Delaware
(State or other jurisdiction of incorporation or organization)
|
11-3297463
(I.R.S. employer identification number)
|
|
209 Havemeyer Street, Brooklyn, NY
(Address of principal executive offices)
|
11211
(Zip Code)
|
LARGE ACCELERATED FILER ___
|
ACCELERATED FILER X
|
NON -ACCELERATED FILER ___
|
SMALLER REPORTING COMPANY ___
|
Classes of Common Stock
|
Number of Shares Outstanding at August 5, 2011
|
|
$.01 Par Value
|
34,997,739
|
|
3(i)
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. (1)
|
|
3(ii)
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. (15)
|
|
4.1
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. [See Exhibit 3(i) hereto]
|
|
4.2
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. [See Exhibit 3(ii) hereto]
|
|
4.3
|
Draft Stock Certificate of Dime Community Bancshares, Inc. (3)
|
|
4.4
|
Second Amended and Restated Declaration of Trust, dated as of July 29, 2004, by and among Wilmington Trust Company, as Delaware Trustee, Wilmington Trust Company as Institutional Trustee, Dime Community
Bancshares, Inc., as Sponsor, the Administrators of Dime Community Capital Trust I and the holders from time to time of undivided beneficial interests in the assets of Dime Community Capital Trust I (8)
|
|
4.5
|
Indenture, dated as of March 19, 2004, between Dime Community Bancshares, Inc. and Wilmington Trust Company, as trustee (8)
|
|
4.6
|
Series B Guarantee Agreement, dated as of July 29, 2004, executed and delivered by Dime Community Bancshares, Inc., as Guarantor and Wilmington Trust Company, as Guarantee Trustee, for the benefit of the holders
from time to time of the Series B Capital Securities of Dime Community Capital Trust I (8)
|
|
10.1
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Vincent F. Palagiano (12)
|
|
10.2
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Michael P. Devine (12)
|
|
10.3
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Kenneth J. Mahon (12)
|
|
10.4
|
Employment Agreement between Dime Community Bancorp, Inc. and Vincent F. Palagiano(16)
|
|
10.5
|
Employment Agreement between Dime Community Bancorp, Inc. and Michael P. Devine (16)
|
|
10.6
|
Employment Agreement between Dime Community Bancorp, Inc. and Kenneth J. Mahon(16)
|
|
10.7
|
Form of Employee Retention Agreement by and among The Dime Savings Bank of Williamsburgh, Dime Community Bancorp, Inc. and certain officers (5)
|
10.7(i)
|
Amendment to Form of Employee Retention Agreement by and among The Dime Savings Bank of Williamsburgh, Dime Community Bancorp, Inc. and certain officers (12)
|
10.8
|
The Benefit Maintenance Plan of Dime Community Bancorp, Inc. (16)
|
|
10.9
|
Severance Pay Plan of The Dime Savings Bank of Williamsburgh (12)
|
|
10.10
|
Retirement Plan for Board Members of Dime Community Bancorp, Inc. (12)
|
|
10.12
|
Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc., as amended by amendments number 1 and 2 (6)
|
|
10.13
|
Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 1996 and 2001 Stock Option Plans for Outside Directors, Officers and Employees and the 2004 Stock Incentive Plan. (6)
|
|
10.14
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 1996 and 2001 Stock Option Plans for Outside Directors, Officers and Employees and the 2004 Stock Incentive Plan (6)
|
|
10.15
|
Form of award notice for outside directors under the Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc. (6)
|
|
10.16
|
Form of award notice for officers and employees under the Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc. (6)
|
|
10.17
|
Financial Federal Savings Bank Incentive Savings Plan in RSI Retirement Trust (7)
|
|
10.18
|
Financial Federal Savings Bank Employee Stock Ownership Plan (7)
|
|
10.19
|
Option Conversion Certificates between Dime Community Bancshares, Inc. and each of Messrs. Russo, Segrete, Calamari, Latawiec, O'Gorman, and Ms. Swaya pursuant to Section 1.6(b) of the Agreement and Plan of
Merger, dated as of July 18, 1998 by and between Dime Community Bancshares, Inc. and Financial Bancorp, Inc. (7)
|
|
10.20*
|
Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees*
|
|
10.21
|
Dime Community Bancshares, Inc. 2004 Stock Incentive Plan for Outside Directors, Officers and Employees (11)
|
|
10.22
|
Waiver executed by Vincent F. Palagiano (10)
|
|
10.23
|
Waiver executed by Michael P. Devine (10)
|
|
10.24
|
Waiver executed by Kenneth J. Mahon (10)
|
|
10.25
|
Form of restricted stock award notice for officers and employees under the 2004 Stock Incentive Plan (9)
|
|
10.27
|
Form of restricted stock award notice for outside directors under the 2004 Stock Incentive Plan (9)
|
|
10.28
|
Employee Retention Agreement between The Dime Savings Bank of Williamsburgh, Dime Community Bancshares, Inc. and Daniel Harris (12)
|
|
10.29
|
Dime Community Bancshares, Inc. Annual Incentive Plan (12)
|
|
10.30
|
Amendment to the Dime Savings Bank of Williamsburgh 401(K) Plan (14)
|
|
10.31
|
Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (12)
|
|
12.1*
|
Computation of ratio of earnings to fixed charges*
|
|
31(i).1*
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)*
|
|
31(i).2*
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)*
|
|
32.1*
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350*
|
|
32.2*
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350*
|
|
101** | Pursuant to Rule 405 of Regulation S-T, the following financial information from the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2011, is formatted in XBRL (Extensible Business Reporting Language) interactive data files: (i) the Condensed Consolidated Balance Sheets as of June 30, 2011 and December 31, 2010, (ii) the Condensed Consolidated Statements of Operations and Comprehensive Income for the three-month and six-month periods ended June 30, 2011 and 2010, (iii) the Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2011 and 2010, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity for the six-month periods ended June 30, 2011 and 2010, and (iv) the Notes to Consolidated Financial Statements, tagged as blocks of text. |
(1)
|
Incorporated by reference to the registrant's Transition Report on Form 10-K for the transition period ended December 31, 2002 filed on March 28, 2003.
