Dime Community Bancshares Reports Earnings
Net Income of $0.30 per Diluted Share; Credit Quality Remains
Solid
BROOKLYN, NY--(Marketwired - Oct 28, 2013) - Dime
Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company" or
"Dime"), the parent company of The Dime Savings Bank of
Williamsburgh (the "Bank"), today reported financial results for
the quarter ended September 30, 2013. Consolidated net income for
the quarter was $10.6 million, or $0.30 per diluted share, compared
to $12.0 million, or $0.34 per diluted share, for the quarter ended
June 30, 2013, and $11.8 million, or $0.34 per diluted share, for
the quarter ended September 30, 2012.
Vincent F. Palagiano, Chairman and Chief Executive Officer of
Dime, commented, "We were pleased to post another solid quarter of
earnings, as we continue to be impacted by the heavy refinancing
activities in our lending marketplace. We closed $289.6
million of loans during the September 2013 quarter, and the
annualized growth rate in the real estate loan portfolio has
approximated 6% during the first nine months of 2013, putting the
Company on track to meet its 2013 goal. Prepayment fees were
$1.2 million lower in the third quarter compared to the second
quarter, adversely impacting diluted earnings per share by
$0.02. Net interest margin excluding prepayment fees declined
8 basis points to 2.98%, providing the bulk of the remaining
decline in diluted earnings per share from the June 2013
quarter."
"More importantly," continued Mr. Palagiano, "interest rate
offerings in the multifamily sector have turned up from their
historic lows in this cycle, as the yield curve continues to
steepen, albeit modestly. Should the present conditions
persist, we anticipate net interest margin and the average loan
portfolio yield hitting their cyclical bottom in the upcoming
quarters."
Loan amortization and satisfactions, including refinances of
existing loans, declined from a 33.2% annualized rate during the
June 2013 quarter to 25.7% during the September 2013
quarter. Prepayment fee income, which is generally
proportional to amortization levels, also fell from $4.6 million
(or $0.08 per diluted share after-tax) during the June 2013 quarter
to $3.4 million (or $0.06 per diluted share after tax) during the
September 2013 quarter.
OPERATING RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2013
Net Interest Margin Net interest margin ("NIM") was
3.35% during the quarter ended September 30, 2013 compared to 3.55%
during the June 2013 quarter. For forecasting purposes, the
"core" NIM, which excludes the effect of loan prepayment fees,
decreased from 3.06% during the June 2013 quarter to 2.98% during
the September 2013 quarter, reflecting a reduction of 10 basis
points in the average yield on interest earning assets (primarily
caused by a reduction of 16 basis points in the average yield on
real estate loans exclusive of the effects of prepayment fee
income), that was partially offset by a reduction of 5 basis points
in the average cost of interest bearing liabilities.
A 5 basis point decline in the average cost of deposits helped
to reduce the average cost of all interest bearing liabilities, as
bank deposit rates (mainly short term) remained low in the Bank's
market area.
The 16 basis point decline in the average yield on real estate
loans (excluding the effects of prepayment fee income) on a linked
quarter basis resulted from the cumulative effect of increased
portfolio refinance and amortization activities during the period
October 2012 through September 2013, as U.S. Treasury yields
hovered at historically low levels, and loans repriced at lower
rates. Throughout the summer, there was a slight uptick in the
offering rate on new multifamily originations, so that the range of
rates for a prime, low-loan-to-value 5 year repricing loan was in
the 3.50 - 3.75% range.
Net Interest Income Net interest income was $31.7
million in the quarter ended September 30, 2013, down $2.1 million
from $33.8 million reported in the June 2013 quarter, and down $1.7
million from $33.4 million reported in the September 2012
quarter. Prepayment fee income on loans totaled $3.4 million
during the September 2013 quarter, compared to $4.6 million
recognized in the June 2013 quarter and $3.1 million during the
September 2012 quarter. Absent the impact of loan prepayment
fee income, net interest income was $28.2 million during the
September 30, 2013 quarter, down $874,000 from the June 30, 2013
quarter and $1.9 million from the September 30, 2012
quarter. The decline in net interest income (excluding loan
prepayment fee income) from the June 2013 quarter resulted
primarily from a decline of 10 basis points in the average yield
earned on the Company's interest earning assets, reflecting the
ongoing loan refinancing activity.
Provision/Allowance For Loan Losses The Company
recognized net charge-offs of $202,000 and provisioned $240,000 for
loan losses during the September 2013 quarter. This led to a
net increase of $38,000 in the allowance for loan losses from June
30, 2013 to September 30, 2013. The quarterly loan loss
provision, while increasing from $28,000 in the June 2013 quarter,
remained relatively low during the September 2013 quarter,
reflecting the continued stability of the Bank's credit
quality.
At September 30, 2013, the allowance for loan losses as a
percentage of total loans stood at 0.56%, down slightly from 0.57%
at the close of the prior quarter, as a result of growth in the
loan portfolio during the September 2013 quarter.
Non-Interest Income Non-interest income was $2.0
million for the quarter ended September 30, 2013, an increase of
$287,000 from the previous quarter. The valuation of equity
mutual funds designated as trading for accounting purposes
increased $121,000 from the June 2013 quarter. The remaining
increase in non-interest income from the previous quarter resulted
primarily from higher fees collected on portfolio loans.
Non-Interest Expense Non-interest expense was $15.6
million in the quarter ended September 30, 2013, up $228,000 from
the prior quarter, and slightly above the forecasted level of $15.5
million. The largest portion of the variance from forecast was
due to a variable component of compensation and benefit expense
which is linked to the performance of the equity markets, and the
smaller portion due to occupancy costs, which are running just
slightly above our budget.
