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January 2021
January 2021
December 2020
December 2020
December 2020
November 2020
November 2020
October 2020
October 2020
October 2020
• |
Strong growth in checking account balances. Compared to the third quarter of 2018, the sum of average non-interest-bearing checking account balances and average interest-bearing checking account balances
for the third quarter of 2019 increased by 16.2% to $554.9 million;
|
• |
The cost of deposits was flat on a linked quarter basis, versus a 9 basis points increase when comparing the second quarter of 2019 with the first quarter of 2019;
|
• |
Successfully launched the Municipal Banking division, which is actively engaged with prospective clients and expects to begin onboarding deposit relationships in the fourth quarter of 2019;
|
• |
Strong Business Banking originations of $152.8 million in the third quarter of 2019;
|
• |
Business Banking loan originations for the third quarter of 2019 were at significantly higher rates than the overall portfolio; the weighted average rate (“WAR”) on Business Banking real estate originations was 4.95% and the WAR on C&I originations was 6.07% for the quarter ended September 30, 2019, compared to the total real estate and C&I loan portfolio WAR of 4.02% for the quarter ended September 30, 2019;
|
• |
Total non-interest income was $3.4 million for the third quarter of 2019, driven by $0.2 million of customer-related loan level swap income, $0.3 million of gains from the sale of Small Business
Administration (“SBA”) loans, and $1.8 million from service charges and other fees; and
|
• |
Consolidated Company commercial real estate (“CRE”) concentration ratio was 679% at September 30, 2019, versus 706% at September 30, 2018.
|
($s in millions)
|
Originations/ Weighted Average Rate
|
||||
Real Estate Originations
|
Q3 2019
|
Q2 2019
|
Q3 2018
|
||
Non-Business Banking
|
$39.7/4.87%
|
$92.1/4.82%
|
$47.2/4.71%
|
||
Business Banking
|
$126.3/4.95%
|
$157.5/5.01%
|
$101.8/4.99%
|
||
Total Real Estate
|
$166.0/4.93%
|
$249.6/4.94%
|
$149.0/4.90%
|
||
C&I Originations
|
$26.5/6.07%
|
$89.9/5.97%
|
$44.3/5.67%
|
September 30,
2019
|
June 30,
2019 |
December 31,
2018 |
||||||||||
ASSETS:
|
||||||||||||
Cash and due from banks
|
$
|
112,541
|
$
|
172,418
|
$
|
147,256
|
||||||
Mortgage-backed securities available-for-sale, at fair value
|
453,018
|
409,510
|
466,605
|
|||||||||
Investment securities available-for-sale, at fair value
|
66,590
|
67,004
|
36,280
|
|||||||||
Marketable equity securities, at fair value
|
5,835
|
5,953
|
5,667
|
|||||||||
Real Estate Loans:
|
||||||||||||
One-to-four family and cooperative/condominium apartment
|
134,361
|
120,523
|
96,847
|
|||||||||
Multifamily residential and residential mixed-use (1)(2)
|
3,608,156
|
3,736,500
|
3,866,788
|
|||||||||
Commercial real estate and commercial mixed-use
|
1,333,763
|
1,279,188
|
1,170,085
|
|||||||||
Acquisition, development, and construction ("ADC")
|
95,767
|
77,479
|
29,402
|
|||||||||
Total real estate loans
