($ in millions)
|
Q4 2019
|
Q3 2019
|
Q4 2018
|
|
NIM
|
2.60%
|
2.34%
|
2.46%
|
|
Net Interest Income
|
$39,397
|
$36,196
|
$37,150
|
|
Income from Loan Prepayment Activity
|
$1,979
|
$830
|
$3,167
|
|
Net Interest Income Excluding Prepayment Fee Income
|
$37,418
|
$35,366
|
$33,983
|
|
NIM, Excluding Prepayment Fee
|
2.47%
|
2.29%
|
2.25%
|
• |
Strong growth in checking account balances. Compared to the fourth quarter of 2018, the sum of average non-interest bearing checking account balances and average interest bearing checking account balances
for the fourth quarter of 2019 increased by 20.4% to $604.5 million;
|
• |
The cost of deposits declined by 20 basis points on a linked quarter basis;
|
• |
The newly launched Municipal Banking division began operations and has boarded several deposit relationships already. Total municipal balances exceeded $20 million at December 31, 2019;
|
• |
The Business Banking division’s loan portfolio reached $1.28 billion (or 24% of total loans) at December 31, 2019, versus $647.7 million (or 12% of total loans) at December 31, 2018.
|
• |
Business Banking loan originations for the fourth quarter of 2019 were at significantly higher rates than the overall portfolio. The weighted average rate (“WAR”) on Business Banking real estate originations
was 5.11% and the WAR on C&I originations was 5.78% for the quarter ended December 31, 2019, compared to the total real estate and C&I loan portfolio WAR of 4.04% for the quarter ended December 31, 2019;
|
• |
Total non-interest income grew to $3.6 million in the fourth quarter of 2019, driven by $0.4 million of customer-related loan level swap income and $0.3 million of gains from the sale of Small Business
Administration (“SBA”) loans, versus $1.8 million for the fourth quarter of 2018;
|
• |
The Company repurchased 759,200 shares of its common stock, which represented approximately 2% of beginning period shares outstanding, in the fourth quarter of 2019 at a weighted average price of $20.23; and
|
• |
Consolidated Company commercial real estate (“CRE”) concentration ratio declined to 663% at December 31, 2019, versus 703% at December 31, 2018.
|
($s in millions)
|
Originations/ Weighted Average Rate
|
|||
Real Estate Originations
|
Q4 2019
|
Q3 2019
|
Q4 2018
|
|
Business Banking
|
$84.6/5.11%
|
$126.3/4.95%
|
$101.2/5.08%
|
|
All Other
|
$65.3/4.08%
|
$39.7/4.87%
|
$131.6/4.74%
|
|
Total Real Estate
|
$149.9/4.66%
|
$166.0/4.93%
|
$232.8/4.89%
|
|
C&I Originations
|
$60.5/5.78%
|
$26.5/6.07%
|
$41.2/6.12%
|
December 31,
2019
|
September 30,
2019
|
December 31,
2018
|
||||||||||
ASSETS:
|
||||||||||||
Cash and due from banks
|
$
|
155,488
|
$
|
112,541
|
$
|
147,256
|
||||||
Mortgage-backed securities available-for-sale, at fair value
|
502,464
|
453,018
|
466,605
|
|||||||||
Investment securities available-for-sale, at fair value
|
48,531
|
66,590
|
36,280
|
|||||||||
Marketable equity securities, at fair value
|
5,894
|
5,835
|
5,667
|
|||||||||
Real Estate Loans:
|
||||||||||||
One-to-four family and cooperative/condominium apartment
|
148,429
|
134,361
|
96,847
|
|||||||||
Multifamily residential and residential mixed-use (1)(2)
|
3,385,375
|
3,608,156
|
3,866,788
|
|||||||||
Commercial real estate and commercial mixed-use
|
1,350,185
|
1,333,763
|
1,170,085
|
|||||||||
Acquisition, development, and construction ("ADC")
