Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or
“Dime” or “its”), the parent company of Dime Community Bank (the
“Bank”), today reported net income of $8.4 million for the quarter
ended March 31, 2020, or $0.24 per diluted common share, compared
with net income of $6.9 million for the quarter ended December 31,
2019, or $0.19 per diluted common share, and net income of $11.5
million for the quarter ended March 31, 2019, or $0.32 per diluted
common share.
Mr. Kenneth J. Mahon, President and Chief
Executive Officer of the Company, stated, “Core trends in our
underlying business were extremely strong. Our Net Interest Margin
(“NIM”) expanded by 12 basis points on a linked quarter basis, and
our non-interest income grew by approximately 80% on a
year-over-year basis. Excluding the impact of loan loss provisions,
pre-tax income for the quarter ended March 31, 2020 would have been
$18.7 million, or 26.8% higher than the linked quarter pre-tax
income of $14.8 million excluding loan loss provisions, and 19.8%
higher than the year-ago pre-tax income of $15.6 million excluding
loan loss provisions. These results clearly validate the progress
made on our business model transformation to-date. Importantly, we
successfully raised $72 million as a result of our preferred stock
issuance in the first quarter of 2020, supplementing already very
strong capital ratios. While no one can predict what our economy
and our country will look like once the COVID‐19 pandemic
passes, I believe our strong capital base helps position us well to
serve our customers and communities, our employees, and our
investors. I have been very encouraged by our collective
resiliency, and I am confident that this resiliency will carry us
through this crisis.”
Highlights for the first quarter of 2020
included:
- The Company raised $72 million and
issued 2,999,200 shares of perpetual preferred stock in the first
quarter of 2020. Outlined below are the Company’s Consolidated
Capital Ratios.
|
Q1 2020 |
Q4 2019 |
Q1 2019 |
Total Equity to Total Assets |
10.17% |
9.39% |
9.36% |
Tangible Equity to Tangible Assets (1) |
9.38% |
8.59% |
8.58% |
Tier 1 Leverage Ratio |
9.80% |
8.79% |
8.81% |
Total Risk-Based Capital Ratio |
15.21% |
14.08% |
13.77% |
(1) See "Non-GAAP Reconciliation" tables for reconciliation of
tangible equity and tangible assets. |
- Linked quarter NIM expansion of 12
basis points primarily driven by a 14 basis point linked quarter
decrease in the cost of deposits;
- The Business Banking division’s
loan portfolio reached $1.41 billion (or 27% of total loans) at
March 31, 2020, versus $1.28 billion (or 24% of total loans) at
December 31, 2019. The Business Banking portfolio’s growth
continues to be accretive to our overall NIM;
- Strong growth in checking account
balances. Compared to the first quarter of 2019, the sum of average
non-interest-bearing checking account balances and average
interest-bearing checking account balances for the first quarter of
2020 increased by 22% to $626.5 million;
- Loan-to-deposit ratio declined to
122.8% at March 31, 2020, versus 124.9% at March 31, 2019;
- Our Municipal Banking division,
which began operations in the fourth quarter of 2019, grew its
deposit portfolio to approximately $78 million at March 31,
2020;
- Total non-interest income grew to
$4.2 million in the first quarter of 2020, driven by $1.2 million
of customer-related loan level swap income and $1.9 million of BOLI
income (which included $1.1 million of income from death benefits),
versus $2.4 million for the first quarter of 2019; and
- The Company repurchased 1,274,679
shares of its common stock, which represented 3.6% of beginning
period shares outstanding, in the first quarter of 2020, at a
weighted average price of $16.22.
COVID-19 Pandemic
The COVID-19 pandemic has caused substantial
disruptions to the global economy and the communities we serve. In
response to the pandemic, we implemented our contingency plans,
which included company-wide remote working arrangements, and
modified hours and operations in our branches.
- Over 200 employees, which represents 100% of our non‐branch
staff, are currently working remotely.
- 24 of our 28 branches continue to operate and service our
customers.
We are focused on supporting our clients who may
be experiencing financial hardships due to COVID-19, including
making loan modifications as needed. Our modifications programs,
which formally began in the month of April, primarily consist of
short-term deferrals of interest and principal payments to be
collected at the maturity of the loan. As of April 21, 2020, we
have formally approved the following loans for deferral.
($ in millions) |
# of Loans |
Balance |
1-4 Family Residential |
15 |
$17,690 |
Multifamily Residential and Residential Mixed-Use |
72 |
279,419 |
Commercial Real Estate and Commercial Mixed-Use |
62 |
234,788 |
Commercial and Industrial |
10 |
27,093 |
We are closely monitoring the rapid developments
and uncertainties regarding the pandemic, including various
segments of our loan portfolio that may be disproportionately
impacted by the pandemic. As of March 31, 2020, the Company had 8
loans aggregating $26.7 million to Restaurants and 12 loans
aggregating $172.8 million to Hotels. The Company does not have any
exposure to the Energy Industry, Airline Industry, Leveraged
Lending, Shared National Credits, Credits Card Loans, or Auto
Loans.
Mr. Mahon commented, “We are deeply committed to
being a source of capital to businesses in our geographic
footprint. Over the past several years, we have taken numerous
steps, including hiring personnel and adding new processes
and systems, that have enabled us to help our business
customers, primarily small and mid‐size businesses. Of note,
we have been a very active participant in the Small Business
Administration’s (“SBA”) Paycheck Protection Program (“PPP”). As of
April 21st, we received over 1,000 applications and we have
registered approximately $163 million of loans with the SBA as part
of the PPP; total fee income from processing PPP loans is expected
to be approximately $5 million.”