|
5,172,047
|
5,213,690
|
5,163,122
|
|||||||||
Commercial and industrial ("C&I")
|
309,593
|
316,061
|
229,504
|
|||||||||
Other loans
|
1,389
|
1,780
|
1,192
|
|||||||||
Allowance for loan losses
|
(27,294
|
)
|
(21,134
|
)
|
(21,782
|
)
|
||||||
Total loans, net
|
5,455,735
|
5,510,397
|
5,372,036
|
|||||||||
Premises and fixed assets, net
|
22,507
|
23,069
|
24,713
|
|||||||||
Loans held for sale
|
1,839
|
3,814
|
1,097
|
|||||||||
Federal Home Loan Bank of New York capital stock
|
54,421
|
57,051
|
57,551
|
|||||||||
Bank Owned Life Insurance ("BOLI")
|
113,551
|
112,828
|
111,427
|
|||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Operating lease assets
|
38,856
|
40,113
|
-
|
|||||||||
Other assets
|
44,804
|
40,567
|
42,308
|
|||||||||
TOTAL ASSETS
|
$
|
6,425,335
|
$
|
6,498,362
|
$
|
6,320,578
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||||||
Deposits:
|
||||||||||||
Non-interest-bearing checking
|
$
|
416,457
|
$
|
423,914
|
$
|
395,477
|
||||||
Interest-bearing checking
|
135,721
|
117,555
|
115,972
|
|||||||||
Savings
|
356,767
|
325,797
|
336,669
|
|||||||||
Money Market
|
1,831,773
|
1,914,101
|
2,098,599
|
|||||||||
Sub-total
|
2,740,718
|
2,781,367
|
2,946,717
|
|||||||||
Certificates of deposit
|
1,650,688
|
1,654,169
|
1,410,037
|
|||||||||
Total Due to Depositors
|
4,391,406
|
4,435,536
|
4,356,754
|
|||||||||
Escrow and other deposits
|
110,233
|
85,811
|
85,234
|
|||||||||
Federal Home Loan Bank of New York advances
|
1,056,750
|
1,115,200
|
1,125,350
|
|||||||||
Subordinated Notes Payable, net
|
113,869
|
113,832
|
113,759
|
|||||||||
Other Borrowings
|
60,000
|
58,000
|
-
|
|||||||||
Operating lease liabilities
|
45,117
|
46,480
|
-
|
|||||||||
Other liabilities
|
39,056
|
34,802
|
37,400
|
|||||||||
TOTAL LIABILITIES
|
5,816,431
|
5,889,661
|
5,718,497
|
|||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 53,699,694 shares, 53,690,825 shares, and 53,690,825 shares issued at September 30, 2019, June 30, 2019, and
December 31, 2018, respectively, and 35,951,652 shares, 35,887,395 shares, and 36,081,455 shares outstanding at September 30, 2019, June 30, 2019 and December 31, 2018, respectively)
|
537
|
537
|
537
|
|||||||||
Additional paid-in capital
|
279,768
|
279,327
|
277,512
|
|||||||||
Retained earnings
|
579,830
|
580,159
|
565,713
|
|||||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(6,308
|
)
|
(6,288
|
)
|
(6,500
|
)
|
||||||
Unearned equity award common stock
|
(8,892
|
)
|
(8,165
|
)
|
(3,623
|
)
|
||||||
Common stock held by the Benefit Maintenance Plan
|
(1,496
|
)
|
(1,509
|
)
|
(1,509
|
)
|
||||||
Treasury stock (17,748,042 shares, 17,812,299 shares, and 17,609,370 shares at September 30, 2019, June 30, 2019, and December 31, 2018, respectively)
|
(234,535
|
)
|
(235,360
|
)
|
(230,049
|
)
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
608,904
|
608,701
|
602,081
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
6,425,335
|
$
|
6,498,362
|
$
|
6,320,578
|
(1)
|
Includes loans underlying cooperatives.