Non-interest expense was 1.56% of average assets during the most
recent quarter. The efficiency ratio approximated 46.4% during
the same period.
Income Tax Expense The effective tax rate approximated
40.4% during the most recent quarter, generally in line with the
40.0% forecasted level.
BALANCE SHEET Total assets were $4.02 billion at September 30,
2013, up $64.1 million from June 30, 2013. Net loans increased
by $62.2 million, comprising most of the asset growth during the
period.
The Company added $35.0 million of Federal Home Loan Bank of New
York ("FHLBNY") advances on a net basis during the September 2013
quarter to fund a portion of the asset growth during the
period. The remaining asset growth was funded primarily
through growth in both mortgagor escrow and money market
deposits. Assets grew by approximately 3.8% on an annualized
basis during the first nine months of 2013, and remain forecasted
to grow approximately 5% during the year ending December 31,
2013.
Real Estate Loans Real estate loan originations were
$289.6 million during the September 2013 quarter, at a weighted
average interest rate of 3.39%. Of this amount, $108.7 million
represented loan refinances from the existing portfolio. Loan
amortization and satisfactions, including the $108.7 million of
refinances of existing loans, totaled $233.2 million during the
quarter, or 25.7% of the average portfolio balance on an annualized
basis. The average rate on amortized and satisfied loan
balances during the most recent quarter was 5.30%. Total loan
commitments stood at $146.9 million at September 30, 2013, with a
weighted average rate of 3.75%. The average yield on the loan
portfolio (excluding prepayment fee income) during the quarter
ended September 30, 2013 was 4.28%, compared to 4.44% during the
June 2013 quarter and 5.12% during the September 2012
quarter.
Credit Summary Non-performing loans (excluding loans
held for sale) were $8.8 million, or 0.24% of total loans, at
September 30, 2013, down from $9.5 million, or 0.26% of total
loans, at June 30, 2013. Loans delinquent between 30 and 89
days and accruing interest increased to $3.8 million, or
approximately 0.10% of total loans, at September 30, 2013, compared
to $159,000, or 0.004% of total loans, at June 30, 2013. There
tends to be variability in the category "loans delinquent between
30 and 89 days," and this quarter's increase, while still very low
as an absolute percentage of the portfolio, does not appear to
reflect a negative credit quality trend.
At September 30, 2013, non-performing assets represented 2.6% of
the sum of tangible capital plus the allowance for loan losses
(this statistic is otherwise known as the "Texas Ratio") (see table
on page 12). This number compares very favorably to both
industry and regional averages.
Within the pool of serviced loans previously sold to Fannie Mae
with recourse exposure, total loans delinquent 30 days or more
approximated $400,000 at September 30, 2013, down from
approximately $700,000 at June 30, 2013. The remaining pool of
loans serviced for Fannie Mae totaled $216.1 million as of
September 30, 2013, down from $229.2 million as of June 30,
2013. Due to both ongoing amortization and the near absence of
problem loans within the Fannie Mae portfolio, the Company
determined that its liability for the first loss position could be
reduced by $50,000, which was recognized during the quarter ended
September 30, 2013.
Deposits and Borrowed Funds Retail deposits increased
$1.5 million from June 30, 2013 to September 30, 2013, with net
inflows of $24.0 million in core deposits offset by net outflows of
$22.5 million in certificates of deposit during the
period. The Bank did not implement any significant promotional
deposit activities during the September 2013 quarter, and enacted
slight reductions in rates that resulted in a reduction of 5 basis
points in the average cost of deposits during the September 2013
quarter. At September 30, 2013, average deposit balances
approximated $100.4 million per branch.
The Company transacted $60.0 million of new fixed-rate FHLBNY
borrowings during the quarter ended September 30, 2013, of which
$25.0 million were utilized to replace borrowings that matured
during the period. The $60.0 million of new borrowings had an
average maturity of 3.75 years and an average cost of 1.31%,
providing an element of NIM protection to offset the fixed rate
loan portfolio, in the event of rising open market rates over the
next four years. The Company intends to use FHLBNY advances to
supplement deposit funding when deemed appropriate.
Capital The Company's consolidated tangible common
equity ratio (Tier 1 core leverage) grew during the most recent
quarter as a result of both increased retained earnings and stock
option exercise activity. Consolidated tangible capital was
9.51% of tangible assets at September 30, 2013, an increase of 20
basis points from June 30, 2013. The Company also had
approximately $70.7 million of trust preferred debt securities
outstanding at September 30, 2013, which, when added to Tier 1
(tangible) capital, increased its consolidated Tier 1 (tangible)
capital ratio to approximately 11.2%.
The Bank's tangible capital ratio was 10.24% at September 30,
2013, down slightly from 10.27% at June 30, 2013, due to asset
growth during the September 2013 quarter. The Bank's Total
Risk-Based Capital Ratio was 14.07% at September 30, 2013, compared
to 13.93% at June 30, 2013.
Reported diluted EPS exceeded the quarterly cash dividend rate
per share by 114%, equating to a 47% payout ratio. Additions
to capital from earnings and stock option exercises during the most
recent quarterly period caused tangible book value per share to
increase $0.24 sequentially during the most recent quarter, to
$10.30 at September 30, 2013.
OUTLOOK FOR THE QUARTER ENDING DECEMBER 31, 2013 At September
30, 2013, Dime had outstanding loan commitments totaling $146.9
million (of which $38 million related to loan refinances from the
existing portfolio), all of which are likely to close during the
quarter ending December 31, 2013, at an average interest rate
approximating 3.75%.
For the year ending December 31, 2013, balance sheet growth is
targeted to approximate 5.0%, subject to change to reflect market
conditions. Loan prepayments and amortization are currently
anticipated to approximate 20% - 25% on an annualized basis during
the December 2013 quarter.
