ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) (Zip code) |
Title of each class |
Trading Symbol(s) |
Name of exchange on which registered | ||
SM |
||||
th interest in a share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock |
☒ |
Accelerated Filer |
☐ | ||||
Non-Accelerated Filer |
☐ |
Smaller Reporting Company |
||||
Emerging Growth Company |
Page |
||||||
1 |
||||||
3 |
||||||
7 |
||||||
19 |
||||||
31 |
||||||
31 |
||||||
31 |
||||||
31 |
||||||
32 |
||||||
35 |
||||||
36 |
||||||
70 |
||||||
76 |
||||||
134 |
||||||
134 |
||||||
135 |
||||||
135 |
||||||
135 |
||||||
135 |
||||||
136 |
||||||
136 |
||||||
137 |
||||||
139 |
||||||
140 |
||||||
Certifications |
• | general economic conditions, either nationally or in some or all of the areas in which we and our customers conduct our respective businesses; |
• | conditions in the securities markets and real estate markets or the banking industry; |
• | changes in real estate values, which could impact the quality of the assets securing the loans in our portfolio; |
• | changes in interest rates, which may affect our net income, prepayment penalty income, and other future cash flows, or the market value of our assets, including our investment securities; |
• | any uncertainty relating to the LIBOR calculation process and the phasing out of LIBOR after 2021; |
• | changes in the quality or composition of our loan or securities portfolios; |
• | changes in our capital management policies, including those regarding business combinations, dividends, and share repurchases, among others; |
• | heightened regulatory focus on CRE concentrations; |
• | changes in competitive pressures among financial institutions or from non-financial institutions; |
• | changes in deposit flows and wholesale borrowing facilities; |
• | changes in the demand for deposit, loan, and investment products and other financial services in the markets we serve; |
• | our timely development of new lines of business and competitive products or services in a changing environment, and the acceptance of such products or services by our customers; |
• | our ability to obtain timely shareholder and regulatory approvals of any merger transactions or corporate restructurings we may propose; |
• | our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may acquire into our operations, and our ability to realize related revenue synergies and cost savings within expected time frames; |
• | potential exposure to unknown or contingent liabilities of companies we have acquired, may acquire, or target for acquisition; |
• | the ability to invest effectively in new information technology systems and platforms; |
• | changes in future ALLL requirements based on our periodic review under relevant accounting and regulatory requirements; |
• | the ability to pay future dividends at currently expected rates; |
• | the ability to hire and retain key personnel; |
• | the ability to attract new customers and retain existing ones in the manner anticipated; |
• | changes in our customer base or in the financial or operating performances of our customers’ businesses; |
• | any interruption in customer service due to circumstances beyond our control; |
• | the outcome of pending or threatened litigation, or of matters before regulatory agencies, whether currently existing or commencing in the future; |
• | environmental conditions that exist or may exist on properties owned by, leased by, or mortgaged to the Company; |
• | any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems; |
• | operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent; |
• | the ability to keep pace with, and implement on a timely basis, technological changes; |
• | changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, and other changes pertaining to banking, securities, taxation, rent regulation and housing (the Housing Stability and Tenant Protection Act of 2019), financial accounting and reporting, environmental protection, insurance, and the ability to comply with such changes in a timely manner; |
• | changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System; |
• | changes in accounting principles, policies, practices, and guidelines; |
• | changes in regulatory expectations relating to predictive models we use in connection with stress testing and other forecasting or in the assumptions on which such modeling and forecasting are predicated; |
• | changes in our credit ratings or in our ability to access the capital markets; |
• | unforeseen or catastrophic events including natural disasters, war, terrorist activities, and the emergence of a pandemic; and |
• | other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting our operations, pricing, and services. |
ADC—Acquisition, development, and construction loan ALCO—Asset and Liability Management Committee AMT—Alternative minimum tax AmTrust—AmTrust Bank AOCL—Accumulated other comprehensive loss ASC—Accounting Standards Codification ASU—Accounting Standards Update BOLI—Bank-owned life insurance BP—Basis point(s) C&I—Commercial and industrial loan CCAR—Comprehensive Capital Analysis and Review CDs—Certificates of deposit CECL—Current Expected Credit Loss CFPB—Consumer Financial Protection Bureau CMOs—Collateralized mortgage obligations CMT—Constant maturity treasury rate CPI—Consumer Price Index CPR—Constant prepayment rate CRA—Community Reinvestment Act CRE—Commercial real estate loan Desert Hills—Desert Hills Bank DIF—Deposit Insurance Fund DFA—Dodd-Frank Wall Street Reform and Consumer Protection Act DSCR—Debt service coverage ratio EaR—Earnings at Risk EPS—Earnings per common share ERM—Enterprise Risk Management ESOP—Employee Stock Ownership Plan EVE—Economic Value of Equity at Risk Fannie Mae—Federal National Mortgage Association FASB—Financial Accounting Standards Board FDI Act—Federal Deposit Insurance Act FDIC—Federal Deposit Insurance Corporation FHLB—Federal Home Loan Bank |
FHLB-NY—Federal Home Loan Bank of New YorkFOMC—Federal Open Market Committee FRB—Federal Reserve Board FRB-NY—Federal Reserve Bank of New YorkFreddie Mac—Federal Home Loan Mortgage Corporation FTEs—Full-time equivalent employees GAAP—U.S. generally accepted accounting principles GLBA—The Gramm Leach Bliley Act GNMA—Government National Mortgage Association GSEs—Government-sponsored enterprises HQLAs—High-quality liquid assets LIBOR—London Interbank Offered Rate LSA—Loss Share Agreements LTV—Loan-to-value ratioMBS—Mortgage-backed securities MSRs—Mortgage servicing rights NIM—Net interest margin NOL—Net operating loss NPAs—Non-performing assetsNPLs—Non-performing loansNPV—Net Portfolio Value NYSDFS—New York State Department of Financial Services NYSE—New York Stock Exchange OCC—Office of the Comptroller of the Currency OFAC—Office of Foreign Assets Control OREO—Other real estate owned OTTI—Other-than-temporary impairment ROU—Right of use asset SEC—U.S. Securities and Exchange Commission SIFI—Systemically Important Financial Institution TDRs—Troubled debt restructurings |
ITEM 1. |
BUSINESS |
Name |
Jurisdiction of Organization |
Purpose | ||
100 Duffy Realty, LLC |
New York |
Owns a branch building. | ||
Beta Investments, Inc. |
Delaware |
Holding company for Omega Commercial Mortgage Corp. and Long Island Commercial Capital Corp. | ||
BSR 1400 Corp. |
New York |
Organized to own interests in real estate. | ||
Ferry Development Holding Company |
Delaware |
Formed to hold and manage investment portfolios for the Company. | ||
NYCB Specialty Finance Company, LLC |
Delaware |
Originates asset-based, equipment financing, and dealer-floor plan loans. | ||
NYB Realty Holding Company, LLC |
New York |
Holding company for subsidiaries owning an interest in real estate. | ||
NYCB Insurance Agency, Inc. |
New York |
Sells non-deposit investment products. | ||
Pacific Urban Renewal, Inc. |
New Jersey |
Owns a branch building. | ||
Richmond Enterprises, Inc. |
New York |
Holding company for previously sold entity. | ||
Synergy Capital Investments, Inc. |
New Jersey |
Formed to hold and manage investment portfolios for the Company. | ||
NYCB Mortgage Company, LLC |
Delaware |
Holding company for Walnut Realty Holding Company, LLC. | ||
Woodhaven Investment Company, LLC |
Delaware |
Holding company for Ironbound Investment Company, Inc. and 1400 Corp. |
Name |
Jurisdiction of Organization |
Purpose | ||
1400 Corp. |
New York |
Holding company for Roslyn Real Estate Asset Corp. | ||
Ironbound Investment Company, LLC. |
Florida |
Organized for the purpose of investing in mortgage-related assets. | ||
Long Island Commercial Capital Corporation |
New York |
A REIT organized for the purpose of investing in mortgage-related assets. | ||
Omega Commercial Mortgage Corp. |
Delaware |
A REIT organized for the purpose of investing in mortgage-related assets. | ||
Prospect Realty Holding Company, LLC |
New York |
Owns a back-office building. | ||
Rational Real Estate II, LLC |
New York |
Owns a back-office building. | ||
Roslyn Real Estate Asset Corp. |
Delaware |
A REIT organized for the purpose of investing in mortgage-related assets. | ||
Walnut Realty Holding Company, LLC |
Delaware |
Established to own Bank-owned properties. |
ITEM 1A. |
RISK FACTORS |
• | Operating results that vary from the expectations of our management or of securities analysts and investors; |
• | Developments in our business or in the financial services sector generally; |
• | Regulatory or legislative changes affecting our industry generally or our business and operations; |
• | Operating and securities price performance of companies that investors consider to be comparable to us; |
• | Changes in estimates or recommendations by securities analysts or rating agencies; |
• | Announcements of strategic developments, acquisitions, dispositions, financings, and other material events by us or our competitors; |
• | Changes or volatility in global financial markets and economies, general market conditions, interest or foreign exchange rates, stock, commodity, credit, or asset valuations; and |
• | Significant fluctuations in the capital markets. |
• | Our ability to successfully integrate the branches and operations we acquire, and to adopt appropriate internal controls and regulatory functions relating to such activities; |
• | Our ability to limit the outflow of deposits held by customers in acquired branches, and to successfully retain and manage any loans we acquire; |
• | Our ability to attract new deposits, and to generate new interest-earning assets, in geographic areas we have not previously served; |
• | Our success in deploying any cash received in a transaction into assets bearing sufficiently high yields without incurring unacceptable credit or interest rate risk; |
• | Our ability to control the incremental non-interest expense from acquired operations; |
• | Our ability to retain and attract the appropriate personnel to staff acquired branches and conduct any acquired operations; |
• | Our ability to generate acceptable levels of net interest income and non-interest income, including fee income, from acquired operations; |
• | The diversion of management’s attention from existing operations; |
• | Our ability to address an increase in working capital requirements; and |
• | Limitations on our ability to successfully reposition the post-merger balance sheet when deemed appropriate. |
ITEM 1B. |
UNRESOLVED STAFF COMMENTS |
ITEM 2. |
PROPERTIES |
ITEM 3. |
LEGAL PROCEEDINGS |
ITEM 4. |
MINE SAFETY DISCLOSURES |
ITEM 5. |
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES |
12/31/2014 |
12/31/2015 |
12/31/2016 |
12/31/2017 |
12/31/2018 |
12/31/2019 |
|||||||||||||||||||
New York Community Bancorp, Inc. |
$ | 100.00 |
$ | 108.22 |
$ | 110.55 |
$ | 95.20 |
$ | 73.09 |
$ | 98.99 |
||||||||||||
S&P Mid-Cap 400 Index |
$ | 100.00 |
$ | 97.82 |
$ | 118.11 |
$ | 137.30 |
$ | 122.08 |
$ | 154.07 |
||||||||||||
SNL U.S. Bank and Thrift Index |
$ | 100.00 |
$ | 102.02 |
$ | 128.80 |
$ | 151.45 |
$ | 125.81 |
$ | 170.04 |
||||||||||||
(dollars in thousands, except per share data) |
||||||||||||
Period |
Total Shares of Common Stock Repurchased |
Average Price Paid per Common Share |
Total Allocation |
|||||||||
First Quarter 2019 |
7,816,228 |
$ 9.57 |
$ | 74,788 |
||||||||
Second Quarter 2019 |
3,485 |
11.14 |
39 |
|||||||||
Third Quarter 2019 |
31,059 |
11.10 |
345 |
|||||||||
Fourth Quarter 2019: |
||||||||||||
October |
232 |
13.02 |
3 |
|||||||||
November |
3,018 |
12.02 |
36 |
|||||||||
December |
829 |
10.53 |
9 |
|||||||||
Total Fourth Quarter 2019 |
4,079 |
11.78 |
48 |
|||||||||
2019 Total |
7,854,851 |
9.58 |
$ | 75,220 |
||||||||
ITEM 6. |
SELECTED FINANCIAL DATA |
At or For the Years Ended December 31, |
||||||||||||||||||||
(dollars in thousands, except share data) |
2019 |
2018 |
2017 |
2016 |
2015 |
|||||||||||||||
EARNINGS SUMMARY: |
||||||||||||||||||||
Net interest income (1) |
$ | 957,400 |
$ | 1,030,995 |
$ | 1,130,003 |
$ | 1,287,382 |
$ | 408,075 |
||||||||||
Provision for (recovery of) losses on non-covered loans |
7,105 |
18,256 |
60,943 |
11,874 |
(3,334 |
) | ||||||||||||||
Recovery of losses on covered loans |
— |
— |
(23,701 |
) | (7,694 |
) | (11,670 |
) | ||||||||||||
Non-interest income |
84,230 |
91,558 |
216,880 |
145,572 |
210,763 |
|||||||||||||||
Non-interest expense: |
||||||||||||||||||||
Operating expenses (2) |
511,218 |
546,628 |
641,218 |
638,109 |
615,600 |
|||||||||||||||
Amortization of core deposit intangibles |
— |
— |
208 |
2,391 |
5,344 |
|||||||||||||||
Debt repositioning charge |
— |
— |
— |
— |
141,209 |
|||||||||||||||
Merger-related expenses |
— |
— |
— |
11,146 |
3,702 |
|||||||||||||||
Total non-interest expense |
511,218 |
546,628 |
641,426 |
651,646 |
765,855 |
|||||||||||||||
Income tax expense (benefit) |
128,264 |
135,252 |
202,014 |
281,727 |
(84,857 |
) | ||||||||||||||
Net income (loss) (3) |
395,043 |
422,417 |
466,201 |
495,401 |
(47,156 |
) | ||||||||||||||
Basic earnings (loss) per common share (3) |
$ | 0.77 |
$ | 0.79 |
$ | 0.90 |
$ | 1.01 |
$ | (0.11 |
) | |||||||||
Diluted earnings (loss) per common share (3) |
0.77 |
0.79 |
0.90 |
1.01 |
(0.11 |
) | ||||||||||||||
Dividends paid per common share |
0.68 |
0.68 |
0.68 |
0.68 |
1.00 |
|||||||||||||||
SELECTED RATIOS: |
||||||||||||||||||||
Return on average assets (3) |
0.76 |
% | 0.84 |
% | 0.96 |
% | 1.00 |
% | (0.10 |
)% | ||||||||||
Return on average common stockholders’ equity (3) |
5.88 |
6.20 |
7.12 |
8.19 |
(0.81 |
) | ||||||||||||||
Average common stockholders’ equity to average assets |
11.82 |
12.51 |
12.76 |
12.28 |
11.90 |
|||||||||||||||
Operating expenses to average assets (2) |
0.98 |
1.09 |
1.32 |
1.29 |
1.26 |
|||||||||||||||
Efficiency ratio (1)(2) |
49.08 |
48.70 |
47.61 |
44.53 |
99.48 |
|||||||||||||||
Net interest rate spread (1) |
1.79 |
2.06 |
2.47 |
2.85 |
0.69 |
|||||||||||||||
Net interest margin (1) |
2.02 |
2.25 |
2.59 |
2.93 |
0.94 |
|||||||||||||||
Dividend payout ratio |
88.31 |
86.08 |
75.56 |
67.33 |
— |
|||||||||||||||
BALANCE SHEET SUMMARY: |
||||||||||||||||||||
Total assets |
$ | 53,640,821 |
$ | 51,899,376 |
$ | 49,124,195 |
$ | 48,926,555 |
$ | 50,317,796 |
||||||||||
Loans, net of allowance for loan losses |
41,746,517 |
40,006,088 |
38,265,183 |
39,308,016 |
38,011,995 |
|||||||||||||||
Allowance for losses on non-covered loans |
147,638 |
159,820 |
158,046 |
158,290 |
147,124 |
|||||||||||||||
Allowance for losses on covered loans |
— |
— |
— |
23,701 |
31,395 |
|||||||||||||||
Securities |
5,885,887 |
5,644,071 |
3,531,427 |
3,817,057 |
6,173,645 |
|||||||||||||||
Deposits |
31,657,132 |
30,764,430 |
29,102,163 |
28,887,903 |
28,426,758 |
|||||||||||||||
Borrowed funds |
14,557,593 |
14,207,866 |
12,913,679 |
13,673,379 |