|
(2)
|
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in
order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||||||
September 30,
2019 |
June 30,
2019 |
September 30,
2018 |
September 30,
2019 |
September 30,
2018 |
||||||||||||||||
Interest income:
|
||||||||||||||||||||
Loans secured by real estate
|
$
|
50,732
|
$
|
50,811
|
$
|
47,486
|
$
|
150,720
|
$
|
144,889
|
||||||||||
Commercial and industrial ("C&I") loans
|
4,442
|
4,134
|
2,729
|
12,012
|
6,541
|
|||||||||||||||
Other loans
|
18
|
18
|
18
|
54
|
55
|
|||||||||||||||
Mortgage-backed securities
|
2,973
|
2,961
|
2,852
|
9,131
|
7,515
|
|||||||||||||||
Investment securities
|
626
|
570
|
59
|
1,616
|
123
|
|||||||||||||||
Other short-term investments
|
1,488
|
1,457
|
1,480
|
4,392
|
4,537
|
|||||||||||||||
Total interest income
|
60,279
|
59,951
|
54,624
|
177,925
|
163,660
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits and escrow
|
16,582
|
16,271
|
13,361
|
47,870
|
36,100
|
|||||||||||||||
Borrowed funds
|
7,501
|
7,176
|
6,235
|
22,031
|
18,384
|
|||||||||||||||
Total interest expense
|
24,083
|
23,447
|
19,596
|
69,901
|
54,484
|
|||||||||||||||
Net interest income
|
36,196
|
36,504
|
35,028
|
108,024
|
109,176
|
|||||||||||||||
Provision (credit) for loan losses
|
11,228
|
(449
|
)
|
335
|
11,100
|
1,641
|
||||||||||||||
Net interest income after provision for loan losses
|
24,968
|
36,953
|
34,693
|
96,924
|
107,535
|
|||||||||||||||
Non-interest income:
|
||||||||||||||||||||
Service charges and other fees
|
1,780
|
1,264
|
1,233
|
4,143
|
3,443
|
|||||||||||||||
Mortgage banking income, net
|
77
|
61
|
79
|
206
|
292
|
|||||||||||||||
Gain on equity securities
|
14
|
148
|
99
|
430
|
114
|
|||||||||||||||
Gain (loss) on sale of securities and other assets
|
66
|
(57
|
)
|
-
|
(67
|
)
|
1,370
|
|||||||||||||
Gain on sale of loans
|
443
|
339
|
18
|
1,037
|
143
|
|||||||||||||||
Income from BOLI
|
723
|
707
|
729
|
2,124
|
2,161
|
|||||||||||||||
Loan level derivative income
|
197
|
291
|
-
|
488
|
-
|
|||||||||||||||
Other
|
61
|
67
|
63
|
180
|
179
|
|||||||||||||||
Total non-interest income
|
3,361
|
2,820
|
2,221
|
8,541
|
7,702
|
|||||||||||||||
Non-interest expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
12,948
|
12,061
|
10,963
|
36,893
|
33,024
|
|||||||||||||||
Stock benefit plan compensation expense
|
574
|
491
|
403
|
1,349
|
1,198
|
|||||||||||||||
Occupancy and equipment
|
3,970
|
3,827
|
3,845
|
11,666
|
11,414
|
|||||||||||||||
Data processing costs
|
1,803
|
1,908
|
1,823
|
5,777
|
5,374
|
|||||||||||||||
Marketing
|
466
|
465
|
975
|
1,397
|
2,168
|
|||||||||||||||
Federal deposit insurance premiums
|
(506
|
)
|
586
|
382
|
534
|
1,521
|
||||||||||||||
Other
|
3,519
|
2,958
|
3,194
|
9,506
|
9,446
|
|||||||||||||||
Total non-interest expense
|
22,774
|
22,296
|
21,585
|
67,122
|
64,145
|
|||||||||||||||
Income before taxes
|
5,555
|
17,477
|
15,329
|
38,343
|
51,092
|
|||||||||||||||
Income tax expense
|
850
|
4,442
|
3,547
|
9,102
|
12,244
|
|||||||||||||||
Net Income
|
$
|
4,705
|
$
|
13,035
|
$
|
11,782
|
$
|
29,241
|
$
|
38,848
|
||||||||||
Earnings per Share ("EPS"):
|
||||||||||||||||||||
Basic
|
$
|
0.13
|
$
|
0.36
|
$
|
0.32
|