On the liability side, deposit funding costs are expected to
remain near current historically low levels through the final
quarter of 2013. The Bank has $134.6 million of certificates
of deposit ("CDs") maturing at an average cost of 0.92% during the
quarter ending December 31, 2013. Offering rates on 12-month
term CDs currently approximate 50 basis points. The Company
has $88.5 million of borrowings due to mature during the quarter
ending December 31, 2013 at an average cost of 2.46%. FHLBNY
advance rates for 3-year, 4-year and 5-year borrowings were 1.06%
and 1.55% and 1.94% respectively, as of October 22, 2013. In
the coming quarter, management expects to utilize advances rather
than deposits to fund growth as a long-term interest rate hedge
against future higher rates.
Loan loss provisioning will likely continue to be a function of
loan portfolio growth, incurred and anticipated losses and the
overall credit quality of the loan portfolio.
Absent any unforeseen items, non-interest expense is expected to
approximate $15.7 million during the December 2013 quarter.
The Company projects that the consolidated effective tax rate
will approximate 40.0% in the December 2013 quarter.
ABOUT DIME COMMUNITY BANCSHARES, INC. The Company (NASDAQ: DCOM)
had $4.02 billion in consolidated assets as of September 30, 2013,
and is the parent company of the Bank. The Bank was founded in
1864, is headquartered in Brooklyn, New York, and currently has
twenty-six branches located throughout Brooklyn, Queens, the Bronx
and Nassau County, New York. More information on the Company
and Dime can be found on the Dime's Internet 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,"
"could," "estimate," "expect," "intend," "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. These factors 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 Dime; 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; 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.
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
|
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
|
(In thousands except share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
June 30, |
|
|
December 31, |
|
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
65,713 |
|
|
$ |
61,291 |
|
|
$ |
79,076 |
|
Investment securities held to maturity |
|
|
5,622 |
|
|
|
5,617 |
|
|
|
5,927 |
|
Investment securities available for sale |
|
|
18,468 |
|
|
|
18,309 |
|
|
|
32,950 |
|
Trading securities |
|
|
5,262 |
|
|
|
5,127 |
|
|
|
4,874 |
|
Mortgage-backed securities available for sale |
|
|
34,226 |
|
|
|
38,193 |
|
|
|
49,021 |
|
Real Estate Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
One-to-four family and cooperative apartment |
|
|
78,504 |
|
|
|
81,110 |
|
|
|
91,876 |
|
|
Multifamily and loans underlying cooperatives (1) |
|
|
2,859,729 |
|
|
|
2,780,897 |
|
|
|
2,670,973 |
|
|
Commercial real estate (1) |
|
|
723,312 |
|
|
|
737,593 |
|
|
|
735,224 |
|
|
Construction and land acquisition |
|
|
299 |
|
|
|
338 |
|
|
|
476 |
|
|
Unearned discounts and net deferred loan fees |
|
|
5,095 |
|
|
|
4,309 |
|
|
|
4,836 |
|
|
Total
real estate loans |
|
|
3,666,939 |
|
|
|
3,604,247 |
|
|
|
3,503,385 |
|
|
Other
loans |
|
|
2,109 |
|
|
|
2,517 |
|
|
|
2,423 |
|
|
Allowance for loan losses |
|
|
(20,540 |
) |
|
|
(20,502 |
) |
|
|
(20,550 |
) |
Total loans, net |
|
|
3,648,508 |
|
|
|
3,586,262 |
|
|
|
3,485,258 |
|
Loans held for sale |
|
|
- |
|
|
|
232 |
|
|
|
560 |
|
Premises and fixed assets, net |
|
|
29,850 |
|
|
|
29,894 |
|
|
|
30,518 |
|
Federal Home Loan Bank of New York capital stock |
|
|
41,863 |
|
|
|
40,288 |
|
|
|
45,011 |
|
Goodwill |
|
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
Other assets |
|
|
110,175 |
|
|
|
110,392 |
|
|
|
116,566 |
|
TOTAL ASSETS |
|
$ |
4,015,325 |
|
|
$ |
3,951,243 |
|
|
$ |
3,905,399 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing checking |
|
$ |
170,250 |
|
|
$ |
170,432 |
|
|
$ |
159,144 |
|
Interest Bearing Checking |
|
|
87,995 |
|
|
|
90,496 |
|
|
|
95,159 |
|
Savings |
|
|
379,114 |
|
|
|
379,367 |
|
|
|
371,792 |
|
Money Market |
|
|
1,119,212 |
|
|
|
1,092,281 |
|
|
|
961,359 |
|
|
Sub-total |
|
|
1,756,570 |
|
|
|
1,732,576 |
|
|
|
1,587,454 |
|
Certificates of deposit |
|
|
852,594 |
|
|
|
875,083 |
|
|
|
891,975 |
|
Total Due to Depositors |
|
|
2,609,164 |
|
|
|
2,607,659 |
|
|
|
2,479,429 |
|
Escrow and other deposits |
|
|
98,160 |
|
|
|
86,028 |
|
|
|
82,753 |
|
Federal Home Loan Bank of New York advances |
|
|
772,500 |
|
|
|
737,500 |
|
|
|
842,500 |
|
Trust Preferred Notes Payable |
|
|
70,680 |
|
|
|
70,680 |
|
|
|
70,680 |
|
Other liabilities |
|
|
42,076 |
|
|
|
40,471 |
|
|
|
38,463 |
|
TOTAL LIABILITIES |
|
|
3,592,580 |
|
|
|
3,542,338 |
|
|
|
3,513,825 |
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock ($0.01 par, 125,000,000 shares authorized,