15,748,405 |
|||||||||||||||
Common stockholders’ equity |
6,208,854 |
6,152,395 |
6,292,536 |
6,123,991 |
5,934,696 |
|||||||||||||||
Common shares outstanding |
467,346,781 |
473,536,604 |
488,490,352 |
487,056,676 |
484,943,308 |
|||||||||||||||
Book value per common share |
$ | 13.29 |
$ | 12.99 |
$ | 12.88 |
$ | 12.57 |
$ | 12.24 |
||||||||||
Common stockholders’ equity to total assets |
11.57 |
% | 11.85 |
% | 12.81 |
% | 12.52 |
% | 11.79 |
% | ||||||||||
ASSET QUALITY RATIOS (excluding covered assets and non-covered purchased credit-impaired loans): |
||||||||||||||||||||
Non-performing non-covered loans to total non-covered loans |
0.15 |
% | 0.11 |
% | 0.19 |
% | 0.15 |
% | 0.13 |
% | ||||||||||
Non-performing non-covered assets to total non-covered assets |
0.14 |
0.11 |
0.18 |
0.14 |
0.13 |
|||||||||||||||
Allowance for losses on non-covered loans to non-performing non-covered loans |
241.07 |
351.21 |
214.50 |
277.19 |
310.08 |
|||||||||||||||
Allowance for losses on non-covered loans to total non-covered loans |
0.35 |
0.40 |
0.41 |
0.42 |
0.41 |
|||||||||||||||
Net charge-offs (recoveries) to average loans (4) |
0.05 |
0.04 |
0.16 |
0.00 |
(0.02 |
) |
(1) |
The 2015 amount reflects the impact of a $773.8 million debt repositioning charge recorded as interest expense in the fourth quarter of the year. |
(2) |
The 2015 amount includes state and local non-income taxes of $5.4 million resulting from the debt repositioning charge. |
(3) |
The 2015 amount reflects the $546.8 million after-tax impact of the debt repositioning charge recorded as interest expense and non-interest expense, combined. |
(4) |
Average loans include covered loans. |
ITEM 7. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Constant Maturity Treasury Rates |
||||||||||||||||
Five-Year |
Seven-Year |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
High |
2.62 |
% | 3.09 |
% | 2.70 |
% | 3.18 |
% | ||||||||
Low |
1.32 |
2.25 |
1.40 |
2.37 |
||||||||||||
Average |
1.95 |
2.75 |
2.05 |
2.85 |
December |
||||||||
2019 |
2018 |
|||||||
Unemployment rate: |
||||||||
United States |
3.4 |
% | 3.7 |
% | ||||
New York City |
3.2 |
3.9 |
||||||
Arizona |
4.3 |
4.9 |
||||||
Florida |
2.5 |
3.3 |
||||||
New Jersey |
3.6 |
3.6 |
||||||
New York |
3.7 |
3.9 |
||||||
Ohio |
3.8 |
4.8 |
For the Twelve Months Ended December |
||||||||
2019 |
2018 |
|||||||
Change in prices: |
2.3 |
% | 1.9 |
% |
Year |
New York City Rental Vacancy Rate All Rental Units 1 |
New York City Rental Vacancy Rate Rent Stabilized Units 1 |
New York City Annual Average Unemployment Rate 2 |
|||||||||
2017 |
3.63 |
% | 2.06 |
% | 4.50 |
% | ||||||
2014 |
3.45 |
% | 2.12 |
% | 7.20 |
% | ||||||
2011 |
3.12 |
% | 2.55 |
% | 9.10 |
% | ||||||
2008 |
2.88 |
% | 2.14 |
% | 5.60 |
% | ||||||
2005 |
3.09 |
% | 2.68 |
% | 5.80 |
% | ||||||
2002 |
2.94 |
% | 2.52 |
% | 8.00 |
% | ||||||
1999 |
3.19 |
% | 2.46 |
% | 6.80 |
% | ||||||
1996 |
4.01 |
% | 3.57 |
% | 8.80 |
% | ||||||
1993 |
3.44 |
% | 3.10 |
% | 10.40 |
% | ||||||
1991 |
3.78 |
% | 3.54 |
% | 8.70 |
% |
(1) |
Source: Selected Initial Findings of the New York City Housing and Vacancy Survey |
(2) |
Source: http://www.labor.ny.gov/stats/laus.asp |
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, and charge-off and recovery practices; |
• | Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; |
• | Changes in the nature and volume of the portfolio and in the terms of loans; |
• | Changes in the volume and severity of past-due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans; |
• | Changes in the quality of our loan review system; |
• | Changes in the value of the underlying collateral for collateral-dependent loans; |
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; |
• | Changes in the experience, ability, and depth of lending management and other relevant staff; and |
• | The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the existing portfolio. |
• | Periodic inspections of the loan collateral by qualified in-house and external property appraisers/inspectors; |
• | Regular meetings of executive management with the pertinent Board committees, during which observable trends in the local economy and/or the real estate market are discussed; |
• | Assessment of the aforementioned factors by the pertinent members of the Board of Directors and management when making a business judgment regarding the impact of anticipated changes on the future level of loan losses; and |
• | Analysis of the portfolio in the aggregate, as well as on an individual loan basis, taking into consideration payment history, underwriting analyses, and internal risk ratings. |
At December 31, 2019 |
||||||||||||||||
Multi-Family Loans |
Commercial Real Estate Loans |
|||||||||||||||
(dollars in thousands) |
Amount |
Percent of Total |
Amount |
Percent of Total |
||||||||||||
New York City: |
||||||||||||||||
Manhattan |
$ | 7,788,722 |
25.00 |
% | $ | 3,360,067 |
47.45 |
% | ||||||||
Brooklyn |
5,486,486 |
17.61 |
537,304 |
7.59 |
||||||||||||
Bronx |
3,929,333 |
12.61 |
163,468 |
2.31 |
||||||||||||
Queens |
2,583,430 |
8.29 |
618,644 |
8.73 |
||||||||||||
Staten Island |
119,270 |
0.38 |
53,767 |
0.76 |
||||||||||||
Total New York City |
$ | 19,907,241 |
63.89 |
% | $ | 4,733,250 |
66.84 |
% | ||||||||
New Jersey |
3,752,028 |
12.04 |
532,029 |
7.51 |
||||||||||||
Long Island |
602,884 |
1.93 |
806,580 |
11.39 |
||||||||||||
Total Metro New York |
$ | 24,262,153 |
77.86 |
% | $ | 6,071,859 |
85.74 |
% | ||||||||
Other New York State |
942,881 |
3.03 |
157,841 |
2.23 |
||||||||||||
All other states |
5,953,638 |
19.11 |
852,210 |
12.03 |
||||||||||||
Total |
$ | 31,158,672 |
100.00 |
% | $ | 7,081,910 |
100.00 |
% | ||||||||
(in thousands) |
Multi- Family |
Commercial Real Estate |
One-to-Four Family |
Acquisition, Development, and Construction |
Other |
Total Loans |
||||||||||||||||||
Amount due: |
||||||||||||||||||||||||
Within one year |
$ | 10,989,614 |
$ | 2,264,268 |
$ | 109,605 |
$ | 142,281 |
$ | 1,856,687 |
$ | 15,362,455 |
||||||||||||
After one year: |
||||||||||||||||||||||||
One to five years |
19,324,070 |
4,212,409 |
248,216 |
57,030 |
842,900 |
24,684,625 |
||||||||||||||||||
Over five years |
844,988 |
605,233 |
22,540 |
1,285 |
322,893 |
1,796,939 |
||||||||||||||||||
Total due or repricing after one year |
20,169,058 |
4,817,642 |
270,756 |
58,315 |
1,165,793 |
26,481,564 |
||||||||||||||||||
Total amounts due or repricing, gross |
$ | 31,158,672 |
$ | 7,081,910 |
$ | 380,361 |
$ | 200,596 |
$ | 3,022,480 |
$ | 41,844,019 |
||||||||||||
Due after December 31, 2020 |
||||||||||||
(in thousands) |
Fixed |
Adjustable |
Total |
|||||||||
Mortgage Loans: |
||||||||||||
Multi-family |
$ | 2,585,674 |
$ | 17,583,384 |
$ | 20,169,058 |
||||||
Commercial real estate |
904,271 |
3,913,371 |
4,817,642 |
|||||||||
One-to-four family |
64,793 |
205,963 |
270,756 |
|||||||||
Acquisition, development, and construction |
40,930 |
17,385 |
58,315 |
|||||||||
Total mortgage loans |
3,595,668 |
21,720,103 |
25,315,771 |
|||||||||
Other loans |
1,014,240 |
151,553 |
1,165,793 |
|||||||||
Total loans |
$ | 4,609,908 |
$ | 21,871,656 |
$ | 26,481,564 |
||||||
For the Years Ended December 31, |
||||||||||||||||
2019 |
2018 |
|||||||||||||||
(dollars in thousands) |
Amount |
Percent of Total |
Amount |
Percent of Total |
||||||||||||
Mortgage Loan Originated for Investment: |
||||||||||||||||
Multi-family |
$ | 5,981,700 |
56.44 |
% | $ | 6,621,808 |
65.84 |
% | ||||||||
Commercial real estate |
1,226,272 |
11.57 |
966,731 |
9.61 |
||||||||||||
One-to-four family residential |
102,829 |
0.97 |
12,624 |
0.13 |
||||||||||||
Acquisition, development, and construction |
91,400 |
0.86 |
56,651 |
0.56 |
||||||||||||
Total mortgage loans originated for investment |
7,402,201 |
69.84 |
7,657,814 |
76.14 |
||||||||||||
Other Loans Originated for Investment: |
||||||||||||||||
Specialty finance |
2,799,962 |
26.42 |
1,917,048 |
19.06 |
||||||||||||
Other commercial and industrial |
391,702 |
3.70 |
478,619 |
4.76 |
||||||||||||
Other |
4,200 |
0.04 |
4,116 |
0.04 |
||||||||||||
Total other loans originated for investment |
3,195,864 |
30.16 |
2,399,783 |
23.86 |
||||||||||||
Total loans originated for investment |
$ | 10,598,065 |
100.00 |
% | $ | 10,057,597 |
100.00 |
% | ||||||||
At December 31, |
||||||||||||||||||||||||||||||||||||||||||||||||
2019 |
2018 |
2017 |
2016 |
2015 |
||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Amount |
Percent of Total Loans |
Amount |
Percent of Total Loans |
Amount |
Percent of Total Loans |
Amount |
Percent of Total Loans |
Percent of Non-Covered Loans |
Amount |
Percent of Total Loans |
Percent of Non-Covered Loans |
||||||||||||||||||||||||||||||||||||
Non-Covered Mortgage Loans: |
||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family |
$ | 31,158,672 |
74.46 |
% | $ | 29,883,919 |
74.46 |
% | $ | 28,074,709 |
73.12 |
% | $ | 26,945,052 |
68.28 |
% | 71.35 |
% | $ | 25,971,620 |
68.04 |
% | 71.93 |
% | ||||||||||||||||||||||||
Commercial real estate |
7,081,910 |
16.93 |
6,998,834 |
17.44 |
7,322,226 |
19.07 |
7,724,362 |
19.57 |
20.45 |
7,857,204 |
20.58 |
21.76 |
||||||||||||||||||||||||||||||||||||
One-to-four family |
380,361 |
0.91 |
446,094 |
1.11 |
477,228 |
1.24 |
381,081 |
0.97 |
1.01 |
116,841 |
0.31 |
0.32 |
||||||||||||||||||||||||||||||||||||
Acquisition, development, and construction |
200,596 |
0.48 |
407,870 |
1.02 |
435,825 |
1.14 |
381,194 |
0.97 |
1.01 |
311,676 |
0.82 |
0.86 |
||||||||||||||||||||||||||||||||||||
Total non-covered mortgage loans |
38,821,539 |
92.78 |
37,736,717 |
94.03 |
36,309,988 |
94.57 |
35,431,689 |
89.79 |
93.82 |
34,257,350 |
89.75 |
94.87 |
||||||||||||||||||||||||||||||||||||
Non-Covered Other Loans: |
||||||||||||||||||||||||||||||||||||||||||||||||
Specialty finance |
2,594,326 |
6.20 |
1,918,545 |
4.78 |
1,539,733 |
4.01 |
1,267,530 |
3.21 |
3.36 |
880,673 |
2.31 |
2.44 |
||||||||||||||||||||||||||||||||||||
Other commercial and industrial |
420,052 |
1.00 |
469,875 |
1.17 |
500,841 |
1.31 |
632,915 |
1.60 |
1.68 |
569,883 |
1.49 |
1.58 |
||||||||||||||||||||||||||||||||||||
Other loans |
8,102 |
0.02 |
8,724 |
0.02 |
8,460 |
0.02 |
24,067 |
0.06 |
0.06 |
32,583 |
0.09 |
0.09 |
||||||||||||||||||||||||||||||||||||
Total non-covered other loans |
3,022,480 |
7.22 |
2,397,144 |
5.97 |
2,049,034 |
5.34 |
1,924,512 |
4.87 |
5.10 |
1,483,139 |
3.89 |
4.11 |
||||||||||||||||||||||||||||||||||||
Total non-covered loans held for investment |
$ | 41,844,019 |
100.00 |
$ | 40,133,861 |
100.00 |
$ | 38,359,022 |
99.91 |
$ | 37,356,201 |
94.66 |
98.92 |
$ | 35,740,489 |
93.64 |
98.98 |
|||||||||||||||||||||||||||||||
Loans held for sale |
— |
— |
— |
— |
35,258 |
0.09 |
409,152 |
1.04 |
1.08 |
367,221 |
0.96 |
1.02 |
||||||||||||||||||||||||||||||||||||
Total non-covered loans |
$ | 41,844,019 |
100.00 |
% | $ | 40,133,861 |
100.00 |
% | $ | 38,394,280 |
100.00 |
$ | 37,765,353 |
95.70 |
100.00 |
% | $ | 36,107,710 |
94.60 |
100.00 |
% | |||||||||||||||||||||||||||
Covered loans |
— |
— |
— |
— |
1,698,133 |
4.30 |
2,060,089 |
5.40 |
||||||||||||||||||||||||||||||||||||||||
Total loans |
$ | 41,844,019 |
$ | 40,133,861 |
$ | 38,394,280 |
100.00 |
% | $ | 39,463,486 |
100.00 |
% | $ | 38,167,799 |
100.00 |
% | ||||||||||||||||||||||||||||||||
Net deferred loan origination costs |
50,136 |
32,047 |
28,949 |
26,521 |
22,715 |
|||||||||||||||||||||||||||||||||||||||||||
Allowance for losses on non-covered loans |
(147,638 |
) | (159,820 |
) | (158,046 |
) | (158,290 |
) | (147,124 |
) | ||||||||||||||||||||||||||||||||||||||
Allowance for losses on covered loans |
— |
— |
— |
(23,701 |
) | (31,395 |
) | |||||||||||||||||||||||||||||||||||||||||
Total loans and leases, net |
$ | 41,746,517 |
$ | 40,006,088 |
$ | 38,265,183 |
$ | 39,308,016 |
$ | 38,011,995 |
||||||||||||||||||||||||||||||||||||||
Change from December 31, 2018 to December 31, 2019 |
||||||||||||||||
(dollars in thousands) |
December 31, 2019 |
December 31, 2018 |
Amount |
Percent |
||||||||||||
Non-Performing Loans: |
||||||||||||||||
Non-accrual mortgage loans: |
||||||||||||||||
Multi-family |
$ | 5,407 |
$ | 4,220 |
$ | 1,187 |
28.13 |
% | ||||||||
Commercial real estate |
14,830 |
3,021 |
11,809 |
390.90 |
||||||||||||
One-to-four family |
1,730 |
1,651 |
79 |
4.78 |
||||||||||||
Acquisition, development, and construction |
— |
— |
— |
— |
||||||||||||
Total non-accrual mortgage loans |
21,967 |
8,892 |
13,075 |
147.04 |
||||||||||||
Non-accrual other loans(1) |
39,276 |
36,614 |
2,662 |
7.27 |
||||||||||||
Total non-performing loans |
$ | 61,243 |
$ | 45,506 |
$ | 15,737 |
34.58 |
|||||||||
(1) |
Includes $30.4 million and $35.5 million of non-accrual taxi medallion-related loans at December 31, 2019 and 2018, respectively. |
(in thousands) |
||||
Balance at December 31, 2018 |
$ | 45,506 |
||
New non-accrual |
46,650 |
|||
Charge-offs |
(10,120 |
) | ||
Transferred to repossessed assets |
(4,964 |
) | ||
Loan payoffs, including dispositions and principal pay-downs |
(15,829 |
) | ||
Restored to performing status |
— |
|||
Balance at December 31, 2019 |
$ | 61,243 |
||
Change from December 31, 2018 to December 31, 2019 |
||||||||||||||||
(dollars in thousands) |
December 31, 2019 |
December 31, 2018 |
Amount |
Percent |
||||||||||||
Loans 30-89 Days Past Due: |
||||||||||||||||
Multi-family |
$1,131 |
$— |
$1,131 |
NM |
% | |||||||||||
Commercial real estate |
2,545 |
— |
2,545 |
NM |
||||||||||||
One-to-four family |
— |
9 |
(9 |
) | NM |
|||||||||||
Acquisition, development, and construction |
— |
— |
— |
— |
||||||||||||
Other loans (1) |
44 |
555 |
(511 |
) | (92.07 |
) | ||||||||||
Total loans 30-89 days past due |
$3,720 |
$564 |
$3,156 |
559.57 |
||||||||||||
(1) |
Includes $0 and $530,000 of non-accrual taxi medallion-related loans at December 31, 2019 and 2018, respectively. |
Loan No. 1 |
Loan No. 2 (2) |
Loan No. 3 (2) |
Loan No. 4 (2) |
Loan No. 5 |
||||||||||||||||
Type of Loan |
CRE |
C&I |
Multi-Family |
C&I |
C&I |
|||||||||||||||
Origination date |
06/20/14 |
10/31/17 |
1/05/06 |
4/29/14 |
06/01/16 |
|||||||||||||||
Origination balance |
$9,750,000 |
$13,000,000 |
$12,640,000 |
$13,325,000 |
$4,080,000 |
|||||||||||||||
Full commitment balance (1) |
$9,750,000 |
$13,000,000 |
$12,640,000 |
$13,325,000 |
$4,080,000 |
|||||||||||||||
Balance at December 31, 2019 |
$9,750,000 |
$ 6,961,564 |
$ 3,576,758 |
$ 2,593,755 |
$2,145,995 |
|||||||||||||||
Associated allowance |
None |
None |
None |
None |
None |
|||||||||||||||
Non-accrual date |
October 2019 |
February 2019 |
March 2014 |
June 2017 |
August 2019 |
|||||||||||||||
Origination LTV |
65 |
% | N/A |
79 |
% | N/A |
21 |
% | ||||||||||||
Current LTV |
66 |
% | N/A |
28 |
% | N/A |
12 |
% | ||||||||||||
Last appraisal |
October 2019 |
N/A |
February 2019 |
N/A |
October 2019 |
(1) |
There are no funds available for further advances on the five largest non-performing loans. |
(2) |
Loan is a Troubled Debt Restructure. |
|
No. 1 - |
The borrower is an owner of real estate and is based in New York. The loan is collateralized by a 8,566 square foot, retail condo unit located in New York, New York. | ||
No. 2 - |
The borrower is an owner of an apparel company based in New York. The loan is collateralized by all of the borrower’s assets, including but not limited to: cash, accounts receivable, and inventory. | |||
No. 3 - |
The borrower is an owner of real estate and is based in New Jersey. The loan is collateralized by a multi-family complex with 267 residential units and four retail stores in Atlantic City, New Jersey. | |||
No. 4 - |
The borrower is a finance company based in New York. The loan is collateralized by various taxi medallion loans in New York, New York and Chicago, Illinois. | |||