|
118,365
|
95,767
|
29,402
|
|||||||||
Total real estate loans
|
5,002,354
|
5,172,047
|
5,163,122
|
|||||||||
Commercial and industrial ("C&I")
|
336,412
|
309,593
|
229,504
|
|||||||||
Other loans
|
1,772
|
1,389
|
1,192
|
|||||||||
Allowance for loan losses
|
(28,441
|
)
|
(27,294
|
)
|
(21,782
|
)
|
||||||
Total loans, net
|
5,312,097
|
5,455,735
|
5,372,036
|
|||||||||
Premises and fixed assets, net
|
21,692
|
22,507
|
24,713
|
|||||||||
Premises held for sale
|
514
|
-
|
-
|
|||||||||
Loans held for sale
|
500
|
1,839
|
1,097
|
|||||||||
Federal Home Loan Bank of New York capital stock
|
56,019
|
54,421
|
57,551
|
|||||||||
Bank Owned Life Insurance ("BOLI")
|
114,257
|
113,551
|
111,427
|
|||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Operating lease assets
|
37,858
|
38,856
|
-
|
|||||||||
Other assets
|
43,508
|
44,804
|
42,308
|
|||||||||
TOTAL ASSETS
|
$
|
6,354,460
|
$
|
6,425,335
|
$
|
6,320,578
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||||||
Deposits:
|
||||||||||||
Non-interest-bearing checking
|
$
|
478,549
|
$
|
416,457
|
$
|
395,477
|
||||||
Interest-bearing checking
|
151,491
|
135,721
|
115,972
|
|||||||||
Savings
|
374,265
|
356,767
|
336,669
|
|||||||||
Money Market
|
1,705,451
|
1,831,773
|
2,098,599
|
|||||||||
Sub-total
|
2,709,756
|
2,740,718
|
2,946,717
|
|||||||||
Certificates of deposit
|
1,572,869
|
1,650,688
|
1,410,037
|
|||||||||
Total Due to Depositors
|
4,282,625
|
4,391,406
|
4,356,754
|
|||||||||
Escrow and other deposits
|
76,481
|
110,233
|
85,234
|
|||||||||
Federal Home Loan Bank of New York advances
|
1,092,250
|
1,056,750
|
1,125,350
|
|||||||||
Subordinated Notes Payable, net
|
113,906
|
113,869
|
113,759
|
|||||||||
Other Borrowings
|
110,000
|
60,000
|
-
|
|||||||||
Operating lease liabilities
|
44,098
|
45,117
|
-
|
|||||||||
Other liabilities
|
38,342
|
39,056
|
37,400
|
|||||||||
TOTAL LIABILITIES
|
5,757,702
|
5,816,431
|
5,718,497
|
|||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 53,721,189 shares, 53,699,694 shares, and 53,690,825 shares issued at December 31, 2019, September 30,
2019, and December 31, 2018, respectively, and 35,154,642 shares, 35,951,652 shares shares, and 36,081,455 shares outstanding at December 31, 2019, September 30, 2019, and December 31, 2018, respectively)
|
537
|
537
|
537
|
|||||||||
Additional paid-in capital
|
279,322
|
279,768
|
277,512
|
|||||||||
Retained earnings
|
581,817
|
579,830
|
565,713
|
|||||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(5,940
|
)
|
(6,308
|
)
|
(6,500
|
)
|
||||||
Unearned equity award common stock
|
(6,731
|
)
|
(8,892
|
)
|
(3,623
|
)
|
||||||
Common stock held by the Benefit Maintenance Plan
|
(1,496
|
)
|
(1,496
|
)
|
(1,509
|
)
|
||||||
Treasury stock (18,566,547 shares, 17,748,042 shares, and 17,609,370 shares at December 31, 2019, September 30, 2019, and December 31, 2018, respectively)
|
(250,751
|
)
|
(234,535
|
)
|
(230,049
|
)
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
596,758
|
608,904
|
602,081
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
6,354,460
|
$
|
6,425,335
|
$
|
6,320,578
|
(1)
|
Includes loans underlying cooperatives.
|
(2) |
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the
residential nature of the collateral underlying this significant component of the total loan portfolio.