Mr. Mahon concluded, “We remain confident in our
long-term underlying strength and stability, and our ability to
navigate these challenging conditions. The largest segment within
our loan portfolio (approximately 61% at March 31, 2020)
remains in multifamily loans. New York City multifamily loans
were one of the best performing credits during the financial crisis
of 2008. Year after year, Dime had one of the lowest loss
rates in the nation. Given the low loan-to-value (“LTV”) nature of
our multifamily portfolio (weighted average of approximately
52% at March 31, 2020), we anticipate our track record will
continue.”
Management’s Discussion of Quarterly
Operating Results
Net Interest Income
Net interest income in the first quarter of 2020
was $40.5 million, an increase of $1.1 million (2.9%) from the
fourth quarter of 2019 and an increase of $5.2 million (14.7%) from
the first quarter of 2019. The table below provides a
reconciliation of the reported NIM and the NIM excluding the impact
of loan prepayment fees.
($ in millions) |
Q1 2020 |
Q4 2019 |
Q1 2019 |
NIM |
2.72% |
2.60% |
2.31% |
Net Interest Income |
$40,524 |
$39,397 |
$35,324 |
Income from Loan Prepayment Activity |
$1,975 |
$1,979 |
$820 |
Net Interest Income Excluding Prepayment Fee Income |
$38,549 |
$37,418 |
$34,504 |
NIM, Excluding Prepayment Fee |
2.59% |
2.47% |
2.26% |
Mr. Mahon commented, “Our NIM (excluding the
impact of prepayment fees) has now increased for six consecutive
quarters. As anticipated, our business model transformation is
producing the desired results on NIM.”
Average interest-earning assets were $5.95
billion for the first quarter of 2020, a 7.0% (annualized) decrease
from $6.06 billion for the fourth quarter of 2019, and a 2.6%
decrease from $6.11 billion for the first quarter of 2019. For the
first quarter of 2020, the average yield on interest-earning assets
was 3.96%, a decrease of 3 basis points compared with the fourth
quarter of 2019, and an increase of 18 basis points compared to the
first quarter of 2019.
The ending weighted average rate (“WAR”) on the
total loan portfolio was 4.00% at March 31, 2020, which represents
a 4 basis point decrease, versus the ending WAR on the total loan
portfolio at December 31, 2019, and a 10 basis point increase
versus the ending WAR on the total loan portfolio at March 31,
2019. Commenting on the linked quarter decline in the WAR on the
loan portfolio, Mr. Mahon said “As a result of the Federal Reserve
rate cuts in March, the WAR on our loan portfolio declined modestly
on a linked quarter basis. This decline in loan rates was more than
offset by a 14 basis point linked quarter decline in the cost of
deposits.”
The average cost of borrowed funds (which
primarily consists of Federal Home Loan Bank advances) was 2.15%
for the first quarter of 2020, a decrease of 20 basis points versus
the fourth quarter of 2019, and a decrease of 28 basis points
versus the first quarter of 2019.
Loans
The real estate loan portfolio decreased by
$127.9 million (10.2% annualized) during the first quarter of 2020,
primarily due to managed run-off in the Bank’s lower-yielding
legacy multifamily business. Total real estate loan originations
were $166.8 million during the first quarter of 2020, at a weighted
average interest rate of 4.05%. Real estate loan amortization and
satisfactions totaled $289.1 million, or 23.5% (annualized) of the
portfolio balance, at an average rate of 3.86%. The annualized real
estate loan payoff rate of 23.5% for the first quarter of 2020 was
lower than the fourth quarter of 2019 (24.5% annualized) and higher
than the first quarter of 2019 (11.6% annualized).
Average real estate loans were $4.95 billion in
the first quarter of 2020, a decrease of $127.8 million (-10.1%
annualized) from the fourth quarter of 2019, and a decrease of
$241.6 million (-4.6%) from the first quarter of 2019.
Average C&I loans were $327.7 million in the
first quarter of 2020, an increase of $8.1 million (10.1%
annualized) from the fourth quarter of 2019, and an increase of
$79.4 million (32.0%) from the first quarter of 2019.
Outlined below are the loan originations for the
current quarter, linked quarter and year-ago quarter.
($s in millions) |
Originations/ Weighted Average Rate |
Real Estate Originations |
Q1 2020 |
Q4 2019 |
Q1 2019 |
Business Banking |
$122.0/4.10% |
$84.6/5.11% |
$147.8/5.02% |
All Other |
$44.8/3.91% |
$65.3/4.08% |
$86.1/4.99% |
Total Real Estate |
$166.8/4.05% |
$149.9/4.66% |
$233.9/5.01% |
C&I Originations |
$51.9/4.95% |
$60.5/5.78% |
$52.6/5.66% |
Deposits and Borrowed Funds
The Company continues to focus on growing
relationship-based business deposits sourced from its retail
branches and its Business Banking division. The Business Banking
division ended the first quarter of 2020 with approximately $185.6
million of low-cost relationship-based checking and leasehold
deposits at an average rate of approximately six basis points and
total deposits of $386.1 million at an average rate of 49 basis
points.
The cost of total deposits decreased 14 basis
points on a linked quarter basis. Mr. Mahon commented,
“Importantly, we continue to improve the quality of our deposit
base, as evidenced by the non-interest- bearing deposits to total
deposits ratio increasing to 11.3% at March 31, 2020, compared to
9.5% at March 31, 2019.”
Total deposits decreased by $42.8 million on a
linked quarter basis to $4.24 billion at March 31, 2020. Mr. Mahon
commented, “We continue to proactively adjust pricing on various
deposit categories and we managed downward higher-cost, more rate
sensitive deposit balances.”
The loan-to-deposit ratio was 122.8% at March
31, 2020, compared to 124.7% at December 31, 2019 and 124.9% at
March 31, 2019.
Total borrowings, excluding subordinated debt
securities, was $1.11 billion at March 31, 2020, compared to $1.20
billion at the fourth quarter of 2019, and $1.13 billion at the
first quarter of 2019.