No. 5 - |
The borrower is an owner/operator of a quarry company based in New York. The loan is collateralized by 139.7 acres of land used for mining granite in White Hall, New York. |
(in thousands) |
Accruing |
Non-Accrual |
Total |
|||||||||
Balance at December 31, 2018 |
$ | 9,162 |
$ | 25,719 |
$ | 34,881 |
||||||
New TDRs |
865 |
28,827 |
29,692 |
|||||||||
Charge-offs |
— |
(8,367 |
) | (8,367 |
) | |||||||
Transferred to repossessed assets |
— |
(368 |
) | (368 |
) | |||||||
Loan payoffs, including dispositions and principal pay-downs |
(8,773 |
) | (6,566 |
) | (15,339 |
) | ||||||
Balance at December 31, 2019 |
$ | 1,254 |
$ | 39,245 |
$ | 40,499 |
||||||
At or for the Years Ended December 31, |
||||||||||||||||||||
(dollars in thousands) |
2019 |
2018 |
2017 |
2016 |
2015 |
|||||||||||||||
Allowance for Losses on Non-Covered Loans: |
||||||||||||||||||||
Balance at beginning of year |
$ | 159,820 |
$ | 158,046 |
$ | 156,524 |
$ | 145,196 |
$ | 139,857 |
||||||||||
Provision for (recovery of) losses on non-covered loans |
7,105 |
18,256 |
60,943 |
12,036 |
(2,846 |
) | ||||||||||||||
Recovery from allowance on PCI loans |
— |
— |
1,766 |
— |
— |
|||||||||||||||
Charge-offs: |
||||||||||||||||||||
Multi-family |
(659 |
) | (34 |
) | (279 |
) | — |
(167 |
) | |||||||||||
Commercial real estate |
— |
(3,191 |
) | — |
— |
(273 |
) | |||||||||||||
One-to-four family residential |
(954 |
) | — |
(96 |
) | (170 |
) | (875 |
) | |||||||||||
Acquisition, development, and construction |
— |
(2,220 |
) | — |
— |
— |
||||||||||||||
Other loans |
(18,694 |
) | (12,897 |
) | (62,975 |
) | (3,413 |
) | (1,273 |
) | ||||||||||
Total charge-offs |
(20,307 |
) | (18,342 |
) | (63,350 |
) | (3,583 |
) | (2,588 |
) | ||||||||||
Recoveries |
1,020 |
1,860 |
2,163 |
2,875 |
10,773 |
|||||||||||||||
Net (charge-offs) recoveries |
(19,287 |
) | (16,482 |
) | (61,187 |
) | (708 |
) | 8,185 |
|||||||||||
Balance at end of year |
$ | 147,638 |
$ | 159,820 |
$ | 158,046 |
$ | 156,524 |
$ | 145,196 |
||||||||||
Non-Performing Non-Covered Assets: |
||||||||||||||||||||
Non-accrual non-covered mortgage loans: |
||||||||||||||||||||
Multi-family |
$ | 5,407 |
$ | 4,220 |
$ | 11,078 |
$ | 13,558 |
$ | 13,904 |
||||||||||
Commercial real estate |
14,830 |
3,021 |
6,659 |
9,297 |
14,920 |
|||||||||||||||
One-to-four family residential |
1,730 |
1,651 |
1,966 |
9,679 |
12,259 |
|||||||||||||||
Acquisition, development, and construction |
— |
— |
6,200 |
6,200 |
27 |
|||||||||||||||
Total non-accrual non-covered mortgage loans |
21,967 |
8,892 |
25,903 |
38,734 |
41,110 |
|||||||||||||||
Non-accrual non-covered other loans |
39,276 |
36,614 |
47,779 |
17,735 |
5,715 |
|||||||||||||||
Loans 90 days or more past due and still accruing interest |
— |
— |
— |
— |
— |
|||||||||||||||
Total non-performing non-covered loans(1) |
$ | 61,243 |
$ | 45,506 |
$ | 73,682 |
$ | 56,469 |
$ | 46,825 |
||||||||||
Non-covered repossessed assets(2) |
12,268 |
10,794 |
16,400 |
11,607 |
14,065 |
|||||||||||||||
Total non-performing non-covered assets |
$ | 73,511 |
$ | 56,300 |
$ | 90,082 |
$ | 68,076 |
$ | 60,890 |
||||||||||
Asset Quality Measures: |
||||||||||||||||||||
Non-performing non-covered loans to total non-covered loans |
0.15 |
% | 0.11 |
% | 0.19 |
% | 0.15 |
% | 0.13 |
% | ||||||||||
Non-performing non-covered assets to total non-covered assets |
0.14 |
0.11 |
0.18 |
0.14 |
0.13 |
|||||||||||||||
Allowance for losses on non-covered loans to non-performing non-covered loans |
241.07 |
351.21 |
214.50 |
277.19 |
310.08 |
|||||||||||||||
Allowance for losses on non-covered loans to total non-covered loans |
0.35 |
0.40 |
0.41 |
0.42 |
0.41 |
|||||||||||||||
Net charge-offs (recoveries) during the period to average loans outstanding during the period (3) |
0.05 |
0.04 |
0.16 |
0.00 |
(0.02 |
) | ||||||||||||||
Non-Covered Loans 30-89 Days Past Due: |
||||||||||||||||||||
Multi-family |
$ | 1,131 |
$ | — |
$ | 1,258 |
$ | 28 |
$ | 4,818 |
||||||||||
Commercial real estate |
2,545 |
— |
13,227 |
— |
178 |
|||||||||||||||
One-to-four family residential |
— |
9 |
585 |
2,844 |
1,117 |
|||||||||||||||
Acquisition, development, and construction |
— |
— |
— |
— |
— |
|||||||||||||||
Other loans |
44 |
555 |
2,719 |
7,511 |
492 |
|||||||||||||||
Total loans 30-89 days past due(4) |
$ | 3,720 |
$ | 564 |
$ | 17,789 |
$ | 10,383 |
$ | 6,605 |
||||||||||
(1) |
The December 31, 2016 and 2015 amounts exclude loans 90 days or more past due of $131.5 million and $137.2 million, respectively, that are covered by FDIC loss sharing agreements. The December 31, 2016 and 2015 amounts also exclude $869,000 and $969,000, respectively, of non-covered PCI loans. |
(2) |
The December 31, 2016 and 2015 amounts exclude OREO of $17.0 million and $25.8 million, respectively, that were covered by FDIC loss sharing agreements. |
(3) |
Average loans include covered loans. |
(4) |
The December 31, 2016 and 2015 amounts exclude loans 30 to 89 days past due of $22.6 million and $32.8 million,, respectively, that are covered by FDIC loss sharing agreements. The December 31, 2016 amount also excludes $6 thousand of non-covered PCI loans. There were no non-covered PCI loans 30 to 89 days past due at any of the prior year-ends. |
2019 |
2018 |
2017 |
2016 |
2015 |
||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Amount |
Percent of Loans in Each Category to Total Loans Held for Investment |
Amount |
Percent of Loans in Each Category to Total Loans Held for Investment |
Amount |
Percent of Loans in Each Category to Total Loans Held for Investment |
Amount |
Percent of Loans in Each Category to Total Non-Covered Loans Held for Investment |
Amount |
Percent of Loans in Each Category to Total Non-Covered Loans Held for Investment |
||||||||||||||||||||||||||||||
Multi-family loans |
$ | 96,751 |
74.46 |
% | $ | 98,972 |
74.46 |
% | $ | 93,651 |
73.19 |
% | $ | 91,590 |
72.13 |
% | $ | 93,977 |
72.67 |
% | ||||||||||||||||||||
Commercial real estate loans |
20,744 |
16.93 |
19,934 |
17.44 |
20,572 |
19.09 |
20,943 |
20.68 |
19,721 |
21.98 |
||||||||||||||||||||||||||||||
One-to-four family residential loans |
1,051 |
0.91 |
1,333 |
1.11 |
1,360 |
1.24 |
1,484 |
1.02 |
612 |
0.33 |
||||||||||||||||||||||||||||||
Acquisition, development, and construction loans |
4,148 |
0.48 |
10,744 |
1.02 |
12,692 |
1.14 |
9,908 |
1.02 |
8,402 |
0.87 |
||||||||||||||||||||||||||||||
Other loans |
24,944 |
7.22 |
28,837 |
5.97 |
29,771 |
5.34 |
32,599 |
5.15 |
22,484 |
4.15 |
||||||||||||||||||||||||||||||
Total loans |
$ | 147,638 |
100.00 |
% | $ | 159,820 |
100.00 |
% | $ | 158,046 |
100.00 |
% | $ | 156,524 |
100.00 |
% | $ | 145,196 |
100.00 |
% | ||||||||||||||||||||
(in thousands) |
||||
New York |
$ | 53,974 |
||
New Jersey |
6,183 |
|||
All other states |
1,086 |
|||
Total non-performing loans |
$ | 61,243 |
||
(in thousands) |
Certificates of Deposit |
Long-Term Debt (1) |
Operating Leases (2) |
Total |
||||||||||||
One year or less |
$ | 13,310,426 |
$ | 3,425,000 |
$ | 27,304 |
$ | 16,762,730 |
||||||||
One to three years |
711,615 |
1,097,661 |
51,865 |
1,861,141 |
||||||||||||
Three to five years |
192,589 |
— |
25,078 |
217,667 |
||||||||||||
More than five years |
228 |
8,934,932 |
279,961 |
9,215,121 |
||||||||||||
Total |
$ | 14,214,858 |
$ | 13,457,593 |
$ | 384,208 |
$ | 28,056,659 |
||||||||
(1) |
Includes FHLB advances, repurchase agreements, and junior subordinated debentures. |
(2) |
Excludes imputed interest of $98.2 million. |
(in thousands) |
||||
Mortgage Loan Commitments: |
||||
Multi-family and commercial real estate |
$ | 251,679 |
||
One-to-four family |
801 |
|||
Acquisition, development, and construction |
205,499 |
|||
Total mortgage loan commitments |
$ | 457,979 |
||
Other loan commitments (1) |
1,548,513 |
|||
Total loan commitments |
$ | 2,006,492 |
||
Commercial, performance stand-by, and financial stand-by letters of credit |
509,942 |
|||
Total commitments |
$ | 2,516,434 |
||
(1) |
Includes unadvanced lines of credit. |
At December 31, 2019 |
Actual |
Minimum |
||||||||||
(dollars in thousands) |
Amount |
Ratio |
Required Ratio |
|||||||||
Common equity tier 1 capital |
$ | 3,818,311 |
9.91 |
% | 4.50 |
% | ||||||
Tier 1 risk-based capital |
4,321,151 |
11.22 |
6.00 |
|||||||||
Total risk-based capital |
5,111,990 |
13.27 |
8.00 |
|||||||||
Leverage capital |
4,321,151 |
8.66 |
4.00 |
At December 31, 2018 |
Actual |
Minimum |
||||||||||
(dollars in thousands) |
Amount |
Ratio |
Required Ratio |
|||||||||
Common equity tier 1 capital |
$ | 3,806,857 |
10.55 |
% | 4.50 |
% | ||||||
Tier 1 risk-based capital |
4,309,697 |
11.94 |
6.00 |
|||||||||
Total risk-based capital |
5,112,079 |
14.16 |
8.00 |
|||||||||
Leverage capital |
4,309,697 |
8.74 |
4.00 |
• | Interest income increased $115.5 million or 6.8% to $1.8 billion on a year-over-year basis due to an $85.1 million or 5.8% increase in interest income from loans and a $51.5 million or 28.0% increase in interest income from securities. |
• | The increase in interest income from loans was the result of a higher level of average loan balances in 2019 compared to 2018, as well as, a higher yield on the loans. Average loans increased $1.3 billion to $40.4 billion, up 3.2% compared to 2018. At the same time, the average yield on the loan portfolio rose ten basis points to 3.85%, year-over-year. In addition, prepayment income contributed $48.9 million and 11 basis points to interest income and the average yield from loans, respectively, compared to $44.9 million and ten basis points in the prior year. |
• | The year-over-year improvement in interest income from securities was driven by a $1.5 billion increase in the average balance of securities partially offset by a ten basis point decline in the average yield to 3.72%. Prepayment income added $5.3 million and one basis point to the interest income and average yield from securities, respectively, relatively unchanged from 2018. |
• | The average balance of interest-earning assets increased $1.6 billion or 3.4% to $47.5 billion and the average yield rose 12 basis points to 3.80%. |
• | Interest expense increased $189.1 million to $847.8 million on a year-over-year basis as interest expense on deposits rose $150.9 million and interest expense on borrowed funds rose $38.1 million. |
• | The year-over-year increase in interest expenses on deposits was due to a $1.7 billion increase in the average balance of deposits, mostly CD balances, and a 44 basis point increase in the average cost of deposits to 1.84%. |
• | The year-over-year increase in interest expense from borrowed funds was driven primarily by a 29 basis point increase in the average cost of borrowings, while the average balance of borrowed funds was relatively unchanged. |
• | As a result, the average balance of interest-bearing liabilities increased $1.6 billion or 4.0% to $42.3 billion and our average cost increased 39 basis points to 2.01%. |
For the Twelve Months Ended |
||||||||||||
Dec. 31, 2019 |
Dec. 31, 2018 |
Change (%) |
||||||||||
(dollars in thousands) |
||||||||||||
Total Interest Income |
$ | 1,805,160 |
$ | 1,689,673 |
7 |
% | ||||||
Prepayment Income: |
||||||||||||
Loans |
$ | 48,884 |
$ | 44,949 |
9 |
% | ||||||
Securities |
5,304 |
4,957 |
7 |
% | ||||||||
Total prepayment income |
$ | 54,188 |
$ | 49,906 |
9 |
% | ||||||
GAAP Net Interest Margin |
2.02 |
% | 2.25 |
% | -23 |
bp | ||||||
Less: |
||||||||||||
Prepayment income from loans |
11 |
bp | 10 |
bp | 1 |
bp | ||||||
Prepayment income from securities |
1 |
1 |
0 |
bp | ||||||||
Plus: |
||||||||||||
Subordinated debt issuance |
— |
|||||||||||
Total prepayment income contribution to and subordinated debt impact on net interest margin |
12 |
bp | 11 |
bp | 1 |
bp | ||||||
Adjusted Net Interest Margin (non-GAAP) |
1.90 |
% | 2.14 |
% | -24 |
bp |
1. | Adjusted net interest margin gives investors a better understanding of the effect of prepayment income on our net interest margin. Prepayment income in any given period depends on the volume of loans that refinance or prepay, or securities that prepay, during that period. Such activity is largely dependent on external factors such as current market conditions, including real estate values, and the perceived or actual direction of market interest rates. |
2. | Adjusted net interest margin is among the measures considered by current and prospective investors, both independent of, and in comparison with, our peers. |
For the Years Ended December 31, |
||||||||||||||||||||||||||||||||||||
2019 |
2018 |
2017 |
||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Average Balance |
Interest |
Average Yield/ Cost |
Average Balance |
Interest |
Average Yield/ Cost |
Average Balance |
Interest |
Average Yield/ Cost |
|||||||||||||||||||||||||||
ASSETS: |
||||||||||||||||||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||||||||||||||||||
Mortgage and other loans and leases, net (1) |
$ | 40,384,573 |
$ | 1,553,004 |
3.85 |
% | $ | 39,122,724 |
$ | 1,467,944 |
3.75 |
% | $ | 38,400,003 |
$ | 1,417,237 |
3.69 |
% | ||||||||||||||||||
Securities (2)(3) |
6,329,898 |
235,596 |
3.72 |
4,819,789 |
184,136 |
3.82 |
3,986,722 |
148,429 |
3.72 |
|||||||||||||||||||||||||||
Interest-earning cash and cash equivalents |
744,204 |
16,560 |
2.23 |
1,955,837 |
37,593 |
1.92 |
1,227,137 |
16,573 |
1.35 |
|||||||||||||||||||||||||||
Total interest-earning assets |
47,458,675 |
1,805,160 |
3.80 |
45,898,350 |
1,689,673 |
3.68 |
43,613,862 |
1,582,239 |
3.63 |
|||||||||||||||||||||||||||
Non-interest-earning assets |
4,650,420 |
4,314,990 |
5,011,020 |
|||||||||||||||||||||||||||||||||
Total assets |
$ | 52,109,095 |
$ | 50,213,340 |
$ | 48,624,882 |
||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: |
||||||||||||||||||||||||||||||||||||
Interest-bearing checking and money market accounts |
$ | 10,597,285 |
$ | 174,347 |
1.65 |
% | $ | 12,033,213 |
$ | 167,972 |
1.40 |
% | $ | 12,787,703 |
$ | 98,980 |
0.77 |
% | ||||||||||||||||||
Savings accounts |
4,737,423 |
35,705 |
0.75 |
4,902,728 |
28,994 |
0.59 |
5,170,342 |
28,447 |
0.55 |
|||||||||||||||||||||||||||
Certificates of deposit |
13,532,036 |
320,234 |
2.37 |
10,236,599 |
182,383 |
1.78 |
8,164,518 |
102,355 |
1.25 |
|||||||||||||||||||||||||||
Total interest-bearing deposits |
28,866,744 |
530,286 |
1.84 |
27,172,540 |
379,349 |
1.40 |
26,122,563 |
229,782 |
0.88 |
|||||||||||||||||||||||||||
Borrowed funds |
13,393,837 |
317,474 |
2.37 |
13,454,912 |
279,329 |
2.08 |
12,836,919 |
222,454 |
1.73 |
|||||||||||||||||||||||||||
Total interest-bearing liabilities |
42,260,581 |
847,760 |
2.01 |
40,627,452 |
658,678 |
1.62 |
38,959,482 |
452,236 |
1.16 |
|||||||||||||||||||||||||||
Non-interest-bearing deposits |
2,588,040 |
2,550,163 |
2,782,155 |
|||||||||||||||||||||||||||||||||
Other liabilities |
596,488 |
252,804 |
279,466 |
|||||||||||||||||||||||||||||||||
Total liabilities |
45,445,109 |
43,430,419 |
42,021,103 |
|||||||||||||||||||||||||||||||||
Stockholders’ equity |
6,663,986 |
6,782,921 |
6,603,779 |
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity |
$ | 52,109,095 |
$ | 50,213,340 |
$ | 48,624,882 |
||||||||||||||||||||||||||||||
Net interest income/interest rate spread |
$ | 957,400 |
1.79 |
% | $ | 1,030,995 |
2.06 |
% | $ | 1,130,003 |
2.47 |
% | ||||||||||||||||||||||||
Net interest margin |
2.02 |
% | 2.25 |
% | 2.59 |
% | ||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities |
1.12x |
1.13x |
1.12x |
|||||||||||||||||||||||||||||||||
(1) |
Amounts are net of net deferred loan origination costs/(fees) and the allowances for loan losses and include non-performing loans. |
(2) |
Amounts are at amortized cost. |
(3) |
Includes FHLB stock. |