|
(2)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 filed on May 11, 2009.
|
(3)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1998 filed on September 28, 1998.
|
(4)
|
Incorporated by reference to the registrant's Current Report on Form 8-K dated April 9, 1998 and filed on April 16, 1998.
|
(5)
|
Incorporated by reference to Exhibits to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1997 filed on September 26, 1997.
|
(6)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1997 filed on September 26, 1997, and the Current Reports on Form 8-K filed on March 22, 2004 and March 29, 2005.
|
(7)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 2000 filed on September 28, 2000.
|
(8)
|
Incorporated by reference to Exhibits to the registrant’s Registration Statement No. 333-117743 on Form S-4 filed on July 29, 2004.
|
(9)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on March 22, 2005.
|
(10)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 filed on May 10, 2005.
|
(11)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed on August 8, 2008.
|
(12)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the year ended December 31, 2008 filed on March 16, 2009.
|
(13)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 filed on May 11, 2009
|
(14)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 filed on May 10, 2010
|
(15)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on March 17, 2011.
|
(16)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on April 4, 2011.
|
(17)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed on May 10, 2011
|
Dime Community Bancshares, Inc.
|
Dated: August 9, 2011
|
By: /s/ VINCENT F. PALAGIANO
|
|
Vincent F. Palagiano
|
||
Chairman of the Board and Chief Executive Officer
|
Dated: August 9, 2011
|
By: /s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
First Executive Vice President and Chief Financial Officer (Principal Accounting Officer)
|
Delaware
(State or other jurisdiction of incorporation or organization)
|
11-3297463
(I.R.S. employer identification number)
|
|
209 Havemeyer Street, Brooklyn, NY
(Address of principal executive offices)
|
11211
(Zip Code)
|
LARGE ACCELERATED FILER ___
|
ACCELERATED FILER X
|
NON -ACCELERATED FILER ___
|
SMALLER REPORTING COMPANY ___
|
Classes of Common Stock
|
Number of Shares Outstanding at August 5, 2011
|
|
$.01 Par Value
|
34,997,739
|
|
Page
|
||
PART I – FINANCIAL INFORMATION
|
||
Item 1.
|
Unaudited Condensed Consolidated Financial Statements
|
|
Condensed Consolidated Statements of Financial Condition at June 30, 2011 and December 31, 2010
|
3
|
|
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three-Month and
Six-Month Periods Ended June 30, 2011 and 2010
|
4
|
|
Condensed Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended
June 30, 2011 and 2010
|
5
|
|
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2011 and 2010
|
6
|
|
Notes to Consolidated Financial Statements
|
7-31
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
31-48
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
48-49
|
Item 4.
|
Controls and Procedures
|
49
|
PART II - OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
50
|
Item 1A.
|
Risk Factors
|
50-52
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
44
|
Item 3.
|
Defaults Upon Senior Securities
|
44
|
Item 5.
|
Other Information
|
44
|
Item 6.
|
Exhibits
|
44-46
|
Signatures
|
47
|
·
|
the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company's control;
|
·
|
there may be increases in competitive pressure among financial institutions or from non-financial institutions;
|
·
|
changes in the interest rate environment may reduce interest margins;
|
·
|
changes in deposit flows, loan demand or real estate values may adversely affect the business of The Dime Savings Bank of Williamsburgh (the "Bank");
|
·
|
changes in accounting principles, policies or guidelines may cause the Company's financial condition to be perceived differently;
|
·
|
changes in corporate and/or individual income tax laws may adversely affect the Company's business or financial condition;
|
·
|
general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or banking industry, may be less favorable than currently anticipated;
|
·
|
legislation or regulatory changes may adversely affect the Company's business;
|
·
|
technological changes may be more difficult or expensive than the Company anticipates;
|
·
|
success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates;
|
·
|
litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates; and
|
·
|
the risks referred to in the section entitled "Risk Factors."