|
For the Three Months Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||
December 31,
2019
|
September 30,
2019
|
December 31,
2018
|
December 31,
2019
|
December 31,
2018
|
||||||||||||||||
Interest income:
|
||||||||||||||||||||
Loans secured by real estate
|
$
|
51,390
|
$
|
50,732
|
$
|
49,953
|
$
|
202,110
|
$
|
194,842
|
||||||||||
Commercial and industrial ("C&I") loans
|
3,968
|
4,442
|
3,200
|
15,980
|
9,741
|
|||||||||||||||
Other loans
|
16
|
18
|
19
|
70
|
74
|
|||||||||||||||
Mortgage-backed securities
|
3,135
|
2,973
|
3,279
|
12,266
|
10,794
|
|||||||||||||||
Investment securities
|
636
|
626
|
240
|
2,252
|
363
|
|||||||||||||||
Other short-term investments
|
1,198
|
1,488
|
1,359
|
5,590
|
5,896
|
|||||||||||||||
Total interest income
|
60,343
|
60,279
|
58,050
|
238,268
|
221,710
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits and escrow
|
14,209
|
16,582
|
14,289
|
62,079
|
50,389
|
|||||||||||||||
Borrowed funds
|
6,737
|
7,501
|
6,611
|
28,768
|
24,995
|
|||||||||||||||
Total interest expense
|
20,946
|
24,083
|
20,900
|
90,847
|
75,384
|
|||||||||||||||
Net interest income
|
39,397
|
36,196
|
37,150
|
147,421
|
146,326
|
|||||||||||||||
Provision for loan losses
|
6,240
|
11,228
|
603
|
17,340
|
2,244
|
|||||||||||||||
Net interest income after provision for loan losses
|
33,157
|
24,968
|
36,547
|
130,081
|
144,082
|
|||||||||||||||
Non-interest income:
|
||||||||||||||||||||
Service charges and other fees
|
1,662
|
1,780
|
1,199
|
5,805
|
4,642
|
|||||||||||||||
Mortgage banking income, net
|
80
|
77
|
75
|
286
|
367
|
|||||||||||||||
Gain (loss) on equity securities
|
101
|
14
|
(416
|
)
|
531
|
(302
|
)
|
|||||||||||||
Gain on sale of securities and other assets
|
98
|
66
|
-
|
31
|
1,370
|
|||||||||||||||
Gain on sale of loans
|
503
|
443
|
159
|
1,540
|
302
|
|||||||||||||||
Income from BOLI
|
706
|
723
|
721
|
2,830
|
2,882
|
|||||||||||||||
Loan level derivative income
|
422
|
197
|
-
|
910
|
-
|
|||||||||||||||
Other
|
55
|
61
|
83
|
235
|
262
|
|||||||||||||||
Total non-interest income
|
3,627
|
3,361
|
1,821
|
12,168
|
9,523
|
|||||||||||||||
Non-interest expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
13,361
|
12,948
|
12,042
|
50,254
|
45,066
|
|||||||||||||||
Stock benefit plan compensation expense
|
494
|
574
|
326
|
1,843
|
1,524
|
|||||||||||||||
Occupancy and equipment
|
4,509
|
3,970
|
3,836
|
16,175
|
15,250
|
|||||||||||||||
Data processing costs
|
2,039
|
1,803
|
1,635
|
7,816
|
7,009
|
|||||||||||||||
Marketing
|
595
|
466
|
1,030
|
1,992
|
3,198
|
|||||||||||||||
Federal deposit insurance premiums
|
75
|
(506
|
)
|
448
|
609
|
1,969
|
||||||||||||||
Loss from extinguishment of debt
|
3,780
|
-
|