Year Ended |
Year Ended |
|||||||||||||||||||||||
December 31, 2019 |
December 31, 2018 |
|||||||||||||||||||||||
Compared to Year Ended |
Compared to Year Ended |
|||||||||||||||||||||||
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||||
Increase/(Decrease) |
Increase/(Decrease) |
|||||||||||||||||||||||
Due to |
Due to |
|||||||||||||||||||||||
(in thousands) |
Volume |
Rate |
Net |
Volume |
Rate |
Net |
||||||||||||||||||
INTEREST-EARNING ASSETS: |
||||||||||||||||||||||||
Mortgage and other loans and leases, net |
$ | 48,012 |
$ | 37,048 |
$ | 85,060 |
$ | 26,909 |
$ | 23,798 |
$ | 50,707 |
||||||||||||
Securities and interest-earning cash and cash equivalents |
10,056 |
20,371 |
30,427 |
50,936 |
5,791 |
56,727 |
||||||||||||||||||
Total |
58,068 |
57,419 |
115,487 |
77,845 |
29,589 |
107,434 |
||||||||||||||||||
INTEREST-BEARING LIABILITIES: |
||||||||||||||||||||||||
Interest-bearing checking and money market accounts |
$ | (12,836 |
) | $ | 19,211 |
$ | 6,375 |
$ | (5,468 |
) | $ | 74,460 |
$ | 68,992 |
||||||||||
Savings accounts |
(940 |
) | 7,651 |
6,711 |
(1,225 |
) | 1,772 |
547 |
||||||||||||||||
Certificates of deposit |
68,257 |
69,594 |
137,851 |
30,091 |
49,937 |
80,028 |
||||||||||||||||||
Borrowed funds |
(1,262 |
) | 39,407 |
38,145 |
11,124 |
45,751 |
56,875 |
|||||||||||||||||
Totals |
53,219 |
135,863 |
189,082 |
34,522 |
171,920 |
206,442 |
||||||||||||||||||
Change in net interest income |
$ | 4,849 |
$ | (78,444 |
) | $ | (73,595 |
) | $ | 43,323 |
$ | (142,331 |
) | $ | (99,008 |
) | ||||||||
For the Years Ended December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Fee income |
$ | 29,297 |
$ | 29,765 |
$ | 31,759 |
||||||
BOLI income |
28,363 |
28,252 |
27,133 |
|||||||||
Mortgage banking income |
— |
— |
19,337 |
|||||||||
Net gain (loss) on securities |
7,725 |
(1,994 |
) | 29,924 |
||||||||
FDIC indemnification expense |
— |
— |
(18,961 |
) | ||||||||
Gain on sale of covered loans and mortgage banking operations |
— |
— |
82,026 |
|||||||||
Other income: |
||||||||||||
Third-party investment product sales |
6,468 |
12,474 |
12,771 |
|||||||||
Recovery of OTTI securities |
55 |
146 |
1,120 |
|||||||||
Other |
12,322 |
22,915 |
31,771 |
|||||||||
Total other income |
18,845 |
35,535 |
45,662 |
|||||||||
Total non-interest income |
$ | 84,230 |
$ | 91,558 |
$ | 216,880 |
||||||
2019 |
2018 |
|||||||||||||||||||||||||||||||
(in thousands, except per share data) |
4th |
3rd |
2nd |
1st |
4th |
3rd |
2nd |
1st |
||||||||||||||||||||||||
Net interest income |
$242,470 |
$235,915 |
$237,690 |
$241,325 |
$247,236 |
$249,506 |
$263,955 |
$270,298 |
||||||||||||||||||||||||
Provision for (recovery of) loan losses |
1,702 |
4,781 |
1,844 |
(1,222 |
) | 2,770 |
1,201 |
4,714 |
9,571 |
|||||||||||||||||||||||
Non-interest income |
17,462 |
24,386 |
17,597 |
24,785 |
23,073 |
22,922 |
22,706 |
22,857 |
||||||||||||||||||||||||
Non-interest expense |
126,097 |
123,302 |
123,052 |
138,767 |
134,946 |
134,433 |
138,142 |
139,107 |
||||||||||||||||||||||||
Income before income taxes |
132,133 |
132,218 |
130,391 |
128,565 |
132,593 |
136,794 |
143,805 |
144,477 |
||||||||||||||||||||||||
Income tax expense |
30,959 |
33,172 |
33,145 |
30,988 |
30,854 |
30,022 |
36,451 |
37,925 |
||||||||||||||||||||||||
Net income |
101,174 |
99,046 |
97,246 |
97,577 |
101,739 |
106,772 |
107,354 |
106,552 |
||||||||||||||||||||||||
Preferred stock dividends |
8,207 |
8,207 |
8,207 |
8,207 |
8,207 |
8,207 |
8,207 |
8,207 |
||||||||||||||||||||||||
Net income available to common shareholders |
$92,967 |
$90,839 |
$89,039 |
$89,370 |
$93,532 |
$98,565 |
$99,147 |
$98,345 |
||||||||||||||||||||||||
Basic earnings per common share |
$0.20 |
$0.19 |
$0.19 |
$0.19 |
$0.19 |
$0.20 |
$0.20 |
$0.20 |
||||||||||||||||||||||||
Diluted earnings per common share |
$0.20 |
$0.19 |
$0.19 |
$0.19 |
$0.19 |
$0.20 |
$0.20 |
$0.20 |
||||||||||||||||||||||||
1. | Tangible common stockholders’ equity is an important indication of the Company’s ability to grow organically and through business combinations, as well as its ability to pay dividends and to engage in various capital management strategies. |
2. | Tangible book value per common share and the ratio of tangible common stockholders’ equity to tangible assets are among the capital measures considered by current and prospective investors, both independent of, and in comparison with, the Company’s peers. |
At or for the Twelve Months Ended December 31, |
||||||||
(dollars in thousands) |
2019 |
2018 |
||||||
Stockholders’ Equity |
$ | 6,711,694 |
$ | 6,655,235 |
||||
Less: Goodwill |
(2,426,379 |
) | (2,436,131 |
) | ||||
Preferred stock |
(502,840 |
) | (502,840 |
) | ||||
Tangible common stockholders’ equity |
$ | 3,782,475 |
$ | 3,716,264 |
||||
Total Assets |
$ | 53,640,821 |
$ | 51,899,376 |
||||
Less: Goodwill |
(2,426,379 |
) | (2,436,131 |
) | ||||
Tangible assets |
$ | 51,214,442 |
$ | 49,463,245 |
||||
Common stockholders’ equity to total assets |
11.57 |
% | 11.85 |
% | ||||
Tangible common stockholders’ equity to tangible assets |
7.39 |
7.51 |
||||||
Book value per common share |
$13.29 |
$12.99 |
||||||
Tangible book value per common share |
8.09 |
7.85 |
ITEM 7A. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
At December 31, 2019 |
||||||||||||||||||||||||||||
(dollars in thousands) |
Three Months or Less |
Four to Twelve Months |
More Than One Year to Three Years |
More Than Three Years to Five Years |
More Than Three Years to 10 Years |
More Than 10 Years |
Total |
|||||||||||||||||||||
INTEREST-EARNING ASSETS: |
||||||||||||||||||||||||||||
Mortgage and other loans (1) |
$ | 6,319,629 |
$ | 9,029,406 |
$ | 16,176,327 |
$ | 8,497,030 |
$ | 1,730,422 |
$ | 80,098 |
$ | 41,832,912 |
||||||||||||||
Mortgage-related securities (2)(3) |
84,390 |
333,928 |
782,108 |
604,330 |
778,414 |
770,565 |
3,353,735 |
|||||||||||||||||||||
Other securities (2) |
2,328,090 |
321,208 |
130,436 |
176,048 |
136,361 |
54,741 |
3,146,884 |
|||||||||||||||||||||
Interest-earning cash and cash equivalents |
610,149 |
— |
— |
— |
— |
— |
610,149 |
|||||||||||||||||||||
Total interest-earning assets |
9,342,258 |
9,684,542 |
17,088,871 |
9,277,408 |
2,645,197 |
905,404 |
48,943,680 |
|||||||||||||||||||||
INTEREST-BEARING LIABILITIES: |
||||||||||||||||||||||||||||
Interest-bearing checking and money market accounts |
4,872,458 |
1,067,266 |
1,863,357 |
1,007,278 |
1,419,785 |
— |
10,230,144 |
|||||||||||||||||||||
Savings accounts |
907,224 |
1,190,375 |
792,123 |
550,256 |
1,340,029 |
— |
4,780,007 |
|||||||||||||||||||||
Certificates of deposit |
3,485,350 |
9,840,035 |
699,077 |
190,366 |
30 |
— |
14,214,858 |
|||||||||||||||||||||
Borrowed funds |
2,263,926 |
2,005,000 |
2,697,661 |
— |
7,450,000 |
141,006 |
14,557,593 |
|||||||||||||||||||||
Total interest-bearing liabilities |
11,528,958 |
14,102,676 |
6,052,218 |
1,747,900 |
10,209,844 |
141,006 |
43,782,602 |
|||||||||||||||||||||
Interest rate sensitivity gap per period (4) |
$ | (2,186,700 |
) | $ | (4,418,134 |
) | $ | 11,036,653 |
$ | 7,529,508 |
$ | (7,564,647 |
) | $ | 764,398 |
$ | 5,161,078 |
|||||||||||
Cumulative interest rate sensitivity gap |
$ | (2,186,700 |
) | $ | (6,604,834 |
) | $ | 4,431,819 |
$ | 11,961,327 |
$ | 4,396,680 |
$ | 5,161,078 |
||||||||||||||
Cumulative interest rate sensitivity gap as a percentage of total assets |
(4.08 |
)% | (12.31 |
)% | 8.26 |
% | 22.30 |
% | 8.20 |
% | 9.62 |
% | ||||||||||||||||
Cumulative net interest-earning assets as a percentage of net interest-bearing liabilities |
81.03 |
% | 74.23 |
% | 113.99 |
% | 135.78 |
% | 110.07 |
% | 111.79 |
% | ||||||||||||||||
(1) |
For the purpose of the gap analysis, non-performing loans and the allowance for loan losses have been excluded. |
(2) |
Mortgage-related and other securities, including FHLB stock, are shown at their respective carrying amounts. |
(3) |
Expected amount based, in part, on historical experience. |
(4) |
The interest rate sensitivity gap per period represents the difference between interest-earning assets and interest-bearing liabilities. |
Change in Interest Rates (in basis points) (1) |
Market Value of Assets |
Market Value of Liabilities |
Economic Value of Equity |
Net Change |
Estimated Percentage Change in Economic Value of Equity |
|||||||||||||||
+200 |
$ | 51,468,631 |
$ | 45,446,988 |
$ | 6,021,643 |
$ | (792,352 |
) | (11.63 |
)% | |||||||||
+100 |
52,585,995 |
46,020,438 |
6,565,557 |
(248,438 |
) | (3.65 |
) | |||||||||||||
— |
53,597,005 |
46,783,010 |
6,813,995 |
— |
— |
|||||||||||||||
- 100 |
54,328,065 |
47,728,811 |
6,599,254 |
(214,741 |
) | (3.15 |
) |
(1) |
The impact of a 200-bp reduction in interest rates is not presented in view of the current level of the federal funds rate and other short-term interest rates. |
Change in Interest Rates (in basis points) (1) (2) |
Estimated Percentage Change in Future Net Interest Income |
|||
+100 over one year |
(1.94 |
)% | ||
+200 over one year |
(3.91 |
) | ||
-100 over one year |
2.52 |
(1) |
In general, short- and long-term rates are assumed to increase in parallel fashion across all four quarters and then remain unchanged. |
(2) |
The impact of a 200-bp reduction in interest rates is not presented in view of the current level of the federal funds rate and other short-term interest rates. |
• | Our ALCO Committee would inform the Board of Directors of the variance, and present recommendations to the Board regarding proposed courses of action to restore conditions to within-policy tolerances. |
• | In formulating appropriate strategies, the ALCO Committee would ascertain the primary causes of the variance from policy tolerances, the expected term of such conditions, and the projected effect on capital and earnings. |
• | Asset restructuring, involving sales of assets having higher risk profiles, or a gradual restructuring of the asset mix over time to affect the maturity or repricing schedule of assets; |
• | Liability restructuring, whereby product offerings and pricing are altered or wholesale borrowings are employed to affect the maturity structure or repricing of liabilities; |
• | Expansion or shrinkage of the balance sheet to correct imbalances in the repricing or maturity periods between assets and liabilities; and/or |
• | Use or alteration of off-balance sheet positions, including interest rate swaps, caps, floors, options, and forward purchase or sales commitments. |
ITEM 8. |
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
December 31, |
||||||||
(in thousands, except share data) |
2019 |
2018 |
||||||
ASSETS: |
||||||||
Cash and cash equivalents |
$ |
|
$ | |
||||
Securities: |
||||||||
Debt securities available-for-sale ($ |
|
|
||||||
Equity investments with readily determinable fair values, at fair value |
|
|
||||||
Total securities |
|
|
||||||
Loans and leases, net of deferred loan fees and costs |
|
|
||||||
Less: Allowance for loan losses |
( |
) | ( |
) | ||||
Total loans and leases, net |
|
|
||||||
Federal Home Loan Bank stock, at cost |
|
|
||||||
Premises and equipment, net |
|
|
||||||
Operating lease right-of-use assets |
|
— |
||||||
Goodwill |
|
|
||||||
Bank-owned life insurance |
|
|
||||||
Other real estate owned and other repossessed assets |
|
|
||||||
Other assets |
|
|
||||||
Total assets |
$ |
|
$ | |
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
||||||||
Deposits: |
||||||||
Interest-bearing checking and money market accounts |
$ |
|
$ | |
||||
Savings accounts |
|
|
||||||
Certificates of deposit |
|
|
||||||
Non-interest-bearing accounts |
|
|
||||||
Total deposits |
|
|
||||||
Borrowed funds: |
||||||||
Wholesale borrowings: |
||||||||
Federal Home Loan Bank advances |
|
|
||||||
Repurchase agreements |
|
|
||||||
Total wholesale borrowings |
|
|
||||||
Junior subordinated debentures |
|
|
||||||
Subordinated notes |
|
|
||||||
Total borrowed funds |
|
|
||||||
Operating lease liabilities |
|
— |
||||||
Other liabilities |
|
|
||||||
Total liabilities |
|
|
||||||
Stockholders’ equity: |
||||||||
Preferred stock at par $ |
|
|
||||||
Common stock at par $ ; |
|
|
||||||
Paid-in capital in excess of par |
|
|
||||||
Retained earnings |
|
|
||||||
Treasury stock, at cost ( |
( |
) | ( |
) | ||||
Accumulated other comprehensive loss, net of tax: |
||||||||
Net unrealized gain (loss) on securities available for sale, net of tax of $( and $ |
|
( |
) | |||||
Net unrealized loss on the non-credit portion of other-than-temporary impairment losses on securities, net of tax of $ |
( |
) | ( |
) | ||||
Net unrealized loss on pension and post-retirement obligations, net of tax of $ |
( |
) | ( |
) | ||||
Net unrealized gain on cash flow hedges, net of tax of $( |
|
— |
||||||
Total accumulated other comprehensive loss, net of tax |
( |
) | ( |
) | ||||
Total stockholders’ equity |
|
|
||||||
Total liabilities and stockholders’ equity |
$ |
|
$ | |
||||
Years Ended December 31, |
||||||||||||
(in thousands, except per share data) |
2019 |
2018 |
2017 |
|||||||||
INTEREST INCOME: |
||||||||||||
Mortgage and other loans and leases |
$ |
|
$ | |
$ | |
||||||
Securities and money market investments |
|
|
|
|||||||||
Total interest income |
|
|
|
|||||||||
INTEREST EXPENSE: |
||||||||||||
Interest-bearing checking and money market accounts |
|
|
|
|||||||||
Savings accounts |
|
|
|
|||||||||
Certificates of deposit |
|
|
|
|||||||||
Borrowed funds |
|
|
|
|||||||||
Total interest expense |
|
|
|
|||||||||
Net interest income |
|
|
|
|||||||||
Provision for losses on non-covered loans |
|
|
|
|||||||||
Recovery of losses on covered loans |
— |
— |
( |
) | ||||||||
Net interest income after provision for (recovery of) loan losses |
|
|
|
|||||||||
NON-INTEREST INCOME: |
||||||||||||
Fee income |
|
|
|
|||||||||
Bank-owned life insurance |
|
|
|
|||||||||
Net gain (loss) on securities |
|
( |
) | |
||||||||
Mortgage banking income |
— |
— |
|
|||||||||
FDIC indemnification expense |
— |
— |
( |
) | ||||||||
Gain on sale of covered loans and mortgage banking operations |
— |
— |
|
|||||||||
Other |
|
|
|
|||||||||
Total non-interest income |
|
|
|
|||||||||
NON-INTEREST EXPENSE: |
||||||||||||
Operating expenses: |
||||||||||||
Compensation and benefits |
|
|
|
|||||||||
Occupancy and equipment |
|
|
|
|||||||||
General and administrative |
|
|
|
|||||||||
Total operating expenses |
|
|
|
|||||||||
Amortization of core deposit intangibles |
— |
— |
|
|||||||||
Total non-interest expense |
|
|
|
|||||||||
Income before income taxes |
|
|
|
|||||||||
Income tax expense |
|
|
|
|||||||||
Net income |
$ |
|
$ | |
$ | |
||||||
Preferred stock dividends |
|
|
|
|||||||||
Net income available to common shareholders |
$ |
|
$ | |
$ | |
||||||
Basic earnings per common share |
$ |
$ |
$ |
|||||||||
Diluted earnings per common share |
$ |
$ |
$ |
|||||||||
Net income |
$ |
|
$ | |
$ | |
||||||
Other comprehensive income (loss), net of tax: |
||||||||||||
Change in net unrealized gain (loss) on securities available for sale, net of tax of $ ( ; $( ), respectively |
|
( |
) | |
||||||||
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), net of tax of $( ) ( ), respectively |
— |
( |
) | |
||||||||
Change in pension and post-retirement obligations, net of tax of $ ( ; $( ) ( ), respectively |
|
( |
) | |
||||||||
Change in net unrealized gain (loss) on cash flow hedges , net of tax o $(f ) |
|
— |
— |
|||||||||
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $( ); and $ |
( |
) | |
( |
) | |||||||
Reclassification adjustment for net gain on cash flow hedges included in net income , net of tax of $ |
( |
) | — |
— |
||||||||
Total other comprehensive income (loss), net of tax |
|
( |
) | |
||||||||
Total comprehensive income, net of tax |
$ |
|
$ | |
$ | |
||||||
|
|
