||||||
|
At beginning of period
|
$ | 2,906,881 | $ | 2,939,012 | ||||
|
Mortgage loans originated:
|
||||||||
|
Multi-family residential
|
302,527 | 211,052 | ||||||
|
Commercial real estate
|
52,326 | 21,756 | ||||||
|
One-to-four family – mixed-use property
|
22,453 | 13,955 | ||||||
|
One-to-four family – residential
|
20,876 | 18,076 | ||||||
|
Co-operative apartments
|
4,799 | 1,726 | ||||||
|
Construction
|
1,951 | 653 | ||||||
|
Total mortgage loans originated
|
404,932 | 267,218 | ||||||
|
Mortgage loans purchased:
|
||||||||
|
Commercial Loans Purchased
|
452 | - | ||||||
|
Total mortgage loans Purchased
|
452 | - | ||||||
|
Less:
|
||||||||
|
Principal and other reductions
|
281,786 | 284,687 | ||||||
|
Sales
|
22,984 | 33,048 | ||||||
|
At end of period
|
$ | 3,007,495 | $ | 2,888,495 | ||||
|
Commercial Business and Other Loans
|
||||||||
|
At beginning of period
|
$ | 314,494 | $ | 274,981 | ||||
|
Other loans originated:
|
||||||||
|
Small business administration
|
470 | 513 | ||||||
|
Taxi Medallion
|
- | 8 | ||||||
|
Commercial business
|
225,337 | 158,730 | ||||||
|
Other
|
4,028 | 3,323 | ||||||
|
Total other loans originated
|
229,835 | 162,574 | ||||||
|
Other loans purchased:
|
||||||||
|
Taxi Medallion
|
- | 3,456 | ||||||
|
Total other loans purchased
|
- | 3,456 | ||||||
|
Less:
|
||||||||
|
Principal and other reductions
|
164,787 | 148,967 | ||||||
|
Sales and loans transferred to available for sale
|
2,382 | 7,179 | ||||||
|
At end of period
|
$ | 377,160 | $ | 284,865 | ||||
|
(In thousands)
|
September 30,
2013
|
June 30,
2013
|
December 31,
2012
|
|||||||||
|
Accrual Status:
|
||||||||||||
|
Multi-family residential
|
$ | 2,812 | $ | 2,822 | $ | 2,348 | ||||||
|
Commercial real estate
|
3,786 | 3,797 | 3,263 | |||||||||
|
One-to-four family - mixed-use property
|
2,307 | 2,317 | 2,338 | |||||||||
|
One-to-four family - residential
|
367 | 369 | 374 | |||||||||
|
Construction
|
1,612 | 1,612 | 3,500 | |||||||||
|
Commercial business and other
|
4,368 | 4,403 | 3,849 | |||||||||
|
Total
|
15,252 | 15,320 | 15,672 | |||||||||
|
Non-accrual status:
|
||||||||||||
|
Commercial real estate
|
3,552 | 4,045 | 3,872 | |||||||||
|
One-to-four family - mixed-use property
|
385 | 386 | - | |||||||||
|
Total
|
3,937 | 4,431 | 3,872 | |||||||||
|
Total performing troubled debt restructured
|
$ | 19,189 | $ | 19,751 | $ | 19,544 | ||||||
|
(In thousands)
|
September 30,
2013
|
June 30,
2013
|
December 31,
2012
|
|||||||||
|
Loans 90 days or more past due
and still accruing:
|
||||||||||||
|
Multi-family residential
|
$ | 479 | $ | - | $ | - | ||||||
|
Commercial real estate
|
298 | - | - | |||||||||
|
One-to-four family - residential
|
15 | 15 | - | |||||||||
|
Commercial business and other
|
502 | 558 | 644 | |||||||||
|
Total
|
1,294 | 573 | 644 | |||||||||
|
Non-accrual loans:
|
||||||||||||
|
Multi-family residential
|
18,445 | 19,273 | 16,486 | |||||||||
|
Commercial real estate
|
10,653 | 12,676 | 15,640 | |||||||||
|
One-to-four family - mixed-use property
|
9,854 | 11,272 | 18,280 | |||||||||