$
|
0.81
|
$
|
1.05
|
||||||||||
Diluted
|
$
|
0.13
|
$
|
0.36
|
$
|
0.32
|
$
|
0.81
|
$
|
1.04
|
||||||||||
Average common shares outstanding for Diluted EPS
|
35,769,461
|
35,864,389
|
37,189,648
|
35,866,059
|
37,399,740
|
At or For the Three Months Ended
|
At or For the Nine Months Ended
|
|||||||||||||||||||
September 30,
2019 |
June 30,
2019 |
September 30,
2018 |
September 30,
2019 |
September 30,
2018 |
||||||||||||||||
Per Share Data:
|
||||||||||||||||||||
Reported EPS (Diluted)
|
$
|
0.13
|
$
|
0.36
|
$
|
0.32
|
$
|
0.81
|
$
|
1.04
|
||||||||||
Cash dividends paid per share
|
0.14
|
0.14
|
0.14
|
0.42
|
0.42
|
|||||||||||||||
Book value per share
|
16.94
|
16.96
|
16.49
|
16.94
|
16.49
|
|||||||||||||||
Tangible book value per share (1)
|
15.39
|
15.41
|
14.97
|
15.39
|
14.97
|
|||||||||||||||
Dividend payout ratio
|
107.69
|
%
|
38.89
|
%
|
43.75
|
%
|
51.85
|
%
|
40.38
|
%
|
||||||||||
Performance Ratios (Based upon Reported Net Income):
|
||||||||||||||||||||
Return on average assets
|
0.29
|
%
|
0.82
|
%
|
0.76
|
%
|
0.61
|
%
|
0.82
|
%
|
||||||||||
Return on average common equity
|
3.08
|
%
|
8.59
|
%
|
7.71
|
%
|
6.42
|
%
|
8.51
|
%
|
||||||||||
Return on average tangible common equity (1)
|
3.39
|
%
|
9.45
|
%
|
8.49
|
%
|
7.07
|
%
|
9.37
|
%
|
||||||||||
Net interest spread
|
2.07
|
%
|
2.08
|
%
|
2.11
|
%
|
2.06
|
%
|
2.20
|
%
|
||||||||||
Net interest margin
|
2.34
|
%
|
2.38
|
%
|
2.33
|
%
|
2.34
|
%
|
2.40
|
%
|
||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
118.38
|
%
|
119.47
|
%
|
117.46
|
%
|
118.70
|
%
|
117.06
|
%
|
||||||||||
Non-interest expense to average assets
|
1.41
|
%
|
1.40
|
%
|
1.39
|
%
|
1.40
|
%
|
1.36
|
%
|
||||||||||
Efficiency ratio
|
57.69
|
%
|
56.83
|
%
|
58.10
|
%
|
57.76
|
%
|
55.59
|
%
|
||||||||||
Loan-to-deposit ratio at end of period
|
124.86
|
%
|
124.71
|
%
|
123.53
|
%
|
124.86
|
%
|
123.53
|
%
|
||||||||||
CRE consolidated concentration ratio (2)
|
678.9
|
%
|
697.3
|
%
|
706.1
|
%
|
678.9
|
%
|
706.1
|
%
|
||||||||||
Effective tax rate
|
15.30
|
%
|
25.42
|
%
|
23.14
|
%
|
23.74
|
%
|
23.96
|
%
|
||||||||||
Average Balance Data:
|
||||||||||||||||||||
Average assets
|
$
|
6,446,382
|
$
|
6,391,476
|
$
|
6,231,801
|
$
|
6,400,652
|
$
|
6,288,747
|
||||||||||
Average interest-earning assets
|
6,191,299
|
6,134,510
|
6,016,728
|
6,145,701
|
6,069,781
|
|||||||||||||||
Average loans
|
5,503,233
|
5,492,455
|
5,388,065
|
5,480,330
|
5,472,116
|
|||||||||||||||
Average deposits
|
4,416,143
|
4,378,999
|
4,386,631
|
4,378,729
|
4,050,336
|
|||||||||||||||
Average common equity
|
610,487
|
607,152
|
611,022
|
607,238
|
608,685
|
|||||||||||||||
Average tangible common equity (1)
|
554,849
|
551,515
|
555,385
|
551,600
|
553,047
|
|||||||||||||||
Asset Quality Summary:
|
||||||||||||||||||||
Non-performing loans (excluding loans held for sale)
|
$
|
16,378
|
$
|
2,538
|
$
|
2,978
|
$
|
16,378
|
$
|
2,978
|
||||||||||
Non-performing assets
|
16,378
|
2,538
|
2,978
|
16,378
|
2,978
|
|||||||||||||||
Net charge-offs
|
5,068
|
358
|
(11
|
)
|
5,588
|
1,344
|
||||||||||||||
Non-performing loans/ Total loans
|
0.30
|
%
|
0.05
|
%
|
0.06
|
%
|
0.30
|
%
|
0.06
|
%
|
||||||||||
Non-performing assets/ Total assets