52,692,461 shares, 52,198,771 shares and 52,021,149 shares issued
at September 30, 2013, June 30, 2013 and December 31, 2012,
respectively, and 36,548,503 shares, 36,054,813 shares, and
35,714,269 shares outstanding at September 30, 2013, June 30, 2013
and December 31, 2012, respectively) |
|
|
526 |
|
|
|
522 |
|
|
|
520 |
|
Additional paid-in capital |
|
|
250,105 |
|
|
|
242,605 |
|
|
|
239,041 |
|
Retained earnings |
|
|
397,664 |
|
|
|
391,989 |
|
|
|
379,166 |
|
Unallocated common stock of Employee Stock Ownership
Plan |
|
|
(2,834 |
) |
|
|
(2,892 |
) |
|
|
(3,007 |
) |
Unearned Restricted Stock Award common stock |
|
|
(3,693 |
) |
|
|
(4,192 |
) |
|
|
(3,122 |
) |
Common stock held by the Benefit Maintenance Plan |
|
|
(9,013 |
) |
|
|
(9,013 |
) |
|
|
(8,800 |
) |
Treasury stock (16,143,958 shares, 16,143,958 shares
and 16,306,880 shares at September 30, 2013, June 30, 2013 and
December 31, 2012, respectively) |
|
|
(200,550 |
) |
|
|
(200,550 |
) |
|
|
(202,584 |
) |
Accumulated other comprehensive loss, net of deferred
taxes |
|
|
(9,460 |
) |
|
|
(9,564 |
) |
|
|
(9,640 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
422,745 |
|
|
|
408,905 |
|
|
|
391,574 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
4,015,325 |
|
|
$ |
3,951,243 |
|
|
$ |
3,905,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) While the loans within both of these categories
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
a 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 |
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
2013 |
|
|
2013 |
|
|
2012 |
Interest income: |
|
|
|
|
|
|
|
|
|
Loans secured by real estate |
|
$ |
42,451 |
|
|
$ |
44,692 |
|
|
$ |
45,963 |
|
Other loans |
|
|
25 |
|
|
|
25 |
|
|
|
28 |
|
Mortgage-backed securities |
|
|
310 |
|
|
|
354 |
|
|
|
677 |
|
Investment securities |
|
|
84 |
|
|
|
103 |
|
|
|
223 |
|
Federal funds sold and other short-term
investments |
|
|
416 |
|
|
|
462 |
|
|
|
582 |
|
|
Total interest income |
|
|
43,286 |
|
|
|
45,636 |
|
|
|
47,473 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits and escrow |
|
|
4,908 |
|
|
|
5,132 |
|
|
|
5,302 |
|
Borrowed funds |
|
|
6,725 |
|
|
|
6,752 |
|
|
|
8,773 |
|
|
Total interest expense |
|
|
11,633 |
|
|
|
11,884 |
|
|
|
14,075 |
|
|
|
Net
interest income |
|
|
31,653 |
|
|
|
33,752 |
|
|
|
33,398 |
Provision for loan losses |
|
|
240 |
|
|
|
28 |
|
|
|
126 |
Net interest income after provision for loan
losses |
|
|
31,413 |
|
|
|
33,724 |
|
|
|
33,272 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
|
1,015 |
|
|
|
827 |
|
|
|
1,244 |
|
Mortgage banking income, net |
|
|
76 |
|
|
|
112 |
|
|
|
259 |
|
Other than temporary impairment ("OTTI") charge on
securities (1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain (loss) on sale of securities and other assets |
|
|
(21 |
) |
|
|
- |
|
|
|
- |
|
Gain (loss) on trading securities |
|
|
104 |
|
|
|
(17 |
) |
|
|
67 |
|
Other |
|
|
834 |
|
|
|
799 |
|
|
|
1,004 |
|
|
Total non-interest income |
|
|
2,008 |
|
|
|
1,721 |
|
|
|
2,574 |
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
9,466 |
|
|
|
9,298 |
|
|
|
9,220 |
|
Occupancy and equipment |
|
|
2,697 |
|
|
|
2,506 |
|
|
|
2,527 |
|
Federal deposit insurance premiums |
|
|
515 |
|
|
|
445 |
|
|
|
502 |
|
Other |
|
|
2,897 |
|
|
|
3,098 |
|
|
|
3,522 |
|
|
Total non-interest expense |
|
|
15,575 |
|
|
|
15,347 |
|
|
|
15,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
17,846 |
|
|
|
20,098 |
|
|
|
20,075 |
Income tax expense |
|
|
7,215 |
|
|
|
8,059 |
|
|
|
8,280 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
10,631 |
|
|
$ |
12,039 |
|
|
$ |
11,795 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share ("EPS"): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
Diluted |
|
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
for Diluted EPS |
|
|
35,527,503 |
|
|
|
35,048,063 |
|
|
|
34,497,817 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total OTTI charges on securities are summarized as
follows for the periods presented: |
Credit component (shown above) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
Non-credit component not included in earnings |
|
|
- |
|
|
|
- |
|
|
|
- |
Total OTTI charges |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
2013 |
|
2012 |
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
Loans secured by real estate |
|
$ |
130,291 |
|
$ |
143,735 |
|
|
|
|
Other loans |
|
|
74 |
|
|
76 |
|
|
|
|
Mortgage-backed securities |
|
|
1,123 |
|
|
2,456 |
|
|
|
|
Investment securities |
|
|
316 |
|
|
1,043 |
|
|
|
|
Federal funds sold and other short-term
investments |
|
|
1,423 |
|
|
1,895 |
|
|
|
|
|
Total interest income |
|
|
133,227 |
|
|
149,205 |
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
Deposits and escrow |
|
|
15,240 |
|
|
16,449 |
|
|
|
|
Borrowed funds |
|
|
20,267 |
|
|
31,465 |
|
|
|
|
|
Total interest expense |
