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Large accelerated filer __
Non-accelerated filer
__
|
Accelerated filer
X
Smaller reporting company __
|
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PAGE
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PART I — FINANCIAL INFORMATION
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PART II — OTHER INFORMATION
|
|
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(Dollars in thousands, except per share data)
|
March 31,
2015
|
December 31,
2014
|
||||||
|
ASSETS
|
||||||||
|
Cash and due from banks
|
$ | 21,104 | $ | 34,265 | ||||
|
Securities available for sale:
|
||||||||
|
Mortgage-backed securities (including assets pledged of $470,116 and $464,626
at March 31, 2015 and December 31, 2014, respectively; $4,458 and $4,678 at
fair value pursuant to the fair value option at March 31, 2015 and
December 31, 2014, respectively)
|
717,729 | 704,933 | ||||||
|
Other securities (including assets pledged of $69,372 and $57,562
at March 31, 2015 and December 31, 2014, respectively; $28,170 and $27,915 at fair value pursuant to the fair value option at March 31, 2015 and December 31, 2014, respectively)
|
289,955 | 268,377 | ||||||
|
Loans:
|
||||||||
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Multi-family residential
|
2,013,249 | 1,923,460 | ||||||
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Commercial real estate
|
687,823 | 621,569 | ||||||
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One-to-four family ― mixed-use property
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573,927 | 573,779 | ||||||
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One-to-four family ― residential
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190,366 | 187,572 | ||||||
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Co-operative apartments
|
9,413 | 9,835 | ||||||
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Construction
|
2,828 | 5,286 | ||||||
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Small Business Administration
|
8,005 | 7,134 | ||||||
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Taxi medallion
|
21,346 | 22,519 | ||||||
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Commercial business and other
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477,823 | 447,500 | ||||||
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Net unamortized premiums and unearned loan fees
|
13,274 | 11,719 | ||||||
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Allowance for loan losses
|
(24,091 | ) | (25,096 | ) | ||||
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Net loans
|
3,973,963 | 3,785,277 | ||||||
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Interest and dividends receivable
|
17,263 | 17,251 | ||||||
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Bank premises and equipment, net
|
30,167 | 21,868 | ||||||
|
Federal Home Loan Bank of New York stock
|
50,488 | 46,924 | ||||||
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Bank owned life insurance
|
113,373 | 112,656 | ||||||
|
Goodwill
|
16,127 | 16,127 | ||||||
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Other assets
|
40,326 | 69,335 | ||||||
|
Total assets
|
$ | 5,270,495 | $ | 5,077,013 | ||||
|
LIABILITIES
|
||||||||
|
Due to depositors:
|
||||||||
|
Non-interest bearing
|
$ | 250,084 | $ | 255,834 | ||||
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Interest-bearing:
|
||||||||
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Certificate of deposit accounts
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1,292,721 | 1,305,823 | ||||||
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Savings accounts
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269,610 | 261,942 | ||||||
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Money market accounts
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301,587 | 290,263 | ||||||
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NOW accounts
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1,438,239 | 1,359,057 | ||||||
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Total interest-bearing deposits
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3,302,157 | 3,217,085 | ||||||
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Mortgagors' escrow deposits
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53,901 | 35,679 | ||||||
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Borrowed funds ($28,244 and $28,771 at fair value pursuant to the fair
value option at March 31, 2015 and December 31, 2014, respectively)
|
1,019,291 | 940,492 | ||||||
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Securities sold under agreements to repurchase
|
116,000 | 116,000 | ||||||
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Other liabilities
|
63,176 | 55,676 | ||||||
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Total liabilities
|
4,804,609 | 4,620,766 | ||||||
|
Commitments and contingencies (Notes 4 & 5)
|
||||||||
|
STOCKHOLDERS' EQUITY
|
||||||||
|
Preferred stock ($0.01 par value; 5,000,000 shares authorized; None issued)
|
- | - | ||||||
|
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595
shares issued at March 31, 2015 and December 31, 2014; 29,407,259
shares and 29,403,823 shares outstanding at March 31, 2015 and
December 31, 2014, respectively)
|
315 | 315 | ||||||
|
Additional paid-in capital
|
208,368 | 206,437 | ||||||
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Treasury stock, at average cost (2,123,336 shares and 2,126,772 shares at
March 31, 2015 and December 31, 2014, respectively)
|
(37,521 | ) | (37,221 | ) | ||||
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Retained earnings
|
293,131 | 289,623 | ||||||
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Accumulated other comprehensive income (loss), net of taxes
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1,593 | (2,907 | ) | |||||
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Total stockholders' equity
|
465,886 | 456,247 | ||||||
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Total liabilities and stockholders' equity
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$ | 5,270,495 | $ | 5,077,013 | ||||
|
For the three months
ended March 31,
|
||||||||
|
(Dollars in thousands, except per share data)
|
2015
|
2014
|
||||||
|
Interest and dividend income
|
||||||||
|
Interest and fees on loans
|
$ | 43,534 | $ | 42,120 | ||||
|
Interest and dividends on securities:
|
||||||||
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Interest
|
5,870 | 6,875 | ||||||
|
Dividends
|
118 | 189 | ||||||
|
Other interest income
|
21 | 27 | ||||||
|
Total interest and dividend income
|
49,543 | 49,211 | ||||||
|
Interest expense
|
||||||||
|
Deposits
|
7,458 | 7,718 | ||||||
|
Other interest expense
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4,531 | 5,006 | ||||||
|
Total interest expense
|
11,989 | 12,724 | ||||||
|
Net interest income
|
37,554 | 36,487 | ||||||
|
Provision (benefit) for loan losses
|
(734 | ) | (1,119 | ) | ||||
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Net interest income after provision (benefit) for loan losses
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38,288 | 37,606 | ||||||
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Non-interest income
|
||||||||
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Banking services fee income
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884 | 709 | ||||||
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Net gain on sale of loans
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2 | - | ||||||
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Net loss from fair value adjustments
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(595 | ) | (644 | ) | ||||
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Federal Home Loan Bank of New York stock dividends
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518 | 551 | ||||||
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Bank owned life insurance
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717 | 776 | ||||||
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Other income
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404 | 318 | ||||||
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Total non-interest income
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1,930 | 1,710 | ||||||
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Non-interest expense
|
||||||||
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Salaries and employee benefits
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14,666 | 12,578 | ||||||
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Occupancy and equipment
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2,713 | 2,035 | ||||||
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Professional services
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1,779 | 1,210 | ||||||
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FDIC deposit insurance
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749 | 697 | ||||||
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Data processing
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1,075 | 1,068 | ||||||
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Depreciation and amortization
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668 | 715 | ||||||
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Other real estate owned/foreclosure expense
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520 | 256 | ||||||
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Other operating expenses
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3,769 | 3,534 | ||||||
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Total non-interest expense
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25,939 | 22,093 | ||||||