|
0.25
|
%
|
0.04
|
%
|
0.05
|
%
|
0.25
|
%
|
0.05
|
%
|
||||||||||
Allowance for loan loss/ Total loans
|
0.50
|
%
|
0.38
|
%
|
0.39
|
%
|
0.50
|
%
|
0.39
|
%
|
||||||||||
Allowance for loan loss/ Non-performing loans
|
166.65
|
%
|
832.70
|
%
|
716.25
|
%
|
166.65
|
%
|
716.25
|
%
|
||||||||||
Loans delinquent 30 to 89 days at period end
|
$
|
139
|
$
|
105
|
$
|
531
|
$
|
139
|
$
|
531
|
||||||||||
Capital Ratios - Consolidated:
|
||||||||||||||||||||
Tangible common equity to tangible assets (1)
|
8.69
|
%
|
8.58
|
%
|
8.78
|
%
|
8.69
|
%
|
8.78
|
%
|
||||||||||
Tier 1 common equity ratio
|
10.62
|
10.94
|
11.66
|
10.62
|
11.66
|
|||||||||||||||
Tier 1 risk-based capital ratio
|
10.62
|
10.94
|
11.66
|
10.62
|
11.66
|
|||||||||||||||
Total risk-based capital ratio
|
13.33
|
13.58
|
14.54
|
13.33
|
14.54
|
|||||||||||||||
Tier 1 leverage ratio
|
8.76
|
8.83
|
8.96
|
8.76
|
8.96
|
|||||||||||||||
Capital Ratios - Bank Only:
|
||||||||||||||||||||
Tier 1 common equity ratio
|
11.86
|
%
|
12.14
|
%
|
13.26
|
%
|
11.86
|
%
|
13.26
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
11.86
|
12.14
|
13.26
|
11.86
|
13.26
|
|||||||||||||||
Total risk-based capital ratio
|
12.38
|
12.56
|
13.71
|
12.38
|
13.71
|
|||||||||||||||
Tier 1 leverage ratio
|
9.81
|
9.77
|
10.15
|
9.81
|
10.15
|
(1) |
See "Non-GAAP Reconciliation" table for reconciliation of tangible common equity and tangible assets. Average balances are calculated using the ending balance for months during the period indicated.
|
(2) |
The CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner occupied commercial real estate, multifamily, and ADC, divided by consolidated capital.
|
For the Three Months Ended
|
||||||||||||||||||||||||||||||||||||
September 30, 2019
|
June 30, 2019
|
September 30, 2018
|
||||||||||||||||||||||||||||||||||
Average
Balance |
Interest
|
Average
Yield/
Cost
|
Average
Balance |
Interest
|
Average
Yield/
Cost
|
Average
Balance |
Interest
|
Average
Yield/
Cost
|
||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Real estate loans
|
$
|
5,188,967
|
$
|
50,732
|
3.91
|
%
|
$
|
5,201,395
|
$
|
50,811
|
3.91
|
%
|
$
|
5,200,021
|
$
|
47,486
|
3.65
|
%
|
||||||||||||||||||
Commercial and industrial loans
|
312,472
|
4,442
|
5.69
|
289,843
|
4,134
|
5.71
|
186,686
|
2,729
|
5.85
|
|||||||||||||||||||||||||||
Other loans
|
1,794
|
18
|
4.01
|
1,217
|
18
|
5.92
|
1,358
|
18
|
5.30
|
|||||||||||||||||||||||||||
Mortgage-backed securities
|
432,071
|
2,973
|
2.75
|
423,387
|
2,961
|
2.80
|
432,213
|
2,852
|
2.64
|
|||||||||||||||||||||||||||
Investment securities
|
74,349
|
626
|
3.37
|
64,488
|
570
|
3.54
|
11,158
|
59
|
2.12
|
|||||||||||||||||||||||||||
Other short-term investments
|
181,646
|
1,488
|
3.28
|
154,180
|
1,457
|
3.78
|
185,292
|
1,480
|
3.19
|
|||||||||||||||||||||||||||
Total interest-earning assets
|
6,191,299
|
60,279
|
3.89
|
%
|
6,134,510
|
59,951
|
3.91
|
%
|
6,016,728
|
54,624
|
3.63
|
%
|
||||||||||||||||||||||||
Non-interest-earning assets
|
255,083
|
256,966
|
215,073
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
6,446,382
|
$
|
6,391,476
|
$
|
6,231,801
|
||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing checking accounts