Preferred |
Common |
|
|
|
Accumulated |
|
||||||||||||||||||||||||
|
|
Stock |
Stock |
Paid-in |
|
|
Other |
Total |
||||||||||||||||||||||||
|
Shares Outstanding |
(Par Value: $0.01) |
(Par Value: $0.01) |
Capital in excess of Par |
Retained Earnings |
Treasury Stock, at Cost |
Comprehensive Loss, Net of Tax |
Stockholders’ Equity |
||||||||||||||||||||||||
Twelve Months Ended December 31, 2019 |
||||||||||||||||||||||||||||||||
Balance at January 1, 2019 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
|
|||||||||||||||
Shares issued for restricted stock, net of forfeitures |
|
— |
— |
( |
) |
— |
|
— |
— |
|||||||||||||||||||||||
Compensation expense related to restricted stock awards |
— |
— |
— |
|
— |
— |
— |
|
||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
|
— |
— |
|
||||||||||||||||||||||||
Dividends paid on common stock ($ |
— |
— |
— |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||
Dividends paid on preferred stock ($ |
— |
— |
— |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||
Purchase of common stock |
( |
) |
— |
— |
— |
— |
( |
) |
— |
( |
) | |||||||||||||||||||||
Other comprehensive income, net of tax |
— |
— |
— |
— |
— |
— |
|
|
||||||||||||||||||||||||
Balance at December 31, 2019 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
|
|||||||||||||||
Twelve Months Ended December 31, 2018 |
||||||||||||||||||||||||||||||||
Balance at January 1, 2018 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
|
|||||||||||||||
Shares issued for restricted stock, net of forfeitures |
|
— |
|
( |
) |
— |
|
— |
— |
|||||||||||||||||||||||
Compensation expense related to restricted stock awards |
— |
— |
— |
|
— |
— |
— |
|
||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
|
— |
— |
|
||||||||||||||||||||||||
Dividends paid on common stock ($ |
— |
— |
— |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||
Dividends paid on preferred stock ($ |
— |
— |
— |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||
Effect of adopting ASU No. 2016-01 |
— |
— |
— |
— |
|
— |
— |
|
||||||||||||||||||||||||
Effect of adopting ASU No. 2018-02 |
— |
— |
— |
— |
|
— |
( |
) |
— |
|||||||||||||||||||||||
Purchase of common stock |
( |
) |
— |
— |
— |
— |
( |
) |
— |
( |
) | |||||||||||||||||||||
Other comprehensive loss , net of tax |
— |
— |
— |
— |
— |
— |
( |
) |
( |
) | ||||||||||||||||||||||
Balance at December 31, 2018 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
|
|||||||||||||||
Twelve Months Ended December 31, 2017 |
||||||||||||||||||||||||||||||||
Balance at January 1, 2017 |
|
$ |
— |
$ |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
|
|||||||||||||||
Issuance of preferred stock ( |
— |
|
— |
— |
— |
— |
— |
|
||||||||||||||||||||||||
Shares issued for restricted stock, net of forfeitures |
|
— |
|
( |
) |
— |
|
— |
— |
|||||||||||||||||||||||
Compensation expense related to restricted stock awards |
— |
— |
— |
|
— |
— |
— |
|
||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
|
— |
— |
|
||||||||||||||||||||||||
Dividends paid on common stock ($ |
— |
— |
— |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||
Dividends paid on preferred stock ($ |
— |
— |
— |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||
Purchase of common stock |
( |
) |
— |
— |
— |
— |
( |
) |
— |
( |
||||||||||||||||||||||
Other comprehensive income, net of tax |
— |
— |
— |
— |
— |
— |
|
|
||||||||||||||||||||||||
Balance at December 31, 2017 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
( |
) |
$ |
( |
) |
$ |
|
|||||||||||||||
Years Ended December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||
Net income |
$ |
|
$ | |
$ | |
||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Provision for loan losses |
|
|
|
|||||||||
Depreciation |
|
|
|
|||||||||
Amortization of discounts and premiums, net |
|
( |
) | ( |
) | |||||||
Amortization of core deposit intangibles |
— |
— |
|
|||||||||
Net (gain) loss on securities |
( |
) | |
( |
) | |||||||
Gain on trading activity |
( |
) | ( |
) | ( |
) | ||||||
Net loss ( gain) on sales of loans |
|
( |
) | ( |
) | |||||||
Net gain on sales of fixed assets |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
|
|||||||||
Deferred tax expense |
|
|
|
|||||||||
Changes in operating assets and liabilities: |
||||||||||||
(Increase) d ecrease in other assets(1) |
( |
) | |
|
||||||||
Increase (decrease) in other liabilities(2) |
|
( |
) | |
||||||||
Purchases of securities held for trading |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from sales of securities held for trading |
|
|
|
|||||||||
Origination of loans held for sale |
— |
— |
( |
) | ||||||||
Proceeds from sales of loans originated for sale |
— |
|
|
|||||||||
Net cash provided by operating activities |
|
|
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||||||
Proceeds from repayment of securities held to maturity |
— |
— |
|
|||||||||
Proceeds from repayment of securities available for sale |
|
|
|
|||||||||
Proceeds from sales of securities held to maturity |
— |
— |
|
|||||||||
Proceeds from sales of securities available for sale |
|
|
|
|||||||||
Purchase of securities held to maturity |
— |
— |
( |
) | ||||||||
Purchase of securities available for sale |
( |
) | ( |
) | ( |
) | ||||||
Redemption of Federal Home Loan Bank stock |
|
|
|
|||||||||
Purchases of Federal Home Loan Bank stock |
( |
) | ( |
) | ( |
) | ||||||
Purchases of (proceeds from) bank-owned life insurance, net |
( |
) | |
— |
||||||||
Proceeds from sales of loans |
|
|
|
|||||||||
Purchases of loans |
( |
) |
— | — | ||||||||
Other changes in loans, net |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from s (purchasea less ) of premises and equipment, net |
|
( |
) | ( |
) | |||||||
Net cash (used in) provided by investing activities |
( |
) | ( |
) | |
|||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||||
Net increase in deposits |
|
|
|
|||||||||
Net increase ( decrease) in short-term borrowed funds |
|
— |
( |
) | ||||||||
Proceeds from long-term borrowed funds |
|
|
|
|||||||||
Repayments of long-term borrowed funds |
( |
) | ( |
) | ( |
) | ||||||
Net proceeds from issuance of preferred stock |
— |
— |
|
|||||||||
Cash dividends paid on common stock |
( |
) | ( |
) | ( |
) | ||||||
Cash dividends paid on preferred stock |
( |
) | ( |
) | ( |
) | ||||||
Treasury stock repurchased |
( |
) | ( |
) | — |
|||||||
Payments relating to treasury shares received for restricted stock award tax payments |
( |
) | ( |
) | ( |
) | ||||||
Net cash provided by (used in) financing activities |
|
|
( |
) | ||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash |
( |
) | ( |
) | |
|||||||
Cash, cash equivalents, and restricted cash at beginning of year |
|
|
|
|||||||||
Cash, cash equivalents, and restricted cash at end of year |
$ |
|
$ | |
$ | |
||||||
Supplemental information: |
||||||||||||
Cash paid for interest |
$ |
|
$ | |
$ | |
||||||
Cash paid for income taxes |
|
|
|
|||||||||
Non-cash investing and financing activities: |
||||||||||||
Transfers to repossessed assets from loans |
$ |
|
$ | |
$ | |
||||||
Operating lease liabilities arising from obtaining right-of-use assets as of January 1, 2019 |
|
— |
— |
|||||||||
Securitization of residential mortgage loans to mortgage-backed securities available for sale |
|
— |
— |
|||||||||
Transfer of loans from held for investment to held for sale |
|
|
|
|||||||||
Disposition of premises and equipment |
|
— |
— |
|||||||||
Shares issued for restricted stock awards |
|
|
|
|||||||||
Securities transferred from held to maturity to available for sale |
— |
— |
|
(1) | Includes $ right-of-use assets for the twelve months ended December 31, 2019. |
(2) | Includes $ |
• |
Changes in lending policies and procedures, including changes in underwriting standards and collection, and charge-off and recovery practices; |
• |
Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; |
• |
Changes in the nature and volume of the portfolio and in the terms of loans; |
• |
Changes in the volume and severity of past-due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans; |
• |
Changes in the quality of our loan review system; |
• |
Changes in the value of the underlying collateral for collateral-dependent loans; |
• |
The existence and effect of any concentrations of credit, and changes in the level of such concentrations; |
• |
Changes in the experience, ability, and depth of lending management and other relevant staff; and |
• |
The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the existing portfolio. |
• |
Periodic inspections of the loan collateral by qualified in-house and external property appraisers/inspectors; |
• |
Regular meetings of executive management with the pertinent Board committees, during which observable trends in the local economy and/or the real estate market are discussed; |
• |
Assessment of the aforementioned factors by the pertinent members of the Board of Directors and management when making a business judgment regarding the impact of anticipated changes on the future level of loan losses; and |
• |
Analysis of the portfolio in the aggregate, as well as on an individual loan basis, taking into consideration payment history, underwriting analyses, and internal risk ratings. |
Years Ended December 31, |
||||||||||||
(in thousands, except share and per share amounts) |
2019 |
2018 |
2017 |
|||||||||
Net income available to common shareholders |
$ |
$ |
$ |
|||||||||
Less: Dividends paid on and earnings allocated to participating securities |
( |
) | ( |
) | ( |
) | ||||||
Earnings applicable to common stock |
$ |
$ |
$ |
|||||||||
Weighted average common shares outstanding |
||||||||||||
Basic earnings per common share |
$ |
$ |
$ |
|||||||||
Earnings applicable to common stock |
$ |
$ |
$ |
|||||||||
Weighted average common shares outstanding |
||||||||||||
Potential dilutive common shares |
— |
— |
||||||||||
Total shares for diluted earnings per common share computation |
||||||||||||
Diluted earnings per common share and common share equivalent s |
$ |
$ |
$ |
|||||||||
(in thousands) |
For the Twelve | |||||||
Details about Accumulated Other Comprehensive Loss |
Amount Reclassified out of Accumulated Other Comprehensive Loss (1) |
Affected Line Item in the Consolidated Statements of Income and Comprehensive Income |
||||||
Unrealized gains on available-for-sale securities: |
$ | Net | ||||||
( |
) |
Income tax expense | ||||||
$ |
Net gain on securities, net of tax | |||||||
Unrealized gains on cash flow : |
$ |
Interest expense | ||||||
( |
) | Income tax benefit | ||||||
$ | Net gain on cash flow hedges , net of tax | |||||||
Amortization of defined benefit pension plan items: |
||||||||
Past service liabilit y |
$ | Included in the computation of net periodic credit (2) | ||||||
Actuarial losse s |
( |
) | Included in the computation of net periodic c os t(2) | |||||
( |
) | Total before tax | ||||||
Income tax benefit | ||||||||
$ | ( |
) | Amortization of | |||||
Total reclassifications for the period |
$ | ( |
) | |||||
(1) |
Amounts in parentheses indicate expense items. |
(2) |
See Note 14, “Employee Benefits,” for additional information. |
December 31, 2019 |
||||||||||||||||
(in thousands) |
Amortized Cost |
Gross Unrealized Gain |
Gross Unrealized Loss |
Fair Value |
||||||||||||
Debt securities available-for-sale |
||||||||||||||||
Mortgage-Related Debt Securities: |
||||||||||||||||
GSE certificates |
$ | $ | $ | $ | ||||||||||||
GSE CMOs |
||||||||||||||||
Total mortgage-related debt securities |
$ | $ | $ | $ | ||||||||||||
Other Debt Securities: |
||||||||||||||||
U. S. Treasury obligations |
$ |
$ |
$ |
— | $ |
|||||||||||
GSE debentures |
||||||||||||||||
Asset-backed securities (1) |
— |
|||||||||||||||
Municipal bonds |
||||||||||||||||
Corporate bonds |
||||||||||||||||
Capital trust notes |
||||||||||||||||
Total other debt securities |
$ | $ | $ | $ | ||||||||||||
Total other securities available for sale (2) |
$ | $ | $ | $ | ||||||||||||
Equity securities: |
||||||||||||||||
Preferred stock |
— |
|||||||||||||||
Mutual funds and common stock (3) |
||||||||||||||||
Total equity securities |
$ | $ | $ | $ | ||||||||||||
Total securities |
$ | $ | $ | $ | ||||||||||||
(1) |
The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. |
(2) |
The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2019, the non-credit portion of OTTI recorded in AOCL was $ |
(3) |
Primarily consists of mutual funds that are CRA-qualified investments. |
December 31, 2018 |
||||||||||||||||
(in thousands) |
Amortized Cost |
Gross Unrealized Gain |
Gross Unrealized Loss |
Fair Value |
||||||||||||
Debt securities available-for-sale |
||||||||||||||||
Mortgage-Related Debt Securities: |
||||||||||||||||
GSE certificates |
$ | $ | $ | $ | ||||||||||||
GSE CMOs |
||||||||||||||||
Total mortgage-related debt securities |
$ | $ | $ | $ | ||||||||||||
Other Debt Securities: |
||||||||||||||||
GSE debentures |
$ | $ | $ | $ | ||||||||||||
Asset-backed securities (1) |
||||||||||||||||
Municipal bonds |
||||||||||||||||
Corporate bonds |
||||||||||||||||
Capital trust notes |
||||||||||||||||
Total other debt securities |
$ | $ | $ | $ | ||||||||||||
Total other securities available for sale (2) |
$ | $ | $ | $ | ||||||||||||
Equity securities: |
||||||||||||||||
Preferred stock |
— |
|||||||||||||||
Mutual funds and common stock (3) |
||||||||||||||||
Total equity securities |
$ | $ | $ | $ | ||||||||||||
Total securities |
$ | $ | $ | $ | ||||||||||||
(1) |
The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. |
(2) |
The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $ |
(3) |
Primarily consists of mutual funds that are CRA-qualified investments. |
December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Gross proceeds |
$ |
$ | $ | |||||||||
Gross realized gains |
||||||||||||
Gross realized losses |
— |
(in thousands) |
For the Twelve Months Ended December 31, 2019 |
|||
Beginning credit loss amount as of December 31, 2018 |
$ | |||
Add: Initial other-than-temporary credit losses |
||||
Subsequent other-than-temporary credit losses |
||||
Amount previously recognized in AOCL |
||||
Less: Realized losses for securities sold |
||||
Securities intended or required to be sold |
||||
Increase in cash flows on debt securities |
||||
Ending credit loss amount as of December 31, 2019 |
$ |
|||
(dollars in thousands) |
Mortgage- Related Securities |
Average Yield |
U.S. Government and GSE Obligations |
Average Yield |
State, County, and Municipal |
Average Yield (1) |
Other Debt Securities (2) |
Average Yield |
Fair Value |
|||||||||||||||||||||||||||
Available-for-Sale Debt Securities: |
||||||||||||||||||||||||||||||||||||
Due within one year |
$ | |
|
% | $ | |
|
% | $ | |
|
% | $ | |
|
% | $ | |
||||||||||||||||||
Due from one to five years |
|
|
|
|
— |
— |
|
|
|
|||||||||||||||||||||||||||
Due from five to ten years |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Due after ten years |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total debt securities available for sale |
$ | |
|
$ | |
|
$ | |
|
$ | |
|
$ | |
||||||||||||||||||||||
(1) |
Not presented on a tax-equivalent basis. |
(2) |
Includes corporate bonds, capital trust notes, and asset-backed securities. |
Less than Twelve Months |
Twelve Months or Longer |
Total |
||||||||||||||||||||||
(in thousands) |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
||||||||||||||||||
Temporarily Impaired Securities : |
||||||||||||||||||||||||
U. S. Treasur obligations y |
$ | |
$ | — |
$ | — |
$ | — |
$ | |
$ | — |
||||||||||||
GSE debentures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
GSE certificates |
|
|
|
|
|
|
||||||||||||||||||
GSE CMOs |
|
|
|
|
|
|