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Income before income taxes
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14,279 | 17,223 | ||||||
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Provision for income taxes
|
||||||||
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Federal
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4,252 | 4,758 | ||||||
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State and local
|
1,294 | 2,169 | ||||||
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Total taxes
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5,546 | 6,927 | ||||||
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Net income
|
$ | 8,733 | $ | 10,296 | ||||
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Basic earnings per common share
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$ | 0.30 | $ | 0.34 | ||||
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Diluted earnings per common share
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$ | 0.30 | $ | 0.34 | ||||
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Dividends per common share
|
$ | 0.16 | $ | 0.15 | ||||
|
For the three months ended
March 31,
|
||||||||
|
(Dollars in thousands)
|
2015
|
2014
|
||||||
|
Comprehensive Income, net of tax
|
||||||||
|
Net income
|
$ | 8,733 | $ | 10,296 | ||||
|
Amortization of actuarial losses
|
174 | 63 | ||||||
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Amortization of prior service credits
|
(6 | ) | (3 | ) | ||||
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Net unrealized gains on securities
|
4,332 | 5,360 | ||||||
|
Comprehensive income
|
$ | 13,233 | $ | 15,716 | ||||
|
For the three months ended
March 31,
|
||||||||
|
(Dollars in thousands)
|
2015
|
2014
|
||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
|
Net income
|
$ | 8,733 | $ | 10,296 | ||||
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||
|
Provision (benefit) for loan losses
|
(734 | ) | (1,119 | ) | ||||
|
Depreciation and amortization of bank premises and equipment
|
668 | 715 | ||||||
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Amortization of premium, net of accretion of discount
|
2,143 | 1,821 | ||||||
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Net loss from fair value adjustments
|
595 | 644 | ||||||
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Net gain from sale of loans
|
(2 | ) | - | |||||
|
Income from bank owned life insurance
|
(717 | ) | (776 | ) | ||||
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Stock-based compensation expense
|
2,778 | 2,581 | ||||||
|
Deferred compensation
|
(1,392 | ) | (1,192 | ) | ||||
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Excess tax benefit from stock-based payment arrangements
|
(318 | ) | (675 | ) | ||||
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Deferred income tax provision
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1,925 | 2,925 | ||||||
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Decrease in other liabilities
|
(4,403 | ) | (2,748 | ) | ||||
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Decrease in other assets
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3,336 | 1,917 | ||||||
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Net cash provided by operating activities
|
12,612 | 14,389 | ||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
|
Purchases of bank premises and equipment
|
(5,229 | ) | (342 | ) | ||||
|
Net (purchases) redemptions of Federal Home Loan Bank of New York shares
|
(3,564 | ) | 1,327 | |||||
|
Purchases of securities available for sale
|
(48,962 | ) | (48,277 | ) | ||||
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Proceeds from sales and calls of securities
|
- | 1,871 | ||||||
|
Proceeds from maturities and prepayments of securities available for sale
|
31,019 | 20,715 | ||||||
|
Net (originations) and repayment of loans
|
(59,071 | ) | (57,488 | ) | ||||
|
Purchases of loans
|
(111,296 | ) | (11,649 | ) | ||||
|
Proceeds from sale of real estate owned
|
1,594 | 1,062 | ||||||
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Proceeds from sale of delinquent loans
|
1,522 | 5,424 | ||||||
|
Net cash used in investing activities
|
(193,987 | ) | (87,357 | ) | ||||
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
Net increase (decrease) in non-interest bearing deposits
|
(5,750 | ) | 3,604 | |||||
|
Net increase in interest-bearing deposits
|
84,816 | 98,091 | ||||||
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Net increase in mortgagors' escrow deposits
|
18,222 | 16,072 | ||||||
|
Net proceeds (repayments) from short-term borrowed funds
|
41,500 | (29,500 | ) | |||||
|
Proceeds from long-term borrowings
|
47,706 | - | ||||||
|
Repayment of long-term borrowings
|
(10,000 | ) | - | |||||
|
Purchases of treasury stock
|
(3,876 | ) | (1,659 | ) | ||||
|
Excess tax benefit from stock-based payment arrangements
|
318 | 675 | ||||||
|
Proceeds from issuance of common stock upon exercise of stock options
|
- | 343 | ||||||
|
Cash dividends paid
|
(4,722 | ) | (4,513 | ) | ||||
|
Net cash provided by financing activities
|
168,214 | 83,113 | ||||||
|
Net increase (decrease) in cash and cash equivalents
|
(13,161 | ) | 10,145 | |||||
|
Cash and cash equivalents, beginning of period
|
34,265 | 33,485 | ||||||
|
Cash and cash equivalents, end of period
|
$ | 21,104 | $ | 43,630 | ||||
|
SUPPLEMENTAL CASH FLOW DISCLOSURE
|
||||||||
|
Interest paid
|
$ | 11,948 | $ | 12,646 | ||||
|
Income taxes paid
|
1,596 | 4,680 | ||||||
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Taxes paid if excess tax benefits were not tax deductible
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1,914 | 5,355 | ||||||
|
Non-cash activities:
|
||||||||
|
Securities purchased not yet settled
|
9,877 | 1,000 | ||||||
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Loans transferred to Other Real Estate Owned
|
483 | 115 | ||||||
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Loans provided for the sale of Other Real Estate Owned
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175 | 308 | ||||||
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For the three months ended
March 31,
|
||||||||
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(Dollars in thousands, except per share data)
|
2015
|
2014
|
||||||
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Common Stock
|
||||||||
|
Balance, beginning of period
|
$ | 315 | $ | 315 | ||||
|
No activity
|
- | - | ||||||
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Balance, end of period
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$ | 315 | $ | 315 | ||||
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Additional Paid-In Capital
|
||||||||
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Balance, beginning of period
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$ | 206,437 | $ | 201,902 | ||||
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Award of common shares released from Employee Benefit Trust (136,114 and 126,650
common shares for the three months ended March 31, 2015 and 2014, respectively)
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1,917 | 1,929 | ||||||
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Shares issued upon vesting of restricted stock unit awards (59,532 and 1,000 common
shares for the three months ended March 31, 2015 and 2014, respectively)
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160 | 3 | ||||||
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Issuance upon exercise of stock options (1,100 and 50,215 common shares for the
three months ended March 31, 2015 and 2014, respectively)
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1 | 122 | ||||||
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Stock-based compensation activity, net
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(465 | ) | (26 | ) | ||||
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Stock-based income tax benefit
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318 | 675 | ||||||
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Balance, end of period
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$ | 208,368 | $ | 204,605 | ||||
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Treasury Stock
|
||||||||
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Balance, beginning of period
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$ | (37,221 | ) | $ | (22,053 | ) | ||
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Purchases of outstanding shares (142,315 and 28,120 common shares for the
three months ended March 31, 2015 and 2014, respectively)
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(2,766 | ) | (556 | ) | ||||
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Shares issued upon vesting of restricted stock unit awards (204,110 and 183,864
common shares for the three months ended March 31, 2015 and 2014, respectively)
|
3,577 | 2,897 | ||||||
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Issuance upon exercise of stock options (1,100 and 50,215 common shares
for the three months ended March 31, 2015 and 2014, respectively)
|
19 | 797 | ||||||
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Purchases of shares to fund options exercised (998 and 23,003 common shares
for the three months ended March 31, 2015 and 2014, respectively)
|
(20 | ) | (478 | ) | ||||
|
Repurchase of shares to satisfy tax obligations (58,461 and 53,504 common shares
for the three months ended March 31, 2015 and 2014, respectively)
|
(1,110 | ) | (1,103 | ) | ||||
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Balance, end of period
|
$ | (37,521 | ) | $ | (20,496 | ) | ||
|
Retained Earnings
|
||||||||
|
Balance, beginning of period
|
$ | 289,623 | $ | 263,743 | ||||
|
Net income
|
8,733 | 10,296 | ||||||
|
Cash dividends declared and paid on common shares ($0.16 and $0.15 per common