Non-Interest Income
Non-interest income was $4.2 million during the
first quarter of 2020, $3.6 million during the fourth quarter of
2019, and $2.4 million during the first quarter of 2019. Excluding
gains and losses on equity securities and from sales of securities
and other assets, and BOLI death benefit proceeds ($1.1 million of
BOLI death benefit proceeds was recognized in the first quarter of
2020), non-interest income was $3.6 million during the first
quarter of 2020 compared to $3.4 million during the fourth quarter
of 2019 and $2.2 million during the first quarter of 2019.
Mr. Mahon commented, “We continue to gain
traction with our commercial customers on our interest rate swap
products. Fees associated with customer level swaps were $1.2
million for the first quarter of 2020 versus $0.4 million for the
fourth quarter of 2019.”
Non-Interest Expense
Total non-interest expense was $26.0 million
during the first quarter of 2020, $28.3 million during the fourth
quarter of 2019, and $22.1 million during the first quarter of
2019. During the fourth quarter of 2019, the Company recognized
$3.8 million of expenses related to the extinguishment of FHLB
borrowings and $0.2 million of non-recurring expenses associated
with a branch consolidation. Excluding the non-recurring item in
the fourth quarter of 2019, non-interest expense was $24.3 million.
The increase in the current quarter compared to the linked quarter,
excluding the loss from the extinguishment of debt, was primarily
due to a $1.6 million increase in salaries and benefits
expense.
The ratio of non-interest expense to average
assets was 1.68% during the first quarter of 2020, compared to
1.80% for the fourth quarter of 2019 and 1.39% for the first
quarter of 2019. The efficiency ratio was 57.6% during the first
quarter of 2020, compared to 66.0% during the linked quarter and
59.2% during the first quarter of 2019. Excluding the expenses
related to the extinguishment of FHLB borrowings and the
non-recurring branch consolidation expense, the ratio of
non-interest expense to average assets was 1.55% and the efficiency
ratio was 56.7% during the fourth quarter of 2019.
Income Tax Expense
The reported effective tax rate for the first
quarter of 2020 was 21.6% versus 18.5% for the fourth quarter of
2019, as a result of higher pre-tax income in 2020.
Credit Quality
Non-performing loans at March 31, 2020 were
$18.2 million, or 0.4% of total loans, compared to $11.1 million,
or 0.2% of total loans, at December 31, 2019. The increase in
non-performing loans was due to a single real estate relationship,
totaling $7.1 million with an LTV of 36%, that moved into
non-performing status in the first quarter of 2020. During April
2020, the Bank entered into a contract to sell the loan notes and
does not anticipate any losses from the sale.
Under Section 4014 of the recently enacted
Coronavirus Aid, Relief, and Economic Security Act (the “CARES”
Act), financial institutions had the option to delay the adoption
of the Current Expected Credit Loss (“CECL”) framework until the
earlier of December 31, 2020 or when the national emergency is
lifted. The Bank elected to defer adoption of CECL and is still
utilizing its existing incurred loss framework.
A loan loss provision of $8.0 million was
recorded during the first quarter of 2020, compared to a loan loss
provision of $6.2 million during the fourth quarter of 2019, and a
loan loss provision of $0.3 million during the first quarter of
2019. The $8.0 million provision for the first quarter of 2020 was
associated with an increase in the general loan loss reserve due to
the adjustment of qualitative factors tied to the Bank’s existing
incurred loss framework, to account for the effects of the COVID-19
pandemic and related economic disruption.
The allowance for loan losses was 0.70% of total
loans at March 31, 2020 as compared to 0.53% of total loans at
December 31, 2019.
At March 31, 2020, non-performing assets
represented 3.1% of the sum of tangible equity plus the allowance
for loan losses and reserve for contingent liabilities (see
“Problem Assets as a Percentage of Tangible Equity and Reserves”
table and “Non-GAAP Reconciliation” table at the end of this news
release).
Capital Management
The Company’s regulatory capital ratios
continued to be in excess of all applicable regulatory
requirements. At March 31, 2020, the Consolidated Tier 1 capital to
average assets (“leverage ratio”) was 9.80%, while the Tier 1
capital to risk-weighted assets and Total capital to risk-weighted
assets ratios were 12.15% and 15.21%, respectively.
The Bank’s regulatory capital ratios continued
to be in excess of all applicable regulatory requirements. At March
31, 2020, the Bank’s leverage ratio was 9.93%, while the Tier 1
capital to risk-weighted assets and Total capital to risk-weighted
assets ratios were 12.72% and 13.47%, respectively.
Diluted earnings per common share of $0.24
exceeded the quarterly $0.14 cash dividend per share by 71% during
the first quarter of 2020, equating to a 58.3% dividend payout
ratio.
Book value per common share was $16.93 and
tangible common book value per share (common equity less goodwill
divided by number of shares outstanding) (see “Non-GAAP
Reconciliation” tables at the end of this news release) was $15.29
at March 31, 2020.
Earnings Call Information
The Company will conduct a conference call at
8:30 a.m. (ET) on April 28, 2020, during which the President and
Chief Executive Officer, Kenneth J. Mahon, will discuss the
Company’s first quarter performance, with a Q&A session to
follow. Dial-in information for the live call is 1-888-348-2672.
Upon dialing in, request to be joined into Dime Community
Bancshares, Inc. call with the conference operator.
The conference call will be simultaneously
webcast (listen only), and archived for a period of one year, at
https://services.choruscall.com/links/dcom200428.html. Dial-in
information for the replay is 1-877-344-7529 using access code
#10142673. Replay will be available April 28, 2020 (9:30 a.m. (ET))
through May 5, 2020 (11:59 p.m. (ET)).
ABOUT DIME COMMUNITY BANCSHARES,
INC.The Company had $6.35 billion in consolidated assets
as of March 31, 2020. The Bank was founded in 1864, is
headquartered in Brooklyn, New York, and currently has 28 retail
branches located throughout Brooklyn, Queens, the Bronx, Nassau and
Suffolk Counties, New York. More information on the Company and the
Bank can be found on Dime's website at www.dime.com.