|
June 30, 2011
|
December 31, 2010
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$ | 131,643 | $ | 86,193 | ||||
Federal funds sold and other short-term investments
|
11,575 | 4,536 | ||||||
Investment securities held-to-maturity (estimated fair value of $6,484 and $4,408 at June 30, 2011 and December 31, 2010, respectively) (Fully unencumbered)
|
7,249 | 6,641 | ||||||
Investment securities available-for-sale, at fair value:
|
||||||||
Encumbered
|
101,484 | 80,229 | ||||||
Unencumbered
|
63,628 | 5,413 | ||||||
165,112 | 85,642 | |||||||
Mortgage-backed securities available-for-sale, at fair value:
|
||||||||
Encumbered
|
113,060 | 139,192 | ||||||
Unencumbered
|
4,377 | 5,326 | ||||||
117,437 | 144,518 | |||||||
Trading securities
|
1,829 | 1,490 | ||||||
Loans:
|
||||||||
Real estate, net
|
3,419,510 | 3,467,644 | ||||||
Other loans
|
3,630 | 2,540 | ||||||
Less allowance for loan losses
|
(19,518 | ) | (19,166 | ) | ||||
Total loans, net
|
3,403,622 | 3,451,018 | ||||||
Loans held for sale
|
656 | 3,308 | ||||||
Premises and fixed assets, net
|
32,608 | 31,613 | ||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
49,489 | 51,718 | ||||||
Other real estate owned ("OREO")
|
- | - | ||||||
Goodwill
|
55,638 | 55,638 | ||||||
Other assets
|
115,924 | 117,980 | ||||||
Total Assets
|
$ | 4,092,782 | $ | 4,040,295 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest bearing deposits
|
$ | 2,279,472 | $ | 2,224,851 | ||||
Non-interest bearing deposits
|
136,500 | 125,730 | ||||||
Total deposits
|
2,415,972 | 2,350,581 | ||||||
Escrow and other deposits
|
89,466 | 68,542 | ||||||
Securities sold under agreements to repurchase
|
195,000 | 195,000 | ||||||
FHLBNY advances
|
939,775 | 990,525 | ||||||
Trust Preferred securities payable
|
70,680 | 70,680 | ||||||
Other liabilities
|
34,615 | 36,233 | ||||||
Total Liabilities
|
$ | 3,745,508 | $ | 3,711,561 | ||||
Commitments and Contingencies
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at June 30, 2011 and December 31, 2010)
|
- | - | ||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 51,413,667 shares and 51,219,609 shares issued at June 30, 2011 and December 31, 2010, respectively,
and 34,956,614 shares and 34,593,180 shares outstanding at June 30, 2011 and December 31, 2010, respectively)
|
514 | 512 | ||||||
Additional paid-in capital
|
228,996 | 225,585 | ||||||
Retained earnings
|
343,669 | 329,668 | ||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(5,561 | ) | (6,352 | ) | ||||
Unallocated common stock of Employee Stock Ownership Plan ("ESOP")
|
(3,354 | ) | (3,470 | ) | ||||
Unearned Restricted Stock Award common stock
|
(3,915 | ) | (2,684 | ) | ||||
Common stock held by Benefit Maintenance Plan ("BMP")
|
(8,634 | ) | (7,979 | ) | ||||
Treasury stock, at cost (16,457,053 shares and 16,626,429 shares at June 30, 2011 and December 31, 2010, respectively)
|
(204,441 | ) | (206,546 | ) | ||||
Total Stockholders' Equity
|
$ | 347,274 | $ | 328,734 | ||||
Total Liabilities And Stockholders' Equity
|
$ | 4,092,782 | $ | 4,040,295 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans secured by real estate
|
$ | 51,857 | $ | 51,068 | $ | 102,486 | $ | 101,191 | ||||||||
Other loans
|
24 | 30 | 50 | 68 | ||||||||||||
Mortgage-backed securities
|
1,330 | 2,082 | 2,782 | 4,354 | ||||||||||||
Investment securities
|
382 | 312 | 698 | 719 | ||||||||||||
Federal funds sold and other short-term investments
|
677 | 681 | 1,449 | 1,423 | ||||||||||||
Total interest income
|
54,270 | 54,173 | 107,465 | 107,755 | ||||||||||||
Interest expense:
|
||||||||||||||||
Deposits and escrow
|
6,798 | 8,010 | 13,583 | 15,603 | ||||||||||||
Borrowed funds
|
11,312 | 12,958 | 22,679 | 26,181 | ||||||||||||
Total interest expense
|
18,110 | 20,968 | 36,262 | 41,784 | ||||||||||||
Net interest income
|
36,160 | 33,205 | 71,203 | 65,971 | ||||||||||||
Provision for loan losses
|
1,662 | 3,834 | 3,088 | 7,281 | ||||||||||||
Net interest income after provision for loan losses
|
34,498 | 29,371 | 68,115 | 58,690 | ||||||||||||
Non-interest income:
|
||||||||||||||||
Total other than temporary impairment ("OTTI") losses
|
(574 | ) | (521 | ) | (637 | ) | (736 | ) | ||||||||
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes)
|
- | 13 | - | 63 | ||||||||||||
Net OTTI recognized in earnings
|
(574 | ) | (508 | ) | (637 | ) | (673 | ) | ||||||||
Service charges and other fees
|
901 | 945 | 1,664 | 1,881 | ||||||||||||
Net mortgage banking income
|
203 | 303 | 296 | 513 | ||||||||||||
Net gain on sales of securities and other assets
|
21 | 216 | 67 | 785 | ||||||||||||
Income from bank owned life insurance
|
447 | 488 | 914 | 992 | ||||||||||||
Other
|
736 | 1,013 | 1,340 | 1,469 | ||||||||||||
Total non-interest income
|
1,734 | 2,457 | 3,644 | 4,967 | ||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