share for the three months ended March 31, 2015 and 2014, respectively)
|
(4,722 | ) | (4,513 | ) | ||||
|
Issuance upon exercise of stock options (7,140 common shares for the
three months ended March 31, 2014)
|
- | (44 | ) | |||||
|
Shares issued upon vesting of restricted stock unit awards (144,578 and 182,864
common shares for the three months ended March 31, 2015 and 2014, respectively)
|
(503 | ) | (389 | ) | ||||
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Balance, end of period
|
$ | 293,131 | $ | 269,093 | ||||
|
Accumulated Other Comprehensive Income (loss)
|
||||||||
|
Balance, beginning of period
|
$ | (2,907 | ) | $ | (11,375 | ) | ||
|
Change in net unrealized gains on securities available for sale, net of taxes of
approximately ($3,293) and ($4,237) for the three months ended March 31, 2015 and 2014, respectively
|
4,332 | 5,360 | ||||||
|
Amortization of actuarial losses, net of taxes of approximately ($133) and ($112)
for the three months ended March 31, 2015 and 2014, respectively
|
174 | 63 | ||||||
|
Amortization of prior service credits, net of taxes of approximately $5 and $8 for the
three months ended March 31, 2015 and 2014, respectively)
|
(6 | ) | (3 | ) | ||||
|
Balance, end of period
|
$ | 1,593 | $ | (5,955 | ) | |||
|
Total Stockholders' Equity
|
$ | 465,886 | $ | 447,562 | ||||
|
2.
|
Use of Estimates
|
|
3.
|
Earnings Per Share
|
|
For the three months ended
March 31,
|
||||||||
|
(In thousands, except per share data)
|
2015
|
2014
|
||||||
|
Net income, as reported
|
$ | 8,733 | $ | 10,296 | ||||
|
Divided by:
|
||||||||
|
Weighted average common shares outstanding
|
29,397 | 29,984 | ||||||
|
Weighted average common stock equivalents
|
22 | 38 | ||||||
|
Total weighted average common shares outstanding and
common stock equivalents
|
29,419 | 30,022 | ||||||
|
Basic earnings per common share
|
$ | 0.30 | $ | 0.34 | ||||
|
Diluted earnings per common share
(1)
|
$ | 0.30 | $ | 0.34 | ||||
|
Dividend payout ratio
|
53.3 | % | 44.1 | % | ||||
|
(1)
|
For the three months ended March 31, 2015 and 2014, there were no stock options that were anti-dilutive.
|
|
4.
|
|
|
Amortized
Cost
|
Fair Value
|
Gross
Unrealized
|
Gross
Unrealized
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Corporate
|
$ | 95,785 | $ | 95,750 | $ | 939 | $ | 974 | ||||||||
|
Municipals
|
144,152 | 148,377 | 4,258 | 33 | ||||||||||||
|
Mutual funds
|
21,278 | 21,278 | - | - | ||||||||||||
|
Other
|
24,550 | 24,550 | 2 | 2 | ||||||||||||
|
Total other securities
|
285,765 | 289,955 | 5,199 | 1,009 | ||||||||||||
|
REMIC and CMO
|
514,592 | 521,312 | 8,857 | 2,137 | ||||||||||||
|
GNMA
|
13,359 | 13,733 | 455 | 81 | ||||||||||||
|
FNMA
|
166,451 | 168,556 | 2,786 | 681 | ||||||||||||
|
FHLMC
|
13,912 | 14,128 | 216 | - | ||||||||||||
|
Total mortgage-backed securities
|
708,314 | 717,729 | 12,314 | 2,899 | ||||||||||||
|
Total securities available for sale
|
$ | 994,079 | $ | 1,007,684 | $ | 17,513 | $ | 3,908 | ||||||||
|
Total
|
Less than 12 months
|
12 months or more
|
||||||||||||||||||||||
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||
|
Corporate
|
$ | 49,026 | $ | 974 | $ | 19,389 | $ | 611 | $ | 29,637 | $ | 363 | ||||||||||||
|
Municipals
|
5,268 | 33 | 5,268 | 33 | - | - | ||||||||||||||||||
|
Other
|
298 | 2 | - | - | 298 | 2 | ||||||||||||||||||
|
Total other securities
|
54,592 | 1,009 | 24,657 | 644 | 29,935 | 365 | ||||||||||||||||||
|
REMIC and CMO
|
158,838 | 2,137 | 55,749 | 134 | 103,089 | 2,003 | ||||||||||||||||||
|
GNMA
|
8,099 | 81 | 8,099 | 81 | - | - | ||||||||||||||||||
|
FNMA
|
62,834 | 681 | 29,897 | 179 | 32,937 | 502 | ||||||||||||||||||
|
Total mortgage-backed
securities
|
229,771 | 2,899 | 93,745 | 394 | 136,026 | 2,505 | ||||||||||||||||||
|
Total securities
available for sale
|
$ | 284,363 | $ | 3,908 | $ | 118,402 | $ | 1,038 | $ | 165,961 | $ | 2,870 | ||||||||||||
|
For the three months ended
March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
(In thousands)
|
||||||||
|
Beginning balance
|
$ | - | $ | 3,738 | ||||
|
Recognition of actual losses
|
- | - | ||||||
|
OTTI charges due to credit loss recorded in earnings
|
- | - | ||||||
|
Securities sold during the period
|
- | - | ||||||
|
Securities where there is an intent to sell or requirement to sell
|
- | - | ||||||
|
Ending balance
|
$ | - | $ | 3,738 | ||||
|
Amortized
Cost
|
Fair Value
|
|||||||
|
(In thousands)
|
||||||||
|
Due in one year or less
|
$ | 37,469 | $ | 37,706 | ||||
|
Due after one year through five years
|
26,104 | 26,768 | ||||||
|
Due after five years through ten years
|
79,662 | 79,130 | ||||||
|
Due after ten years
|
142,530 | 146,351 | ||||||
|
Total other securities
|
285,765 | 289,955 | ||||||
|
Mortgage-backed securities
|
708,314 | 717,729 | ||||||
|
Total securities available for sale
|
$ | 994,079 | $ | 1,007,684 | ||||
|
Amortized
Cost
|
Fair Value
|
Gross
Unrealized
|
Gross
Unrealized
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Corporate
|
$ | 90,719 | $ | 91,273 | $ | 1,268 | $ | 714 | ||||||||
|
Municipals
|
145,864 | 148,896 | 3,093 | 61 | ||||||||||||
|
Mutual funds
|
21,118 | 21,118 | - | - | ||||||||||||
|
Other
|
7,098 | 7,090 | - | 8 | ||||||||||||
|
Total other securities
|
264,799 | 268,377 | 4,361 | 783 | ||||||||||||
|
REMIC and CMO
|
504,207 | 505,768 | 6,188 | 4,627 | ||||||||||||
|
GNMA
|
13,862 | 14,159 | 421 | 124 | ||||||||||||
|
FNMA
|
169,956 | 170,367 | 2,128 | 1,717 | ||||||||||||
|
FHLMC
|
14,505 | 14,639 | 142 | 8 | ||||||||||||
|
Total mortgage-backed securities
|
702,530 | 704,933 | 8,879 | 6,476 | ||||||||||||
|
Total securities available for sale
|
$ | 967,329 | $ | 973,310 | $ | 13,240 | $ | 7,259 | ||||||||
|
Total
|
Less than 12 months
|
12 months or more
|
||||||||||||||||||||||
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||
|
Corporate
|
$ | 39,287 | $ | 714 | $ | 9,573 | $ | 428 | $ | 29,714 | $ | 286 | ||||||||||||
|
Municipals
|
8,810 | 61 | 3,546 | 11 | 5,264 | 50 | ||||||||||||||||||
|
Other
|
292 | 8 | - | - | 292 | 8 | ||||||||||||||||||
|
Total other securities
|
48,389 | 783 | 13,119 | 439 | 35,270 | 344 | ||||||||||||||||||
|
REMIC and CMO
|
216,190 | 4,627 | 77,382 | 399 | 138,808 | 4,228 | ||||||||||||||||||
|
GNMA
|
8,358 | 124 | - | - | 8,358 | 124 | ||||||||||||||||||
|
FNMA
|
95,148 | 1,717 | - | - | 95,148 | 1,717 | ||||||||||||||||||
|
FHLMC
|
6,773 | 8 | 6,773 | 8 | - | - | ||||||||||||||||||
|
Total mortgage-backed securities
|
326,469 | 6,476 | 84,155 | 407 | 242,314 | 6,069 | ||||||||||||||||||
|
Total securities available for sale
|
$ | 374,858 | $ | 7,259 | $ | 97,274 | $ | 846 | $ | 277,584 | $ | 6,413 | ||||||||||||
|
For the three months ended
March 31, 2015
|
|||||||||
|
(Dollars in thousands)
|
Number
|
Balance
|
Modification description
|
||||||
|
Small Business Administration
|
1 | $ | 41 |
Received a below market
interest rate and the loan
amortization was extended
|
|||||
|
Total
|
1 | $ | 41 | ||||||
|
March 31, 2015
|
December 31, 2014
|
|||||||||||||||
|
(Dollars in thousands)
|
Number
of contracts
|
Recorded
investment
|
Number
of contracts
|
Recorded
investment
|
||||||||||||
|
Multi-family residential
|
9 | $ | 2,669 | 10 | $ | 3,034 | ||||||||||
|
Commercial real estate
|
3 | 2,364 | 3 | 2,373 | ||||||||||||
|
One-to-four family - mixed-use property
|
7 | 2,369 | 7 | 2,381 | ||||||||||||
|
One-to-four family - residential
|
1 | 351 | 1 | 354 | ||||||||||||
|
Small business administration
|
1 | 41 | - | - | ||||||||||||
|
Commercial business and other
|
4 | 2,208 | 4 | 2,249 | ||||||||||||
|
Total performing troubled debt restructured
|
25 | $ | 10,002 | 25 | $ | 10,391 | ||||||||||
|
March 31, 2015
|
December 31, 2014
|
|||||||||||||||
|
(Dollars in thousands)
|
Number
of contracts
|
Recorded
investment
|
Number
of contracts
|
Recorded
investment
|
||||||||||||
|
Multi-family residential
|
1 | $ | 359 | - | $ | - | ||||||||||
|
Commercial real estate
|
- | - | 1 | 2,252 | ||||||||||||
|
One-to-four family - mixed use property
|
1 | 188 | 1 | 187 | ||||||||||||
|
Total troubled debt restructurings
that subsequently defaulted
|
2 | $ | 547 | 2 | $ | 2,439 | ||||||||||
|
(In thousands)
|
March 31,
2015
|
December 31,
2014
|
||||||
|
Loans ninety days or more past due
and still accruing:
|
||||||||
|
Multi-family residential
|
$ | - | $ | 676 | ||||
|
Commercial real estate
|
753 | 820 | ||||||
|
One-to-four family - mixed-use property
|
195 | 405 | ||||||
|
One-to-four family - residential
|
13 | 14 | ||||||
|
Commercial Business and other
|
1,932 | 386 | ||||||
|
Total
|
2,893 | 2,301 | ||||||
|
Non-accrual mortgage loans:
|
||||||||
|
Multi-family residential
|
6,902 | 6,878 | ||||||
|
Commercial real estate
|
3,021 | 5,689 | ||||||
|
One-to-four family - mixed-use property
|
7,224 | 6,936 | ||||||
|
One-to-four family - residential
|
11,212 | 11,244 | ||||||
|
Total
|
28,359 | 30,747 | ||||||
|
Non-accrual non-mortgage loans:
|
||||||||
|
Small business administration
|
232 | - | ||||||
|
Commercial business and other
|
1,035 | 1,143 | ||||||
|
Total
|
1,267 | 1,143 | ||||||
|
Total non-accrual loans
|
29,626 | 31,890 | ||||||
|
Total non-accrual loans and loans ninety
days or more past due and still accruing
|
$ | 32,519 | $ | 34,191 | ||||
|
For the three months ended
March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
(In thousands)
|
||||||||
|
Interest income that would have been recognized had the loans
performed in accordance with their original terms
|
$ | 691 | $ | 1,067 | ||||
|
Less: Interest income included in the results of operations
|
148 | 155 | ||||||
|
Total foregone interest
|
$ | 543 | $ | 912 | ||||
|
(in thousands)
|
30 - 59 Days
ast Due
|
60 - 89 Days
Past Due
|
Greater
than
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||
|
Multi-family residential
|
$ | 8,595 | $ | - | $ | 6,903 | $ | 15,498 | $ | 1,997,751 | $ | 2,013,249 | ||||||||||||
|
Commercial real estate
|
3,202 | - | 3,774 | 6,976 | 680,847 | 687,823 | ||||||||||||||||||
|