|
$
|
125,310
|
$
|
56
|
0.18
|
%
|
$
|
125,041
|
$
|
91
|
0.29
|
%
|
$
|
114,865
|
$
|
55
|
0.19
|
%
|
||||||||||||||||||
Money market accounts
|
1,845,594
|
6,883
|
1.48
|
1,908,737
|
7,397
|
1.55
|
2,264,082
|
7,542
|
1.32
|
|||||||||||||||||||||||||||
Savings accounts
|
341,170
|
157
|
0.18
|
327,312
|
46
|
0.06
|
347,041
|
50
|
0.06
|
|||||||||||||||||||||||||||
Certificates of deposit
|
1,674,478
|
9,485
|
2.25
|
1,595,849
|
8,737
|
2.20
|
1,297,857
|
5,714
|
1.75
|
|||||||||||||||||||||||||||
Total interest-bearing deposits
|
3,986,552
|
16,582
|
1.65
|
3,956,939
|
16,271
|
1.65
|
4,023,845
|
13,361
|
1.32
|
|||||||||||||||||||||||||||
Borrowed Funds
|
1,243,561
|
7,501
|
2.39
|
1,177,940
|
7,176
|
2.44
|
1,098,713
|
6,235
|
2.25
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
5,230,113
|
24,083
|
1.83
|
%
|
5,134,879
|
23,447
|
1.83
|
%
|
5,122,558
|
19,596
|
1.52
|
%
|
||||||||||||||||||||||||
Non-interest-bearing checking accounts
|
429,591
|
422,060
|
362,786
|
|||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities
|
176,191
|
227,385
|
135,435
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
5,835,895
|
5,784,324
|
5,620,779
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
610,487
|
607,152
|
611,022
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,446,382
|
$
|
6,391,476
|
$
|
6,231,801
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
36,196
|
$
|
36,504
|
$
|
35,028
|
||||||||||||||||||||||||||||||
Net interest spread
|
2.07
|
%
|
2.08
|
%
|
2.11
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets
|
$
|
961,186
|
$
|
999,631
|
$
|
894,170
|
||||||||||||||||||||||||||||||
Net interest margin
|
2.34
|
%
|
2.38
|
%
|
2.33
|
%
|
||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
118.38
|
%
|
119.47
|
%
|
117.46
|
%
|
||||||||||||||||||||||||||||||
Deposits (including non-interest-bearing checking accounts)
|
$
|
4,416,143
|
$
|
16,582
|
1.49
|
%
|
$
|
4,378,999
|
$
|
16,271
|
1.49
|
%
|
$
|
4,386,631
|
$
|
13,361
|
1.21
|
%
|
At September 30, 2019
|
At June 30, 2019
|
At September 30, 2018
|
||||||||||||||||||||||
Balance
|
WAR
|
Balance
|
WAR
|
Balance
|
WAR
|
|||||||||||||||||||
Loan balances at period end:
|
||||||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
134,361
|
4.38
|
%
|
$
|
120,523
|
4.60
|
%
|
$
|
71,464
|
4.42
|
%
|
||||||||||||
Multifamily residential and residential mixed-use (2)(3)
|
3,608,156
|
3.72
|
3,736,500
|
3.69
|
4,015,424
|
3.52
|
||||||||||||||||||
Commercial real estate and commercial mixed-use
|
1,333,763
|
4.31
|
1,279,188
|
4.26
|
1,106,430
|
4.10
|
||||||||||||||||||
Acquisition, development, and construction ("ADC")
|
95,767
|
6.00
|
77,479
|
6.57
|
11,144
|
6.26
|
||||||||||||||||||
Total real estate loans
|
5,172,047
|
3.93
|
5,213,690
|
3.88
|
5,204,462
|
3.66
|
||||||||||||||||||
Commercial and industrial ("C&I")
|
309,593
|
5.46
|
316,061
|
5.78
|
207,743
|
5.53
|
||||||||||||||||||
Total
|
$
|
5,481,640
|
4.02
|
%
|
$
|
5,529,751
|
3.99
|
%
|
$
|
5,412,205
|
3.73
|
%
|
(1) |
Weighted average rate is calculated by aggregating interest based on the current loan rate from each loan in the category, divided by the total amount of loans in the category.