This news release contains a number of
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
These statements may be identified by use of words such as
"anticipate," "believe," “continue,” "could," "estimate," "expect,"
"intend," “likely,” "may," "outlook," "plan," "potential,"
"predict," "project," "should," "will," "would" and similar terms
and phrases, including references to assumptions.
Forward-looking statements are based upon
various assumptions and analyses made by the Company in light of
management's experience and its perception of historical trends,
current conditions and expected future developments, as well as
other factors it believes are appropriate under the circumstances.
These statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors (many of which
are beyond the Company's control) that could cause actual results
to differ materially from future results expressed or implied by
such forward-looking statements. Accordingly, you should not place
undue reliance on such statements. Factors that could affect our
results include, without limitation, the following: the timing and
occurrence or non-occurrence of events may be subject to
circumstances beyond the Company’s control; there may be increases
in competitive pressure among financial institutions or from
non-financial institutions; changes in the interest rate
environment may reduce interest margins; changes in deposit flows,
loan demand or real estate values may adversely affect the business
of the Company and/or the Bank; unanticipated or significant
increases in loan losses may negatively affect the Company’s
financial condition or results of operations; changes in accounting
principles, policies or guidelines may cause the Company’s
financial condition to be perceived differently; changes in
corporate and/or individual income tax laws may adversely affect
the Company's financial condition or results of operations; general
economic conditions, either nationally or locally in some or all
areas in which the Company conducts business, or conditions in the
securities markets or the banking industry may be less favorable
than the Company currently anticipates; legislation or regulatory
changes may adversely affect the Company’s business; technological
changes may be more difficult or expensive than the Company
anticipates; there may be failures or breaches of information
technology security systems; success or consummation of new
business initiatives may be more difficult or expensive than the
Company anticipates; or litigation or other matters before
regulatory agencies, whether currently existing or commencing in
the future, may delay the occurrence or non-occurrence of events
longer than the Company anticipates. Further, given its ongoing and
dynamic nature, it is difficult to predict what effects the
COVID-19 pandemic will have on our business and results of
operations. The pandemic and related local and national economic
disruption may, among other effects, result in a decline in demand
for our products and services; increased levels of loan
delinquencies, problem assets and foreclosures; branch closures,
work stoppages and unavailability of personnel; and increased
cybersecurity risks, as employees increasingly work remotely.
Contact: Avinash
ReddySenior Executive Vice President – Chief
Financial Officer718-782-6200 extension
5909
DIME
COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
(Dollars in
thousands except share amounts) |
|
|
|
|
|
March
31, |
|
December
31, |
|
|
2020 |
|
|
|
2019 |
|
ASSETS: |
|
|
|
Cash and due
from banks |
$246,153 |
|
|
$155,488 |
|
Mortgage-backed securities available-for-sale, at fair value |
|
500,758 |
|
|
|
502,464 |
|
Investment
securities available-for-sale, at fair value |
|
57,067 |
|
|
|
48,531 |
|
Marketable
equity securities, at fair value |
|
5,398 |
|
|
|
5,894 |
|
Real
Estate Loans: |
|
|
|
One-to-four family and cooperative/condominium apartment |
|
176,755 |
|
|
|
148,429 |
|
Multifamily residential and residential mixed-use (1)(2) |
|
3,160,248 |
|
|
|
3,385,375 |
|
Commercial real estate and commercial mixed-use |
|
1,403,985 |
|
|
|
1,350,185 |
|
Acquisition, development, and construction ("ADC") |
|
133,514 |
|
|
|
118,365 |
|
Total
real estate loans |
|
4,874,502 |
|
|
|
5,002,354 |
|
Commercial and industrial ("C&I") |
|
331,816 |
|
|
|
336,412 |
|
Other
loans |
|
956 |
|
|
|
1,772 |
|
Allowance for credit losses |
|
(36,463 |
) |
|
|
(28,441 |
) |
Total loans, net |
|
5,170,811 |
|
|