One-to-four family - mixed-use property
|
10,522 | - | 7,418 | 17,940 | 555,987 | 573,927 | ||||||||||||||||||
|
One-to-four family - residential
|
1,694 | 175 | 11,022 | 12,891 | 177,475 | 190,366 | ||||||||||||||||||
|
Co-operative apartments
|
- | - | - | - | 9,413 | 9,413 | ||||||||||||||||||
|
Construction loans
|
- | - | - | - | 2,828 | 2,828 | ||||||||||||||||||
|
Small Business Administration
|
56 | 93 | 232 | 381 | 7,624 | 8,005 | ||||||||||||||||||
|
Taxi medallion
|
- | - | - | - | 21,346 | 21,346 | ||||||||||||||||||
|
Commercial business and other
|
4 | - | 2,688 | 2,692 | 475,131 | 477,823 | ||||||||||||||||||
|
Total
|
$ | 24,073 | $ | 268 | $ | 32,037 | $ | 56,378 | $ | 3,928,402 | $ | 3,984,780 | ||||||||||||
|
(in thousands)
|
30 - 59 Days
Past Due
|
60 - 89 Days
Past Due
|
Greater
than
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||
|
Multi-family residential
|
$ | 7,721 | $ | 1,729 | $ | 7,554 | $ | 17,004 | $ | 1,906,456 | $ | 1,923,460 | ||||||||||||
|
Commercial real estate
|
2,171 | 1,344 | 6,510 | 10,025 | 611,544 | 621,569 | ||||||||||||||||||
|
One-to-four family - mixed-use property
|
10,408 | 1,154 | 7,341 | 18,903 | 554,876 | 573,779 | ||||||||||||||||||
|
One-to-four family - residential
|
1,751 | 2,244 | 11,051 | 15,046 | 172,526 | 187,572 | ||||||||||||||||||
|
Co-operative apartments
|
- | - | - | - | 9,835 | 9,835 | ||||||||||||||||||
|
Construction loans
|
3,000 | - | - | 3,000 | 2,286 | 5,286 | ||||||||||||||||||
|
Small Business Administration
|
90 | - | - | 90 | 7,044 | 7,134 | ||||||||||||||||||
|
Taxi medallion
|
- | - | - | - | 22,519 | 22,519 | ||||||||||||||||||
|
Commercial business and other
|
6 | 1,585 | 740 | 2,331 | 445,169 | 447,500 | ||||||||||||||||||
|
Total
|
$ | 25,147 | $ | 8,056 | $ | 33,196 | $ | 66,399 | $ | 3,732,255 | $ | 3,798,654 | ||||||||||||
|
(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
|
$ | 8,827 | $ | 4,202 | $ | 5,840 | $ | 1,690 | $ | - | $ | 42 | $ | 279 | $ | 11 | $ | 4,205 | $ | 25,096 | ||||||||||||||||||||
|
Charge-offs
|
(97 | ) | (18 | ) | (78 | ) | (153 | ) | - | - | - | - | (51 | ) | (397 | ) | ||||||||||||||||||||||||
|
Recoveries
|
23 | 72 | 3 | - | - | - | 20 | - | 8 | 126 | ||||||||||||||||||||||||||||||
|
Provision (Benefit)
|
(124 | ) | (354 | ) | (336 | ) | (72 | ) | - | (19 | ) | (33 | ) | - | 204 | (734 | ) | |||||||||||||||||||||||
|
Ending balance
|
$ | 8,629 | $ | 3,902 | $ | 5,429 | $ | 1,465 | $ | - | $ | 23 | $ | 266 | $ | 11 | $ | 4,366 | $ | 24,091 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 267 | $ | 19 | $ | 566 | $ | 54 | $ | - | $ | - | $ | - | $ | - | $ | 139 | $ | 1,045 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 8,362 | $ | 3,883 | $ | 4,863 | $ | 1,411 | $ | - | $ | 23 | $ | 266 | $ | 11 | $ | 4,227 | $ | 23,046 | ||||||||||||||||||||
|
Financing Receivables:
|
||||||||||||||||||||||||||||||||||||||||
|
Ending Balance
|
$ | 2,013,249 | $ | 687,823 | $ | 573,927 | $ | 190,366 | $ | 9,413 | $ | 2,828 | $ | 8,005 | $ | 21,346 | $ | 477,823 | $ | 3,984,780 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 13,743 | $ | 6,575 | $ | 14,548 | $ | 13,954 | $ | - | $ | - | $ | 359 | $ | - | $ | 8,848 | $ | 58,027 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 1,999,506 | $ | 681,248 | $ | 559,379 | $ | 176,412 | $ | 9,413 | $ | 2,828 | $ | 7,646 | $ | 21,346 | $ | 468,975 | $ | 3,926,753 | ||||||||||||||||||||
|
(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
|
$ | 12,084 | $ | 4,959 | $ | 6,328 | $ | 2,079 | $ | 104 | $ | 444 | $ | 458 | $ | - | $ | 5,320 | $ | 31,776 | ||||||||||||||||||||
|
Charge-offs
|
(605 | ) | (47 | ) | (83 | ) | (42 | ) | - | - | - | - | (124 | ) | (901 | ) | ||||||||||||||||||||||||
|
Recoveries
|
7 | 382 | 40 | 68 | 7 | - | 10 | - | - | 514 | ||||||||||||||||||||||||||||||
|
Provision (Benefit)
|
(383 | ) | 85 | 857 | (161 | ) | (111 | ) | (404 | ) | (77 | ) | 14 | (939 | ) | (1,119 | ) | |||||||||||||||||||||||
|
Ending balance
|
$ | 11,103 | $ | 5,379 | $ | 7,142 | $ | 1,944 | $ | - | $ | 40 | $ | 391 | $ | 14 | $ | 4,257 | $ | 30,270 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 304 | $ | 210 | $ | 617 | $ | 57 | $ | - | $ | 9 | $ | - | $ | - | $ | 218 | $ | 1,415 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 10,799 | $ | 5,169 | $ | 6,525 | $ | 1,887 | $ | - | $ | 31 | $ | 391 | $ | 14 | $ | 4,039 | $ | 28,855 | ||||||||||||||||||||
|
Financing Receivables:
|
||||||||||||||||||||||||||||||||||||||||
|
Ending Balance
|
$ | 1,722,764 | $ | 509,728 | $ | 587,482 | $ | 194,611 | $ | 9,974 | $ | 4,859 | $ | 7,628 | $ | 24,127 | $ | 427,406 | $ | 3,488,579 | ||||||||||||||||||||
|
Ending balance: individually evaluated for impairment
|
$ | 20,898 | $ | 19,558 | $ | 16,060 | $ | 13,941 | $ | - | $ | 1,316 | $ | - | $ | - | $ | 10,155 | $ | 81,928 | ||||||||||||||||||||
|
Ending balance: collectively evaluated for impairment
|
$ | 1,701,866 | $ | 490,170 | $ | 571,422 | $ | 180,670 | $ | 9,974 | $ | 3,543 | $ | 7,628 | $ | 24,127 | $ | 417,251 | $ | 3,406,651 | ||||||||||||||||||||
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
|
Interest
Income
|
||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||
|
With no related allowance recorded:
|
||||||||||||||||||||
|
Mortgage loans:
|
||||||||||||||||||||
|
Multi-family residential
|
$ | 11,329 | $ | 12,423 | $ | - | $ | 10,905 | $ | 56 | ||||||||||
|
Commercial real estate
|
6,033 | 6,173 | - | 6,567 | 39 | |||||||||||||||
|
One-to-four family mixed-use property
|
11,471 | 12,668 | - | 11,749 | 57 | |||||||||||||||
|
One-to-four family residential
|
13,603 | 16,523 | - | 13,210 | 25 | |||||||||||||||
|
Co-operative apartments
|
- | - | - | - | - | |||||||||||||||
|
Construction
|
- | - | - | - | - | |||||||||||||||
|
Non-mortgage loans:
|
||||||||||||||||||||
|
Small Business Administration
|
318 | 318 | - | 159 | 1 | |||||||||||||||
|
Taxi Medallion
|
- | - | - | - | - | |||||||||||||||
|
Commercial Business and other
|
6,242 | 6,612 | - | 4,511 | 69 | |||||||||||||||
|
Total loans with no related allowance recorded
|
48,996 | 54,717 | - | 47,101 | 247 | |||||||||||||||
|
With an allowance recorded:
|
||||||||||||||||||||
|
Mortgage loans:
|
||||||||||||||||||||
|
Multi-family residential
|
2,414 | 2,414 | 267 | 2,597 | 32 | |||||||||||||||
|
Commercial real estate
|
542 | 542 | 19 | 1,458 | 7 | |||||||||||||||
|
One-to-four family mixed-use property
|
3,077 | 3,077 | 566 | 3,085 | 42 | |||||||||||||||
|
One-to-four family residential
|
351 | 351 | 54 | 353 | 4 | |||||||||||||||
|
Co-operative apartments
|
- | - | - | - | - | |||||||||||||||
|
Construction
|
- | - | - | - | - | |||||||||||||||
|
Non-mortgage loans:
|
||||||||||||||||||||
|
Small Business Administration
|
41 | 41 | - | 21 | 1 | |||||||||||||||
|
Taxi Medallion
|
- | - | - | - | - | |||||||||||||||
|
Commercial Business and other
|
2,606 | 2,606 | 139 | 2,660 | 35 | |||||||||||||||
|
Total loans with an allowance recorded
|
9,031 | 9,031 | 1,045 | 10,174 | 121 | |||||||||||||||
|
Total Impaired Loans:
|
||||||||||||||||||||
|
Total mortgage loans
|
$ | 48,820 | $ | 54,171 | $ | 906 | $ | 49,924 | $ | 262 | ||||||||||
|
Total non-mortgage loans
|
$ | 9,207 | $ | 9,577 | $ | 139 | $ | 7,351 | $ | 106 | ||||||||||
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
|
Interest
Income
|
||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||
|
With no related allowance recorded:
|
||||||||||||||||||||
|
Mortgage loans:
|
||||||||||||||||||||
|
Multi-family residential
|
$ | 10,481 | $ | 11,551 | $ | - | $ | 14,168 | $ | 194 | ||||||||||
|
Commercial real estate
|
7,100 | 7,221 | - | 11,329 | 51 | |||||||||||||||
|
One-to-four family mixed-use property
|
12,027 | 13,381 | - | 12,852 | 321 | |||||||||||||||
|
One-to-four family residential
|
12,816 | 15,709 | - | 13,015 | 103 | |||||||||||||||
|
Co-operative apartments
|
- | - | - | - | - | |||||||||||||||
|
Construction
|
- | - | - | 285 | - | |||||||||||||||
|
Non-mortgage loans:
|
||||||||||||||||||||
|
Small Business Administration
|
- | - | - | - | - | |||||||||||||||
|
Taxi Medallion
|
- | - | - | - | - | |||||||||||||||
|
Commercial Business and other
|
2,779 | 3,149 | - | 3,428 | 137 | |||||||||||||||
|
Total loans with no related allowance recorded
|
45,203 | 51,011 | - | 55,077 | 806 | |||||||||||||||
|
With an allowance recorded:
|
||||||||||||||||||||
|
Mortgage loans:
|
||||||||||||||||||||
|
Multi-family residential
|
2,779 | 2,779 | 286 | 2,936 | 149 | |||||||||||||||
|
Commercial real estate
|
2,373 | 2,373 | 21 | 3,242 | 167 | |||||||||||||||
|
One-to-four family mixed-use property
|
3,093 | 3,093 | 579 | 3,249 | 170 | |||||||||||||||
|
One-to-four family residential
|
354 | 354 | 54 | 358 | 14 | |||||||||||||||
|
Co-operative apartments
|
- | - | - | - | - | |||||||||||||||
|
Construction
|
- | - | - | 187 | - | |||||||||||||||
|
Non-mortgage loans:
|
||||||||||||||||||||
|
Small Business Administration
|
- | - | - | - | - | |||||||||||||||
|
Taxi Medallion
|
- | - | - | - | - | |||||||||||||||
|
Commercial Business and other
|
2,713 | 2,713 | 154 | 3,149 | 115 | |||||||||||||||
|
Total loans with an allowance recorded
|
11,312 | 11,312 | 1,094 | 13,121 | 615 | |||||||||||||||
|
Total Impaired Loans:
|
||||||||||||||||||||
|
Total mortgage loans
|
$ | 51,023 | $ | 56,461 | $ | 940 | $ | 61,621 | $ | 1,169 | ||||||||||
|
Total non-mortgage loans
|
$ | 5,492 | $ | 5,862 | $ | 154 | $ | 6,577 | $ | 252 | ||||||||||
|
(In thousands)
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||
|
Multi-family residential
|
$ | 3,492 | $ | 11,076 | $ | - | $ | - | $ | 14,568 | ||||||||||
|
Commercial real estate
|
3,426 | 4,211 | - | - | 7,637 | |||||||||||||||
|
One-to-four family - mixed-use property
|
4,455 | 12,179 | - | - | 16,634 | |||||||||||||||
|
One-to-four family - residential
|
1,560 | 12,984 | - | - | 14,544 | |||||||||||||||
|
Co-operative apartments
|
- | 618 | - | - | 618 | |||||||||||||||
|
Construction loans
|
- | - | - | - | - | |||||||||||||||