8,061 | 7,490 | 16,795 | 15,469 | ||||||||||||
Stock benefit plan amortization expense
|
955 | 1,032 | 1,948 | 1,940 | ||||||||||||
Occupancy and equipment
|
2,403 | 2,648 | 5,092 | 4,906 | ||||||||||||
Federal deposit insurance premiums
|
347 | 991 | 1,571 | 1,983 | ||||||||||||
Data processing costs
|
784 | 803 | 1,476 | 1,562 | ||||||||||||
Provision for losses on OREO
|
- | 157 | - | 357 | ||||||||||||
Other
|
2,533 | 2,670 | 5,061 | 5,265 | ||||||||||||
Total non-interest expense
|
15,083 | 15,791 | 31,943 | 31,482 | ||||||||||||
Income before income taxes
|
21,149 | 16,037 | 39,816 | 32,175 | ||||||||||||
Income tax expense
|
8,811 | 6,033 | 16,398 | 12,701 | ||||||||||||
Net income
|
$ | 12,338 | $ | 10,004 | $ | 23,418 | $ | 19,474 | ||||||||
Earnings per Share:
|
||||||||||||||||
Basic
|
$ | 0.37 | $ | 0.30 | $ | 0.70 | $ | 0.59 | ||||||||
Diluted
|
$ | 0.36 | $ | 0.30 | $ | 0.69 | $ | 0.58 | ||||||||
STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||||||||||
Net Income
|
$ | 12,338 | $ | 10,004 | $ | 23,418 | $ | 19,474 | ||||||||
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-
maturity, net of taxes of $14 and $17 during the three months ended June 30, 2011 and 2010, respectively, and
$26 and $29 during the six months ended June 30, 2011 and 2010, respectively
|
18 | 21 | 32 | 36 | ||||||||||||
Reduction in non-credit component of OTTI charge, net of taxes of $290 and $178 during the three months ended
June 30, 2011 and 2010, respectively, and $566 and $303 during the six months ended June 30, 2011 and
2010, respectively
|
352 | 216 | 688 | 370 | ||||||||||||
Non-credit component of OTTI charge recognized during the period, net of tax benefits of $(5) during
the three months ended June 30, 2010 and $(27) during the six months ended June 30, 2010
|
- | (8 | ) | - | (36 | ) | ||||||||||
Reclassification adjustment for securities sold during the period, net of taxes of $127 during the three months
ended June 30, 2010 and $384 during the six months ended June 30, 2010
|
- | (155 | ) | - | (467 | ) | ||||||||||
Net unrealized securities gains arising during the period, net of taxes of $304 and $239 during the three months
ended June 30, 2011 and 2010, respectively, and $37 and $479 during the six months ended June 30, 2011
and 2010, respectively
|
368 | 291 | 44 | 582 | ||||||||||||
Defined benefit plan adjustments, net of tax (benefits) expense of $(535) during the three months ended
June 30, 2010, and $23 and $(560) during the six months ended June 30, 2011 and 2010, respectively
|
- | (650 | ) | 27 | (680 | ) | ||||||||||
Comprehensive Income
|
$ | 13,076 | $ | 9,719 | $ | 24,209 | $ | 19,279 |
Six Months Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
||||||||
Common Stock (Par Value $0.01):
|
||||||||
Balance at beginning of period
|
$ | 512 | $ | 511 | ||||
Shares issued in exercise of options
|
2 | - | ||||||
Balance at end of period
|
514 | 511 | ||||||
Additional Paid-in Capital:
|
||||||||
Balance at beginning of period
|
225,585 | 214,654 | ||||||
Stock options exercised
|
1,800 | 165 | ||||||
Forfeited restricted stock award shares returned to treasury stock
|
2 | 3 | ||||||
Tax benefit of stock plans
|
305 | 88 | ||||||
BMP award distribution
|
- | (28 | ) | |||||
BMP reclassification
|
- | 8,007 | ||||||
Amortization of excess fair value over cost – ESOP stock and stock options expense
|
804 | 866 | ||||||
Release from treasury stock for restricted stock award and BMP benefit shares
|
500 | 47 | ||||||
Balance at end of period
|
228,996 | 223,802 | ||||||
Retained Earnings:
|
||||||||
Balance at beginning of period
|
329,668 | 306,787 | ||||||
Net income for the period
|
23,418 | 19,474 | ||||||
Cash dividends declared and paid
|
(9,417 | ) | (9,306 | ) | ||||
BMP reclassification
|
- | 133 | ||||||
Balance at end of period
|
343,669 | 317,088 | ||||||
Accumulated Other Comprehensive Loss, net of tax:
|
||||||||
Balance at beginning of period
|
(6,352 | ) | (5,082 | ) | ||||
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of tax
|
32 | 36 | ||||||
Non-credit component of OTTI charge recognized during the period, net of tax
|
- | (36 | ) | |||||
Reduction in non-credit component of OTTI during the period, net of tax
|
688 | 370 | ||||||
Change in unrealized gain or loss on available-for-sale securities during the period
|
44 | 115 | ||||||
Adjustments to comprehensive income from defined benefit plans, net of tax
|
27 | (680 | ) | |||||
Balance at end of period
|
(5,561 | ) | (5,277 | ) | ||||
ESOP:
|
||||||||
Balance at beginning of period
|
(3,470 | ) | (3,701 | ) | ||||
Amortization of earned portion of ESOP stock
|
116 | 115 | ||||||
Balance at end of period
|
(3,354 | ) | (3,586 | ) | ||||
Unearned Restricted Stock Award Common Stock:
|
||||||||
Balance at beginning of period
|
(2,684 | ) | (2,505 | ) | ||||