|
(2) |
Includes loans underlying cooperatives.
|
(3) |
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the
residential nature of the collateral underlying this significant component of the total loan portfolio.
|
At September 30,
2019 |
At June 30,
2019 |
At September 30,
2018 |
||||||||||
Non-Performing Loans
|
||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
1,161
|
$
|
832
|
$
|
443
|
||||||
Multifamily residential and residential mixed-use (1)(2)
|
153
|
428
|
1,473
|
|||||||||
Commercial real estate and commercial mixed-use real estate (2)
|
63
|
1,274
|
1,059
|
|||||||||
C&I
|
15,000
|
-
|
-
|
|||||||||
Other
|
1
|
4
|
3
|
|||||||||
Total Non-Performing Loans (3)
|
$
|
16,378
|
$
|
2,538
|
$
|
2,978
|
||||||
Total Non-Performing Assets
|
$
|
16,378
|
$
|
2,538
|
$
|
2,978
|
||||||
Performing TDR Loans
|
||||||||||||
One-to-four family and cooperative/condominium apartment
|
$
|
9
|
$
|
11
|
$
|
16
|
||||||
Multifamily residential and mixed-use residential real estate (1)(2)
|
-
|
252
|
277
|
|||||||||
Commercial real estate and commercial mixed-use real estate (2)
|
-
|
4,037
|
4,107
|
|||||||||
Total Performing TDRs
|
$
|
9
|
$
|
4,300
|
$
|
4,400
|
(1) |
Includes loans underlying cooperatives.
|
(2) |
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the
residential nature of the collateral underlying this significant component of the total loan portfolio.
|
(3) |
There were no non-accruing TDRs for the periods indicated.
|
At September 30,
2019
|
At June 30,
2019
|
At September 30,
2018
|
||||||||||
Total Non-Performing Assets
|
$
|
16,378
|
$
|
2,538
|
$
|
2,978
|
||||||
Loans 90 days or more past due on accrual status (4)
|
380
|
1,531
|
1,242
|
|||||||||
TOTAL PROBLEM ASSETS
|
$
|
16,758
|
$
|
4,069
|
$
|
4,220
|
||||||
Tangible common equity (5)
|
$
|
553,266
|
$
|
553,063
|
$
|
547,939
|
||||||
Allowance for loan losses and reserves for contingent liabilities
|
27,319
|
21,159
|
21,330
|
|||||||||
TANGIBLE COMMON EQUITY PLUS RESERVES
|
$
|
580,585
|
$
|
574,222
|
$
|
569,269
|
||||||
TEXAS RATIO (PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE COMMON EQUITY AND RESERVES)
|
2.9
|
%
|
0.7
|
%
|
0.7
|
%
|
(4) |
These loans were, as of the respective dates indicated, expected to be either satisfied, made current or re-financed in the near future, and were not expected to result in any loss of contractual principal or interest. These loans
are not included in non-performing loans.
|
(5) |
See "Non-GAAP Reconciliation" table for reconciliation of tangible common equity and tangible assets.