|
Small Business Administration
|
294 | 222 | - | - | 516 | |||||||||||||||
|
Commercial business and other
|
1,293 | 7,164 | - | - | 8,457 | |||||||||||||||
|
Total loans
|
$ | 14,520 | $ | 48,454 | $ | - | $ | - | $ | 62,974 | ||||||||||
|
(In thousands)
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||
|
Multi-family residential
|
$ | 6,494 | $ | 10,226 | $ | - | $ | - | $ | 16,720 | ||||||||||
|
Commercial real estate
|
5,453 | 7,100 | - | - | 12,553 | |||||||||||||||
|
One-to-four family - mixed-use property
|
5,254 | 12,499 | - | - | 17,753 | |||||||||||||||
|
One-to-four family - residential
|
2,352 | 13,056 | - | - | 15,408 | |||||||||||||||
|
Co-operative apartments
|
623 | - | - | - | 623 | |||||||||||||||
|
Construction loans
|
- | - | - | - | - | |||||||||||||||
|
Small Business Administration
|
479 | - | - | - | 479 | |||||||||||||||
|
Commercial business and other
|
2,841 | 3,779 | - | - | 6,620 | |||||||||||||||
|
Total loans
|
$ | 23,496 | $ | 46,660 | $ | - | $ | - | $ | 70,156 | ||||||||||
|
For the three months
ended March 31
|
||||||||
|
(In thousands)
|
2015
|
2014
|
||||||
|
Balance, beginning of period
|
$ | 25,096 | $ | 31,776 | ||||
|
Benefit for loan losses
|
(734 | ) | (1,119 | ) | ||||
|
Charge-off's
|
(397 | ) | (901 | ) | ||||
|
Recoveries
|
126 | 514 | ||||||
|
Balance, end of period
|
$ | 24,091 | $ | 30,270 | ||||
|
Three Months Ended
|
||||||||
|
(In thousands)
|
March 31,
2015
|
March 31,
2014
|
||||||
|
Multi-family residential
|
$ | 74 | $ | 598 | ||||
|
Commercial real estate
|
(54 | ) | (335 | ) | ||||
|
One-to-four family – mixed-use property
|
75 | 43 | ||||||
|
One-to-four family – residential
|
153 | (26 | ) | |||||
|
Co-operative apartments
|
- | (7 | ) | |||||
|
Construction
|
- | - | ||||||
|
Small Business Administration
|
(20 | ) | (10 | ) | ||||
|
Commercial business and other
|
43 | 124 | ||||||
|
Total net loan charge-offs
|
$ | 271 | $ | 387 | ||||
|
For the three months ended
March 31, 2015
|
||||||||||||||||
|
(Dollars in thousands)
|
Loans sold
|
Proceeds
|
Net (charge-offs)
recoveries
|
Net gain
|
||||||||||||
|
Multi-family residential
|
2 | $ | 836 | $ | - | $ | 2 | |||||||||
|
One-to-four family - mixed-use property
|
3 | 686 | - | - | ||||||||||||
|
Total
|
5 | $ | 1,522 | $ | - | $ | 2 | |||||||||
|
For the three months ended
March 31, 2014
|
||||||||||||||||
|
(Dollars in thousands)
|
Loans sold
|
Proceeds
|
Net (charge-offs)
recoveries
|
Net gain (loss)
|
||||||||||||
|
Multi-family residential
|
4 | $ | 1,738 | $ | (146 | ) | $ | - | ||||||||
|
Commercial real estate
|
2 | 1,617 | 295 | - | ||||||||||||
|
One-to-four family - mixed-use property
|
6 | 2,069 | 38 | - | ||||||||||||
|
Total
|
12 | $ | 5,424 | $ | 187 | $ | - | |||||||||
|
For the three months ended
March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
(In thousands)
|
||||||||
|
Balance at beginning of period
|
$ | 6,326 | $ | 2,985 | ||||
|
Acquisitions
|
483 | 115 | ||||||
|
Write-down of carrying value
|
- | (54 | ) | |||||
|
Sales
|
(1,557 | ) | (1,346 | ) | ||||
|
Balance at end of period
|
$ | 5,252 | $ | 1,700 | ||||
|
For the three months ended
March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
(In thousands)
|
||||||||
|
Gross gains
|
$ | 216 | $ | 54 | ||||
|
Gross losses
|
(6 | ) | (30 | ) | ||||
|
Write-down of carrying value
|
- | (54 | ) | |||||
|
Total net (loss) gain
|
$ | 210 | $ | (30 | ) | |||
|
Shares
|
Weighted-Average
Grant-Date
|
|||||||
|
Non-vested at December 31, 2014
|
373,154 | $ | 16.75 | |||||
|
Granted
|
314,520 | 19.10 | ||||||
|
Vested
|
(218,220 | ) | 17.30 | |||||
|
Forfeited
|
(2,900 | ) | 17.53 | |||||
|
Non-vested at March 31, 2015
|
466,554 | $ | 18.07 | |||||
|
Vested but unissued at March 31, 2015
|
247,946 | $ | 18.14 | |||||
|
Shares
|
Weighted-
Average
|
WeightedAverage
Contractual
Remaining
Term
|
Aggregate
Intrinsic
|
||||||||||
|
Outstanding at December 31, 2014
|
154,915 | $ | 15.19 | ||||||||||
|
Granted
|
- | - | |||||||||||
|
Exercised
|
(1,100 | ) | 17.88 | ||||||||||
|
Forfeited
|
- | - | |||||||||||
|
Outstanding at March 31, 2015
|
153,815 | $ | 15.17 |
3.0
|
$ | 754 | |||||||
|
For the three months ended
March 31,
|
||||||||
|
(In thousands)
|
2015
|
2014
|
||||||
|
Proceeds from stock options exercised
|
$ | - | $ | 343 | ||||
|
Fair value of shares received upon exercised of stock options
|
20 | 478 | ||||||
|
Tax benefit related to stock options exercised
|
1 | 69 | ||||||
|
Intrinsic value of stock options exercised
|
2 | 212 | ||||||
|
Phantom Stock Plan
|
Shares
|
Fair Value
|
||||||
|
Outstanding at December 31, 2014
|
67,113 | $ | 20.27 | |||||
|
Granted
|
11,156 | 19.16 | ||||||
|
Forfeited
|
- | - | ||||||
|
Distributions
|
(395 | ) | 19.51 | |||||
|
Outstanding at March 31, 2015
|
77,874 | $ | 20.07 | |||||
|
Vested at March 31, 2015
|
77,501 | $ | 20.07 | |||||
|
Three months ended
March 31,
|
||||||||
|
(In thousands)
|
2015
|
2014
|
||||||
|
Employee Pension Plan:
|
||||||||
|
Interest cost
|
$ | 221 | $ | 223 | ||||
|
Amortization of unrecognized loss
|
291 | 190 | ||||||
|
Expected return on plan assets
|
(350 | ) | (336 | ) | ||||
|
Net employee pension expense
|
$ | 162 | $ | 77 | ||||
|
Outside Director Pension Plan:
|
||||||||
|
Service cost
|
$ | 11 | $ | 13 | ||||
|
Interest cost
|
24 | 29 | ||||||
|
Amortization of unrecognized gain
|
(14 | ) | (15 | ) | ||||
|
Amortization of past service liability
|
10 | 10 | ||||||
|
Net outside director pension expense
|
$ | 31 | $ | 37 | ||||
|
Other Postretirement Benefit Plans:
|
||||||||
|
Service cost
|
$ | 95 | $ | 90 | ||||
|
Interest cost
|
75 | 63 | ||||||
|
Amortization of unrecognized loss
|
30 | - | ||||||
|
Amortization of past service liability
|
(21 | ) | (21 | ) | ||||
|
Net other postretirement expense
|
$ | 179 | $ | 132 | ||||
|
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 March 31,
|
at December 31,
|
Three Months Ended
|
||||||||||||||
|
(In thousands)
|
2015
|
2014
|
March 31, 2015
|
March 31, 2014
|
||||||||||||
|
Mortgage-backed securities
|
$ | 4,458 | $ | 4,678 | $ | (8 | ) | $ | 48 | |||||||
|
Other securities
|
28,170 | 27,915 | 197 | 325 | ||||||||||||
|
Borrowed funds
|
28,244 | 28,771 | 524 | 25 | ||||||||||||
|
Net gain from fair value adjustments
(1)
|
$ | 713 | $ | 398 | ||||||||||||
|
(1)
|
The net gain from fair value adjustments presented in the above table does not include net losses of $1.3 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively, from the change in the fair value of interest rate swaps.
|
|
Quoted Prices
in Active Markets
|
Significant Other
Observable Inputs
|
Significant Other
Unobservable Inputs
|
Total carried at fair value
on a recurring basis
|
|||||||||||||||||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||||||||||
|
Mortgage-backed
|
||||||||||||||||||||||||||||||||
|
Securities
|
$ | - | $ | - | $ | 717,729 | $ | 704,933 | $ | - | $ | - | $ | 717,729 | $ | 704,933 | ||||||||||||||||
|
Other securities
|
- | - | 268,302 | 245,768 | 21,653 | 22,609 | 289,955 | 268,377 | ||||||||||||||||||||||||
|
Interest rate swaps
|
- | - | 6 | 84 | - | - | 6 | 84 | ||||||||||||||||||||||||
|
Total assets
|
$ | - | $ | - | $ | 986,037 | $ | 950,785 | $ | 21,653 | $ | 22,609 | $ | 1,007,690 | $ | 973,394 | ||||||||||||||||
|
Liabilities:
|
||||||||||||||||||||||||||||||||
|
Borrowings
|
$ | - | $ | - | $ | - | $ | - | $ | 28,244 | $ | 28,771 | $ | 28,244 | $ | 28,771 | ||||||||||||||||
|
Interest rate swaps
|
- | - | 4,118 | 2,649 | - | - | 4,118 | 2,649 | ||||||||||||||||||||||||
|
Total liabilities
|
$ | - | $ | - | $ | 4,118 | $ | 2,649 | $ | 28,244 | $ | 28,771 | $ | 32,362 | $ | 31,420 | ||||||||||||||||
|
For the three months ended
March 31, 2015
|
||||||||||||
|
Municipals
|
Trust preferred
securities
|
Junior subordinated
debentures
|
||||||||||
|
(In thousands)
|
||||||||||||
|
Beginning balance
|
$ | 15,519 | $ | 7,090 | $ | 28,771 | ||||||
|
Purchases
|
1,000 | - | - | |||||||||
|
Principal repayments
|
(55 | ) | - | - | ||||||||
|
Maturities
|
(2,000 | ) | - | - | ||||||||
|
Net gain from fair value adjustment
of financial assets
|
- | 94 | - | |||||||||
|
Net gain from fair value
adjustment of financial liabilities
|
- | - | (524 | ) | ||||||||
|
Decrease in accrued interest payable
|
- | - | (3 | ) | ||||||||
|
Change in unrealized gains included
in other comprehensive income
|
- | 5 | - | |||||||||
|
Ending balance
|
$ | 14,464 | $ | 7,189 | $ | 28,244 | ||||||
|
Changes in unrealized held at period end
|
$ | - | $ | 5 | $ | - | ||||||
|
For the three months ended
March 31, 2014
|
||||||||||||
|
Municipals
|
Trust preferred
securities
|
Junior subordinated
debentures
|
||||||||||
|
(In thousands)
|
||||||||||||
|
Beginning balance
|
$ | 9,223 | $ | 14,935 | $ | 29,570 | ||||||
|
Purchases
|
2,000 | - | - | |||||||||
|
Principal repayments
|
(1,053 | ) | - | - | ||||||||
|
Sales
|
- | (1,871 | ) | - | ||||||||
|
Net gain from fair value adjustment
of financial assets
|
- | 25 | - | |||||||||
|
Net loss from fair value
adjustment of financial liabilities
|
- | - | (25 | ) | ||||||||
|
Decrease in accrued interest payable
|
- | - | (4 | ) | ||||||||
|
Change in unrealized gains (losses) included
in other comprehensive income
|
- | (30 | ) | - | ||||||||
|
Ending balance
|
$ | 10,170 | $ | 13,059 | $ | 29,541 | ||||||
|
Changes in unrealized held at period end
|
$ | - | $ | (30 | ) | $ | - | |||||
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average)
|
||||||||||
|
(Dollars in thousands)
|
|||||||||||||
|
Assets:
|
|||||||||||||
|
Municipals
|
$ | 14,464 |
Discounted cash flows
|
Discount rate
|
0.4% | - | 4.0% | (2.5%) | |||||
|
Trust Preferred Securities
|
$ | 7,189 |
Discounted cash flows
|
Discount rate
|
7.0% | - | 7.1% | (7.1%) | |||||
|
Liabilities:
|
|||||||||||||
|
Junior subordinated debentures
|
$ | 28,244 |
Discounted cash flows
|
Discount rate
|
7.0% | (7.0%) | |||||||
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average)