|
One-to-four family - residential
|
13,229 | 12,158 | 13,726 | |||||||||
|
Co-operative apartments
|
160 | 160 | 234 | |||||||||
|
Construction
|
4,962 | 7,326 | 7,695 | |||||||||
|
Small business administration
|
- | 445 | 283 | |||||||||
|
Commercial business and other
|
2,564 | 9,999 | 16,860 | |||||||||
|
Total
|
59,867 | 73,309 | 89,204 | |||||||||
|
Total non-performing loans
|
61,161 | 73,882 | 89,848 | |||||||||
|
Other non-performing assets:
|
||||||||||||
|
Real estate acquired through foreclosure
|
3,503 | 2,591 | 5,278 | |||||||||
|
Investment securities
|
3,831 | 4,301 | 3,332 | |||||||||
|
Total
|
7,334 | 6,892 | 8,610 | |||||||||
|
Total non-performing assets
|
$ | 68,495 | $ | 80,774 | $ | 98,458 | ||||||
|
September 30, 2013
|
December 31, 2012
|
|||||||||||||||
|
60 - 89
days
|
30 - 59
days
|
60 - 89
days
|
30 - 59
days
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Multi-family residential
|
$ | 2,864 | $ | 15,471 | $ | 4,827 | $ | 24,059 | ||||||||
|
Commercial real estate
|
5,015 | 9,378 | 3,622 | 9,764 | ||||||||||||
|
One-to-four family - mixed-use property
|
685 | 19,497 | 3,368 | 21,012 | ||||||||||||
|
One-to-four family - residential
|
1,200 | 2,276 | 1,886 | 3,407 | ||||||||||||
|
Co-operative apartments
|
- | - | - | - | ||||||||||||
|
Construction loans
|
- | - | - | 2,462 | ||||||||||||
|
Small Business Administration
|
- | 148 | - | 404 | ||||||||||||
|
Taxi medallion
|
- | - | - | - | ||||||||||||
|
Commercial business and other
|
- | - | 6 | 2 | ||||||||||||
|
Total delinquent loans
|
$ | 9,764 | $ | 46,770 | $ | 13,709 | $ | 61,110 | ||||||||
|
(In thousands)
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Multi-family residential
|
$ | 10,848 | $ | 23,735 | $ | - | $ | - | $ | 34,583 | ||||||||||
|
Commercial real estate
|
12,885 | 21,300 | - | - | 34,185 | |||||||||||||||
|
One-to-four family - mixed-use property
|
9,656 | 14,931 | - | - | 24,587 | |||||||||||||||
|
One-to-four family - residential
|
1,714 | 14,753 | - | - | 16,467 | |||||||||||||||
|
Co-operative apartments
|
- | 164 | - | - | 164 | |||||||||||||||
|
Construction loans
|
1,916 | 5,425 | - | - | 7,341 | |||||||||||||||
|
Small Business Administration
|
336 | - | - | - | 336 | |||||||||||||||
|
Commercial business and other
|
2,000 | 5,939 | 50 | - | 7,989 | |||||||||||||||
|
Total loans
|
39,355 | 86,247 | 50 | - | 125,652 | |||||||||||||||
|
Investment Securities:
(1)
|
||||||||||||||||||||
|
Pooled trust preferred securities
|
- | 10,493 | - | - | 10,493 | |||||||||||||||
|
Private issue trust preferred securities
|
- | 5,745 | - | - | 5,745 | |||||||||||||||
|
Private issue CMO
|
- | 21,665 | - | - | 21,665 | |||||||||||||||
|
Total investment securities
|
- | 37,903 | - | - | 37,903 | |||||||||||||||
|
Other Real Estate Owned
|
- | 3,503 | - | - | 3,503 | |||||||||||||||
|
Total
|
$ | 39,355 | $ | 127,653 | $ | 50 | $ | - | $ | 167,058 | ||||||||||
|
(In thousands)
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Multi-family residential
|