-
|
3,780
|
-
|
|||||||||||||||
Other
|
3,412
|
3,519
|
3,428
|
12,918
|
12,874
|
|||||||||||||||
Total non-interest expense
|
28,265
|
22,774
|
22,745
|
95,387
|
86,890
|
|||||||||||||||
Income before taxes
|
8,519
|
5,555
|
15,623
|
46,862
|
66,715
|
|||||||||||||||
Income tax expense
|
1,574
|
850
|
3,183
|
10,676
|
15,427
|
|||||||||||||||
Net Income
|
$
|
6,945
|
$
|
4,705
|
$
|
12,440
|
$
|
36,186
|
$
|
51,288
|
||||||||||
Earnings per Share ("EPS"):
|
||||||||||||||||||||
Basic
|
$
|
0.20
|
$
|
0.13
|
$
|
0.34
|
$
|
1.01
|
$
|
1.38
|
||||||||||
Diluted
|
$
|
0.19
|
$
|
0.13
|
$
|
0.34
|
$
|
1.01
|
$
|
1.38
|
||||||||||
Average common shares outstanding for Diluted EPS
|
35,567,196
|
35,769,461
|
36,296,298
|
35,780,725
|
37,087,762
|
At or For the Three Months Ended
|
At or For the Twelve Months Ended
|
|||||||||||||||||||
December 31,
2019
|
September 30,
2019
|
December 31,
2018
|
December 31,
2019
|
December 31,
2018
|
||||||||||||||||
Per Share Data:
|
||||||||||||||||||||
Reported EPS (Diluted)
|
$
|
0.19
|
$
|
0.13
|
$
|
0.34
|
$
|
1.01
|
$
|
1.38
|
||||||||||
Cash dividends paid per share
|
0.14
|
0.14
|
0.14
|
0.56
|
0.56
|
|||||||||||||||
Book value per share
|
16.98
|
16.94
|
16.68
|
16.98
|
16.68
|
|||||||||||||||
Tangible book value per share (1)
|
15.39
|
15.39
|
15.14
|
15.39
|
15.14
|
|||||||||||||||
Dividend payout ratio
|
73.68
|
%
|
107.69
|
%
|
41.18
|
%
|
55.45
|
%
|
40.58
|
%
|
||||||||||
Performance Ratios (Based upon Reported Net Income):
|
||||||||||||||||||||
Return on average assets
|
0.44
|
%
|
0.29
|
%
|
0.80
|
%
|
0.57
|
%
|
0.82
|
%
|
||||||||||
Return on average common equity
|
4.58
|
%
|
3.08
|
%
|
8.25
|
%
|
5.96
|
%
|
8.44
|
%
|
||||||||||
Return on average tangible common equity (1)
|
5.05
|
%
|
3.39
|
%
|
9.08
|
%
|
6.56
|
%
|
9.30
|
%
|
||||||||||
Net interest spread
|
2.34
|
%
|
2.07
|
%
|
2.22
|
%
|
2.05
|
%
|
2.20
|
%
|
||||||||||
Net interest margin
|
2.60
|
%
|
2.34
|
%
|
2.46
|
%
|
2.35
|
%
|
2.41
|
%
|
||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
120.29
|
%
|
118.38
|
%
|
118.71
|
%
|
119.06
|
%
|
117.47
|
%
|
||||||||||
Non-interest expense to average assets
|
1.80
|
%
|
1.41
|
%
|
1.46
|
%
|
1.50
|
%
|
1.38
|
%
|
||||||||||
Efficiency ratio
|
66.00
|
%
|
57.69
|
%
|
57.75
|
%
|
59.98
|
%
|
56.14
|
%
|
||||||||||
Loan-to-deposit ratio at end of period
|
124.70
|
%
|
124.86
|
%
|
123.80
|
%
|
124.70
|
%
|
123.80
|
%
|
||||||||||
CRE consolidated concentration ratio (2)
|
663.4
|
%
|
678.9
|
%
|
702.7
|
%
|
663.4
|
%
|
702.7
|
%
|
||||||||||
Effective tax rate
|
18.48
|
%
|
15.30
|
%
|
20.37
|
%
|
22.78
|
%
|
23.12
|
%
|
||||||||||
Average Balance Data:
|
||||||||||||||||||||
Average assets
|
$
|
6,279,715