|
|||||||||
|
(Dollars in thousands)
|
||||||||||||
|
Assets:
|
||||||||||||
|
Municipals
|
$ | 15,519 |
Discounted cash flows
|
Discount rate
|
0.2% | - | 4.0% | (2.3%) | ||||
|
Trust Preferred Securities
|
$ | 7,090 |
Discounted cash flows
|
Discount rate
|
7.0% | - | 7.25% | (7.2%) | ||||
|
Liabilities:
|
||||||||||||
|
Junior subordinated debentures
|
$ | 28,771 |
Discounted cash flows
|
Discount rate
|
7.0% | (7.0%) | ||||||
|
Quoted Prices
in Active Markets
|
Significant Other
Observable Inputs
|
Significant Other
Unobservable Inputs
|
Total carried at fair value
on a recurring basis
|
|||||||||||||||||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||||||||||
|
Impaired loans
|
$ | - | $ | - | $ | - | $ | - | $ | 17,632 | $ | 22,174 | $ | 17,632 | $ | 22,174 | ||||||||||||||||
|
Other real estate owned
|
- | - | - | - | 5,252 | 6,326 | 5,252 | 6,326 | ||||||||||||||||||||||||
|
Total assets
|
$ | - | $ | - | $ | - | $ | - | $ | 22,884 | $ | 28,500 | $ | 22,884 | $ | 28,500 | ||||||||||||||||
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average) | ||||||||||
|
(Dollars in thousands)
|
|||||||||||||
|
Assets:
|
|||||||||||||
|
Impaired loans
|
$ | 4,937 |
Income approach
|
Capitalization rate
|
7.0% |
to
|
8.0% | (7.7%) | |||||
|
Loss severity discount
|
0.5% |
to
|
83.7% | (18.1%) | |||||||||
|
Impaired loans
|
$ | 5,552 |
Sales approach
|
Adjustment to sales comparison value to reconcile differences between comparable sales
|
-50.0% |
to
|
40.0% | (-3.3%) | |||||
|
Loss severity discount
|
2.0% |
to
|
97.1% | (17.1%) | |||||||||
|
Impaired loans
|
$ | 7,143 |
Blended income and sales approach
|
Adjustment to sales comparison value to reconcile differences between comparable sales
|
-50.0% |
to
|
25.0% | (-3.8%) | |||||
|
Capitalization rate
|
5.6% |
to
|
11.0% | (7.7%) | |||||||||
|
Loss severity discount
|
0.9% |
to
|
74.8% | (23.6%) | |||||||||
|
Other real estate owned
|
$ | 4,768 |
Income approach
|
Capitalization rate
|
9.0% |
to
|
12.0% | (9.1%) | |||||
|
Loss severity discount
|
0.9% |
to
|
4.9% | (1.0%) | |||||||||
|
Other real estate owned
|
$ | 94 |
Sales approach
|
Adjustment to sales comparison value to reconcile differences between comparable sales
|
-41.5% |
to
|
-23.7% | (-32.6%) | |||||
|
Loss severity discount
|
46.1% |
to
|
46.1% | (46.1%) | |||||||||
|
Other real estate owned
|
$ | 390 |
Blended income and sales approach
|
Adjustment to sales comparison value to reconcile differences between comparable sales
|
-55.0% |
to
|
5.0% | (-12.5%) | |||||
|
Capitalization rate
|
8.5% |
to
|
9.2% | (8.7%) | |||||||||
|
Loss severity discount
|
0.0% |
to
|
23.9% | (6.8%) | |||||||||
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average) | ||||||||||
|
(Dollars in thousands)
|
|||||||||||||
|
Assets:
|
|||||||||||||
|
Impaired loans
|
$ | 6,981 |
Income approach
|
Capitalization rate
|
7.3% |
to
|
8.5% | (7.8%) | |||||
|
Loss severity discount
|
0.5% |
to
|
81.7% | (21.3%) | |||||||||
|
Impaired loans
|
$ | 6,935 |
Sales approach
|
Adjustment to sales comparison value to reconcile differences between comparable sales
|
-41.5% |
to
|
40.0% | (-2.2%) | |||||
|
Loss severity discount
|
1.8% |
to
|
89.4% | (20.0%) | |||||||||
|
Impaired loans
|
$ | 8,258 |
Blended income and sales approach
|
Adjustment to sales comparison value to reconcile differences between comparable sales
|
-55.0% |
to
|
25.0% | (-6.1%) | |||||
|
Capitalization rate
|
5.8% |
to
|
11.0% | (8.0%) | |||||||||
|
Loss severity discount
|
0.9% |
to
|
74.4% | (30.0%) | |||||||||
|
Other real estate owned
|
$ | 4,768 |
Income approach
|
Capitalization rate
|
9.0% |
to
|
12.0% | (9.1%) | |||||
|
Loss severity discount
|
0.9% |
to
|
4.9% | (1.0%) | |||||||||
|
Other real estate owned
|
$ | 587 |
Sales approach
|
Adjustment to sales comparison value to reconcile differences between comparable sales
|
-11.9% |
to
|
15.0% | (-3.5%) | |||||
|
Loss severity discount
|
0.0% |
to
|
36.9% | (9.6%) | |||||||||
|
Other real estate owned
|
$ | 971 |
Blended income and sales approach
|
Adjustment to sales comparison value to reconcile differences between comparable sales
|
-25.0% |
to
|
0.0% | (-8.9%) | |||||
|
Capitalization rate
|
7.5% |
to
|
8.0% | (7.7%) | |||||||||
|
Loss severity discount
|
0.0% |
to
|
6.2% | (3.0%) | |||||||||
|
March 31, 2015
|
||||||||||||||||||||
|
Carrying
Amount
|
Fair
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Cash and due from banks
|
$ | 21,104 | $ | 21,104 | $ | 21,104 | $ | - | $ | - | ||||||||||
|
Mortgage-backed
Securities
|
717,729 | 717,729 | - | 717,729 | - | |||||||||||||||
|
Other securities
|
289,955 | 289,955 | - | 268,302 | 21,653 | |||||||||||||||
|
Loans
|
3,998,054 | 4,052,578 | - | - | 4,052,578 | |||||||||||||||
|
FHLB-NY stock
|
50,488 | 50,488 | - | 50,488 | - | |||||||||||||||
|
Interest rate swaps
|
6 | 6 | - | 6 | - | |||||||||||||||
|
OREO
|
5,252 | 5,252 | - | - | 5,252 | |||||||||||||||
|
Total assets
|
$ | 5,082,588 | $ | 5,137,112 | $ | 21,104 | $ | 1,036,525 | $ | 4,079,483 | ||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits
|
$ | 3,606,142 | 3,626,121 | $ | 2,313,421 | $ | 1,312,700 | $ | - | |||||||||||
|
Borrowings
|
1,135,291 | 1,151,426 | - | 1,123,182 | 28,244 | |||||||||||||||
|
Interest rate swaps
|
4,118 | 4,118 | - | 4,118 | - | |||||||||||||||
|
Total liabilities
|
$ | 4,745,551 | $ | 4,781,665 | $ | 2,313,421 | $ | 2,440,000 | $ | 28,244 | ||||||||||
|
December 31, 2014
|
||||||||||||||||||||
|
Carrying
Amount
|
Fair
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Cash and due from banks
|
$ | 34,265 | $ | 34,265 | $ | 34,265 | $ | - | $ | - | ||||||||||
|
Mortgage-backed
Securities
|
704,933 | 704,933 | - | 704,933 | - | |||||||||||||||
|
Other securities
|
268,377 | 268,377 | - | 245,768 | 22,609 | |||||||||||||||
|
Loans
|
3,810,373 | 3,871,087 | - | - | 3,871,087 | |||||||||||||||
|
FHLB-NY stock
|
46,924 | 46,924 | - | 46,924 | - | |||||||||||||||
|
Interest rate swaps
|
84 | 84 | - | 84 | - | |||||||||||||||
|
OREO
|
6,326 | 6,326 | - | - | 6,326 | |||||||||||||||
|
Total assets
|
$ | 4,871,282 | $ | 4,931,996 | $ | 34,265 | $ | 997,709 | $ | 3,900,022 | ||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits
|
$ | 3,508,598 | $ | 3,524,123 | $ | 2,202,775 | $ | 1,321,348 | $ | - | ||||||||||
|
Borrowings
|
1,056,492 | 1,070,428 | - | 1,041,657 | 28,771 | |||||||||||||||
|
Interest rate swaps
|
2,649 | 2,649 | - | 2,649 | - | |||||||||||||||
|
Total liabilities
|
$ | 4,567,739 | $ | 4,597,200 | $ | 2,202,775 | $ | 2,365,654 | $ | 28,771 | ||||||||||
|
At or for the three months ended March 31, 2015
|
||||||||
|
Notional
Amount
|
Net Carrying
(1)
Value
|
|||||||
|
(In thousands)
|
||||||||
|
Interest rate saps (non-hedge)
|
$ | 36,321 | $ | (3,492 | ) | |||
|
Interest rate swaps (hedge)
|
10,273 | (626 | ) | |||||
|
Interest rate swaps (hedge)
|
4,110 | 6 | ||||||
|
Total derivatives
|
$ | 50,704 | $ | (4,112 | ) | |||
|
At or for the year ended December 31, 2014
|
||||||||
|
Notional
Amount
|
Net Carrying
Value
(1)
|
|||||||
|
(In thousands)
|
||||||||
|
Interest rate swaps (non-hedge)
|
$ | 36,321 | $ | (2,239 | ) | |||
|
Interest rate swaps (hedge)
|
4,131 | 84 | ||||||
|
Interest rate swaps (hedge)
|
10,340 | (410 | ) | |||||
|
Total derivatives
|
$ | 50,792 | $ | (2,565 | ) | |||
|
(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
.
|
|
For the three months ended
March 31,
|
||||||||
|
(In thousands)
|
2015
|
2014
|
||||||
|
Financial Derivatives:
|
||||||||
|
Interest rate swaps (non-hedge)
|
$ | (1,254 | ) | $ | (1,014 | ) | ||
|
Interest rate swaps (hedge)
|
(54 | ) | (28 | ) | ||||
|
Net loss
(1)
|
$ | (1,308 | ) | $ | (1,042 | ) | ||
|
(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 March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
(In thousands)
|
||||||||
|
Federal:
|
||||||||
|
Current
|
$ | 2,914 | $ | 2,737 | ||||
|
Deferred
|
1,338 | 2,021 | ||||||
|
Total federal tax provision
|
4,252 | 4,758 | ||||||
|
State and Local:
|
||||||||
|
Current
|
707 | 1,266 | ||||||
|
Deferred
|
587 | 903 | ||||||
|
Total state and local tax provision
|
1,294 | 2,169 | ||||||
|
Total income tax provision
|
$ | 5,546 | $ | 6,927 | ||||
|
For the three months
ended March 31,
|
||||||||||||||||
|
(dollars in thousands)
|
2015
|
2014
|
||||||||||||||
|
Taxes at federal statutory rate
|
$ | 4,998 | 35.0 | % | $ | 6,028 | 35.0 | % | ||||||||
|
Increase (reduction) in taxes resulting from:
|
||||||||||||||||
|
State and local income tax, net of Federal
income tax benefit
|
841 | 5.9 | 1,410 | 8.2 | ||||||||||||
|
Other
|
(293 | ) | (2.1 | ) | (511 | ) | (3.0 | ) | ||||||||
|
Taxes at effective rate
|
$ | 5,546 | 38.8 | % | $ | 6,927 | 40.2 | % | ||||||||
|
Unrealized Gains
and (Losses) on
|
Defined Benefit
Pension Items
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||
|
Beginning balance, net of tax
|
$ | 3,392 | $ | (6,299 | ) | $ | (2,907 | ) | ||||
|
Other comprehensive income before
reclassifications, net of tax
|
4,332 | 0 | $ | 4,332 | ||||||||
|
Amounts reclassified from accumulated other
comprehensive income, net of tax
|
- | 168 | 168 | |||||||||
|
Net current period other comprehensive income, net of tax
|
4,332 | 168 | 4,500 | |||||||||
|
Ending balance, net of tax
|
$ | 7,724 | $ | (6,131 | ) | $ | 1,593 | |||||
|
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)
|
|||||||
|
Amortization of defined benefit pension items:
|
|||||||
|
Actuarial losses
|
$ | (307 | ) | (1) |
Other expense
|
||
|
Prior service credits
|
11 | (1) |
Other expense
|
||||
| (296 | ) |
Total before tax
|
|||||
| 128 |
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)
|
|||||||
|
Amortization of defined benefit pension items:
|
|||||||
|
Actuarial losses
|
$ | (175 | ) | (1) |
Other expense
|
||
|
Prior service credits
|
11 | (1) |
Other expense
|
||||
| (164 | ) |
Total before tax
|
|||||
| 104 |
Tax benefit
|
||||||
| $ | (60 | ) |
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”.)