||||||||||||||||||
Asset-backed securities |
|
|
|
|
|
|
||||||||||||||||||
Municipal bonds |
— |
— |
|
|
|
|
||||||||||||||||||
Corporate bonds |
|
|
|
|
|
|
||||||||||||||||||
Capital trust notes |
— |
— |
|
|
|
|
||||||||||||||||||
Equity securities |
— |
— |
|
|
|
|
||||||||||||||||||
Total temporarily impaired securities |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
Less than Twelve Months |
Twelve Months or Longer |
Total |
||||||||||||||||||||||
(in thousands) |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
||||||||||||||||||
Temporarily Impaired Securities: |
||||||||||||||||||||||||
GSE debentures |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
GSE certificates |
|
|
|
|
|
|
||||||||||||||||||
GSE CMOs |
|
|
|
|
|
|
||||||||||||||||||
Asset-backed securities |
|
|
— |
— |
|
|
||||||||||||||||||
Municipal bonds |
|
|
|
|
|
|
||||||||||||||||||
Corporate bonds |
|
|
— |
— |
|
|
||||||||||||||||||
Capital trust notes |
— |
— |
|
|
|
|
||||||||||||||||||
Equity securities |
|
|
|
|
|
|
||||||||||||||||||
Total temporarily impaired securities |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
December 31, 2019 |
December 31, 2018 |
|||||||||||||||
(dollars in thousands) |
Amount |
Percent of Loans Held for Investment |
Amount |
Percent of Loans Held Investment |
||||||||||||
Loans and Leases Held for Investment: |
||||||||||||||||
Mortgage Loans: |
||||||||||||||||
Multi-family |
$ |
% | $ | % | ||||||||||||
Commercial real estate |
||||||||||||||||
One-to-four family |
||||||||||||||||
Acquisition, development, and construction |
||||||||||||||||
Total mortgage loans held for investment |
||||||||||||||||
Other Loans: |
||||||||||||||||
Commercial and industrial |
||||||||||||||||
Lease financing, net of unearned income of $ |
||||||||||||||||
Total commercial and industrial loans (1) |
||||||||||||||||
Other |
||||||||||||||||
Total other loans held for investment |
||||||||||||||||
Total loans and leases held for investment |
$ |
% | $ | % | ||||||||||||
Net deferred loan origination costs |
||||||||||||||||
Allowance for loan losses |
( |
) | ( |
) | ||||||||||||
Total loans and leases, net |
$ |
$ | ||||||||||||||
(1) |
Includes specialty finance loans and leases of $ 31 , 2019 and 2018. Other C&I loans of $31 , 2019 and 2018. |
(in thousands) |
Loans 30-89 DaysPast Due |
Non- Accrual Loans |
Loans 90 Days or More Delinquent and Still Accruing Interest |
Total Past Due Loans |
Current Loans |
Total Loans Receivable |
||||||||||||||||||
Multi-family |
$ |
$ |
$ |
— |
$ |
$ |
$ |
|||||||||||||||||
Commercial real estate |
— |
|||||||||||||||||||||||
One-to-four family |
— |
— |
||||||||||||||||||||||
Acquisition, development, and construction |
— |
— |
— |
— |
||||||||||||||||||||
Commercial and industrial (1) (2) |
— |
— |
||||||||||||||||||||||
Other |
— |
|||||||||||||||||||||||
Total |
$ |
$ |
$ |
— |
$ |
$ |
$ |
|||||||||||||||||
(1) |
Includes $ . There wer e no taxi medallion -related loans that were 30 to 89 days past due. |
(2) |
Includes lease financing receivables, all of which were current. |
(in thousands) |
Loans 30-89 DaysPast Due |
Non- Accrual Loans |
Loans 90 Days or More Delinquent and Still Accruing Interest |
Total Past Due Loans |
Current Loans |
Total Loans Receivable |
||||||||||||||||||
Multi-family |
$ | — |
$ | $ | — |
$ | $ | $ | ||||||||||||||||
Commercial real estate |
— |
— |
||||||||||||||||||||||
One-to-four family |
— |
|||||||||||||||||||||||
Acquisition, development, and construction |
— |
— |
— |
— |
||||||||||||||||||||
Commercial and industrial (1) (2) |
— |
|||||||||||||||||||||||
Other |
— |
|||||||||||||||||||||||
Total |
$ | $ | $ | — |
$ | $ | $ | |||||||||||||||||
(1) |
Includes $ |
(2) |
Includes lease financing receivables, all of which were current. |
Mortgage Loans |
Other Loans |
|||||||||||||||||||||||||||||||
(in thousands) |
Multi-Family |
Commercial Real Estate |
One-to-Four Family |
Acquisition, Development, and Construction |
Total Loans |
Commercial and Industrial (1) |
Other |
Total Other Loans |
||||||||||||||||||||||||
Credit Quality Indicator: |
||||||||||||||||||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Special mention |
— |
|||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||
Doubtful |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
(1) |
Includes lease financing receivables, all of which were classified as Pass. |
Mortgage Loans |
Other Loans |
|||||||||||||||||||||||||||||||
(in thousands) |
Multi-Family |
Commercial Real Estate |
One-to-Four Family |
Acquisition, Development, and Construction |
Total Loans |
Commercial and Industrial (1) |
Other |
Total Other Loans |
||||||||||||||||||||||||
Credit Quality Indicator: |
||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Special mention |
— |
— |
||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||
Doubtful |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1) |
Includes lease financing receivables, all of which were classified as Pass. |
December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Interest income that would have been recorded |
$ |
$ | $ | |||||||||
Interest income actually recorded |
( |
) | ( |
) | ( |
) | ||||||
Interest income foregone |
$ |
$ | $ | |||||||||
December 31, 2019 |
December 31, 2018 |
|||||||||||||||||||||||
(in thousands) |
Accruing |
Non-Accrual |
Total |
Accruing |
Non-Accrual |
Total |
||||||||||||||||||
Loan Category: |
||||||||||||||||||||||||
Multi-family |
$ |
$ |
$ |
$ | $ | $ | ||||||||||||||||||
Commercial real estate |
||||||||||||||||||||||||
One-to-four family |
||||||||||||||||||||||||
Acquisition, development, and construction |
||||||||||||||||||||||||
Commercial and industrial (1) |
||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ | $ | $ | ||||||||||||||||||
(1) |
Includes $ |
For the Twelve Months Ended December 31, 2019 |
||||||||||||||||||||||||||||
(dollars in thousands) |
Weighted Average Interest Rate |
|||||||||||||||||||||||||||
Number of Loans |
Pre- Modification Recorded Investment |
Post- Modification Recorded Investment |
Pre- Modification |
Post- Modification |
Charge-off Amount |
Capitalized Interest |
||||||||||||||||||||||
Loan Category: |
||||||||||||||||||||||||||||
One-to-four family |
|
$ |
|
$ |
|
|
% |
|
% |
$ |
— |
$ |
3 |
|||||||||||||||
Commercial and industrial |
|
|
|
|
|
|
|
|||||||||||||||||||||
Total |
|
$ |
|
$ |
|
|
|
$ |
|
$ |
|
|||||||||||||||||
For the Twelve Months Ended December 31, 2018 |
||||||||||||||||||||||||||||
(dollars in thousands) |
Weighted Average Interest Rate |
|||||||||||||||||||||||||||
Number of Loans |
Pre- Modification Recorded Investment |
Post- Modification Recorded Investment |
Pre- Modification |
Post- Modification |
Charge-off Amount |
Capitalized Interest |
||||||||||||||||||||||
Loan Category: |
||||||||||||||||||||||||||||
Acquisition, development, and construction |
|
$ | |
$ | |
|
% | |
% | $ | — |
$ | — |
|||||||||||||||
Commercial and industrial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
Total |
|
$ | |
$ | |
$ | |
$ | — |
|||||||||||||||||||
For the Twelve Months Ended December 31, 2017 |
||||||||||||||||||||||||||||
(dollars in thousands |
Weighted Average Interest Rate |
|||||||||||||||||||||||||||
Number of |
Pre- Modification Recorded Investment |
Post- Modification Recorded Investment |
Pre- Modification |
Post- Modification |
Charge-off Amount |
Capitalized Interest |
||||||||||||||||||||||
Loan Category: |
||||||||||||||||||||||||||||
One-to-four family |
|
$ | |
$ | |
|
% | |
% | $ | — |
$ | |
|||||||||||||||
Acquisition, development, and construction |
|
|
|
|
|
— |
— |
|||||||||||||||||||||
Commercial and industrial |
|
|
|
|
|
|
— |
|||||||||||||||||||||
Total |
|
$ | |
$ | |
$ | |
$ | |
|||||||||||||||||||
(in thousands) |
Mortgage |
Other |
Total |
|||||||||
Allowance for Loan Losses at December 31, 2019: |
||||||||||||
Loans individually evaluated for impairment |
|
$ |
— |
|
|
$ |
|
|
|
$ |
|
|
Loans collectively evaluated for impairment |
|
|
|
|||||||||
Total |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
(in thousands) |
Mortgage |
Other |
Total |
|||||||||
Allowance for Loan Losses at December 31, 2018: |
||||||||||||
Loans collectively evaluated for impairmen t |
$ | |
$ | |
$ | |
||||||
(in thousands) |
Mortgage |
Other |
Total |
|||||||||
Loans Receivable at December 31, 2019: |
||||||||||||
Loans individually evaluated for impairment |
$ | |
$ | |
$ | |
||||||
Loans collectively evaluated for impairment |
|
|
|
|||||||||
Total |
$ | |
$ | |
$ | |
||||||
(in thousands) |
Mortgage |
Other |
Total |
|||||||||
Loans Receivable at December 31, 2018: |
||||||||||||
Loans individually evaluated for impairment |
$ | |
$ | |
$ | |
||||||
Loans collectively evaluated for impairmen t |
|
|
|
|||||||||
Total |
$ | |
$ | |
$ | |
||||||
For the Twelve Months Ended December 31, |
||||||||||||||||||||||||
2019 |
2018 |
|||||||||||||||||||||||
(in thousands) |
Mortgage |
Other |
Total |
Mortgage |
Other |
Total |
||||||||||||||||||
Balance, beginning of period |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Recoveries |
|
|
|
|
|
|
||||||||||||||||||
(Recovery of) provision for losses on loans |
( |
) | |
|
|
|
|
|||||||||||||||||
Balance, end of period |
$ |
|
$ |
|
$ |
|
$ | |
$ | |
$ | |
||||||||||||
(in thousands) |
Recorded Investment |
Unpaid Principal Balance |
Related Allowance |
Average Recorded Investment |
Interest Income Recognized |
|||||||||||||||
Impaired loans with no related allowance: |
||||||||||||||||||||
Multi-family |
$ | |
$ | |
$ | — |
$ | |
$ | |
||||||||||
Commercial real estate |
|
|
— |
|
|
|||||||||||||||
One-to-four family |
|
|
— |
|
|
|||||||||||||||
Acquisition, development, and construction |
|
|
— |
|
|
|||||||||||||||
Other |
|
|
— |
|
|
|||||||||||||||
Total impaired loans with no related allowance |
$ | |
$ | |
$ | — |
$ | |
$ | |
||||||||||
Impaired loans with an allowance recorded: |
||||||||||||||||||||
Multi-family |
$ | — |
$ | — |
$ | — |
$ | — |
$ | — |
||||||||||
Commercial real estate |
— |
— |
— |
— |
— |
|||||||||||||||
One-to-four family |
— |
— |
— |
— |
— |
|||||||||||||||
Acquisition, development, and construction |
— |
— |
— |
— |
— |
|||||||||||||||
Other |
|
|
|
|
|
|||||||||||||||
Total impaired loans with an allowance recorded |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||
Total impaired loans: |
||||||||||||||||||||
Multi-family |
$ | |
$ | |
$ | — |
$ | |
$ | |
||||||||||
Commercial real estate |
|
|
— |
|
|
|||||||||||||||
One-to-four family |
|
|
— |
|
|
|||||||||||||||
Acquisition, development, and construction |
|
|
— |
|
|
|||||||||||||||
Other |
|
|
|
|
|
|||||||||||||||
Total impaired loans |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||
(in thousands) |
Recorded Investment |
Unpaid Principal Balance |
Related Allowance |
Average Recorded Investment |
Interest Income Recognized |
|||||||||||||||
Impaired loans with no related allowance: |
||||||||||||||||||||
Multi-family |
$ | |
$ | |
$ | — |
$ | |
$ | |
||||||||||
Commercial real estate |
|
|
— |
|
— |
|||||||||||||||
One-to-four family |
|
|
— |
|
|
|||||||||||||||
Acquisition, development, and construction |
|
|
— |
|
|
|||||||||||||||
Other |
|
|
— |
|
|
|||||||||||||||
Total impaired loans with no related allowance |
$ | |
$ | |
$ | — |
$ | |
$ | |
||||||||||
Impaired loans with an allowance recorded: |
||||||||||||||||||||
Multi-family |
$ | — |
$ | — |
$ | — |
$ | — |
$ | — |
||||||||||
Commercial real estate |
— |
— |
— |
— |
— |
|||||||||||||||
One-to-four family |
— |
— |
— |
— |
— |
|||||||||||||||
Acquisition, development, and construction |
— |
— |
— |
— |
— |
|||||||||||||||
Other |
— |
— |
— |
|
— |
|||||||||||||||
Total impaired loans with an allowance recorded |
$ | — |
$ | — |
$ | — |
$ | |
$ | — |
||||||||||
Total impaired loans: |
||||||||||||||||||||
Multi-family |
$ | |
$ | |
$ | — |
$ | |
$ | |
||||||||||
Commercial real estate |
|
|
— |
|
— |
|||||||||||||||
One-to-four family |
|
|
— |
|
|
|||||||||||||||
Acquisition, development, and construction |
|
|
— |
|
|
|||||||||||||||
Other |
|
|
— |
|
|
|||||||||||||||
Total impaired loans |
$ | |
$ | |
$ | — |
$ | |
$ | |
||||||||||
(in thousands) |
For the Twelve Months Ended December 31, 2019 |
|||
Interest income on lease financing (1) |
$ |
(1) |
Included in Interest Income – Mortgage and other loans and leases in the Consolidated Statements of Income and Comprehensive Income. |
(in thousands) |
December 31, 2019 |
|||
Net investment in the lease- lease payments receivable |
$ |
|||
Net investment in the lease- unguaranteed residual assets |
||||
Total lease payments |
$ |
|||
(in thousands) |
December 31, 2019 |
|||
2019 |
$ |
|||
2020 |
||||
2021 |
||||
2022 |
||||
2023 |
||||
Thereafter |
||||
Total lease payments |
||||
Plus: deferred origination costs |
||||
Less: unearned income |
( |
) | ||
Total lease finance receivables, net |
$ |
|||
(in thousands) |
For the Twelve Months Ended December 31, 2019 |
|||
Components of l ease e xpense: |
||||
Operating lease cost |
$ |
|||
Sublease income |
( |
) | ||
Total lease cost |
$ |
|||
(in thousands) |
For the Twelve Months Ended December 31, 2019 |
|||
Cash paid for amounts included in the measurement of lease liabilities: |
||||
Operating cash flows from operating leases |
$ |
|||
(in thousands, except lease term and discount rate) |
December 31, 2019 |
|||
Operating Leases: |
||||
Operating lease right-of-use assets |
$ |
|||
Operating lease liabilities |
||||
Weighted average remaining lease term |
||||
Weighted average discount rate |
% |
Maturities of lease liabilities : (in thousands) |
December 31, 2019 |
|||
2020 |
$ |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 |
||||
Thereafter |
||||
Total lease payments |
||||
Less: imputed interest |
( |
) | ||
Total present value of lease liabilities |
$ |
|||
(in thousands) |
||||
2019 |
$ | |
||
2020 |
|
|||
2021 |
|
|||
2022 |
|
|||
2023 and thereafter |
|
|||
Total minimum future rentals |
$ | |
||
December 31, |
||||||||||||||||||||||||
2019 |
2018 |
|||||||||||||||||||||||
(dollars in thousands) |
Amount |
Percent of Total |
Weighted Average Interest Rate |
Amount |
Percent of Total |
Weighted Average Interest Rate |
||||||||||||||||||
Interest-bearing checking and money market accounts |
$ |
|
|
% | |
% | $ | |
|
% | |
% | ||||||||||||
Savings accounts |
|
|
|
|
|
|
||||||||||||||||||
Certificates of deposit |
|
|
|
|
|
|
||||||||||||||||||
Non-interest-bearing accounts |
|
|
— |
|
|
— |
||||||||||||||||||
Total deposits |
$ |
|
|
% | |
% | $ | |
|
% | |
% | ||||||||||||
(in thousands) |
||||
1 year or less |
$ |
|
||
More than 1 year through 2 years |
|
|||
More than 2 years through 3 years |
|
|||
More than 3 years through 4 years |
|
|||
More than 4 years through 5 years |
|
|||
Over 5 years |
|
|||
Total CDs |
$ |
|
||
CDs of $100,000 or More Maturing Within |
||||||||||||||||||||
(in thousands) |
3 Months or Less |
Over 3 to 6 Months |
Over 6 to 12 Months |
Over 12 Months |
Total |
|||||||||||||||
Total |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
December 31, |
||||||||
(in thousands) |
2019 |
2018 |
||||||
Wholesale borrowings: |
||||||||
FHLB advances |
$ |
|
$ | |
||||
Repurchase agreements |
|
|
||||||
Total wholesale borrowings |
$ |
|
$ | |
||||
Junior subordinated debentures |
|
|
||||||
Subordinated notes |
|
|
||||||
Total borrowed fund s |
$ |
|
$ | |
||||
Contractual Maturity |
Earlier of Contractual Maturity or Next Call Date |
|||||||||||||||
(dollars in thousands) Year |
Amount |
Weighted Average Interest Rate |
Amount |
Weighted Average Interest Rate |
||||||||||||
2020 |
$ |
|
|
$ |
|
|
||||||||||
2021 |
|
|
|
|
||||||||||||
2022 |
|
|
|
|
||||||||||||
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2028 |