|
|
35,507 |
|
|
47,914 |
|
|
|
|
|
|
Net
interest income |
|
|
97,720 |
|
|
101,291 |
|
|
|
Provision for loan losses |
|
|
425 |
|
|
3,858 |
|
|
|
Net interest income after provision for loan
losses |
|
|
97,295 |
|
|
97,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
|
2,554 |
|
|
2,840 |
|
|
|
|
Mortgage banking income, net |
|
|
350 |
|
|
1,475 |
|
|
|
|
Other than temporary impairment ("OTTI") charge on
securities (1) |
|
|
- |
|
|
(181 |
) |
|
|
|
Gain (loss) on sale of securities and other assets |
|
|
89 |
|
|
44 |
|
|
|
|
Gain (loss) on trading securities |
|
|
187 |
|
|
136 |
|
|
|
|
Other |
|
|
2,446 |
|
|
3,037 |
|
|
|
|
|
Total non-interest income |
|
|
5,626 |
|
|
7,351 |
|
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
28,715 |
|
|
28,635 |
|
|
|
|
Occupancy and equipment |
|
|
7,735 |
|
|
7,431 |
|
|
|
|
Federal deposit insurance premiums |
|
|
1,470 |
|
|
1,557 |
|
|
|
|
Other |
|
|
9,311 |
|
|
10,232 |
|
|
|
|
|
Total non-interest expense |
|
|
47,231 |
|
|
47,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
55,690 |
|
|
56,929 |
|
|
|
Income tax expense |
|
|
22,450 |
|
|
23,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
33,240 |
|
$ |
33,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share ("EPS"): |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.95 |
|
$ |
0.98 |
|
|
|
|
Diluted |
|
$ |
0.95 |
|
$ |
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding for Diluted EPS |
|
|
35,157,647 |
|
|
34,287,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Total OTTI charges on securities are summarized as
follows for the periods presented: |
|
|
|
Credit component (shown above) |
|
$ |
- |
|
$ |
181 |
|
|
|
Non-credit component not included in earnings |
|
|
- |
|
|
6 |
|
|
|
Total OTTI charges |
|
$ |
- |
|
$ |
187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
|
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS |
|
(Dollars In thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Reported EPS (Diluted) |
|
$ |
0.30 |
|
|
$ |
0.34 |
|
|
$ |
0.34 |
|
Return on Average Assets |
|
|
1.07 |
% |
|
|
1.20 |
% |
|
|
1.21 |
% |
Return on Average Stockholders' Equity |
|
|
10.19 |
% |
|
|
11.93 |
% |
|
|
12.32 |
% |
Return on Average Tangible Stockholders' Equity |
|
|
11.49 |
|
|
|
13.53 |
|
|
|
14.05 |
|
Net
Interest Spread |
|
|
3.17 |
|
|
|
3.34 |
|
|
|
3.38 |
|
Net
Interest Margin |
|
|
3.35 |
|
|
|
3.55 |
|
|
|
3.59 |
|
Non-interest Expense to Average Assets |
|
|
1.56 |
|
|
|
1.53 |
|
|
|
1.62 |
|
Efficiency Ratio |
|
|
46.38 |
|
|
|
43.24 |
|
|
|
43.92 |
|
Effective Tax Rate |
|
|
40.43 |
|
|
|
40.10 |
|
|
|
41.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
Value and Tangible Book Value Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Stated Book Value Per Share |
|
$ |
11.57 |
|
|
$ |
11.34 |
|
|
$ |
10.89 |
|
Tangible Book Value Per Share |
|
|
10.30 |
|
|
|
10.06 |
|
|
|
9.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
|
$ |
3,980,840 |
|
|
$ |
4,009,237 |
|
|
$ |
3,900,029 |
|
Average Interest Earning Assets |
|
|
3,782,043 |
|
|
|
3,803,526 |
|
|
|
3,716,268 |
|
Average Stockholders' Equity |
|
|
417,459 |
|
|
|
403,604 |
|
|
|
383,032 |
|
Average Tangible Stockholders' Equity |
|
|
369,982 |
|
|
|
355,823 |
|
|
|
335,709 |
|
Average Loans |
|
|
3,646,845 |
|
|
|
3,602,249 |
|
|
|
3,332,417 |
|
Average Deposits |
|
|
2,623,840 |
|
|
|
2,615,213 |
|
|
|
2,395,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality Summary: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) |
|
$ |
202 |
|
|
$ |
57 |
|
|
$ |
(
325 |
) |
Non-performing Loans |
|
|
8,838 |
|
|
|
9,507 |
|
|
|
10,690 |
|
Non-performing Loans/ Total Loans |
|
|
0.24 |
% |
|
|
0.26 |
% |
|
|
0.32 |
% |
Nonperforming Assets (1) |
|
$ |
9,735 |
|
|
$ |
10,987 |
|
|
$ |
11,580 |
|
Nonperforming Assets/Total Assets |
|
|
0.24 |
% |
|
|
0.28 |
% |
|
|
0.29 |
% |
Allowance for Loan Loss/Total Loans |
|
|
0.56 |
|
|
|
0.57 |
|
|
|
0.62 |
|
Allowance for Loan Loss/Non-performing Loans |
|
|
232.41 |
|
|
|
215.65 |
|
|
|
193.59 |
|
Loans
Delinquent 30 to 89 Days at period end |
|
$ |
3,763 |
|
|
$ |
159 |
|
|
$ |
4,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Tangible Stockholders' Equity to |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets at period end |
|
|
9.51 |
% |
|
|
9.31 |
% |
|
|
8.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios (Bank Only): |
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Capital Ratio |
|
|
10.24 |
% |
|
|
10.27 |
% |
|
|
9.83 |
% |
Tier
One Risk Based Capital Ratio |
|
|
13.35 |
|
|
|
13.20 |
|
|
|
13.56 |
|
Total
Risk Based Capital Ratio |
|
|
14.07 |
|
|
|
13.93 |
|
|
|
14.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount comprised of total non-accrual loans and
the recorded balance of pooled bank trust preferred security
investments for which the Bank had not received any contractual