|
|
March 31, 2015
|
December 31, 2014
|
|||||||||||||||
|
Amount
|
Percent of
Assets
|
Amount
|
Percent of
Assets
|
|||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||
|
Tier I (leverage) capital:
|
||||||||||||||||
|
Capital level
|
$ | 474,337 | 9.28 | % | $ | 472,251 | 9.63 | % | ||||||||
|
Requirement to be well capitalized
|
255,655 | 5.00 | 245,254 | 5.00 | ||||||||||||
|
Excess
|
218,682 | 4.28 | 226,997 | 4.63 | ||||||||||||
|
Common Equity Tier I risk-based capital:
|
||||||||||||||||
|
Capital level
|
$ | 474,337 | 13.06 | % | n/a | n/a | ||||||||||
|
Requirement to be well capitalized
|
236,163 | 6.50 | n/a | n/a | ||||||||||||
|
Excess
|
238,174 | 6.56 | n/a | n/a | ||||||||||||
|
Tier 1 risk-based capital:
|
||||||||||||||||
|
Capital level
|
$ | 474,337 | 13.06 | % | $ | 472,251 | 13.87 | % | ||||||||
|
Requirement to be well capitalized
|
290,662 | 8.00 | 204,345 | 6.00 | ||||||||||||
|
Excess
|
183,675 | 5.06 | 267,906 | 7.87 | ||||||||||||
|
Total risk-based capital:
|
||||||||||||||||
|
Capital level
|
$ | 498,428 | 13.72 | % | $ | 497,347 | 14.60 | % | ||||||||
|
Requirement to be well capitalized
|
363,328 | 10.00 | 340,589 | 10.00 | ||||||||||||
|
Excess
|
135,100 | 3.72 | 156,758 | 4.60 | ||||||||||||
|
March 31, 2015
|
December 31, 2014
|
|||||||||||||||
|
Amount
|
Percent of
Assets
|
Amount
|
Percent of
Assets
|
|||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||
|
Tier I (leverage) capital:
|
||||||||||||||||
|
Capital level
|
$ | 475,860 | 9.32 | % | $ | 471,233 | 9.62 | % | ||||||||
|
Requirement to be well capitalized
|
255,216 | 5.00 | 244,960 | 5.00 | ||||||||||||
|
Excess
|
220,644 | 4.32 | 226,273 | 4.62 | ||||||||||||
|
Common Equity Tier I risk-based capital:
|
||||||||||||||||
|
Capital level
|
$ | 448,564 | 12.37 | % | n/a | n/a | ||||||||||
|
Requirement to be well capitalized
|
235,731 | 6.50 | n/a | n/a | ||||||||||||
|
Excess
|
212,833 | 5.87 | n/a | n/a | ||||||||||||
|
Tier 1 risk-based capital:
|
||||||||||||||||
|
Capital level
|
$ | 475,860 | 13.12 | % | $ | 471,233 | 13.87 | % | ||||||||
|
Requirement to be well capitalized
|
290,131 | 8.00 | 203,878 | 6.00 | ||||||||||||
|
Excess
|
185,729 | 5.12 | 267,355 | 7.87 | ||||||||||||
|
Total risk-based capital:
|
||||||||||||||||
|
Capital level
|
$ | 499,951 | 13.79 | % | $ | 496,329 | 14.61 | % | ||||||||
|
Requirement to be well capitalized
|
362,663 | 10.00 | 339,797 | 10.00 | ||||||||||||
|
Excess
|
137,288 | 3.79 | 156,532 | 4.61 | ||||||||||||
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
·
|
continue our emphasis on the origination of multi-family residential mortgage loans, commercial business loans and commercial real estate mortgage loans;
|
|
|
·
|
continue to transition the balance sheet to a more ‘commercial-like’ 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
|
|
|
§
|
personal accounts,
|
|
|
§
|
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 March 31,
|
||||||||
|
(In thousands)
|
2015
|
2014
|
||||||
|
Multi-family residential
(1)
|
$ | 126,746 | $ | 57,812 | ||||
|
Commercial real estate
(2)
|
86,395 | 13,416 | ||||||
|
One-to-four family – mixed-use property
|
14,981 | 9,999 | ||||||
|
One-to-four family – residential
|
13,103 | 9,100 | ||||||
|
Construction
|
542 | 697 | ||||||
|
Small Business Administration
|
1,248 | 353 | ||||||
|
Taxi Medallion
(3)
|
- | 11,649 | ||||||
|
Commercial business and other
|
63,507 | 94,956 | ||||||
|
Total
|
$ | 306,522 | $ | 197,982 | ||||
|
(1)
|
Includes purchases of $99.9 million for the three months ended March 31, 2015.
|
|
(2)
|
Includes purchases of $11.0 million for the three months ended March 31, 2015.
|
|
(3)
|
Includes purchases of $11.6 million for the three months ended March 31, 2014.
|
|
Projected Percentage Change In
|
||||||||||||
|
Change in Interest Rate
|
Net Interest
Income
|
Net Portfolio
Value
|
Net Portfolio
Value Ratio
|
|||||||||
|
-200 Basis points
|
-3.76 | % | 7.89 | % | 12.18 | % | ||||||
|
-100 Basis points
|
-0.45 | 5.94 | 12.14 | |||||||||
|
Base interest rate
|
- | - | 11.75 | |||||||||
|
+100 Basis points
|
-5.41 | 12.32 | 10.63 | |||||||||
|
+200 Basis points
|
-11.42 | -27.56 | 9.09 | |||||||||
|
For the three months ended March 31,
|
||||||||||||||||||||||||
|
2015
|
2014
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
|
Yield/
Cost
|
Average
Balance
|
Interest
|
Yield/
Cost
|
|||||||||||||||||||
|
Assets
|
(Dollars in thousands)
|
|||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||
|
Mortgage loans, net
(1)
|
$ | 3,358,603 | $ | 39,440 | 4.70 | % | $ | 2,990,670 | $ | 38,582 | 5.16 |
%
|
||||||||||||
|
Other loans, net
(1)
|
489,117 | 4,094 | 3.35 | 400,646 | 3,538 | 3.53 | ||||||||||||||||||
|
Total loans, net
|
3,847,720 | 43,534 | 4.53 | 3,391,316 | 42,120 | 4.97 | ||||||||||||||||||
|
Taxable securities:
|
||||||||||||||||||||||||
|
Mortgage-backed securities
|
702,507 | 4,381 | 2.49 | 769,914 | 5,390 | 2.80 | ||||||||||||||||||
|
Other securities
|
129,943 | 720 | 2.22 | 143,407 | 850 | 2.37 | ||||||||||||||||||
|
Total taxable securities
|
832,450 | 5,101 | 2.45 | 913,321 | 6,240 | 2.73 | ||||||||||||||||||
|
Tax-exempt securities:
(2)
|
||||||||||||||||||||||||
|
Other securities
|
137,987 | 887 | 2.57 | 126,646 | 824 | 2.60 | ||||||||||||||||||
|
Total tax-exempt securities
|
137,987 | 887 | 2.57 | 126,646 | 824 | 2.60 | ||||||||||||||||||
|
Interest-earning deposits and
|
||||||||||||||||||||||||
|
federal funds sold
|
43,485 | 21 | 0.19 | 54,555 | 27 | 0.20 | ||||||||||||||||||
|
Total interest-earning assets
|
4,861,642 | 49,543 | 4.08 | 4,485,838 | 49,211 | 4.39 | ||||||||||||||||||
|
Other assets
|
271,317 | 251,801 | ||||||||||||||||||||||
|
Total assets
|
$ | 5,132,959 | $ | 4,737,639 | ||||||||||||||||||||
|
Liabilities and Equity
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Savings accounts
|
$ | 266,208 | 264 | 0.40 | $ | 263,691 | 119 | 0.18 | ||||||||||||||||
|
NOW accounts
|
1,451,446 | 1,550 | 0.43 | 1,472,015 | 1,693 | 0.46 | ||||||||||||||||||
|
Money market accounts
|
304,662 | 253 | 0.33 | 197,454 | 107 | 0.22 | ||||||||||||||||||
|
Certificate of deposit accounts
|
1,297,766 | 5,368 | 1.65 | 1,109,738 | 5,786 | 2.09 | ||||||||||||||||||
|
Total due to depositors
|
3,320,082 | 7,435 | 0.90 | 3,042,898 | 7,705 | 1.01 | ||||||||||||||||||
|
Mortgagors' escrow accounts
|
47,840 | 23 | 0.19 | 43,296 | 13 | 0.12 | ||||||||||||||||||
|
Total deposits
|
3,367,922 | 7,458 | 0.89 | 3,086,194 | 7,718 | 1.00 | ||||||||||||||||||
|
Borrowed funds
|
1,021,920 | 4,531 | 1.77 | 983,867 | 5,006 | 2.04 | ||||||||||||||||||
|
Total interest-bearing liabilities
|
4,389,842 | 11,989 | 1.09 | 4,070,061 | 12,724 | 1.25 | ||||||||||||||||||
|
Non interest-bearing deposits
|
233,685 | 189,688 | ||||||||||||||||||||||
|
Other liabilities
|
49,327 | 37,464 | ||||||||||||||||||||||
|
Total liabilities
|
4,672,854 | 4,297,213 | ||||||||||||||||||||||
|
Equity
|
460,105 | 440,426 | ||||||||||||||||||||||
|
Total liabilities and equity
|
$ | 5,132,959 | $ | 4,737,639 | ||||||||||||||||||||
|
Net interest income /
|
||||||||||||||||||||||||
|
net interest rate spread
|
$ | 37,554 | 2.99 |
%
|
$ | 36,487 | 3.14 | % | ||||||||||||||||
|
Net interest-earning assets /
|
||||||||||||||||||||||||
|
net interest margin
|
$ | 471,800 | 3.09 |
%
|
$ | 415,777 | 3.25 |
%
|
||||||||||||||||
|
Ratio of interest-earning assets to
|
||||||||||||||||||||||||
|
interest-bearing liabilities
|
1.11 |
X
|
1.10 |
X
|
||||||||||||||||||||
|
(1)
|
Loan interest income includes loan fee income (which includes net amortization of deferred fees and costs, late charges, and prepayment penalties) of approximately $0.7 million and $1.0 million for the three months ended March 31, 2015 and 2014, respectively.
|
|
(2)
|
Interest income on tax-exempt securities does not include the tax benefit of the tax-exempt securities.