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||||||
September 30,
2019 |
June 30,
2019 |
September 30,
2018 |
September 30,
2019 |
September 30,
2018 |
||||||||||||||||
Reconciliation of Reported and Adjusted ("non-GAAP") Net Income:
|
||||||||||||||||||||
Reported net income
|
$
|
4,705
|
$
|
13,035
|
$
|
11,782
|
$
|
29,241
|
$
|
38,848
|
||||||||||
Adjustments to net income, net of tax (1):
|
||||||||||||||||||||
Less: Loss (Gain) on sale of securities
|
(45
|
)
|
39
|
-
|
46
|
(930
|
)
|
|||||||||||||
Tax adjustment
|
-
|
-
|
(104
|
)
|
-
|
(196
|
)
|
|||||||||||||
Adjusted ("non-GAAP") net income
|
$
|
4,660
|
$
|
13,074
|
$
|
11,678
|
$
|
29,287
|
$
|
37,722
|
||||||||||
Adjusted Ratios (Based upon "non-GAAP Net Income" as calculated above):
|
||||||||||||||||||||
Adjusted EPS (Diluted)
|
$
|
0.13
|
$
|
0.36
|
$
|
0.32
|
$
|
0.82
|
$
|
1.01
|
||||||||||
Adjusted return on average assets
|
0.29
|
%
|
0.82
|
%
|
0.75
|
%
|
0.61
|
%
|
0.80
|
%
|
||||||||||
Adjusted return on average common equity
|
3.05
|
8.61
|
7.64
|
6.43
|
8.26
|
|||||||||||||||
Adjusted return on average tangible common equity
|
3.36
|
9.48
|
8.41
|
7.08
|
9.09
|
|||||||||||||||
Adjusted non-interest expense to average assets
|
1.41
|
1.40
|
1.39
|
1.40
|
1.36
|
|||||||||||||||
Adjusted efficiency ratio
|
57.69
|
56.83
|
58.10
|
57.76
|
55.59
|
September 30,
2019 |
June 30,
2019 |
September 30,
2018 |
||||||||||
Reconciliation of Tangible Assets:
|
||||||||||||
Total assets
|
$
|
6,425,335
|
$
|
6,498,362
|
$
|
6,294,193
|
||||||
Less:
|
||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Tangible assets
|
$
|
6,369,697
|
$
|
6,442,724
|
$
|
6,238,555
|
||||||
Reconciliation of Tangible Common Equity - Consolidated:
|
||||||||||||
Total common equity
|
$
|
608,904
|
$
|
608,701
|
$
|
603,577
|
||||||
Less:
|
||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Tangible common equity
|
$
|
553,266
|
$
|
553,063
|
$
|
547,939
|
(1) |
Adjustments to net income are taxed at the Company's statutory tax rate of approximately 32% unless otherwise noted.
|
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Dime Community Bancshares Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
Rating
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OREO is carried at the lower of the fair value or book balance, with any write downs recognized through a provision recorded in non-interest expense.
On a daily basis, appropriate senior management receives a current cash position report and one-week forecast to ensure that all short-term obligations are timely satisfied and that adequate liquidity exists to fund future activities.
Stockholders' equity increased $6.8 million during the nine months ended September 30, 2019, due primarily to net income of $29.2 million, offset by $15.1 million in cash dividends paid during the period, and $8.8 million for the repurchase of Company Common Stock.
Critical Accounting Policies The Company's policies with respect to the methodologies it uses to determine the allowance for loan losses (including reserves for loan commitments), are its most critical accounting policies because they are important to the presentation of the Company's consolidated financial condition and results of operations, involve a significant degree of complexity and require management to make difficult and subjective judgments which often necessitate assumptions or estimates about highly uncertain matters.
Net interest margin ("NIM") was 2.34% during the three months ended September 30, 2019, up from 2.33% during the three months ended September 30, 2018.
In the third quarter of...Read more
Effective August 1, 2016, the...Read more
The following criteria are considered...Read more
Net interest margin was 2.34%...Read more
Non-interest expense primarily consists of...Read more
Income tax expense was $0.9...Read more
Allowance for Loan Losses The...Read more
Non-interest income was $3.4 million...Read more
This was offset by lower...Read more
Average interest-earning assets were $6.15...Read more
Income tax expense was $9.1...Read more
Average interest-earning assets were $6.19...Read more
As of September 30, 2019,...Read more
The use of different judgments,...Read more
At September 30, 2019, the...Read more
Any increases or reductions in...Read more
The increased interest expense was...Read more
The increased interest income from...Read more
The Company's consolidated results of...Read more
Interest expense increased $4.5 million,...Read more
Interest expense increased $15.4 million,...Read more
Non-interest expense was $67.1 million...Read more
The Business Banking division is...Read more
It must additionally compete for...Read more
The $3.9 million in salaries...Read more
Net interest income was $108.0...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Dime Community Bancshares Inc provided additional information to their SEC Filing as exhibits
CIK: 1005409
Form Type: 10-Q Quarterly Report
Accession Number: 0001140361-19-020163
Submitted to the SEC: Fri Nov 08 2019 9:35:44 AM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: Savings Institution Federally Chartered