Amortization of earned portion of restricted stock awards
|
700 | 607 | ||||||
Forfeited restricted stock award shares returned to treasury stock
|
22 | 149 | ||||||
Release from treasury stock for restricted stock award and BMP benefit shares
|
(1,953 | ) | (1,824 | ) | ||||
Balance at end of period
|
(3,915 | ) | (3,573 | ) | ||||
Treasury Stock, at cost:
|
||||||||
Balance at beginning of period
|
(206,546 | ) | (207,884 | ) | ||||
Forfeited restricted stock award shares returned to treasury stock
|
(24 | ) | (152 | ) | ||||
Release from treasury stock for restricted stock award and BMP benefit shares
|
2,129 | 1,777 | ||||||
Balance at end of period
|
(204,441 | ) | (206,259 | ) | ||||
Common Stock Held by BMP:
|
||||||||
Balance at beginning of period
|
(7,979 | ) | (8,007 | ) | ||||
Release from treasury stock for restricted stock award and BMP benefit shares
|
(676 | ) | - | |||||
BMP award distribution
|
21 | 28 | ||||||
Balance at end of period
|
(8,634 | ) | (7,979 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY
|
347,274 | 314,727 |
Six Months Ended June 30 ,
|
||||||||
2011
|
2010
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income
|
$ | 23,418 | $ | 19,474 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Net loss (gain) on sale of loans originated for sale
|
14 | (181 | ) | |||||
Net gain on sale of investment securities available-for-sale
|
- | (608 | ) | |||||
Net gain recognized on the transfer of securities from available-for-sale into trading
|
- | (242 | ) | |||||
Net (gain) loss on trading securities
|
(53 | ) | 65 | |||||
Net depreciation and amortization
|
1,526 | 1,254 | ||||||
ESOP compensation expense
|
561 | 489 | ||||||
Stock plan compensation (excluding ESOP)
|
1,059 | 1,099 | ||||||
Provision for loan losses
|
3,088 | 7,281 | ||||||
Provision for losses on OREO
|
- | 357 | ||||||
Provision to increase the liability for loans sold with recourse
|
- | - | ||||||
Recovery of write down of mortgage servicing asset
|
- | - | ||||||
OTTI charge for investment securities recognized in earnings
|
637 | 673 | ||||||
Increase in cash surrender value of Bank Owned Life Insurance
|
(914 | ) | (992 | ) | ||||
Deferred income tax credit
|
(718 | ) | (369 | ) | ||||
Excess tax benefit of stock plans
|
(305 | ) | (88 | ) | ||||
Changes in assets and liabilities:
|
||||||||
Origination of loans held for sale
|
(3,050 | ) | (14,927 | ) | ||||
Proceeds from sale of loans held for sale
|
6,448 | 14,832 | ||||||
Decrease (increase) in other assets
|
3,341 | (1,095 | ) | |||||
Decrease in other liabilities
|
(1,568 | ) | (2,559 | ) | ||||
Net cash provided by operating activities
|
33,484 | 24,463 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Net increase in federal funds sold and other short term investments
|
(7,039 | ) | (41,670 | ) | ||||
Proceeds from principal repayments of investment securities held-to-maturity
|
81 | 90 | ||||||
Proceeds from maturities of investment securities available-for-sale
|
- | - | ||||||
Proceeds from calls and principal repayments of investment securities available-for-sale
|
94,000 | 30,000 | ||||||
Proceeds from sales of investment securities available-for-sale
|
- | 2,527 | ||||||
Purchases of investment securities available-for-sale
|
(172,910 | ) | (31,433 | ) | ||||
Principal collected on mortgage backed securities available-for-sale
|
26,573 | 40,646 | ||||||
Purchases of trading securities
|
(286 | ) | - | |||||
Net decrease (increase) in loans
|
43,548 | (75,538 | ) | |||||
Proceeds from the sale of OREO
|
- | 368 | ||||||
Purchases of fixed assets, net
|
(2,506 | ) | (1,731 | ) | ||||
Redemption of FHLBNY capital stock
|
2,229 | 1,015 | ||||||
Net cash used in investing activities
|
(16,310 | ) | (75,726 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Net increase in due to depositors
|
65,391 | 222,979 | ||||||
Net increase in escrow and other deposits
|
20,924 | 11,804 | ||||||
Increase in securities sold under agreements to repurchase
|
- | (35,000 | ) | |||||
Increase(Decrease) in FHLBNY advances
|
(50,750 | ) | 10,850 | |||||
Repayment of subordinated note
|
- | (25,000 | ) | |||||
Cash dividends paid
|
(9,417 | ) | (9,306 | ) | ||||
Exercise of stock options
|
1,802 | 165 | ||||||
BMP award distribution
|
21 | - | ||||||
Excess tax benefit of stock plans
|
305 | 88 | ||||||
Net cash provided by financing activities
|
28,276 | 176,580 | ||||||
INCREASE IN CASH AND DUE FROM BANKS
|
45,450 | 125,317 | ||||||
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD
|
86,193 | 39,338 | ||||||
CASH AND DUE FROM BANKS, END OF PERIOD
|
$ | 131,643 | $ | 164,655 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for income taxes
|
$ | 13,718 | $ | 15,560 | ||||
Cash paid for interest
|
36,591 | 42,142 | ||||||
Loans transferred to OREO
|
- | 320 | ||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