$ | 16,345 | $ | 22,769 | $ | - | $ | - | $ | 39,114 | ||||||||||
|
Commercial real estate
|
11,097 | 27,877 | - | - | 38,974 | |||||||||||||||
|
One-to-four family - mixed-use property
|
13,104 | 26,506 | - | - | 39,610 | |||||||||||||||
|
One-to-four family - residential
|
5,223 | 15,328 | - | - | 20,551 | |||||||||||||||
|
Co-operative apartments
|
103 | 237 | - | - | 340 | |||||||||||||||
|
Construction loans
|
3,805 | 10,598 | - | - | 14,403 | |||||||||||||||
|
Small Business Administration
|
323 | 212 | 244 | - | 779 | |||||||||||||||
|
Commercial business and other
|
3,044 | 18,419 | 1,080 | - | 22,543 | |||||||||||||||
|
Total loans
|
53,044 | 121,946 | 1,324 | - | 176,314 | |||||||||||||||
|
Investment Securities:
(1)
|
||||||||||||||||||||
|
Pooled trust preferred securities
|
- | 10,419 | - | - | 10,419 | |||||||||||||||
|
Private issue trust preferred securities
|
- | 5,770 | - | - | 5,770 | |||||||||||||||
|
Private issue CMO
|
- | 26,429 | - | - | 26,429 | |||||||||||||||
|
Total investment securities
|
- | 42,618 | - | - | 42,618 | |||||||||||||||
|
Other Real Estate Owned
|
- | 5,278 | - | - | 5,278 | |||||||||||||||
|
Total
|
$ | 53,044 | $ | 169,842 | $ | 1,324 | $ | - | $ | 224,210 | ||||||||||
|
For the nine months ended September 30,
|
||||||||
|
(Dollars in thousands)
|
2013
|
2012
|
||||||
|
Balance at beginning of period
|
$ | 31,104 | $ | 30,344 | ||||
|
Provision for loan losses
|
12,935 | 16,000 | ||||||
|
Loans charged-off:
|
||||||||
|
Multi-family residential
|
(3,459 | ) | (5,252 | ) | ||||
|
Commercial real estate
|
(905 | ) | (2,401 | ) | ||||
|
One-to-four family – mixed-use property
|
(3,780 | ) | (3,401 | ) | ||||
|
One-to-four family – residential
|
(695 | ) | (1,096 | ) | ||||
|
Co-operative apartments
|
(74 | ) | (62 | ) | ||||
|
Construction
|
(2,678 | ) | (2,500 | ) | ||||
|
Small Business Administration
|
(426 | ) | (324 | ) | ||||
|
Commercial business and other
|
(2,057 | ) | (1,488 | ) | ||||
|
Total charge-offs
|
(14,074 | ) | (16,524 | ) | ||||
|
Recoveries:
|
||||||||
|
Multi-family residential
|
155 | 89 | ||||||
|
Commercial real estate
|
293 | 249 | ||||||
|
One-to-four family – mixed-use property
|
169 | 337 | ||||||
|
One-to-four family – residential
|
117 | 29 | ||||||
|
Co-operative apartments
|
4 | - | ||||||
|
Small Business Administration
|
77 | 59 | ||||||
|
Commercial business and other
|
36 | 104 | ||||||
|
Total recoveries
|
851 | 867 | ||||||
|
Net charge-offs
|
(13,223 | ) | (15,657 | ) | ||||
|
Balance at end of period
|
$ | 30,816 | $ | 30,687 | ||||
|
Ratio of net charge-offs during the period to
average loans outstanding during the period
|
0.55 | % | 0.65 | % | ||||
|
Ratio of allowance for loan losses to gross loans at end of period
|
0.91 | % | 0.97 | % | ||||
|
Ratio of allowance for loan losses to non-performing
assets at end of period
|
44.99 | % | 28.56 | % | ||||
|
Ratio of allowance for loan losses to non-performing
loans at end of period
|
50.39 | % | 30.44 | % | ||||
|
·
|
Revises the definition of regulatory capital components and related calculations.