payments of interest or principal in over 90 days. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Reported EPS (Diluted) |
|
$ |
0.95 |
|
|
$ |
0.98 |
|
|
|
|
|
Return on Average Assets |
|
|
1.11 |
% |
|
|
1.13 |
% |
|
|
|
|
Return on Average Stockholders' Equity |
|
|
10.91 |
% |
|
|
11.98 |
% |
|
|
|
|
Return on Average Tangible Stockholders' Equity |
|
|
12.35 |
|
|
|
13.69 |
|
|
|
|
|
Net
Interest Spread |
|
|
3.24 |
|
|
|
3.32 |
|
|
|
|
|
Net
Interest Margin |
|
|
3.45 |
|
|
|
3.57 |
|
|
|
|
|
Non-interest Expense to Average Assets |
|
|
1.58 |
|
|
|
1.61 |
|
|
|
|
|
Efficiency Ratio |
|
|
45.82 |
|
|
|
44.05 |
|
|
|
|
|
Effective Tax Rate |
|
|
40.31 |
|
|
|
41.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
Value and Tangible Book Value Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Stated Book Value Per Share |
|
$ |
11.57 |
|
|
$ |
10.89 |
|
|
|
|
|
Tangible Book Value Per Share |
|
|
10.30 |
|
|
|
9.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
|
$ |
3,978,466 |
|
|
$ |
3,965,917 |
|
|
|
|
|
Average Interest Earning Assets |
|
|
3,781,782 |
|
|
|
3,787,299 |
|
|
|
|
|
Average Stockholders' Equity |
|
|
406,219 |
|
|
|
373,559 |
|
|
|
|
|
Average Tangible Stockholders' Equity |
|
|
358,740 |
|
|
|
326,992 |
|
|
|
|
|
Average Loans |
|
|
3,585,641 |
|
|
|
3,389,404 |
|
|
|
|
|
Average Deposits |
|
|
2,603,607 |
|
|
|
2,376,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality Summary: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs (recoveries) |
|
$ |
435 |
|
|
$ |
3,500 |
|
|
|
|
|
Non-performing Loans |
|
|
8,838 |
|
|
|
10,690 |
|
|
|
|
|
Non-performing Loans/ Total Loans |
|
|
0.24 |
% |
|
|
0.32 |
% |
|
|
|
|
Nonperforming Assets (1) |
|
$ |
9,735 |
|
|
$ |
11,580 |
|
|
|
|
|
Nonperforming Assets/Total Assets |
|
|
0.24 |
% |
|
|
0.29 |
% |
|
|
|
|
Allowance for Loan Loss/Total Loans |
|
|
0.56 |
|
|
|
0.62 |
|
|
|
|
|
Allowance for Loan Loss/Non-performing Loans |
|
|
232.41 |
|
|
|
193.59 |
|
|
|
|
|
Loans
Delinquent 30 to 89 Days at period end |
|
$ |
3,763 |
|
|
$ |
4,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Tangible Stockholders' Equity to Tangible Assets at
period end |
|
|
9.51 |
% |
|
|
8.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios (Bank Only): |
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Capital Ratio |
|
|
10.24 |
% |
|
|
9.83 |
% |
|
|
|
|
Tier
One Risk Based Capital Ratio |
|
|
13.35 |
|
|
|
13.56 |
|
|
|
|
|
Total
Risk Based Capital Ratio |
|
|
14.07 |
|
|
|
14.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
|
UNAUDITED AVERAGE BALANCES AND NET INTEREST
INCOME |
|
(Dollars In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
September 30, 2013 |
|
|
|
|
|
|
|
|
Average |
|
|
|
Average |
|
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest |
|
|
Cost |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans |
|
$ |
3,644,557 |
|
$ |
42,451 |
|
|
4.66 |
% |
|
|
Other loans |
|
|
2,288 |
|
|
25 |
|
|
4.37 |
|
|
|
Mortgage-backed securities |
|
|
35,219 |
|
|
310 |
|
|
3.52 |
|
|
|
Investment securities |
|
|
29,122 |
|
|
84 |
|
|
1.15 |
|
|
|
Other short-term investments |
|
|
70,857 |
|
|
416 |
|
|
2.35 |
|
|
|
|
Total
interest earning assets |
|
|
3,782,043 |
|
$ |
43,286 |
|
|
4.58 |
% |
|
Non-interest earning assets |
|
|
198,797 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,980,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Checking accounts |
|
$ |
88,471 |
|
$ |
49 |
|
|
0.22 |
% |
|
|
Money Market accounts |
|
|
1,122,644 |
|
|
1,413 |
|
|
0.50 |
|
|
|
Savings accounts |
|
|
380,088 |
|
|
48 |
|
|
0.05 |
|
|
|
Certificates of deposit |
|
|
862,792 |
|
|
3,398 |
|
|
1.56 |
|
|
|
|
Total
interest bearing deposits |
|
|
2,453,995 |
|
|
4,908 |
|
|
0.79 |
|
|
Borrowed Funds |
|
|
810,191 |
|
|
6,725 |
|
|
3.29 |
|
|
|
Total interest-bearing liabilities |
|
|
3,264,186 |
|
$ |
11,633 |
|
|
1.41 |
% |
|
Non-interest bearing checking accounts |
|
|
169,845 |
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
129,350 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
3,563,381 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
417,459 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
3,980,840 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
31,653 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
3.17 |
% |
Net interest-earning assets |
|
$ |
517,857 |
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
3.35 |
% |
Ratio of interest-earning assets to interest-bearing
liabilities |
|
|
|
|
|
115.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits (including non-interest bearing checking
accounts) |
|
$ |
2,623,840 |
|
$ |
4,908 |
|
|
0.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
Loan prepayment and late payment fee income |
|
|
|
|
$ |
3,467 |
|
|
|
|
Real estate loans (excluding prepayment and late
payment fees) |
|
|
|
|
|
|
|
|
4.28 |