|
$
|
6,446,382
|
$
|
6,251,691
|
$
|
6,370,418
|
$
|
6,279,483
|
||||||||||
Average interest-earning assets
|
6,055,922
|
6,191,299
|
6,031,823
|
6,123,256
|
6,060,291
|
|||||||||||||||
Average loans
|
5,403,147
|
5,503,233
|
5,400,166
|
5,461,034
|
5,454,128
|
|||||||||||||||
Average deposits
|
4,355,122
|
4,416,143
|
4,349,419
|
4,372,827
|
4,377,439
|
|||||||||||||||
Average common equity
|
606,084
|
610,487
|
603,358
|
606,949
|
607,353
|
|||||||||||||||
Average tangible common equity (1)
|
550,446
|
554,849
|
547,721
|
551,312
|
551,716
|
|||||||||||||||
Asset Quality Summary:
|
||||||||||||||||||||
Non-performing loans (excluding loans held for sale)
|
$
|
11,091
|
$
|
16,378
|
$
|
2,345
|
$
|
11,091
|
$
|
2,345
|
||||||||||
Non-performing assets
|
11,091
|
16,378
|
2,345
|
11,091
|
2,345
|
|||||||||||||||
Net charge-offs
|
5,093
|
5,068
|
152
|
10,681
|
1,497
|
|||||||||||||||
Non-performing loans/ Total loans
|
0.21
|
%
|
0.30
|
%
|
0.04
|
%
|
0.21
|
%
|
0.04
|
%
|
||||||||||
Non-performing assets/ Total assets
|
0.17
|
%
|
0.25
|
%
|
0.04
|
%
|
0.17
|
%
|
0.04
|
%
|
||||||||||
Allowance for loan loss/ Total loans
|
0.53
|
%
|
0.50
|
%
|
0.40
|
%
|
0.53
|
%
|
0.40
|
%
|
||||||||||
Allowance for loan loss/ Non-performing loans
|
256.43
|
%
|
166.65
|
%
|
928.87
|
%
|
256.43
|
%
|
928.87
|
%
|
||||||||||
Loans delinquent 30 to 89 days at period end
|
$
|
682
|
$
|
139
|
$
|
424
|
$
|
682
|
$
|
424
|
||||||||||
Capital Ratios - Consolidated:
|
||||||||||||||||||||
Tangible common equity to tangible assets (1)
|
8.59
|
%
|
8.69
|
%
|
8.72
|
%
|
8.59
|
%
|
8.72
|
%
|
||||||||||
Tier 1 common equity ratio
|
11.15
|
10.62
|
11.50
|
11.15
|
11.50
|
|||||||||||||||
Tier 1 risk-based capital ratio
|
11.15
|
10.62
|
11.50
|
11.15
|
11.50
|
|||||||||||||||
Total risk-based capital ratio
|
14.08
|
13.33
|
14.35
|
14.08
|
14.35
|
|||||||||||||||
Tier 1 leverage ratio
|
8.79
|
8.76
|
8.92
|
8.79
|
8.92
|
|||||||||||||||
Capital Ratios - Bank Only:
|
||||||||||||||||||||
Tier 1 common equity ratio
|
12.85
|
%
|
11.86
|
%
|
13.34
|
%
|
12.85
|
%
|
13.34
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
12.85
|
11.86
|
13.34
|
12.85
|
13.34
|
|||||||||||||||
Total risk-based capital ratio
|
13.44
|
12.38
|
13.80
|
13.44
|
13.80
|
|||||||||||||||
Tier 1 leverage ratio
|
10.15
|
9.75
|
10.31
|
10.15
|
10.31
|
(1) |
See "Non-GAAP Reconciliation" table for reconciliation of tangible common equity and tangible assets. Average balances are calculated using the ending balance for months during the period indicated.
|
(2) |
The CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner occupied commercial real estate, multifamily, and ADC, divided by consolidated capital.