|
|
·
|
Adds a new common equity tier 1 capital ratio.
|
|
·
|
Increases the minimum tier 1 capital ratio requirement from four percent to six percent.
|
|
·
|
Incorporates the revised regulatory capital requirements into the Prompt Corrective Action framework.
|
|
·
|
Implements a new capital conservation buffer that would limit payment of capital distributions and certain discretionary bonus payments to executive officers and key risk takers if the banking organization does not hold certain amounts of common equity tier 1 capital in addition to those needed to meet its minimum risk-based capital requirements.
|
|
·
|
Provides a transition period for several aspects of the proposed rule: the new minimum capital ratio requirements, the capital conservation buffer, and the regulatory capital adjustments and deductions.
|
|
·
|
Increases capital requirements for past-due loans, high volatility commercial real estate exposures, and certain short-term loan commitments.
|
|
·
|
Removes references to credit ratings consistent with Section 939A of the Dodd-Frank Act.
|
|
·
|
Establishes due diligence requirements for securitization exposures.
|
|
Period
|
Total
Number
|
Average Price
Paid per Share
|
Total Number of
Shares Purchased
|
Maximum
Number of
|
||||||||||||
|
July 1 to July 31, 2013
|
- | $ | - | - | 579,870 | |||||||||||
|
August 1 to August 31, 2013
|
10,000 | 18.01 | 10,000 | 569,870 | ||||||||||||
|
September 1 to September 30, 2013
|
20,000 | 18.17 | 20,000 | 549,870 | ||||||||||||
|
Total
|
30,000 | $ | 18.12 | 30,000 | ||||||||||||
|
Exhibit No.
|
Description
|
|
|
2.1
|
Agreement and Plan of Merger dated as of December 20, 2005 by and between Flushing Financial Corporation and Atlantic Liberty Financial Corp. (7)
|
|
|
3.1
|
Certificate of Incorporation of Flushing Financial Corporation (1)
|
|
|
3.2
|
Certificate of Amendment to Certificate of Incorporation of Flushing Financial Corporation (3)
|
|
|
3.3
|
Certificate of Amendment to Certificate of Incorporation of Flushing Financial Corporation (6)
|
|
|
3.4
|
Certificate of Designations of Series A Junior Participating Preferred Stock of Flushing Financial Corporation (4)
|
|
|
3.5
|
Certificate of Increase of Shares Designated as Series A Junior Participating Preferred Stock of Flushing Financial Corporation (2)
|
|
|
3.6
|
By-Laws of Flushing Financial Corporation (1)
|
|
|
4.1
|
Rights Agreement, dated as of September 8, 2006, between Flushing Financial Corporation and Computershare Trust Company N.A., as Rights Agent, which includes the form of Certificate of Increase of Shares Designated as Series A Junior Participating Preferred Stock as Exhibit A, form of Right Certificate as Exhibit B and the Summary of Rights to Purchase Preferred Stock as Exhibit C (5)
|
|
|
4.2
|
Flushing Financial Corporation has outstanding certain long-term debt. None of such debt exceeds ten percent of Flushing Financial Corporation's total assets; therefore, copies of constituent instruments defining the rights of the holders of such debt are not included as exhibits. Copies of instruments with respect to such long-term debt will be furnished to the Securities and Exchange Commission upon request.
|
|
|
31.1
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Chief Executive Officer (filed herewith)
|
|
|
31.2
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Chief Financial Officer (filed herewith)
|
|
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 by the Chief Executive Officer (furnished herewith)
|
|
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 by the Chief Financial Officer (furnished herewith)
|
|
|
101.INS
|
XBRL Instance Document (filed herewith)
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document (filed herewith)
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith)
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document (filed herewith)
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document (filed herewith)
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith)
|
|
|
(1) Incorporated by reference to Exhibits filed with the Registration Statement on Form S-1 filed
September 1, 1995, Registration No. 33-96488.