|
5,312,097 |
|
Premises and
fixed assets, net |
|
21,631 |
|
|
|
21,692 |
|
Premises
held for sale |
|
514 |
|
|
|
514 |
|
Loans held
for sale |
|
1,430 |
|
|
|
500 |
|
Federal Home
Loan Bank of New York ("FHLBNY") capital stock |
|
57,146 |
|
|
|
56,019 |
|
Bank Owned
Life Insurance ("BOLI") |
|
133,128 |
|
|
|
114,257 |
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
Operating
lease assets |
|
36,582 |
|
|
|
37,858 |
|
Other
assets |
|
61,569 |
|
|
|
43,508 |
|
TOTAL ASSETS |
$6,347,825 |
|
|
$6,354,460 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
Deposits: |
|
|
|
Non-interest-bearing checking |
$479,376 |
|
|
$478,549 |
|
Interest-bearing checking |
|
162,198 |
|
|
|
151,491 |
|
Savings |
|
390,994 |
|
|
|
374,265 |
|
Money
Market |
|
1,565,761 |
|
|
|
1,705,451 |
|
Sub-total |
|
2,598,329 |
|
|
|
2,709,756 |
|
Certificates
of deposit |
|
1,641,497 |
|
|
|
1,572,869 |
|
Total Due to Depositors |
|
4,239,826 |
|
|
|
4,282,625 |
|
Escrow and
other deposits |
|
116,097 |
|
|
|
76,481 |
|
FHLBNY
advances |
|
1,117,300 |
|
|
|
1,092,250 |
|
Subordinated
notes payable, net |
|
113,942 |
|
|
|
113,906 |
|
Other
borrowings |
|
- |
|
|
|
110,000 |
|
Operating
lease liabilities |
|
42,614 |
|
|
|
44,098 |
|
Other
liabilities |
|
72,398 |
|
|
|
38,342 |
|
TOTAL LIABILITIES |
|
5,702,177 |
|
|
|
5,757,702 |
|
STOCKHOLDERS' EQUITY: |
|
|
|
Preferred
stock, Series A ($0.01 par, $25.00 liquidation value, 9,000,000
shares authorized, 2,992,200 shares issued and |
|
|
|
outstanding at March 31, 2020, and none issued or outstanding at
December 31, 2019) |
|
72,224 |
|
|
|
- |
|
Common stock
($0.01 par, 125,000,000 shares authorized, 53,721,189 shares and
53,721,189 shares issued at March 31, 2020 |
|
|
|
and
December 31, 2019, respectively, and 33,875,386 shares and
35,154,642 shares outstanding at March 31, 2020 and |
|
|
|
December 31, 2019, respectively) |
|
537 |
|
|
|
537 |
|
Additional
paid-in capital |
|
279,327 |
|
|
|
279,322 |
|
Retained
earnings |
|
585,294 |
|
|
|
581,817 |
|
Accumulated
other comprehensive loss, net of deferred taxes |
|
(12,632 |
) |
|
|
(5,940 |
) |
Unearned
equity awards |
|
(6,067 |
) |
|
|
(6,731 |
) |
Common Stock
held by the Benefit Maintenance Plan |
|
(1,496 |
) |
|
|
(1,496 |
) |
Treasury
stock, at cost (19,845,803 shares and 18,566,547 shares at March
31, 2020 and December 31, 2019, respectively) |
|
(271,539 |
) |
|
|
(250,751 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
645,648 |
|
|
|
596,758 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$6,347,825 |
|
|
$6,354,460 |
|
|
|
|
|
(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. |
|
|
DIME
COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Dollars in thousands except share and per share
amounts) |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March
31, |
|
December 31, |
|
March
31, |
|
2020 |
|
|
2019 |
|
2019 |
|
Interest income: |
|
|
|
|
|
Loans
secured by real estate |
$50,117 |
|
|
$51,390 |
|
$49,177 |
|
Commercial and industrial ("C&I") loans |
4,045 |
|
|
3,968 |
|
3,436 |
|
Other
loans |
15 |
|
|
16 |
|
18 |
|
Mortgage-backed securities |
3,305 |
|
|
3,135 |
|
3,197 |
|
Investment securities |
421 |
|
|
636 |
|
420 |
|
Other
short-term investments |
1,002 |
|
|
1,198 |
|
1,447 |
|
Total interest income |
58,905 |
|
|
60,343 |
|
57,695 |
|
Interest expense: |
|
|
|
|
|
Deposits and escrow |
11,926 |
|
|
14,209 |
|
15,017 |
|
Borrowed funds |
6,455 |
|
|
6,737 |
|
7,354 |
|
Total interest expense |
18,381 |
|
|
20,946 |
|
22,371 |
|
Net interest
income |
40,524 |
|
|
39,397 |
|
35,324 |
|
Provision for loan losses |
8,012 |
|
|
6,240 |
|
321 |
|
Net
interest income after provision for loan losses |
32,512 |
|
|
33,157 |
|
35,003 |
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
Service charges and other fees |
1,203 |
|
|
1,662 |
|
1,099 |
|
Mortgage banking income, net |
66 |
|
|
80 |
|
68 |
|
Gain
(loss) on equity securities |
(472 |
) |
|
101 |
|
268 |
|
Gain
(loss) on sale of securities and other assets |
8 |
|
|
98 |
|
(76 |
) |
Gain
on sale of loans |
315 |
|
|
503 |
|
255 |
|
Income from BOLI |
1,887 |
|
|
706 |
|
694 |
|
Loan
level derivative income |
1,163 |
|
|
422 |
|
- |
|
Other |
66 |
|
|
55 |
|
52 |
|
Total non-interest income |
4,236 |
|
|
3,627 |
|
2,360 |
|
Non-interest expense: |
|
|
|
|
|
Salaries and employee benefits |
14,916 |
|
|
13,361 |
|
11,884 |
|
Stock
benefit plan compensation expense |
671 |
|
|
494 |
|
284 |
|
Occupancy and equipment |
4,056 |
|
|