|
For the Three Months Ended
|
||||||||||||||||||||||||||||||||||||
December 31, 2019
|
September 30, 2019
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Real estate loans
|
$
|
5,082,206
|
$
|
51,390
|
4.04
|
%
|
$
|
5,188,967
|
$
|
50,732
|
3.91
|
%
|
$
|
5,179,805
|
$
|
49,953
|
3.86
|
%
|
||||||||||||||||||
Commercial and industrial loans
|
319,553
|
3,968
|
4.97
|
312,472
|
4,442
|
5.69
|
219,295
|
3,200
|
5.84
|
|||||||||||||||||||||||||||
Other loans
|
1,388
|
16
|
4.61
|
1,794
|
18
|
4.01
|
1,066
|
19
|
7.13
|
|||||||||||||||||||||||||||
Mortgage-backed securities
|
454,384
|
3,135
|
2.76
|
432,071
|
2,973
|
2.75
|
472,965
|
3,279
|
2.77
|
|||||||||||||||||||||||||||
Investment securities
|
66,544
|
636
|
3.82
|
74,349
|
626
|
3.37
|
19,728
|
240
|
4.87
|
|||||||||||||||||||||||||||
Other short-term investments
|
131,847
|
1,198
|
3.63
|
181,646
|
1,488
|
3.28
|
138,964
|
1,359
|
3.91
|
|||||||||||||||||||||||||||
Total interest-earning assets
|
6,055,922
|
60,343
|
3.99
|
%
|
6,191,299
|
60,279
|
3.89
|
%
|
6,031,823
|
58,050
|
3.85
|
%
|
||||||||||||||||||||||||
Non-interest-earning assets
|
223,793
|
255,083
|
219,868
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
6,279,715
|
$
|
6,446,382
|
$
|
6,251,691
|
||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing checking accounts
|
$
|
147,510
|
$
|
83
|
0.22
|
%
|
$
|
125,310
|
$
|
56
|
0.18
|
%
|
$
|
114,563
|
$
|
60
|
0.21
|
%
|
||||||||||||||||||
Money market accounts
|
1,780,485
|
5,062
|
1.13
|
1,845,594
|
6,883
|
1.48
|
2,131,276
|
7,630
|
1.42
|
|||||||||||||||||||||||||||
Savings accounts
|
366,234
|
290
|
0.31
|
341,170
|
157
|
0.18
|
338,837
|
47
|
0.06
|
|||||||||||||||||||||||||||
Certificates of deposit
|
1,603,921
|
8,774
|
2.17
|
1,674,478
|
9,485
|
2.25
|
1,377,207
|
6,552
|
1.89
|
|||||||||||||||||||||||||||
Total interest-bearing deposits
|
3,898,150
|
14,209
|
1.45
|
3,986,552
|
16,582
|
1.65
|
3,961,883
|
14,289
|
1.43
|
|||||||||||||||||||||||||||
Borrowed Funds
|
1,136,377
|
6,737
|
2.35
|
1,243,561
|
7,501
|
2.39
|
1,119,225
|
6,611
|
2.34
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
5,034,527
|
20,946
|
1.65
|
%
|
5,230,113
|
24,083
|
1.83
|
%
|
5,081,108
|
20,900
|
1.63
|
%
|
||||||||||||||||||||||||
Non-interest-bearing checking accounts
|
456,972
|
429,591
|
387,536
|
|||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities
|
182,132
|
176,191
|
179,689
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
5,673,631
|
5,835,895
|
5,648,333
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
606,084
|
610,487
|
603,358
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,279,715
|
$
|
6,446,382
|
$
|
6,251,691
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
39,397
|
$
|
36,196
|
$
|
37,150
|
||||||||||||||||||||||||||||||
Net interest spread
|
2.34
|
%
|
2.07
|
%
|
2.22
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets
|
$
|
1,021,395
|
$
|
961,186
|
$
|
950,715
|
||||||||||||||||||||||||||||||
Net interest margin