58 | 65 | ||||||
Net decrease non-credit component of OTTI
|
(1,254 | ) | (610 | ) | ||||
Adjustments to other comprehensive income from defined benefit plans, net of tax
|
$ | 27 | $ | (680 | ) |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net Income per the Consolidated Statements of Operations
|
$ | 12,338 | $ | 10,004 | $ | 23,418 | $ | 19,474 | ||||||||
Denominator:
|
||||||||||||||||
Weighted-average number of shares outstanding utilized in the calculation of basic EPS
|
33,695,418 | 33,244,218 | 33,582,080 | 33,206,948 | ||||||||||||
Common stock equivalents resulting from the dilutive effect of "in-the-money" outstanding stock options
|
188,500 | 111,402 | 232,984 | 101,956 | ||||||||||||
Anti-dilutive effect of tax benefits associated with "in-the-money" outstanding stock options
|
(18,010 | ) | (13,735 | ) | (21,348 | ) | (13,203 | ) | ||||||||
Weighted average number of shares outstanding utilized in the calculation of diluted EPS
|
33,865,908 | 33,341,885 | 33,793,716 | 33,295,701 |
At or for the Three Months Ended June 30,
|
At or for the Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(Dollars in Thousands, Except per Share Amounts)
|
||||||||||||||||
Options outstanding – beginning of period
|
3,092,127 | 3,258,771 | 3,213,007 | 3,266,920 | ||||||||||||
Options granted
|
91,583 | 97,294 | 91,583 | 97,294 | ||||||||||||
Weighted average exercise price of grants
|
$ | 15.46 | $ | 12.75 | $ | 15.46 | $ | 12.75 | ||||||||
Options exercised
|
104,670 | 19,331 | 220,989 | 19,331 | ||||||||||||
Weighted average exercise price of exercised options
|
10.67 | 8.53 | 10.95 | 8.53 | ||||||||||||
Options forfeited
|
- | 8,750 | 4,561 | 16,899 | ||||||||||||
Weighted average exercise price of forfeited options
|
- | $ | 13.74 | 16.73 | $ | 14.30 | ||||||||||
Options outstanding – end of period
|
3,079,040 | 3,327,984 | 3,079,040 | 3,327,984 | ||||||||||||
Weighted average exercise price of outstanding options at the end of period
|
$ | 14.91 | $ | 14.54 | $ | 14.91 | $ | 14.54 | ||||||||
Remaining options available for grant
|
411,962 | 553,738 | 411,962 | 553,738 | ||||||||||||
Exercisable options at end of period
|
2,867,436 | 2,860,928 | 2,867,436 | 2,860,928 | ||||||||||||
Weighted average exercise price of exercisable options at the end of period
|
$ | 15.05 | $ | 14.86 | $ | 15.05 | $ | 14.86 | ||||||||
Cash received for option exercise cost
|
1,116 | 165 | 2,420 | 165 | ||||||||||||
Income tax benefit recognized
|
134 | 20 | 245 | 20 | ||||||||||||
Compensation expense recognized
|
$ | 132 | 254 | $ | 359 | 491 | ||||||||||
Remaining unrecognized compensation expense
|
1,137 | 1,174 | 1,137 | 1,174 | ||||||||||||
Weighted average remaining years for which compensation expense is to be recognized
|
3.1 | 2.0 | 3.1 | 2.0 |
Outstanding Options as of June 30, 2011
|
Vested Options as of June 30, 2011
|
|||||||||||||||||
Exercise Prices
|
Amount
|
Weighted Average Contractual Years Remaining
|
Amount
|
Weighted Average Contractual Years Remaining
|
||||||||||||||
$ | 8.34 | 149,909 | 7.8 | 92,679 | 7.8 | |||||||||||||
$ | 10.91 | 172,081 | 0.4 | 172,081 | 0.4 | |||||||||||||
$ | 12.75 | 87,541 | 8.8 | 46,345 | 8.8 | |||||||||||||
$ | 13.16 | 511,078 | 1.6 | 511,078 | 1.6 | |||||||||||||
$ | 13.74 | 866,375 | 5.8 | 866,375 | 5.8 | |||||||||||||
$ | 14.92 | 34,425 | 6.7 | 25,818 | 6.7 | |||||||||||||
$ | 15.10 | 318,492 | 3.9 | 318,492 | 3.9 | |||||||||||||
$ | 15.46 | 91,583 | 9.8 | - | 9.8 | |||||||||||||
$ | 16.45 | 76,320 | 3.6 | 76,320 | 3.6 | |||||||||||||
$ | 16.73 | 51,943 | 7.1 | 38,955 | 7.1 | |||||||||||||
$ | 18.18 | 80,000 | 6.9 | 80,000 | 6.9 | |||||||||||||
$ | 19.90 | 639,293 | 2.6 | 639,293 | 2.6 | |||||||||||||
Total
|
3,079,040 | 4.2 | 2,867,436 | 3.9 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Total options granted
|
91,583 | 97,294 | 91,583 | 97,294 | ||||||||||||
Estimated fair value on date of grant
|
$ | 4.82 | $ | 3.70 | $ | 4.82 | $ | 3.70 | ||||||||
Pricing methodology utilized
|
Black- Scholes
|
Black- Scholes
|
Black- Scholes
|
Black- Scholes
|
||||||||||||
Expected life (in years)
|
6.80 | 5.99 | 6.80 | 5.99 | ||||||||||||
Interest rate
|
2.59 | % | 2.76 | % | 2.59 | % | 2.76 | % | ||||||||
Volatility
|
42.35 | 43.69 | 42.35 | 43.69 | ||||||||||||
Dividend yield
|
3.62 | 4.39 | 3.62 | 4.39 |
At or for the Three Months Ended June 30,
|
At or for the Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Unvested allocated shares – beginning of period
|
307,783 | 275,823 | 309,783 | 295,066 | ||||||||||||
Shares granted
|
126,304 | 143,083 | 126,304 | 143,083 | ||||||||||||
Shares vested
|
107,649 | 86,040 | 109,649 | 95,107 | ||||||||||||
Shares forfeited
|
1,984 | - | 1,984 | 10,176 | ||||||||||||
Unvested allocated shares – end of period
|
324,454 | 332,866 | 324,454 | 332,866 | ||||||||||||