|
|
|
|
||||||||||||
2029 |
|
|
|
|
||||||||||||
Total FHLB advance s |
$ |
|
|
% | $ |
|
|
% | ||||||||
Contractual Maturity |
Earlier of Contractual Maturity or Next Call Date |
|||||||||||||||
(dollars in thousands) Year |
Amount |
Weighted Average Interest Rate |
Amount |
Weighted Average Interest Rate |
||||||||||||
2021 |
$ |
— |
— |
% |
$ |
% | ||||||||||
2022 |
— |
— | ||||||||||||||
2028 |
— |
— |
||||||||||||||
2029 |
— |
— |
||||||||||||||
$ |
$ |
|||||||||||||||
Mortgage-Related andOther Securities |
GSE Debentures and U.S. Treasury |
|||||||||||||||||||||||
(dollars in thousands) Period of Maturity |
Amount |
Weighted Average Interest Rate |
Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
||||||||||||||||||
30 to 90 days |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||
Greater than 90 days |
% |
|||||||||||||||||||||||
Total |
$ |
% |
$ |
$ |
$ |
$ |
||||||||||||||||||
Issuer |
Interest Rate of Capital Securities and Debentures |
Junior Subordinated Debentures Amount Outstanding |
Capital Securities Amount Outstanding |
Date of Original Issue |
Stated Maturity |
First Optional Redemption Date |
||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||||
New York Community Capital Trust V (BONUSES SM Units) |
% | $ |
$ |
(1) | ||||||||||||||||||||
New York Community Capital Trust X |
(2) | |||||||||||||||||||||||
PennFed Capital Trust III |
(2) | |||||||||||||||||||||||
New York Community Capital Trust XI |
(2) | |||||||||||||||||||||||
Total junior subordinated debentures |
$ |
$ |
||||||||||||||||||||||
(1) |
Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. |
(2) |
Callable from this date forward. |
Date of Original Issue |
Stated Maturity |
Interest Rate (1) |
Original Issue Amount | |||
(dollars in thousands) | ||||||
|
|
|
$ |
(1) |
From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of |
December 31, |
||||||||
(in thousands) |
2019 |
2018 |
||||||
Deferred Tax Assets: |
||||||||
Allowance for loan losses |
$ | |
$ | |
||||
Compensation and related benefit obligations |
|
|
||||||
Acquisition accounting and fair value adjustments on securities (including OTTI) |
— |
|
||||||
Non-accrual interest |
|
|
||||||
Net operating loss carryforwards |
|
— |
||||||
Other |
|
|
||||||
Gross deferred tax assets |
|
|
||||||
Valuation allowance |
— |
— |
||||||
Deferred tax asset after valuation allowance |
$ | |
$ | |
||||
Deferred Tax Liabilities: |
||||||||
Amortizable intangibles |
$ | ( |
) | $ | ( |
) | ||
Acquisition accounting and fair value adjustments on securities (including OTTI) |
( |
) | — |
|||||
Mortgage servicing rights |
— |
( |
) | |||||
Premises and equipment |
( |
) | ( |
) | ||||
Prepaid pension cost |
( |
) | ( |
) | ||||
Leases |
( |
) | ( |
) | ||||
Other |
( |
) | ( |
) | ||||
Gross |
$ | ( |
) | $ | ( |
) | ||
Net deferred tax liabilit y |
$ | ( |
) | $ | ( |
) | ||
December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Federal – current |
$ |
|
$ | |
$ | |
||||||
State and local – current |
|
|
|
|||||||||
Total current |
|
|
|
|||||||||
Federal – deferred |
|
|
|
|||||||||
State and local – deferred |
( |
) | |
|
||||||||
Total deferred |
|
|
|
|||||||||
Income tax expense reported in net income |
|
|
|
|||||||||
Income tax expense reported in stockholders’ equity related to: |
||||||||||||
Securities available-for-sale |
|
( |
) |
|
||||||||
Pension liability adjustments |
|
|
|
|||||||||
Cash Flow Hedge |
|
— |
— |
|||||||||
Non-credit portion of OTTI losses |
— |
|
|
|||||||||
Total income taxes |
$ |
|
$ | |
$ | |
||||||
December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Statutory federal income tax at |
$ |
|
$ | |
$ | |
||||||
State and local income taxes, net of federal income tax effect |
|
|
|
|||||||||
Effect of tax law changes |
— |
|
( |
) | ||||||||
Non-deductible FDIC deposit insurance premiums |
|
|
— |
|||||||||
Effect of tax deductibility of ESOP |
( |
) | ( |
) | ( |
) | ||||||
Non-taxable income and expense of BOLI |
( |
) | ( |
) | ( |
) | ||||||
Federal tax credits |
( |
) | ( |
) | ( |
) | ||||||
Adjustments relating to prior tax years |
|
( |
) | |
||||||||
Other, ne t |
|
|
( |
) | ||||||||
Total income tax expense |
$ |
|
$ | |
$ | |
||||||
December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Uncertain tax positions at beginning of year |
$ |
$ | $ | |||||||||
Additions for tax positions relating to current-year operations |
— |
|||||||||||
Additions for tax positions relating to prior tax years |
||||||||||||
Subtractions for tax positions relating to prior tax years |
( |
) | ( |
) | ( |
) | ||||||
Reductions in balance due to settlements |
— |
— |
( |
) | ||||||||
Uncertain tax positions at end of year |
$ |
$ | $ | |||||||||
• | Federal tax filings for tax years 201 6 through the present; |
• | New York State tax filings for tax years 2010 through the present; |
• | New York City tax filings for tax years 2011 through the present; and |
• | New Jersey tax filings for tax years 201 5 through the present. |
• | New York State for the tax years 2010 through 2014; and |
• | New York City for the tax years 2011 and 201 4 . |
(in thousands) |
December 31, 2019 |
|||||||
Line Item in the Consolidated Statements of Condition in which the Hedge Item |
Carrying the Hedged |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets |
||||||
Total loans and leases, net (1) |
$ |
$ |
(1) |
These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $ |
December 31, 2019 |
||||||||||||
(in thousands) |
Fair Value |
|||||||||||
Notional Amount |
Other Assets |
Other Liabilities |
||||||||||
Derivatives designated as fair value hedging instruments: |
||||||||||||
Interest rate swap |
$ | $ | — |
$ | — |
|||||||
Total derivatives designated as fair value hedging instruments |
$ | $ | — |
$ | — |
|||||||
(in thousands) |
For the Twelve Months Ended December 31, 2019 |
|||
Derivative – interest rate swap: |
||||
Interest income |
$ | ( |
) | |
Hedged item – loans: |
||||
Interest income |
$ |
(dollars in thousands) |
December 31, 2019 |
|||
Notional amounts |
$ | |||
Cash collateral posted |
||||
Weighted average pay rates |
% | |||
Weighted average receive rates |
% | |||
Weighted average maturity |
(in thousands) |
For the Twelve Months Ended December 31, 2019 |
|||
Amount of gain (loss) recognized in AOCL |
$ | |||
Amount of gain (loss) reclassified from AOCL to interest expense |
(in thousands) |
||||
Mortgage Loan Commitments: |
||||
Multi-family and commercial real estate |
$ |
|||
One-to-four family |
||||
Acquisition, development, and construction |
||||
Total mortgage loan commitments |
$ |
|||
Other loan commitments |
||||
Total loan commitments |
$ |
|||
Commercial, performance stand-by, and financial stand-by letters of credit |
||||
Total commitments |
$ |
|||
(in thousands) |
Expires Within One Year |
Expires After One Year |
Total Outstanding Amount |
Maximum Potential Amount of Future Payments |
||||||||||||
Financial stand-by letters of credit |
$ |
$ |
$ |
$ |
||||||||||||
Performance stand-by letters of credit |
— |
|||||||||||||||
Commercial letters of credit |
||||||||||||||||
Total letters of credit |
$ |
$ |
$ |
$ |
||||||||||||
December 31, |
||||||||
(in thousands) |
2019 |
2018 |
||||||
Change in Benefit Obligation: |
||||||||
Benefit obligation at beginning of year |
$ | |
$ | |
||||
Interest cost |
|
|
||||||
Actuarial loss (gain) |
|
( |
) | |||||
Annuity payments |
( |
) | ( |
) | ||||
Settlements |
( |
) | ( |
) | ||||
Benefit obligation at end of year |
$ | |
$ | |
||||
Change in Plan Assets: |
||||||||
Fair value of assets at beginning of year |
$ | |
$ | |
||||
Actual return (loss) on plan assets |
|
( |
) | |||||
Contributions |
— |
— |
||||||
Annuity payments |
( |
) | ( |
) | ||||
Settlements |
( |
) | ( |
) | ||||
Fair value of assets at end of year |
$ | |
$ | |
||||
Funded status (included in “Other assets”) |
$ | |
$ | |
||||
Changes recognized in other comprehensive income for the year ended December 31: |
||||||||
Amortization of prior service cost |
$ | — |
$ | — |
||||
Amortization of actuarial loss |
( |
) | ( |
) | ||||
Net actuarial (gain) loss arising during the year |
( |
) | |
|||||
Total recognized in other comprehensive income for the year (pre-tax) |
$ | ( |
) | $ | |
|||
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |
||||||||
Prior service cost |
$ | — |
$ | — |
||||
Actuarial loss, net |
|
|
||||||
Total accumulated other comprehensive loss (pre-tax) |
$ | |
$ | |
||||
Years Ended December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Components of net periodic pension expense ( credit) : |
||||||||||||
Interest cost |
$ | |
$ | |
$ | |
||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ||||||
Amortization of net actuarial loss |
|
|
|
|||||||||
Net periodic pension expense ( credit) |
$ | |
$ | ( |
) | $ | ( |
) | ||||
Years Ended December 31, |
||||||||||||
2019 |
2018 |
2017 |
||||||||||
Discount rate |
|
% | |
% | |
% | ||||||
Expected rate of return on plan assets |
|
|
|
• | To hold non-U.S. equity markets; |
• | To hold non-U.S. investments; and |
• | To hold 1% of its assets in a cash-equivalent portfolio for liquidity purposes. |
(in thousands) |
Total |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||||||
Equity: |
||||||||||||||||
Large-cap value(1) |
$ |
$ |
— |
$ |
$ |
— |
||||||||||
Large-cap growth(2) |
— |
— |
||||||||||||||
Large-cap core(3) |
— |
— |
||||||||||||||
Mid-cap value(4) |
— |
— |
||||||||||||||
Mid-cap growth(5) |
— |
— |
||||||||||||||
Mid-cap core(6) |
— |
— |
||||||||||||||
Small-cap value(7) |
— |
— |
||||||||||||||
Small-cap growth(8) |
— |
— |
||||||||||||||
Small-cap core(9) |
— |
— |
||||||||||||||
International equity (10) |
— |
— |
||||||||||||||
Fixed Income Funds: |
||||||||||||||||
Fixed Income – U.S. Core (11) |
— |
— |
||||||||||||||
Intermediate duration (12) |
— |
— |
||||||||||||||
Equity Securities: |
||||||||||||||||
Company common stock |
— |
— |
||||||||||||||
Cash Equivalents: |
||||||||||||||||
Money market * |
— |
|||||||||||||||
$ |
$ |
$ |
$ |
— |
||||||||||||
* |
Includes cash equivalent investments in equity and fixed income strategies. |
(1) |
This category contains large-cap stocks with above-average yield. The portfolio typically holds between |
(2) |
This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. |
(3) |
This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. |
(4) |
This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. |
(5) |
This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. |
(6) |
This category seeks to track the performance of the S&P Midcap 400 Index. |
(7) |
This category consists of a selection of investments based on the Russell 2000 Value Index. |
(8) |
This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. |
(9) |
This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. |
(10) |
This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80% of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. |
(11) |
This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. |
(12) |
This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. |
At December 31, |
||||||||
2019 |
2018 |
|||||||
Equity securities |
% | % | ||||||
Debt securities |
||||||||
Cash equivalents |
||||||||
Total |
% | % | ||||||
(in thousands) |
||||
2020 |
$ |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 |
||||
2025 and thereafter |
||||
Total |
$ |
|||
December 31, |
||||||||
(in thousands) |
2019 |
2018 |
||||||
Change in benefit obligation: |
||||||||
Benefit obligation at beginning of year |
$ | $ | ||||||
Interest cost |
||||||||
Actuarial gain |
( |
) | ( |
) | ||||
Premiums and claims paid |
( |
) | ( |
) | ||||
Benefit obligation at end of year |
$ | $ | ||||||
Change in plan assets: |
||||||||
Fair value of assets at beginning of year |
$ | — |
$ | — |
||||
Employer contribution |
||||||||
Premiums and claims paid |
( |
) | ( |
) | ||||
Fair value of assets at end of year |
$ | — |
$ | — |
||||
Funded status (included in “Other liabilities”) |
$ | ( |
) | $ | ( |
) | ||
Changes recognized in other comprehensive income for the year ended December 31: |
||||||||
Amortization of prior service cost |
$ | $ | ||||||
Amortization of actuarial gain |
( |
) | ( |
) | ||||
Net actuarial (gain) loss arising during the year |
( |
) | ( |
) | ||||
Total recognized in other comprehensive income for the year (pre-tax) |
$ | ( |
) | $ | ( |
) | ||
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |
||||||||
Prior service cost |
$ | ( |
) | $ | ( |
) | ||
Actuarial loss, net |
||||||||
Total accumulated other comprehensive income (pre-tax) |
$ | $ | ||||||
Years Ended December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Components of Net Periodic Benefit Cost: |
||||||||||||
Service cost |
$ | $ | — |
$ | — |
|||||||
Interest cost |
||||||||||||
Amortization of past-service liability |
( |
) | ( |
) | ( |
) | ||||||
Amortization of net actuarial loss |
||||||||||||
Net periodic benefit cost |
$ | $ | $ | |||||||||
Years Ended December 31, |
||||||||||||
2019 |
2018 |
2017 |
||||||||||
Discount rate |
% | % | % | |||||||||
Current medical trend rate |
||||||||||||
Ultimate trend rate |
||||||||||||
Year when ultimate trend rate will be reached |
(in thousands) |
||||
2020 |
$ |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 |
||||
2025 and thereafter |
||||
Total |
$ |
|||
For the Year Ended December 31, 2019 |
||||||||
Number of Shares |
Weighted Average Grant Date Fair Value |
|||||||
Unvested at beginning of year |
$ |
|||||||
Granted |
||||||||
Vested |
( |
) | ||||||
Canceled |
( |
) | ||||||
Unvested at end of year |
||||||||
• | Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
• | Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
• | Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. |
Fair Value Measurements at December 31, 2019 |
||||||||||||||||||||
(in thousands) |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Netting Adjustments |
Total Fair Value |
|||||||||||||||
Assets: |
||||||||||||||||||||
Mortgage-Related Debt Securities Available for Sale: |
||||||||||||||||||||
GSE certificates |
$ | — |
$ | $ | — |
$ | — |
$ | ||||||||||||
GSE CMOs |
— |
— |
— |
|||||||||||||||||
Total mortgage-related debt securities |
$ | — |
$ | $ | — |
$ | — |
$ | ||||||||||||
Other Debt Securities Available for Sale: |
||||||||||||||||||||
U. S. Treasury obligations |
$ | $ | — |
$ | — |
$ | — |
$ | ||||||||||||
GSE debentures |
— |
— |
— |
|||||||||||||||||
Asset-backed securities |
— |
— |
— |
|||||||||||||||||
Municipal bonds |
— |
— |
— |
|||||||||||||||||
Corporate bonds |
— |
— |
— |
|||||||||||||||||
Capital trust notes |
— |
— |
— |
|||||||||||||||||
Total other debt securities |
$ | $ | $ | — |
$ | — |
$ | |||||||||||||
Total debt securities available for sale |
$ | $ | $ | — |
$ | — |
$ | |||||||||||||
Equity securities: |
— | — | ||||||||||||||||||
Preferred stock |
$ | $ | — |
$ | — |
$ | — |
$ | ||||||||||||
Mutual funds and common stock |
— |
— |
— |
|||||||||||||||||
Total equity securities |
$ | $ | $ | — |
$ | — |
$ | |||||||||||||
Total securities |
$ | $ | $ | — |
$ | — |
$ | |||||||||||||
Fair Value Measurements at December 31, 2018 |
||||||||||||||||||||
(in thousands) |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Netting Adjustments |
Total Fair Value |
|||||||||||||||
Assets: |
||||||||||||||||||||
Mortgage-Related Debt Securities Available for Sale: |
||||||||||||||||||||
GSE certificates |
$ | — |
$ | $ | — |
$ | — |
$ | ||||||||||||
GSE CMOs |
— |
— |
— |
|||||||||||||||||
Total mortgage-related debt securities |
$ | — |
$ | $ | — |
$ | — |
$ | ||||||||||||
Other Debt Securities Available for Sale: |
||||||||||||||||||||
GSE debentures |
$ | — |