|
2.60
|
%
|
2.34
|
%
|
2.46
|
%
|
||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
120.29
|
%
|
118.38
|
%
|
118.71
|
%
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Deposits (including non-interest-bearing checking accounts)
|
$
|
4,355,122
|
$
|
14,209
|
1.29
|
%
|
$
|
4,416,143
|
$
|
16,582
|
1.49
|
%
|
$
|
4,349,419
|
$
|
14,289
|
1.30
|
%
|
At December 31, 2019
|
At September 30, 2019
|
At December 31, 2018
|
||||||||||||||||||||||
Balance
|
WAR
|
Balance
|
WAR
|
Balance
|
WAR
|
|||||||||||||||||||
Loan balances at period end:
|
||||||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
148,429
|
4.28
|
%
|
$
|
134,361
|
4.38
|
%
|
$
|
96,847
|
4.59
|
%
|
||||||||||||
Multifamily residential and residential mixed-use (2)(3)
|
3,385,375
|
3.75
|
3,608,156
|
3.72
|
3,866,788
|
3.56
|
||||||||||||||||||
Commercial real estate and commercial mixed-use
|
1,350,185
|
4.31
|
1,333,763
|
4.31
|
1,170,085
|
4.17
|
||||||||||||||||||
Acquisition, development, and construction ("ADC")
|
118,365
|
5.82
|
95,767
|
6.00
|
29,402
|
6.64
|
||||||||||||||||||
Total real estate loans
|
5,002,354
|
3.96
|
5,172,047
|
3.93
|
5,163,122
|
3.74
|
||||||||||||||||||
Commercial and industrial ("C&I")
|
336,412
|
5.18
|
309,593
|
5.46
|
229,504
|
5.76
|
||||||||||||||||||
Total
|
$
|
5,338,766
|
4.04
|
%
|
$
|
5,481,640
|
4.02
|
%
|
$
|
5,392,626
|
3.82
|
%
|
(1) |
Weighted average rate is calculated by aggregating interest based on the current loan rate from each loan in the category, divided by the total amount of loans in the category.
|
(2) |
Includes loans underlying cooperatives.
|
(3) |
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize
the residential nature of the collateral underlying this significant component of the total loan portfolio.
|
At December 31,
2019 |
At September 30,
2019 |
At December 31,
2018 |
||||||||||
Non-Performing Loans
|
||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
794
|
$
|
1,161
|
$
|
712
|
||||||
Multifamily residential and residential mixed-use (1)(2)
|
153
|
153
|
280
|
|||||||||
Commercial real estate and commercial mixed-use real estate (2)
|
60
|
63
|
1,041
|
|||||||||
C&I
|
10,082
|
15,000
|
309
|
|||||||||
Other
|
2
|
1
|
3
|
|||||||||
Total Non-Performing Loans (3)
|
$
|
11,091
|
$
|
16,378
|
$
|
2,345
|
||||||
Total Non-Performing Assets
|
$
|
11,091
|
$
|
16,378
|
$
|
2,345
|
||||||
Performing TDR Loans
|
||||||||||||
One-to-four family and cooperative/condominium apartment
|
$
|
-
|
$
|
9
|
$
|
14
|
||||||
Multifamily residential and mixed-use residential real estate (1)(2)
|
-
|
-
|
271
|
|||||||||
Commercial real estate and commercial mixed-use real estate (2)
|
-
|
-
|
4,084
|
|||||||||
Total Performing TDRs
|
$
|
-
|
$
|
9
|
$
|
4,369
|
(1)
|
Includes loans underlying cooperatives.
|
(2)
|
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate
loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
|
(3)
|
There were no non-accruing TDRs for the periods indicated.