Unallocated shares - end of period
|
- | - | - | - | ||||||||||||
Compensation recorded to expense
|
$ | 392 | $ | 353 | $ | 700 | $ | 608 | ||||||||
Income tax benefit recognized
|
60 | 73 | 60 | 68 |
Balance at June 30, 2011
|
||||||||||||||||||||||||
Grade
|
One- to Four-Family
Residential and
Cooperative Unit
|
Multifamily
Residential and Residential
Mixed Use
|
Mixed Use
Commercial
Real Estate
|
Commercial
Real Estate
|
Construction
|
Total
|
||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Pass
|
$ | 66,392 | $ | 2,499,407 | $ | 350,738 | $ | 382,503 | $ | 4,989 | $ | 3,304,029 | ||||||||||||
Special Mention
|
979 | 10,395 | 2,018 | 32,734 | 3,030 | 49,156 | ||||||||||||||||||
Substandard
|
56 | 6,105 | 5,278 | 17,046 | 2,865 | 31,350 | ||||||||||||||||||
Total real estate loans individually assigned a credit grade
|
$ | 67,427 | $ | 2,515,907 | $ | 358,034 | $ | 432,283 | $ | 10,884 | $ | 3,384,535 | ||||||||||||
Real estate loans not individually assigned a credit grade (1)
|
$ | 35,631 | - | - | - | - | $ | 35,631 |
Balance at December 31, 2010
|
||||||||||||||||||||||||
Grade
|
One- to Four-Family
Residential and
Cooperative Unit
|
Multifamily
Residential and Residential
Mixed Use
|
Mixed Use
Commercial
Real Estate
|
Commercial
Real Estate
|
Construction
|
Total
|
||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Pass
|
$ | 70,831 | $ | 2,483,695 | $ | 357,463 | $ | 426,518 | $ | 9,465 | $ | 3,347,972 | ||||||||||||
Special Mention
|
127 | 10,367 | 5,989 | 23,150 | 5,773 | 45,406 | ||||||||||||||||||
Substandard
|
257 | 11,216 | 1,613 | 18,435 | - | 31,521 | ||||||||||||||||||
Total real estate loans individually assigned a credit grade
|
$ | 71,215 | $ | 2,505,278 | $ | 365,065 | $ | 468,103 | $ | 15,238 | $ | 3,424,899 | ||||||||||||
Real estate loans not individually assigned a credit grade (1)
|
$ | 46,053 | - | - | - | - | $ | 46,053 |
Grade
|
Balance at
June 30, 2011
|
Balance at
December 31, 2010
|
||||||
(Dollars in Thousands)
|
||||||||
Performing
|
$ | 3,620 | $ | 2,523 | ||||
Non-accrual
|
10 | 17 | ||||||
Total
|
$ | 3,630 | $ | 2,540 |
At June 30, 2011
|
|||||||
30 to 59 Days Past Due
|
60 to 89 Days Past Due
|
90 Days or More Past Due
|
Total Past Due
|
Current
|
Total Loans
|
Loans 90 Days or More Past Due and Still Accruing Interest
|
|
(Dollars in Thousands)
|
|||||||
Real Estate:
|
|||||||
One- to four-family residential and cooperative unit
|
$910
|
$73
|
$67
|
$1,050
|
$102,008
|
$103,058
|
-
|
Multifamily residential and residential mixed use
|
2,995
|
3,115
|
3,765
|
9,875
|
2,506,032(a)
|
2,515,907
|
$413
|
Mixed use commercial real estate
|
1,633
|
434
|
3,309
|
5,376
|
352,658
|
358,034
|
-
|
Commercial real estate
|
1,435
|
2,987
|
8,506
|
12,928
|
419,355
|
432,283
|
1,575
|
Construction
|
-
|
-
|
3,297
|
3,297
|
7,587
|
10,884
|
432
|
Total real estate (including loans held for sale)
|
$6,973
|
$6,609
|
$18,944
|
$32,526
|
$3,387,640
|
$3,420,166
|
$2,420
|
Consumer
|
$1
|
$-
|
$10
|
$11
|
$3,619
|
$3,630
|
-
|
At December 31, 2010
|
|||||||
30 to 59 Days Past Due
|
60 to 89 Days Past Due
|
90 Days or More Past Due
|
Total Past Due
|
Current
|
Total Loans
|
Loans 90 Days or More Past Due and Still Accruing Interest
|
|
(Dollars in Thousands)
|
|||||||
Real Estate:
|
|||||||
One- to four-family residential and cooperative unit
|
$130
|
$141
|
$223
|
$494
|
$116,774
|
$117,268
|
-
|
Multifamily residential and residential mixed use
|
4,435
|
2,631
|
11,058
|
18,124
|
2,487,054(a)
|
2,505,178
|
$3,510
|
Mixed use commercial real estate
|
190
|
3,051
|
1,217
|
4,458
|
360,607
|
365,065
|
-
|
Commercial real estate
|
3,059
|
7,592
|
11,494
|
22,145
|
446,058
|
468,203
|
331
|
Construction
|
-
|
-
|
4,500
|
4,500
|
10,738
|
15,238
|
4,500
|
Total real estate (including loans held for sale)
|
$7,814
|
$13,415
|
$28,492
|
$49,721
|
$3,421,231
|
$3,470,952
|
$8,341
|
Consumer
|
$6
|
$1
|
$17
|
$24
|
$2,516
|
$2,540
|
-
|
At June 30, 2011
|
At December 31, 2010
|
|||||||
(Dollars in Thousands)
|
||||||||
Real Estate Loans:
|
||||||||
One- to four-family residential and cooperative unit
|
$ | 67 | $ | 223 | ||||
Multifamily residential and residential mixed use
|
3,352 | 7,548 | ||||||
Mixed use commercial real estate
|
3,309 | 1,217 | ||||||
Commercial real estate
|
6,931 | 11,163 | ||||||
Construction
|
2,865 | - | ||||||
Total real estate loans (including loans held for sale)
|
$ | 16,524 | 20,151 | |||||
Consumer loans
|
10 | 17 | ||||||
Total non-accrual
|
$ | 16,534 | $ | 20,168 |
At or for the Six Months Ended June 30, 2011
|
At or for the Year Ended December 31, 2010
|
|||
No. of Loans
|
Balance
|
No. of Loans
|
Balance
|
|
(Dollars in Thousands)
|
||||
Loans modified during the period in a manner that met the definition of a TDR
|
-
|
$-
|
18
|
$24,928
|
Modifications granted:
|
||||
Reduction of outstanding principal due