4,509 |
|
3,869 |
|
Data
processing costs |
2,024 |
|
|
2,039 |
|
2,066 |
|
Marketing |
397 |
|
|
595 |
|
466 |
|
Federal deposit insurance premiums |
477 |
|
|
75 |
|
454 |
|
Loss
from extinguishment of debt |
- |
|
|
3,780 |
|
- |
|
Other |
3,499 |
|
|
3,412 |
|
3,029 |
|
Total non-interest expense |
26,040 |
|
|
28,265 |
|
22,052 |
|
|
|
|
|
|
|
Income before taxes |
10,708 |
|
|
8,519 |
|
15,311 |
|
Income tax expense |
2,316 |
|
|
1,574 |
|
3,810 |
|
|
|
|
|
|
|
Net
income |
8,392 |
|
|
6,945 |
|
11,501 |
|
Preferred
stock dividends |
- |
|
|
- |
|
- |
|
Net
income available to common stockholders |
$8,392 |
|
|
$6,945 |
|
$11,501 |
|
|
|
|
|
|
|
Earnings per Common Share ("EPS"): |
|
|
|
|
|
Basic |
$ 0.24 |
|
|
$ 0.20 |
|
$ 0.32 |
|
Diluted |
$ 0.24 |
|
|
$ 0.19 |
|
$ 0.32 |
|
|
|
|
|
|
|
Average common shares outstanding for Diluted
EPS |
34,631,965 |
|
|
35,567,196 |
|
35,976,915 |
|
DIME
COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS |
(Dollars in
thousands except per share amounts) |
|
|
|
|
|
|
|
At or For the Three Months Ended |
|
March
31, |
|
December
31, |
|
March
31, |
|
2020 |
|
|
2019 |
|
|
2019 |
|
Per
Share Data: |
|
|
|
|
|
Reported EPS
(Diluted) |
$0.24 |
|
|
$0.19 |
|
|
$0.32 |
|
Cash
dividends paid per common share |
0.14 |
|
|
0.14 |
|
|
0.14 |
|
Book value
per common share |
16.93 |
|
|
16.98 |
|
|
16.83 |
|
Tangible
common book value per share (1) |
15.29 |
|
|
15.39 |
|
|
15.29 |
|
Dividend
payout ratio |
58.33% |
|
|
73.68% |
|
|
43.75% |
|
|
|
|
|
|
|
Performance Ratios (Based upon Reported Net
Income): |
|
|
|
|
|
Return on
average assets |
0.54% |
|
|
0.44% |
|
|
0.72% |
|
Return on
average equity |
5.35 |
|
|
4.58 |
|
|
7.62 |
|
Return on
average tangible equity (1) |
5.87 |
|
|
5.05 |
|
|
8.39 |
|
Return on
average tangible common equity (1) |
6.48 |
|
|
5.05 |
|
|
8.39 |
|
Net interest
spread |
2.46 |
|
|
2.34 |
|
|
2.02 |
|
Net interest
margin |
2.72 |
|
|
2.60 |
|
|
2.31 |
|
Average
interest-earning assets to average interest-bearing
liabilities |
120.93 |
|
|
120.29 |
|
|
118.14 |
|
Non-interest
expense to average assets |
1.68 |
|
|
1.80 |
|
|
1.39 |
|
Efficiency
ratio |
57.58 |
|
|
66.00 |
|
|
59.22 |
|
Loan-to-deposit ratio at end of period |
122.82 |
|
|
124.70 |
|
|
124.93 |
|
CRE
consolidated concentration ratio (2) |
588.64 |
|
|
663.40 |
|
|
706.70 |
|
Effective
tax rate |
21.63 |
|
|
18.48 |
|
|
24.88 |
|
|
|
|
|
|
|
Average Balance Data: |
|
|
|
|
|
Average
assets |
$6,207,949 |
|
|
$6,279,715 |
|
|
$6,364,098 |
|
Average
interest-earning assets |
5,949,363 |
|
|
6,055,922 |
|
|
6,111,293 |
|
Average
loans |
5,283,487 |
|
|
5,403,147 |
|
|
5,445,301 |
|
Average
deposits |
4,177,592 |
|
|
4,355,122 |
|
|
4,341,045 |
|
Average
equity |
627,344 |
|
|
606,084 |
|
|
604,074 |
|
Average
tangible equity (1) |
571,706 |
|
|
550,446 |
|
|
548,436 |
|
Average
tangible common equity (1) |
517,787 |
|
|
550,446 |
|
|
548,436 |
|
|
|
|
|
|
|
Asset Quality Summary: |
|
|
|
|
|
Non-performing loans (excluding loans held for sale) |
$18,157 |
|
|
$11,091 |
|
|
$5,425 |
|
Non-performing assets |
18,157 |
|
|
11,091 |
|
|
5,425 |
|
Loans
delinquent 30 to 89 days at period end |
13 |
|
|
682 |
|
|
338 |
|
Net
(recoveries) charge-offs |
(10 |
) |
|
5,093 |
|
|
162 |
|
Non-performing loans/ Total loans |
0.35% |
|
|
0.21% |
|
|
0.10% |
|
Non-performing assets/ Total assets |
0.29 |
|
|
0.17 |
|
|
0.08 |
|
Allowance
for loan loss/ Total loans |
0.70 |
|
|
0.53 |
|
|
0.40 |
|
Allowance
for loan loss/ Non-performing loans |
200.82 |
|
|
256.43 |
|
|
404.44 |
|
|
|
|
|
|
|
Capital Ratios - Consolidated: |
|
|
|
|
|
Tangible
common equity to tangible assets (1) |
8.23% |
|
|
8.59% |
|
|
8.58% |
|
Tangible
equity to tangible assets (1) |
9.38 |
|
|
8.59 |
|
|
8.58 |
|
Tier 1
common equity ratio |
10.69 |
|
|
11.15 |
|
|
11.04 |
|
Tier 1
risk-based capital ratio |
12.15 |
|
|
11.15 |
|
|
11.04 |
|
Total
risk-based capital ratio |
15.21 |
|
|
14.08 |
|
|
13.77 |
|
Tier 1
leverage ratio |
9.80 |
|
|
8.79 |
|
|
8.81 |
|
|
|
|
|
|
|
Capital Ratios - Bank Only: |
|
|
|
|
|
Tier 1
common equity ratio |
12.72% |
|
|
12.85% |
|
|
12.39% |
|
Tier 1
risk-based capital ratio |
12.72 |
|
|
12.85 |
|
|
12.39 |
|
Total
risk-based capital ratio |
13.47 |
|
|
13.44 |
|
|
12.84 |
|
Tier 1
leverage ratio |
9.93 |
|
|
10.15 |
|
|
9.77 |
|
|
|
|
|
|
|
(1) See "Non-GAAP Reconciliation" table for reconciliation of
tangible equity, 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. |
DIME
COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
UNAUDITED
AVERAGE BALANCES AND NET INTEREST INCOME |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, 2020 |
|
December 31, 2019 |
|
March 31, 2019 |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Average |
|
Yield/ |
|
Balance |
Interest |
Cost |
|
Balance |
Interest |
Cost |
|
Balance |
Interest |
Cost |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Real estate loans |
$4,954,391 |
$50,117 |
4.05% |
|
$5,082,206 |
$51,390 |
4.04% |
|
$5,195,951 |
$49,177 |
3.79% |
Commercial and industrial loans |
327,653 |
4,045 |
4.94 |
|
319,553 |
3,968 |
4.97 |
|
248,267 |
3,436 |
5.54 |
Other loans |
1,443 |
15 |
4.16 |
|
1,388 |
16 |
4.61 |
|
1,083 |
18 |
6.65 |
Mortgage-backed securities |
486,722 |
3,305 |
2.72 |
|
454,384 |
3,135 |
2.76 |
|
464,303 |
3,197 |
2.75 |
Investment securities |
47,060 |
421 |
3.58 |
|
66,544 |
636 |
3.82 |
|
47,177 |
420 |
3.56 |
Other short-term investments |
132,094 |
1,002 |
3.03 |
|
131,847 |
1,198 |
3.63 |
|
154,512 |
1,447 |
3.75 |
Total interest-earning assets |
5,949,363 |
58,905 |
3.96% |
|
6,055,922 |
60,343 |
3.99% |
|
6,111,293 |
57,695 |
3.78% |
Non-interest-earning assets |
258,586 |
|
|
|
223,793 |
|
|
|
252,805 |
|
|
Total
assets |
$6,207,949 |
|
|
|
$6,279,715 |
|
|
|
$6,364,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$159,027 |
$87 |
0.22% |
|
$147,510 |
$83 |
0.22% |
|
$115,243 |
$22 |
0.08% |
Money market accounts |
1,580,779 |
3,586 |
0.91 |
|
1,780,485 |
5,062 |
1.13 |
|
2,029,794 |
7,640 |
1.53 |
Savings accounts |
383,769 |
367 |
0.38 |
|
366,234 |
290 |
0.31 |
|
331,662 |
45 |
0.06 |
Certificates of deposit |
1,586,549 |
7,886 |
2.00 |
|
1,603,921 |
8,774 |
2.17 |
|
1,466,439 |
7,310 |
2.02 |
Total interest-bearing deposits |
3,710,124 |
11,926 |
1.29 |
|
3,898,150 |
14,209 |
1.45 |
|
3,943,138 |
15,017 |
1.54 |
FHLBNY advances |
1,085,553 |
5,085 |
1.88 |
|
1,008,398 |
5,348 |
2.10 |
|
1,105,546 |
5,959 |
2.19 |
Subordinated notes payable, net |
113,918 |
1,330 |
4.70 |
|
113,882 |
1,330 |
4.63 |
|
113,772 |
1,330 |
4.74 |
Other borrowings |
9,890 |
40 |
1.63 |
|
14,097 |
59 |
1.66 |
|
10,289 |
65 |
2.56 |
Borrowed Funds |
1,209,361 |
6,455 |
2.15 |
|
1,136,377 |
6,737 |
2.35 |
|
1,229,607 |
7,354 |
2.43 |
Total interest-bearing liabilities |
4,919,485 |
18,381 |
1.50% |
|
5,034,527 |
20,946 |
1.65% |
|
5,172,745 |
22,371 |
1.75% |
Non-interest-bearing checking accounts |
467,468 |
|
|
|
456,972 |
|
|
|
397,907 |
|
|
Other
non-interest-bearing liabilities |
193,652 |
|
|
|
182,132 |
|
|
|
189,372 |
|
|
Total liabilities |
5,580,605 |
|
|
|
5,673,631 |
|
|
|
5,760,024 |
|
|
Stockholders' equity |
627,344 |
|
|
|
606,084 |
|
|
|
604,074 |
|
|
Total
liabilities and stockholders' equity |
$6,207,949 |
|
|
|
$6,279,715 |
|
|
|
$6,364,098 |
|
|
Net interest
income |
|
$40,524 |
|
|
|
$39,397 |
|
|
|
$35,324 |
|
Net interest
spread |
|
|
2.46% |
|
|
|
2.34% |
|
|
|
2.02% |
Net
interest-earning assets |
$1,029,878 |
|
|
|
$1,021,395 |
|
|
|
$938,548 |
|
|
Net interest
margin |
|
|
2.72% |
|
|
|
2.60% |
|
|
|
2.31% |
Ratio of
interest-earning assets to interest-bearing liabilities |
|
120.93% |
|
|
|
120.29% |
|
|
|
118.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
(including non-interest-bearing checking accounts) |
$4,177,592 |
$11,926 |
1.15% |
|
$4,355,122 |
$14,209 |
1.29% |
|
$4,341,045 |
$15,017 |
1.40% |
DIME
COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
UNAUDITED
SCHEDULE OF LOAN COMPOSITION AND WEIGHTED AVERAGE RATES
("WAR") (1) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2020 |
|
At December 31, 2019 |
|
At March 31, 2019 |
|
Balance |
WAR |
|
Balance |
WAR |
|
Balance |
WAR |
Loan
balances at period end: |
|
|
|
|
|
|
|
|
One-to-four family residential, including condominium and
cooperative apartment |
$176,755 |
3.89% |
|
$148,429 |
4.28% |
|
$107,709 |
4.58% |
Multifamily residential and residential mixed-use (2)(3) |
3,160,248 |
3.78 |
|
3,385,375 |
3.75 |
|
3,831,145 |
3.61 |
Commercial real estate and commercial mixed-use |
1,403,985 |
4.28 |
|
1,350,185 |
4.31 |
|
1,245,806 |
4.23 |
Acquisition, development, and construction ("ADC") |
133,514 |
5.11 |
|
118,365 |
5.82 |
|
54,222 |
6.61 |
Total real estate loans |
4,874,502 |
3.96 |
|
5,002,354 |
3.96 |
|
5,238,882 |
3.81 |
Commercial and industrial ("C&I") |
331,816 |
4.49 |
|
336,412 |
5.18 |
|
266,415 |
5.72 |
Total |
$5,206,318 |
4.00% |
|
$5,338,766 |
4.04% |
|
$5,505,297 |
3.90% |
|
|
|
|
|
|
|
|
|