% |
Interest earning assets (excluding prepayment and late
payment fees) |
|
|
|
|
|
|
|
|
4.21 |
% |
Net Interest income (excluding loan prepayment and late
payment fees and borrowing prepayment costs) |
|
|
|
|
$ |
28,186 |
|
|
|
|
Net Interest margin (excluding loan prepayment and late
payment fees and borrowing prepayment costs) |
|
|
|
|
|
|
|
|
2.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
June 30, 2013 |
|
|
|
|
|
|
|
|
Average |
|
|
|
Average |
|
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest |
|
|
Cost |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans |
|
$ |
3,600,154 |
|
$ |
44,692 |
|
|
4.97 |
% |
|
|
Other loans |
|
|
2,095 |
|
|
25 |
|
|
4.77 |
|
|
|
Mortgage-backed securities |
|
|
39,669 |
|
|
354 |
|
|
3.57 |
|
|
|
Investment securities |
|
|
29,101 |
|
|
103 |
|
|
1.42 |
|
|
|
Other short-term investments |
|
|
132,507 |
|
|
462 |
|
|
1.39 |
|
|
|
|
Total
interest earning assets |
|
|
3,803,526 |
|
$ |
45,636 |
|
|
4.80 |
% |
|
Non-interest earning assets |
|
|
205,711 |
|
|
|
|
|
|
|
Total assets |
|
$ |
4,009,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Checking accounts |
|
$ |
92,502 |
|
$ |
70 |
|
|
0.30 |
% |
|
|
Money Market accounts |
|
|
1,082,789 |
|
|
1,406 |
|
|
0.52 |
|
|
|
Savings accounts |
|
|
381,137 |
|
|
64 |
|
|
0.07 |
|
|
|
Certificates of deposit |
|
|
883,881 |
|
|
3,592 |
|
|
1.63 |
|
|
|
|
Total
interest bearing deposits |
|
|
2,440,309 |
|
|
5,132 |
|
|
0.84 |
|
|
Borrowed Funds |
|
|
813,565 |
|
|
6,752 |
|
|
3.33 |
|
|
|
Total interest-bearing liabilities |
|
|
3,253,874 |
|
$ |
11,884 |
|
|
1.46 |
% |
|
Non-interest bearing checking accounts |
|
|
174,904 |
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
176,855 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
3,605,633 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
403,604 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
4,009,237 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
33,752 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
3.34 |
% |
Net interest-earning assets |
|
$ |
549,652 |
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
3.55 |
% |
Ratio of interest-earning assets to interest-bearing
liabilities |
|
|
|
|
|
116.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits (including non-interest bearing checking
accounts) |
|
$ |
2,615,213 |
|
$ |
5,132 |
|
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
Loan prepayment and late payment fee income |
|
|
|
|
$ |
4,692 |
|
|
|
|
Real estate loans (excluding prepayment and late
payment fees) |
|
|
|
|
|
|
|
|
4.44 |
% |
Interest earning assets (excluding prepayment and late
payment fees) |
|
|
|
|
|
|
|
|
4.31 |
% |
Net Interest income (excluding loan prepayment and late
payment fees and borrowing prepayment costs) |
|
|
|
|
$ |
29,060 |
|
|
|
|
Net Interest margin (excluding loan prepayment and late
payment fees and borrowing prepayment costs) |
|
|
|
|
|
|
|
|
3.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
September 30, 2012 |
|
|
|
|
|
|
|
|
Average |
|
|
|
Average |
|
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest |
|
|
Cost |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans |
|
$ |
3,329,996 |
|
$ |
45,963 |
|
|
5.52 |
% |
|
|
Other loans |
|
|
2,421 |
|
|
28 |
|
|
4.63 |
|
|
|
Mortgage-backed securities |
|
|
86,037 |
|
|
677 |
|
|
3.15 |
|
|
|
Investment securities |
|
|
97,926 |
|
|
223 |
|
|
0.91 |
|
|
|
Other short-term investments |
|
|
199,888 |
|
|
582 |
|
|
1.16 |
|
|
|
|
Total
interest earning assets |
|
|
3,716,268 |
|
$ |
47,473 |
|
|
5.11 |
% |
|
Non-interest earning assets |
|
|
183,761 |
|
|
|
|
|
|
|
Total assets |
|
$ |
3,900,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Checking accounts |
|
$ |
93,132 |
|
$ |
48 |
|
|
0.21 |
% |
|
|
Money Market accounts |
|
|
850,288 |
|
|
1,155 |
|
|
0.54 |
|
|
|
Savings accounts |
|
|
365,976 |
|
|
141 |
|
|
0.15 |
|
|
|
Certificates of deposit |
|
|
935,278 |
|
|
3,958 |
|
|
1.68 |
|
|
|
|
Total
interest bearing deposits |
|
|
2,244,674 |
|
|
5,302 |
|
|
0.94 |
|
|
Borrowed Funds |
|
|
993,289 |
|
|
8,773 |
|
|
3.51 |
|
|
|
Total interest-bearing liabilities |
|
|
3,237,963 |
|
$ |
14,075 |
|
|
1.73 |
% |
|
Non-interest bearing checking accounts |
|
|
151,006 |
|
|
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
|
128,028 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
3,516,997 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
383,032 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
3,900,029 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
33,398 |
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
3.38 |
% |
Net interest-earning assets |
|
$ |
478,305 |
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
|
3.59 |
% |
Ratio of interest-earning assets to interest-bearing
liabilities |
|
|
|
|
|