|
At December 31,
2019 |
At September 30,
2019 |
At December 31,
2018 |
||||||||||
Total Non-Performing Assets
|
$
|
11,091
|
$
|
16,378
|
$
|
2,345
|
||||||
Loans 90 days or more past due on accrual status (4)
|
1,533
|
380
|
100
|
|||||||||
TOTAL PROBLEM ASSETS
|
$
|
12,624
|
$
|
16,758
|
$
|
2,445
|
||||||
Tangible common equity (5)
|
$
|
541,120
|
$
|
553,266
|
$
|
546,443
|
||||||
Allowance for loan losses and reserves for contingent liabilities
|
28,466
|
27,319
|
21,807
|
|||||||||
TANGIBLE COMMON EQUITY PLUS RESERVES
|
$
|
569,586
|
$
|
580,585
|
$
|
568,250
|
||||||
TEXAS RATIO (PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE COMMON EQUITY AND RESERVES)
|
2.2
|
%
|
2.9
|
%
|
0.4
|
%
|
(4) |
These loans were, as of the respective dates indicated, expected to be either satisfied, made current or re-financed in the near future, and were not expected to result in any loss of contractual principal or interest. These
loans are not included in non-performing loans.
|
(5) |
See "Non-GAAP Reconciliation" table for reconciliation of tangible common equity and tangible assets.
|
For the Three Months Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||
December 31,
2019
|
September 30,
2019
|
December 31,
2018
|
December 31,
2019
|
December 31,
2018
|
||||||||||||||||
Reconciliation of Reported and Adjusted ("non-GAAP") Net Income:
|
||||||||||||||||||||
Reported net income
|
$
|
6,945
|
$
|
4,705
|
$
|
12,440
|
$
|
36,186
|
$
|
51,288
|
||||||||||
Adjustments to net income, net of tax (1):
|
||||||||||||||||||||
Add: Loss from extinguishment of debt
|
2,584
|
-
|
-
|
2,584
|
-
|
|||||||||||||||
Add: Branch consolidation
|
126
|
-
|
-
|
126
|
-
|
|||||||||||||||
Add: Severance Payment
|
-
|
-
|
496
|
-
|
496
|
|||||||||||||||
Less: Loss (Gain) on sale of securities
|
(67
|
)
|
(45
|
)
|
-
|
(21
|
)
|
(930
|
)
|
|||||||||||
Tax adjustment
|
-
|
-
|
(716
|
)
|
-
|
(912
|
)
|
|||||||||||||
Adjusted ("non-GAAP") net income
|
$
|
9,588
|
$
|
4,660
|
$
|
12,220
|
$
|
38,875
|
$
|
49,942
|
||||||||||
Adjusted Ratios (Based upon "non-GAAP Net Income" as calculated above):
|
||||||||||||||||||||
Adjusted EPS (Diluted)
|
$
|
0.27
|
$
|
0.13
|
$
|
0.34
|
$
|
1.08
|
$
|
1.35
|
||||||||||
Adjusted return on average assets
|
0.61
|
%
|
0.29
|
%
|
0.78
|
%
|
0.61
|
%
|
0.80
|
%
|
||||||||||
Adjusted return on average common equity
|
6.33
|
3.05
|
8.10
|
6.40
|
8.22
|
|||||||||||||||
Adjusted return on average tangible common equity
|
6.97
|
3.36
|
8.92
|
7.05
|
9.05
|
|||||||||||||||
Adjusted non-interest expense to average assets
|
1.55
|
1.41
|
1.41
|
1.44
|
1.37
|
|||||||||||||||
Adjusted efficiency ratio
|
56.74
|
57.69
|
55.89
|
57.49
|
55.66
|
December 31,
2019
|
September 30,
2019
|
December 31,
2018
|
||||||||||
Reconciliation of Tangible Assets:
|
||||||||||||
Total assets
|
$
|
6,354,460
|
$
|
6,425,335
|
$
|
6,320,578
|
||||||
Less:
|
||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Tangible assets
|
$
|
6,298,822
|
$
|
6,369,697
|
$
|
6,264,940
|
||||||
Reconciliation of Tangible Common Equity - Consolidated:
|
||||||||||||
Total common equity
|
$
|
596,758
|
$
|
608,904
|
$
|
602,081
|
||||||
Less:
|
||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Tangible common equity
|
$
|
541,120
|
$
|
553,266
|
$
|
546,443
|
(1) |
Adjustments to net income are taxed at the Company's statutory tax rate of approximately 32% unless otherwise noted.
|