|
|
(2) Incorporated by reference to Exhibits filed with Form 8-K filed September 26, 2006.
|
|
(3) Incorporated by reference to Exhibits filed with Form S-8 filed May 31, 2002.
|
|
(4) Incorporated by reference to Exhibits filed with Form 10-Q for the quarter ended
September 30, 2002.
|
|
(5) Incorporated by reference to Exhibit filed with Form 8-K filed September 11, 2006.
|
|
(6) Incorporated by reference to Exhibit filed with Form 10-K filed March 15, 2012.
|
|
(7) Incorporated by reference to Exhibit filed with Form 8-K filed December 23, 2005.
|
| Flushing Financial Corporation, | |
| Dated: November 12, 2013 | By: /s/John R. Buran |
| John R. Buran | |
| President and Chief Executive Officer | |
| Dated: November 12, 2013 | By: /s/David W. Fry |
| David W. Fry | |
| Executive Vice President, Treasurer and | |
| Chief Financial Officer |
|
Exhibit No.
|
Description
|
|
|
2.1
|
Agreement and Plan of Merger dated as of December 20, 2005 by and between Flushing Financial Corporation and Atlantic Liberty Financial Corp. (7)
|
|
|
3.1
|
Certificate of Incorporation of Flushing Financial Corporation (1)
|
|
|
3.2
|
Certificate of Amendment to Certificate of Incorporation of Flushing Financial Corporation (3)
|
|
|
3.3
|
Certificate of Amendment to Certificate of Incorporation of Flushing Financial Corporation (6)
|
|
|
3.4
|
Certificate of Designations of Series A Junior Participating Preferred Stock of Flushing Financial Corporation (4)
|
|
|
3.5
|
Certificate of Increase of Shares Designated as Series A Junior Participating Preferred Stock of Flushing Financial Corporation (2)
|
|
|
3.6
|
By-Laws of Flushing Financial Corporation (1)
|
|
|
4.1
|
Rights Agreement, dated as of September 8, 2006, between Flushing Financial Corporation and Computershare Trust Company N.A., as Rights Agent, which includes the form of Certificate of Increase of Shares Designated as Series A Junior Participating Preferred Stock as Exhibit A, form of Right Certificate as Exhibit B and the Summary of Rights to Purchase Preferred Stock as Exhibit C (5)
|
|
|
4.2
|
Flushing Financial Corporation has outstanding certain long-term debt. None of such debt exceeds ten percent of Flushing Financial Corporation's total assets; therefore, copies of constituent instruments defining the rights of the holders of such debt are not included as exhibits. Copies of instruments with respect to such long-term debt will be furnished to the Securities and Exchange Commission upon request.
|
|
|
31.1
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Chief Executive Officer (filed herewith)
|
|
|
31.2
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by the Chief Financial Officer (filed herewith)
|
|
|
32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 by the Chief Executive Officer (furnished herewith)
|
|
|
32.2
|
Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 by the Chief Financial Officer (furnished herewith)
|
|
|
101.INS
|
XBRL Instance Document (filed herewith)
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document (filed herewith)
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith)
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document (filed herewith)
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document (filed herewith)
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith)
|
|
|
(1) Incorporated by reference to Exhibits filed with the Registration Statement on Form S-1 filed
September 1, 1995, Registration No. 33-96488.
|
|
(2) Incorporated by reference to Exhibits filed with Form 8-K filed September 26, 2006.
|
|
(3) Incorporated by reference to Exhibits filed with Form S-8 filed May 31, 2002.
|
|
(4) Incorporated by reference to Exhibits filed with Form 10-Q for the quarter ended
September 30, 2002.
|
|
(5) Incorporated by reference to Exhibit filed with Form 8-K filed September 11, 2006.
|
|
(6) Incorporated by reference to Exhibit filed with Form 10-K filed March 15, 2012.
|
|
(7) Incorporated by reference to Exhibit filed with Form 8-K filed December 23, 2005.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|