|
|
For the three months ended March 31,
|
||||||||
|
(In thousands)
|
2015
|
2014
|
||||||
|
Mortgage Loans
|
|
|
||||||
|
|
|
|||||||
|
At beginning of period
|
$ | 3,321,501 | $ | 3,028,452 | ||||
|
Mortgage loans originated:
|
||||||||
|
Multi-family residential
|
26,857 | 57,812 | ||||||
|
Commercial real estate
|
75,427 | 13,416 | ||||||
|
One-to-four family – mixed-use property
|
14,981 | 9,999 | ||||||
|
One-to-four family – residential
|
13,103 | 9,100 | ||||||
|
Co-operative apartments
|
- | - | ||||||
|
Construction
|
542 | 697 | ||||||
|
Total mortgage loans originated
|
130,910 | 91,024 | ||||||
|
Mortgage loans purchased:
|
||||||||
|
Multi-family residential
|
99,889 | - | ||||||
|
Commercial real estate
|
10,968 | - | ||||||
|
Total mortgage loans purchased
|
110,857 | - | ||||||
|
Less:
|
||||||||
|
Principal and other reductions
|
84,235 | 85,749 | ||||||
|
Sales
|
1,427 | 4,309 | ||||||
|
At end of period
|
$ | 3,477,606 | $ | 3,029,418 | ||||
|
Non-Mortgage Loans
|
||||||||
|
At beginning of period
|
$ | 477,153 | $ | 394,556 | ||||
|
Other loans originated:
|
||||||||
|
Small Business Administration
|
1,248 | 353 | ||||||
|
Commercial business
|
62,538 | 94,492 | ||||||
|
Other
|
530 | 464 | ||||||
|
Total other loans originated
|
64,316 | 95,309 | ||||||
|
Other loans purchased:
|
||||||||
|
Taxi medallion
|
- | 11,649 | ||||||
|
Other
|
439 | - | ||||||
|
Total other loans purchased
|
439 | 11,649 | ||||||
|
Less:
|
||||||||
|
Principal and other reductions
|
34,734 | 42,353 | ||||||
|
Sales
|
- | - | ||||||
|
At end of period
|
$ | 507,174 | $ | 459,161 | ||||
|
March 31,
|
December 31,
|
|||||||
|
(In thousands)
|
2015
|
2014
|
||||||
|
Accrual Status:
|
||||||||
|
Multi-family residential
|
$ | 2,669 | $ | 3,034 | ||||
|
Commercial real estate
|
2,364 | 2,373 | ||||||
|
One-to-four family - mixed-use property
|
2,369 | 2,381 | ||||||
|
One-to-four family - residential
|
351 | 354 | ||||||
|
Small business administration
|
41 | - | ||||||
|
Commercial business and other
|
2,208 | 2,249 | ||||||
|
Total performing troubled debt restructured
|
$ | 10,002 | $ | 10,391 | ||||
|
March 31,
|
December 31,
|
|||||||
|
(In thousands)
|
2015
|
2014
|
||||||
|
Loans 90 days or more past due
|
||||||||
|
and still accruing:
|
||||||||
|
Multi-family residential
|
$ | - | $ | 676 | ||||
|
Commercial real estate
|
753 | 820 | ||||||
|
One-to-four family - mixed-use property
|
195 | 405 | ||||||
|
One-to-four family - residential
|
13 | 14 | ||||||
|
Commercial business and other
|
1,932 | 386 | ||||||
|
Total
|
2,893 | 2,301 | ||||||
|
Non-accrual loans:
|
||||||||
|
Multi-family residential
|
6,902 | 6,878 | ||||||
|
Commercial real estate
|
3,021 | 5,689 | ||||||
|
One-to-four family - mixed-use property
|
7,224 | 6,936 | ||||||
|
One-to-four family - residential
|
11,212 | 11,244 | ||||||
|
Small business administration
|
232 | - | ||||||
|
Commercial business and other
|
1,035 | 1,143 | ||||||
|
Total
|
29,626 | 31,890 | ||||||
|
Total non-performing loans
|
32,519 | 34,191 | ||||||
|
Other non-performing assets:
|
||||||||
|
Real estate acquired through foreclosure
|
5,252 | 6,326 | ||||||
|
Total
|
5,252 | 6,326 | ||||||
|
Total non-performing assets
|
$ | 37,771 | $ | 40,517 | ||||
|
March 31, 2015
|
December 31, 2014
|
|||||||||||||||
| 60 - 89 | 30 - 59 | 60 - 89 | 30 - 59 | |||||||||||||
|
days
|
days
|
days
|
days
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||
|
Multi-family residential
|
$ | - | $ | 8,595 | $ | 1,729 | $ | 7,721 | ||||||||
|
Commercial real estate
|
- | 3,202 | 1,345 | 2,171 | ||||||||||||
|
One-to-four family - mixed-use property
|
- | 10,522 | 1,153 | 10,408 | ||||||||||||
|
One-to-four family - residential
|
175 | 1,694 | 2,038 | 1,751 | ||||||||||||
|
Co-operative apartments
|
- | - | - | - | ||||||||||||
|
Construction loans
|
- | - | - | 3,000 | ||||||||||||
|
Small Business Administration
|
93 | 56 | - | 90 | ||||||||||||
|
Taxi medallion
|
- | - | - | - | ||||||||||||
|
Commercial business and other
|
- | 4 | 1,585 | 6 | ||||||||||||
|
Total delinquent loans
|
$ | 268 | $ | 24,073 | $ | 7,850 | $ | 25,147 | ||||||||
|
(In thousands)
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Multi-family residential
|
$ | 3,492 | $ | 11,076 | $ | - | $ | - | $ | 14,568 | ||||||||||
|
Commercial real estate
|
3,426 | 4,211 | - | - | 7,637 | |||||||||||||||
|
One-to-four family - mixed-use property
|
4,455 | 12,179 | - | - | 16,634 | |||||||||||||||
|
One-to-four family - residential
|
1,560 | 12,984 | - | - | 14,544 | |||||||||||||||
|
Co-operative apartments
|
- | 618 | - | - | 618 | |||||||||||||||
|
Construction loans
|
- | - | - | - | - | |||||||||||||||
|
Small Business Administration
|
294 | 222 | - | - | 516 | |||||||||||||||
|
Commercial business and other
|
1,293 | 7,164 | - | - | 8,457 | |||||||||||||||
|
Total loans
|
14,520 | 48,454 | - | - | 62,974 | |||||||||||||||
|
Other Real Estate Owned
|
- | 5,252 | - | - | 5,252 | |||||||||||||||
|
Total
|
$ | 14,520 | $ | 53,706 | $ | - | $ | - | $ | 68,226 | ||||||||||
|
The following table sets forth the Bank's Criticized and Classified assets at December 31, 2014:
|
||||||||||||||||||||
|
(In thousands)
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Multi-family residential
|
$ | 6,494 | $ | 10,226 | $ | - | $ | - | $ | 16,720 | ||||||||||
|
Commercial real estate
|
5,453 | 7,100 | - | - | 12,553 | |||||||||||||||
|
One-to-four family - mixed-use property
|
5,254 | 12,499 | - | - | 17,753 | |||||||||||||||
|
One-to-four family - residential
|
2,352 | 13,056 | - | - | 15,408 | |||||||||||||||
|
Co-operative apartments
|
623 | - | - | - | 623 | |||||||||||||||
|
Construction loans
|
- | - | - | - | - | |||||||||||||||
|
Small Business Administration
|
479 | - | - | - | 479 | |||||||||||||||
|
Commercial business and other
|
2,841 | 3,779 | - | - | 6,620 | |||||||||||||||
|
Total loans
|
23,496 | 46,660 | - | - | 70,156 | |||||||||||||||
|
Other Real Estate Owned
|
- | 6,326 | - | - | 6,326 | |||||||||||||||
|
Total
|
$ | 23,496 | $ | 52,986 | $ | - | $ | - | $ | 76,482 | ||||||||||
|
For the three months ended March 31,
|
||||||||
|
(Dollars in thousands)
|
2015
|
2014
|
||||||
|
Balance at beginning of period
|
$ | 25,096 | $ | 31,776 | ||||
|
Provision (benefit) for loan losses
|
(734 | ) | (1,119 | ) | ||||
|
Loans charged-off:
|
||||||||
|
Multi-family residential
|
(97 | ) | (605 | ) | ||||
|
Commercial real estate
|
(18 | ) | (47 | ) | ||||
|
One-to-four family – mixed-use property
|
(78 | ) | (83 | ) | ||||
|
One-to-four family – residential
|
(153 | ) | (42 | ) | ||||
|
Commercial business and other
|
(51 | ) | (124 | ) | ||||
|
Total loans charged-off
|
(397 | ) | (901 | ) | ||||
|
Recoveries:
|
||||||||
|
Multi-family residential
|
23 | 7 | ||||||
|
Commercial real estate
|
72 | 382 | ||||||
|
One-to-four family – mixed-use property
|
3 | 40 | ||||||
|
One-to-four family – residential
|
- | 68 | ||||||
|
Co-operative apartments
|
- | 7 | ||||||
|
Small Business Administration
|
20 | 10 | ||||||
|
Commercial business and other
|
8 | - | ||||||
|
Total recoveries
|
126 | 514 | ||||||
|
Net charge-offs
|
(271 | ) | (387 | ) | ||||
|
Balance at end of period
|
$ | 24,091 | $ | 30,270 | ||||
|
Ratio of net charge-offs during the period to
|
||||||||
|
average loans outstanding during the period
|
0.03 | % | 0.05 | % | ||||
|
Ratio of allowance for loan losses to gross loans at end of period
|
0.60 | % | 0.87 | % | ||||
|
Ratio of allowance for loan losses to non-performing
|
||||||||
|
assets at end of period
|
63.78 | % | 60.24 | % | ||||
|
Ratio of allowance for loan losses to non-performing
|
||||||||
|
loans at end of period
|
74.08 | % | 62.34 | % | ||||
|
Maximum
|
||||||||||||||||
|
Total Number of
|
Number of
|
|||||||||||||||
|
Total
|
Shares Purchased
|
Shares That May
|
||||||||||||||
|
Number
|
as Part of Publicly
|
Yet Be Purchased
|
||||||||||||||
|
of Shares
|
Average Price
|
Announced Plans
|
Under the Plans
|
|||||||||||||
|
Period
|
Purchased
|
Paid per Share
|
or Programs
|
or Programs
|
||||||||||||
|
January 1 to January 31, 2015
|
11,000 | $ | 18.51 | 11,000 | 624,199 | |||||||||||
|
February 1 to February 28, 2015
|
45,000 | 19.29 | 45,000 | 579,199 | ||||||||||||
|
March 1 to March 31, 2015
|
86,315 | 19.63 | 86,315 | 492,884 | ||||||||||||
|
Total
|
142,315 | $ | 19.44 | 142,315 | ||||||||||||
|
Exhibit No.
|
Description
|
|
|
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
|
Amended and Restated By-Laws of Flushing Financial Corporation (7)
|
|
|
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.
|
|
| 10.1 | Amended and Restated Flushing Bank Supplemental Savings Incentive Plan (8) | |
|
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 Exhibit filed with Form 8-K filed September 27, 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 for the year ended December 31, 2011.
|
||
|
(7) Incorporated by reference to Exhibit filed with Form 10-Q for the quarter ended June 30, 2014.
|
||
|
(8) Incorporated by reference to Exhibit filed with Form 10-K for the year ended December 31, 2014.
|
||
|
Flushing Financial Corporation,
|
||
| Dated: May 11, 2015 |
By:
/s/John R. Buran
|
|
| John R. Buran | ||
|
President and Chief Executive Officer
|
|
|
||
| Dated: May 11, 2015 |
By:
/s/David Fry
|
|
| David Fry | ||
|
Senior Executive Vice President, Treasurer and
Chief Financial Officer
|
|
Exhibit No.
|
Description
|
|
|
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
|
Amended and Restated By-Laws of Flushing Financial Corporation (7)
|
|
|
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.
|
|
| 10.1 | Amended and Restated Flushing Bank Supplemental Savings Incentive Plan (8) | |
|
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 Exhibit filed with Form 8-K filed September 27, 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 for the year ended December 31, 2011.
|
||
|
(7) Incorporated by reference to Exhibit filed with Form 10-Q for the quarter ended June 30, 2014.
|
||
|
(8) Incorporated by reference to Exhibit filed with Form 10-K for the year ended December 31, 2014.
|
||
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 |
|---|