114.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits (including non-interest bearing checking
accounts) |
|
$ |
2,395,680 |
|
$ |
5,302 |
|
|
0.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
Loan prepayment and late payment fee income |
|
|
|
|
$ |
3,332 |
|
|
|
|
Real estate loans (excluding prepayment and late
payment fees) |
|
|
|
|
|
|
|
|
5.12 |
% |
Interest earning assets (excluding prepayment and late
payment fees) |
|
|
|
|
|
|
|
|
4.75 |
% |
Net Interest income (excluding loan prepayment and late
payment fees and borrowing prepayment costs) |
|
|
|
|
$ |
30,066 |
|
|
|
|
Net Interest margin (excluding loan prepayment and late
payment fees and borrowing prepayment costs) |
|
|
|
|
|
|
|
|
3.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES |
|
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS AND
TROUBLED DEBT RESTRUCTURINGS |
|
(Dollars In thousands) |
|
|
|
|
|
|
|
At September 30, |
|
|
At June 30, |
|
|
At September 30, |
|
Non-Performing Loans |
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
One- to four-family and cooperative apartment |
|
$ |
1,136 |
|
|
$ |
1,164 |
|
|
$ |
1,150 |
|
|
Multifamily residential and mixed use residential real
estate (1) |
|
|
1,993 |
|
|
|
1,688 |
|
|
|
1,008 |
|
|
Mixed use commercial real estate (1) |
|
|
- |
|
|
|
1,150 |
|
|
|
721 |
|
|
Commercial real estate |
|
|
5,707 |
|
|
|
5,500 |
|
|
|
7,805 |
|
|
Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Other |
|
|
2 |
|
|
|
5 |
|
|
|
6 |
|
Total Non-Performing Loans (2) |
|
$ |
8,838 |
|
|
$ |
9,507 |
|
|
$ |
10,690 |
|
Other Non-Performing Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
- |
|
|
|
585 |
|
|
|
- |
|
|
Pooled bank trust preferred securities (3) |
|
|
897 |
|
|
|
895 |
|
|
|
- |
|
|
Non-performing loans held for sale: |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
Mixed
use commercial real estate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Multifamily residential and mixed use residential real estate |
|
|
- |
|
|
|
- |
|
|
|
890 |
|
Total Non-Performing Assets |
|
$ |
9,735 |
|
|
$ |
10,987 |
|
|
$ |
11,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings ("TDRs") not included in
non-performing loans (2) |
|
|
|
|
|
|
|
|
|
|
One- to four-family and cooperative apartment |
|
|
938 |
|
|
|
941 |
|
|
|
290 |
|
|
Multifamily residential and mixed use residential real
estate (1) |
|
|
1,899 |
|
|
|
1,524 |
|
|
|
2,298 |
|
|
Mixed use commercial real estate (1) |
|
|
711 |
|
|
|
718 |
|
|
|
736 |
|
|
Commercial real estate |
|
|
29,570 |
|
|
|
35,516 |
|
|
|
39,782 |
|
Total Performing TDRs |
|
$ |
33,118 |
|
|
$ |
38,699 |
|
|
$ |
43,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes loans underlying cooperatives. While the
loans within these categories are often considered "commercial real
estate" in nature, they are classified separately in the table
above to provide further emphasis of the discrete composition of
their underlying real estate collateral. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Total non-performing loans include some loans that
were modified in a manner that met the criteria for a TDR. These
non-accruing TDRs, which totaled $5,707 at September 30, 2013,
$5,893 at June 30, 2013 and $8,135 at September 30, 2012, are
included in the non-performing loan table, but excluded from
the TDR amount shown above. |
|
|
|
(3) These assets were deemed non-performing since the
Company had, as of the dates indicated, not received any payments
of principal or interest on them for a period of at least 90
days. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE CAPITAL AND
RESERVES |
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
|
At June 30, |
|
|
At September 30, |
|
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
Total Non-Performing Assets |
|
$ |
9,735 |
|
|
$ |
10,987 |
|
|
$ |
10,690 |
|
Loans 90 days or more past due on accrual status
(4) |
|
|
1,398 |
|
|
|
974 |
|
|
|
- |
|
|
TOTAL PROBLEM ASSETS |
|
$ |
11,133 |
|
|
$ |
11,961 |
|
|
$ |
10,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier One Capital - The Dime Savings Bank of
Williamsburgh |
|
$ |
404,022 |
|
|
$ |
398,710 |
|
|
$ |
381,700 |
|
Allowance for loan losses |
|
|
20,540 |
|
|
|
20,502 |
|
|
|
20,694 |
|
|
TANGIBLE CAPITAL PLUS RESERVES |
|
$ |
424,562 |
|
|
$ |
419,212 |
|
|
$ |
402,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE CAPITAL AND
RESERVES |
|
|
2.6 |
% |
|
|
2.9 |
% |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) These loans were, as of the respective dates
indicated, expected to be either satisfied, made current or
re-financed within the following twelve months, and were not
expected to result in any loss of contractual principal or
interest. These loans are not included in non-performing
loans. |
|
Contact: Kenneth Ceonzo Director of Investor Relations
718-782-6200 extension 8279
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