|
-
|
-
|
-
|
-
|
Deferral of principal amounts due
|
-
|
-
|
17
|
16,342
|
Temporary reduction in interest rate
|
-
|
-
|
6
|
10,517
|
Below market interest rate granted
|
-
|
-
|
-
|
-
|
Outstanding principal balance immediately before and after modification
|
-
|
-
|
18
|
24,928
|
Aggregate principal charge-off recognized on TDRs outstanding at period end
|
3
|
1,311
|
9
|
2,204
|
Outstanding principal balance at period end
|
14
|
18,170
|
19
|
22,558
|
TDRs that re-defaulted subsequent to being modified (at period end):
|
2
|
6,009
|
7
|
10,136
|
TDRs on accrual status at period end
|
12
|
12,161
|
12
|
12,422
|
TDRs on non-accrual status at period end
|
2
|
6,009
|
7
|
10,136
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Balance at beginning of period
|
$ | 19,663 | $ | 24,620 | $ | 19,166 | $ | 21,505 | ||||||||
Provision for loan losses
|
1,662 | 3,834 | 3,089 | 7,281 | ||||||||||||
Loans charged off
|
(1,975 | ) | (5,024 | ) | (3,176 | ) | (5,793 | ) | ||||||||
Recoveries
|
42 | - | 263 | - | ||||||||||||
Transfer from (to) reserves on loan commitments
|
126 | (80 | ) | 176 | 357 | |||||||||||
Balance at end of period
|
$ | 19,518 | $ | 23,350 | 19,518 | $ | 23,350 |
At or for the Three Months Ended June 30, 2011
|
|||||||
Real Estate Loans
|
Consumer Loans
|
||||||
One- to Four Family Residential
and Cooperative
Unit
|
Multifamily
Residential and Residential Mixed Use
|
Mixed Use
Commercial
Real Estate
|
Commercial
Real Estate
|
Construction
|
Total Real Estate
|
||
(Dollars in Thousands)
|
|||||||
Beginning balance
|
$280
|
$14,425
|
$1,074
|
$3,532
|
$318
|
$19,629
|
$34
|
Charge-offs
|
(8)
|
(129)
|
(61)
|
(1,039)
|
(725)
|
(1,962)
|
(13)
|
Recoveries
|
-
|
4
|
1
|
37
|
-
|
42
|
-
|
Transfer from reserve for loan commitments
|
-
|
61
|
33
|
29
|
3
|
126
|
-
|
Provision
|
127
|
35
|
61
|
848
|
583
|
1,654
|
8
|
Ending balance
|
$399
|
$14,396
|
$1,108
|
$3,407
|
$179
|
$19,489
|
$29
|
At or for the Six Months Ended June 30, 2011
|
|||||||
Real Estate Loans
|
Consumer Loans
|
||||||
One- to Four Family Residential
and
Cooperative
Unit
|
Multifamily Residential and Residential Mixed Use
|
Mixed Use
Commercial
Real Estate
|
Commercial
Real Estate
|
Construction
|
Total Real Estate
|
||
(Dollars in Thousands)
|
|||||||
Beginning balance
|
$409
|
$14,226
|
$1,331
|
$2,821
|
$345
|
$19,132
|
$34
|
Charge-offs
|
(83)
|
(495)
|
(264)
|
(1,596)
|
(725)
|
(3,163)
|
(13)
|
Recoveries
|
-
|
125
|
4
|
134
|
-
|
263
|
-
|
Transfer from (to) reserve for loan commitments
|
-
|
158
|
(6)
|
14
|
10
|
176
|
-
|
Provision
|
73
|
382
|
43
|
2,034
|
549
|
3,081
|
8
|
Ending balance
|
$399
|
$14,396
|
$1,108
|
$3,407
|
$179
|
$19,489
|
$29
|
At June 30, 2011
|
|||||||
Real Estate Loans
|
Consumer Loans
|
||||||
One- to Four Family Residential
and
Cooperative
Unit
|
Multifamily Residential and Residential Mixed Use
|
Mixed Use
Commercial
Real Estate
|
Commercial
Real Estate
|
Construction
|
Total Real Estate
|
||
(Dollars in Thousands)
|
|||||||
Ending balance – loans individually evaluated for impairment
|
$-
|
$9,716
|
$4,468
|
$19,121
|
$3,297
|
$36,602
|
$-
|
Ending balance – loans collectively evaluated for impairment
|
103,058
|
2,515,907
|
358,034
|
432,283
|
10,884
|
3,420,166
|
3,630
|
Allowance balance associated with loans individually
evaluated for impairment
|
-
|
-
|
-
|
280
|
-
|
280
|
-
|
Allowance balance associated with loans collectivelly evaluated
for impairment
|
399
|
14,396
|
1,108
|
3,127
|
179
|
19,209
|
29
|
At December 31, 2010
|
|||||||
Real Estate Loans
|
Consumer Loans
|
||||||
One- to Four Family Residential
and
Cooperative
Unit
|
Multifamily Residential and Residential Mixed Use
|
Mixed Use Commercial
Real Estate
|
Commercial Real Estate
|
Construction
|
Total Real Estate
|
||
(Dollars in Thousands)
|
|||||||
Ending balance – loans individually evaluated for impairment
|
$-
|
$16,368
|
$2,387
|
$20,842
|
$4,500
|
$44,097
|
$-
|
Ending balance – loans collectively evaluated for impairment
|
117,268
|
2,483,897
|
362,678
|
447,261
|
10,738
|
3,421,842
|
2,540
|
Allowance balance associated with loans individually evaluated
for impairment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Allowance balance associated with loans collectivelly evaluated
for impairment
|
409
|
14,226
|
1,331
|
2,821
|
345
|
19,132
|
34
|
At June 30, 2011
|
For the Three Months Ended
June 30, 2011
|
For the Six Months
Ended June 30, 2011
|
|||||
Unpaid Principal Balance at Period End
|
Recorded Investment
at Period End
|
Reserve Balance Allocated within the Allowance for Loan Losses at Period End
|
Average Recorded Balance
|
Interest
Income Recognized
|
Average Recorded Balance
|
Interest
Income
Recognized
|
|
(Dollars in Thousands)
|
|||||||
Multifamily Residential and Residential Mixed Use
|
|||||||
With no allocated reserve
|
$11,329
|
$9,715
|