$ | $ | — |
$ | — |
$ | ||||||||||||
Asset-backed securities |
— |
— |
— |
|||||||||||||||||
Municipal bonds |
— |
— |
— |
|||||||||||||||||
Corporate bonds |
— |
— |
— |
|||||||||||||||||
Capital trust notes |
— |
— |
— |
|||||||||||||||||
Total other debt securities |
$ | — |
$ | $ | — |
$ | — |
$ | ||||||||||||
Total debt securities available for sale |
$ | — |
$ | $ | — |
$ | — |
$ | ||||||||||||
Equity securities: |
||||||||||||||||||||
Preferred stock |
$ | $ | — |
$ | — |
$ | — |
$ | ||||||||||||
Mutual funds and common stock |
— |
— |
— |
|||||||||||||||||
Total equity securities |
$ | $ | $ | — |
$ | — |
$ | |||||||||||||
Total securities |
$ | $ | $ | — |
$ | — |
$ | |||||||||||||
(Loss) Gain Included in Mortgage Banking Income from Changes in Fair Value (1) |
||||||||||||
For the Twelve Months Ended December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Loans held for sale |
$ | — |
$ | — |
$ | |||||||
Mortgage servicing rights |
— |
( |
) | ( |
) | |||||||
Total loss |
$ | — |
$ | ( |
) | $ | ( |
) | ||||
(1) |
Included in “Non-interest income.” |
Fair Value Measurements at December 31, 2019 Using |
||||||||||||||||
(in thousands) |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total Fair Value |
||||||||||||
Certain impaired loans (1) |
$ |
— |
$ |
— |
$ |
$ |
||||||||||
Other assets (2) |
— |
— |
||||||||||||||
Total |
$ |
— |
$ |
— |
$ |
$ |
||||||||||
(1) |
Represents the fair value of impaired loans, based on the value of the collateral. |
(2) |
Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. |
Fair Value Measurements at December 31, 2018 Using |
||||||||||||||||
(in thousands) |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total Fair Value |
||||||||||||
Certain impaired loans (1) |
$ | — |
$ | — |
$ | $ | ||||||||||
Other assets (2) |
— |
— |
||||||||||||||
Total |
$ | — |
$ | — |
$ | $ | ||||||||||
(1) |
Represents the fair value of impaired loans, based on the value of the collateral. |
(2) |
Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. |
December 31, 2019 |
||||||||||||||||||||
Fair Value Measurement Using |
||||||||||||||||||||
(in thousands) |
Carrying |
Estimated Fair Value |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||||
Financial Assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ |
$ |
$ |
$ | — |
$ | — |
|||||||||||||
FHLB stock (1) |
— |
— |
||||||||||||||||||
Loans and leases, net |
— |
— |
||||||||||||||||||
Financial Liabilities: |
||||||||||||||||||||
Deposits |
$ |
$ |
$ |
(2) |
$ | (3) |
$ | — |
||||||||||||
Borrowed funds |
— |
— |
(1) |
Carrying value and estimated fair value are at cost. |
(2) |
Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. |
(3) |
Certificates of deposit. |
December 31, 2018 |
||||||||||||||||||||
Fair Value Measurement Using |
||||||||||||||||||||
(in thousands) |
Carrying |
Estimated Fair Value |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||||
Financial Assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | — |
$ | — |
|||||||||||||
FHLB stock (1) |
— |
— |
||||||||||||||||||
Loans and leases, net |
— |
— |
||||||||||||||||||
Financial Liabilities: |
||||||||||||||||||||
Deposits |
$ | $ | $ | (2) |
$ | (3) |
$ | — |
||||||||||||
Borrowed funds |
— |
— |
(1) |
Carrying value and estimated fair value are at cost. |
(2) |
Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. |
(3) |
Certificates of deposit. |
December 31, |
||||||||
(in thousands) |
2019 |
2018 |
||||||
ASSETS: |
||||||||
Cash and cash equivalents |
$ |
$ | ||||||
Investments in subsidiaries |
||||||||
Receivables from subsidiaries |
||||||||
Other assets |
||||||||
Total assets |
$ |
$ | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
||||||||
Junior subordinated debentures |
$ |
$ | ||||||
Subordinated notes |
||||||||
Other liabilities |
||||||||
Total liabilities |
||||||||
Stockholders’ equity |
||||||||
Total liabilities and stockholders’ equity |
$ |
$ | ||||||
Years Ended December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
Interest income |
$ |
$ | $ | |||||||||
Dividends received from subsidiaries |
||||||||||||
Other income |
||||||||||||
Gross income |
||||||||||||
Operating expenses |
||||||||||||
Income before income tax benefit and equity in underdistributed earnings of subsidiaries |
||||||||||||
Income tax benefit |
||||||||||||
Income before equity in underdistributed earnings of subsidiaries |
||||||||||||
Equity in underdistributed earnings of subsidiaries |
||||||||||||
Net income |
$ |
$ | $ | |||||||||
Years Ended December 31, |
||||||||||||
(in thousands) |
2019 |
2018 |
2017 |
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||
Net income |
$ |
$ | $ | |||||||||
Change in other assets |
||||||||||||
Change in other liabilities |
( |
) | ( |
) | ( |
) | ||||||
Other, net |
||||||||||||
Equity in underdistributed earnings of subsidiaries |
( |
) | ( |
) | ( |
) | ||||||
Net cash provided by operating activities |
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||||||
Proceeds from sales and repayments of securities |
— |
— |
||||||||||
Change in receivable from subsidiaries, net |
( |
) | ||||||||||
Investment in subsidiaries |
— |
— |
( |
) | ||||||||
Net cash provide used ind by () investing activities |
( |
) | ( |
) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||||
Treasury stock repurchased |
( |
) | ( |
) | ( |
) | ||||||
Cash dividends paid on common and preferred stock |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from issuance of preferred stock |
— |
— |
||||||||||
Proceeds from issuance of subordinated notes |
— |
— |
||||||||||
Net cash (used in) provided by financing activities |
( |
) | ( |
) | ||||||||
Net (decrease) i ncrease |
( |
) | ||||||||||
Cash and cash equivalents at beginning of year |
||||||||||||
Cash and cash equivalents at end of year |
$ |
$ | $ | |||||||||
Risk-Based Capital |
||||||||||||||||||||||||||||||||
At December 31, 2019 |
Common Equity Tier 1 |
Tier 1 |
Total |
Leverage Capital |
||||||||||||||||||||||||||||
(dollars in thousands) |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||||||||||||
Total capital |
$ |
% | $ |
% | $ |
% | $ |
% | ||||||||||||||||||||||||
Minimum for capital adequacy purposes |
||||||||||||||||||||||||||||||||
Excess |
$ |
% | $ |
% | $ |
% | $ |
% | ||||||||||||||||||||||||
Risk-Based Capital |
||||||||||||||||||||||||||||||||
At December 31, 2018 |
Common Equity Tier 1 |
Tier 1 |
Total |
Leverage Capital |
||||||||||||||||||||||||||||
(dollars in thousands) |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||||||||||||
Total capital |
$ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||
Minimum for capital adequacy purposes |
||||||||||||||||||||||||||||||||
Excess |
$ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||
Risk-Based Capital |
||||||||||||||||||||||||||||||||
At December 31, 2019 |
Common Equity Tier 1 |
Tier 1 |
Total |
Leverage Capital |
||||||||||||||||||||||||||||
(dollars in thousands) |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||||||||||||
Total capital |
$ |
% | $ |
% | $ |
% | $ |
% | ||||||||||||||||||||||||
Minimum for capital adequacy purposes |
||||||||||||||||||||||||||||||||
Excess |
$ |
% | $ |
% | $ |
% | $ |
% | ||||||||||||||||||||||||
Risk-Based Capital |
||||||||||||||||||||||||||||||||
At December 31, 2018 |
Common Equity Tier 1 |
Tier 1 |
Total |
Leverage Capital |
||||||||||||||||||||||||||||
(dollars in thousands) |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
Amount |
Ratio |
||||||||||||||||||||||||
Total capital |
$ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||
Minimum for capital adequacy purposes |
||||||||||||||||||||||||||||||||
Excess |
$ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||
• | evaluating the metrics, including the relevance of sources of data and assumptions, used to allocate the qualitative factors, and |
• | analyzing the determination of each qualitative factor. |
• | Company’s ALLL methodology for compliance with U.S. generally accepted accounting principles, |
• | maximum qualitative factors on the highest losses over the course of the look-back period, |
• | length of the look-back period, |
• | methodology used to develop the loss emergence period assumption, |
• | individual loan grades for a selection of loans by evaluating the financial performance of the borrower and the underlying collateral, and |
• | methodology used to develop the resulting qualitative factors and effect of those factors on the ALLL compared to relevant credit risk factors and credit trends. |
New York, New York |
February 28, 2020 |
New York, New York |
February 28, 2020 |
ITEM 9. |
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. |
CONTROLS AND PROCEDURES |
ITEM 9B. |
OTHER INFORMATION |
ITEM 10. |
DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE |
ITEM 11. |
EXECUTIVE COMPENSATION |
ITEM 12. |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS |
Plan category |
Number of securities to be issued upon exercise of outstanding options, warrants, and rights (a) |
Weighted-average exerciseprice of outstanding options, warrants, and rights (b) |
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |
|||||||||
Equity compensation plans approved by security holders |
— |
— |
2,507,490 |
|||||||||
Equity compensation plans not approved by security holders |
— |
— |
— |
|||||||||
Total |
— |
— |
2,507,490 |
|||||||||
ITEM 13. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. |
PRINCIPAL ACCOUNTING FEES AND SERVICES |
ITEM 15. |
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
• | Reports of Independent Registered Public Accounting Firm; |
• | Consolidated Statements of Condition at December 31, 2019 and 2018; |
• | Consolidated Statements of Income and Comprehensive Income for each of the years in the three-year period ended December 31, 2019; |
• | Consolidated Statements of Changes in Stockholders’ Equity for each of the years in the three-year period ended December 31, 2019; |
• | Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2019; and |
• | Notes to the Consolidated Financial Statements. |
• | Management’s Report on Internal Control over Financial Reporting; and |
• | Changes in Internal Control over Financial Reporting. |
Exhibit No. |
||||
3.1 |
||||
3.2 |
||||
3.3 |
||||
3.4 |
||||
3.5 |
||||
4.1 |
||||
4.2 |
||||
4.3 |
||||
4.4 |
4.5 |
||||
4.6 |
Registrant will furnish, upon request, copies of all instruments defining the rights of holders of long-term debt instruments of the registrant and its consolidated subsidiaries. | |||
10.1 |
||||
10.2 |
||||
10.3(P) |
Form of Change in Control Agreements among the Company, the Bank, and Certain Officers* (10) | |||
10.4(P) |
Form of Queens County Savings Bank Employee Severance Compensation Plan* (10) | |||
10.5(P) |
Form of Queens County Savings Bank Outside Directors’ Consultation and Retirement Plan* (10) | |||
10.6(P) |
Form of Queens County Bancorp, Inc. Employee Stock Ownership Plan and Trust* (10) | |||
10.7(P) |
Incentive Savings Plan of Queens County Savings Bank* (11) | |||
10.8(P) |
Retirement Plan of Queens County Savings Bank* (10) | |||
10.9(P) |
Supplemental Benefit Plan of Queens County Savings Bank* (12) | |||
10.10(P) |
Excess Retirement Benefits Plan of Queens County Savings Bank* (10) | |||
10.11(P) |
Queens County Savings Bank Directors’ Deferred Fee Stock Unit Plan* (10) | |||
10.12 |
||||
10.13 |
||||
10.14 |
||||
10.15 |
||||
10.16 |
Consulting Agreement between New York Community Bancorp, Inc. and James J. Carpenter* | |||
11.0 |
||||
21.0 |
||||
23.0 |
||||
31.1 |
||||
31.2 |
||||
32.0 |
||||
101 |
The following materials from the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Condition, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to the Consolidated Financial Statements. | |||
104 |
Cover Page Interactive Date File (formatted in Inline XBRL and contained in Exhibit 101) |
* | Management plan or compensation plan arrangement. |
(1) | Incorporated by reference to Exhibits filed with the Company’s Form 10-Q for the quarterly period ended March 31, 2001 (File No. 0-22278) |
(2) | Incorporated by reference to Exhibits filed with the Company’s Form 10-K for the year ended December 31, 2003 (File No. 1-31565) |
(3) | Incorporated by reference to Exhibits to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 27, 2016 (File No. 1-31565) |
(4) | Incorporated herein by reference to 3.4 of the Registrant’s Registration Statement on Form 8-A (File No. 333-210919), as filed with the Securities and Exchange Commission on March 16, 2017 |
(5) | Incorporated by reference to Exhibits filed with the Company’s Form 10-K for the year ended December 31, 2016 (File No. 1-31565) |
(6) | Incorporated by reference to Exhibits filed with the Company’s Form 10-Q filed with the Securities and Exchange Commission on November 9, 2017 (File No. 1-31565) |
(7) | Incorporated by reference to Exhibits filed with the Company’s Form 8-K filed with the Securities and Exchange Commission on March 17, 2017 |
(8) | Incorporated by reference to Exhibits filed with the Company’s Form 8-k filed with the Securities and Exchange Commission on March 9, 2006 |
(9) | Incorporated by reference to Exhibits to Form S-8, Registration Statement filed on October 4, 2007, Registration No. 333-146512 |
(10) | Incorporated by reference to Exhibits filed with the Company’s Registration Statement filed on Form S-1, Registration No. 33-66852 |
(11) | Incorporated by reference to Exhibits to Form S-8, Registration Statement filed on October 27, 1994, Registration No. 33-85682 |
(12) | Incorporated by reference to Exhibits filed with the 1995 Proxy Statement for the Annual Meeting of Shareholders held on April 19, 1995 |
(13) | Incorporated by reference to Exhibits filed with the 2006 Proxy Statement for the Annual Meeting of Shareholders held on June 7, 2006 |
(14) | Incorporated by reference to Exhibits filed with the 2012 Proxy Statement for the Annual Meeting of Shareholders held on June 7, 2012 |
(15) | Incorporated by reference to Exhibits filed with the Company’s Form 8-K filed with the Securities and Exchange Commission on November 6, 2018 (File No. 1-31565) |
ITEM 16. |
FORM 10-K SUMMARY |
February 28, 2020 |
New York Community Bancorp, Inc. | |
(Registrant) | ||
/s/ Joseph R. Ficalora | ||
Joseph R. Ficalora | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) |
/s/ Joseph R. Ficalora |
2/28/20 |
/s/ Thomas R. Cangemi |
2/28/20 |
|||||||
Joseph R. Ficalora |
Thomas R. Cangemi |
|||||||||
President, Chief Executive Officer, and Director |
Senior Executive Vice President and Chief Financial Officer |
|||||||||
(Principal Executive Officer) |
(Principal Financial Officer) |
|||||||||
/s/ John J. Pinto |
2/28/20 |
|||||||||
John J. Pinto |
||||||||||
Executive Vice President and Chief Accounting Officer |
||||||||||
(Principal Accounting Officer) |
||||||||||
/s/ Dominick Ciampa |
2/28/20 |
/s/ Hanif W. Dahya |
2/28/20 |
|||||||
Dominick Ciampa |
Hanif W. Dahya |
|||||||||
Chairman of the Board of Directors |
Director |
|||||||||
/s/ Leslie D. Dunn |
2/28/20 |
/s/ Michael J. Levine |
2/28/20 |
|||||||
Leslie D. Dunn |
Michael J. Levine |
|||||||||
Director |
Director |
|||||||||
/s/ James J. O’Donovan |
2/28/20 |
/s/ Lawrence Rosano, Jr. |
2/28/20 |
|||||||
James J. O’Donovan |
Lawrence Rosano, Jr. |
|||||||||
Director |
Director |
|||||||||
/s/ Ronald A. Rosenfeld |
2/28/20 |
/s/ Lawrence J. Savarese |
2/28/20 |
|||||||
Ronald A. Rosenfeld |
Lawrence J. Savarese |
|||||||||
Director |
Director |
|||||||||
/s/ John M. Tsimbinos |
2/28/20 |
/s/ Robert Wann |
2/28/20 |
|||||||
John M. Tsimbinos |
Robert Wann |
|||||||||
Director |
Senior Executive Vice President, Chief Operating Officer, and Director |