(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. |
DIME
COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
UNAUDITED
SCHEDULE OF NON-PERFORMING ASSETS AND TROUBLED DEBT RESTRUCTURINGS
("TDRs") |
(Dollars in thousands) |
|
|
|
|
|
At
March 31, |
|
At December
31, |
At
March 31, |
|
2020 |
|
2019 |
|
2019 |
Non-Performing Loans |
|
|
|
|
|
One-to-four family residential, including condominium and
cooperative apartment |
$6,685 |
|
$794 |
|
$706 |
Multifamily residential and residential mixed-use (1)(2) |
1,332 |
|
153 |
|
276 |
Commercial real estate and commercial mixed-use real estate
(2) |
56 |
|
60 |
|
4,205 |
C&I |
10,082 |
|
10,082 |
|
232 |
Other |
2 |
|
2 |
|
6 |
Total
Non-Performing Loans (3) |
$ 18,157 |
|
$ 11,091 |
|
$ 5,425 |
Total Non-Performing Assets |
$ 18,157 |
|
$ 11,091 |
|
$ 5,425 |
|
|
|
|
|
|
Performing
TDR Loans |
|
|
|
|
|
One-to-four family and cooperative/condominium
apartment |
$- |
|
$- |
|
$12 |
Multifamily residential and mixed-use residential real
estate (1)(2) |
- |
|
- |
|
261 |
Commercial real estate and commercial mixed-use real estate
(2) |
- |
|
- |
|
4,061 |
Total Performing TDRs |
$- |
|
$- |
|
$ 4,334 |
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
PROBLEM
ASSETS AS A PERCENTAGE OF TANGIBLE EQUITY AND
RESERVES |
(Dollars in thousands) |
|
|
|
|
|
|
|
At
March 31, |
|
At December
31, |
At
March 31, |
|
2020 |
|
2019 |
|
2019 |
Total
Non-Performing Assets |
$18,157 |
|
$11,091 |
|
$5,425 |
Loans 90
days or more past due on accrual status (4) |
1,033 |
|
1,533 |
|
6,955 |
TOTAL
PROBLEM ASSETS |
$19,190 |
|
$12,624 |
|
$12,380 |
|
|
|
|
|
|
Tangible
equity (5) |
$590,010 |
|
$541,120 |
|
$550,636 |
Allowance
for loan losses and reserves for contingent liabilities |
36,488 |
|
28,466 |
|
21,966 |
TANGIBLE EQUITY PLUS RESERVES |
$626,498 |
|
$569,586 |
|
$572,602 |
|
|
|
|
|
|
PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE EQUITY AND RESERVES |
3.1% |
|
2.2% |
|
2.2% |
|
|
|
|
|
|
(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. |
DIME
COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
NON-GAAP
RECONCILIATION |
(Dollars in
thousands except per share amounts) |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March
31, |
|
December
31, |
|
March
31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
Reconciliation of Reported and Adjusted ("non-GAAP") Net
Income: |
|
|
|
|
|
Reported net
income |
$ |
8,392 |
|
|
$ |
6,945 |
|
|
$ |
11,501 |
|
Adjustments
to net income, net of tax (1): |
|
|
|
|
|
Add: Loss
from extinguishment of debt |
|
- |
|
|
|
2,584 |
|
|
|
- |
|
Add: Branch
consolidation |
|
- |
|
|
|
126 |
|
|
|
- |
|
Less: Loss
(Gain) on sale of securities |
|
(5 |
) |
|
|
(67 |
) |
|
|
52 |
|
Adjusted
("non-GAAP") net income |
$ |
8,387 |
|
|
$ |
9,588 |
|
|
$ |
11,553 |
|
|
|
|
|
|
|
Adjusted Ratios (Based upon "non-GAAP Net Income" as
calculated above): |
|
|
|
|
|
Adjusted EPS
(Diluted) |
$ |
0.24 |
|
|
$ |
0.27 |
|
|
$ |
0.32 |
|
Adjusted
return on average assets |
|
0.54% |
|
|
|
0.61% |
|
|
|
0.73% |
|
Adjusted
return on average equity |
|
5.35 |
|
|
|
6.33 |
|
|
|
7.65 |
|
Adjusted
return on average tangible equity |
|
5.87 |
|
|
|
6.97 |
|
|
|
8.43 |
|
Adjusted
return on average tangible common equity |
|
6.48 |
|
|
|
6.97 |
|
|
|
8.43 |
|
Adjusted
non-interest expense to average assets |
|
1.68 |
|
|
|
1.55 |
|
|
|
1.39 |
|
Adjusted
efficiency ratio |
|
57.58 |
|
|
|
56.74 |
|
|
|
59.22 |
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
March
31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
Reconciliation of Tangible Assets: |
|
|
|
|
|
Total
assets |
$ |
6,347,825 |
|
|
$ |
6,354,460 |
|
|
$ |
6,475,301 |
|
Less: |
|
|
|
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
Tangible
assets |
$ |
6,292,187 |
|
|
$ |
6,298,822 |
|
|
$ |
6,419,663 |
|
|
|
|
|
|
|
Reconciliation of Tangible Common Equity -
Consolidated: |
|
|
|
|
|
Total common
equity |
$ |
645,648 |
|
|
$ |
596,758 |
|
|
$ |
606,274 |
|
Less: |
|
|
|
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
Tangible equity |
|
590,010 |
|
|
|
541,120 |
|
|
|
550,636 |
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Preferred Stock, net |
|
72,224 |
|
|
|
- |
|
|
|
- |
|
Tangible common equity |
$ |
517,786 |
|
|
$ |
541,120 |
|
|
$ |
550,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustments to net income are taxed at the Company's statutory
tax rate of approximately 32% unless otherwise noted. |
|
|
|
|
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