Dime Community Bancshares, Inc. (NASDAQ:DCOM) (the “Company”),
the parent company of Dime Community Bank (the “bank”), today
reported net income of $72.5 million for the fiscal year ended
December 31, 2016, or $1.97 per diluted common share. For the
quarter ended December 31, 2016, net income was $732,000, or $0.02
per diluted common share.
During fiscal year 2016, the Company recognized
two significant one-time items:
- After tax gain on real estate sale of $37.5 million, or $1.02
per diluted common share, during the quarter ended March 31, 2016;
and
- Non-cash, non-tax deductible expense of $11.3 million, or $0.31
per diluted common share, on the prepayment of the Employee Stock
Ownership Plan (“ESOP”) share acquisition loan during the quarter
ended December 31, 2016.
Excluding the impact of these two items, as well
as the impact of three non-recurring items which produced a net
after-tax gain of $1.9 million, or $0.05 per diluted common share,
in fiscal year 2015, the Company’s net income for fiscal year 2016
was $46.4 million, or $1.26 per diluted common share, compared with
$42.9 million, or $1.18 per diluted common share in fiscal year
2015. For fourth quarter 2016, excluding the prepayment of the ESOP
share acquisition loan (“ESOP Charge”), net income was $12.1
million, or $0.33 per diluted common share, compared with $10.5
million, or $0.29 per diluted common share, for third quarter 2016,
and $11.4 million, or $0.31 per diluted common share, for fourth
quarter 2015.
Kenneth J. Mahon, President and Chief Executive
Officer of the Company, commented, “Dime had a solid performance in
fiscal 2016, with strong growth in both loans and deposits while
keeping our efficiency ratio flat and maintaining our stellar
credit quality. While our core business remains strong, we made key
investments to execute on our long-term strategy and are well
positioned for growth and value creation for 2017 and beyond.”
Mr. Mahon concluded, “Our strong results in the fourth quarter
were a fitting end to the year, and give us momentum into 2017 as
we continue to focus on our customers and the communities we
serve.”
Highlights for the full fiscal year of 2016,
excluding the one-time items mentioned above, included:
- Robust balance sheet growth, driven by real estate loan growth
of 20%, which led total assets to exceed $6 billion;
- Deposit growth of 38%, with the loan to deposit ratio reduced
to 128.2%, the lowest level since 2007; and
- Continued expense discipline, with the efficiency ratio of 48%
unchanged from fiscal year 2015;
Highlights for the fourth quarter of 2016,
excluding the ESOP Charge mentioned above, included:
- Net interest margin (“NIM”) grew on a linked quarter basis for
the first time since December 2015. NIM was 2.67% during the fourth
quarter of 2016, compared to 2.59% during the third quarter of
2016;
- Continued balance sheet growth, as real estate loans grew 11%
(annualized) on a linked quarter basis and deposits grew 23%
(annualized) on a linked quarter basis;
- Operational excellence, with the ratio of non-interest expense
to average assets of 1.25% and the efficiency ratio stable at
46.1%; and
- Excellent credit quality, with nonperforming loans to total
loans of eight (8) basis points.
As mentioned above, in electing to prepay the
outstanding balance on the Company’s ESOP Share Acquisition Loan
effective December 31, 2016, and merge the ESOP into the bank’s
401(K) plan, the Company incurred a $0.31 per diluted share charge
to earnings during the fourth quarter 2016. Please refer to the
Company’s press release dated December 28, 2016 for more
detail.
Management’s Discussion of 2016 Operating
Results
Net Interest Income
Net interest income in 2016 was $143.5 million,
an increase of $13.5 million (10.4%) from 2015, excluding the
impact of prepayment expense on borrowings of $1.4 million in 2015.
The increase reflects a $20.8 million increase in interest income
compared to only a $7.3 million increase in interest expense. The
growth in interest income was driven by an increase of $907.5
million (20.4%) in average earning assets, which more than offset
the 27 basis point decline in average yield. The increase in
interest expense was attributable to an increase of $816.1 million
(30.0%) in average interest-bearing deposits offset by a reduction
in borrowed funds of $46.2 million (4.2%). NIM was 2.68% during
2016, compared to 2.92% in 2015. NIM was negatively impacted in
2016 by lower yields on loan originations compared to portfolio
loans that amortized or refinanced and lower income recognized from
loan prepayment activity. For 2016, income from prepayment activity
totaled $9.0 million, benefiting NIM by 17 basis points, compared
to $11.3 million, or 22 basis points in 2015.
Balance Sheet
Total assets grew by 19.3% in 2016, driven by
growth in real estate loans of 20.0%. Real estate loan originations
were $1.5 billion during 2016, up from $1.3 billion in 2015, and
were supplemented by the purchase of $157.8 million in loan
participations in 2016, compared to loan participations of $99.7
million in 2015. The loan payoff rate of 14.6% in 2016 was below
the 2015 payoff rate of 19.6%. Deposits grew by 38.0% in 2016,
while borrowings fell by 28.8%, leading to a decline in the cost of
interest-bearing liabilities. The shift in funding mix reduced
average funding cost by 7 basis points.
Non-Interest Income
Excluding the impact of the gain on real estate
sale, non-interest income was $7.8 million in 2016, up slightly
from $7.2 million in 2015, which excludes a gain on sale of
securities of $1.4 million in 2015.
Non-Interest Expense
Excluding the impact of the ESOP Charge,
non-interest expense was $72.5 million in 2016, an increase from
$65.9 million in 2015, which excludes a post-retirement curtailment
pre-tax gain of $3.4 million in 2015.
The ratio of non-interest expense to average
assets, a key measure of operating efficiency, was 1.31% in 2016
after adjusting for the ESOP Charge, compared to 1.41% in 2015, as
average asset growth of 19.2% outpaced the growth in non-interest
expense. The efficiency ratio was 48.0% in 2016, essentially
unchanged from 2015.
Credit Quality
During 2016, a loan loss provision of $2.1
million was recorded primarily due to growth in the loan portfolio
and net charge offs totaled $97,000.
Management’s Discussion of Quarterly Operating
Results
Net Interest Income
Net interest income in the fourth quarter of
2016 was $37.9 million, an increase of $2.6 million (7.2%) from the
third quarter of 2016 and an increase of $4.3 million (12.8%) over
the fourth quarter of 2015. NIM was 2.67% during the fourth
quarter of 2016, compared to 2.59% in the third quarter of 2016 and
2.88% in the fourth quarter of 2015. The linked quarter increase in
NIM was due to higher income recognized from loan prepayment
activity and a decrease in the cost of interest bearing
liabilities. For the fourth quarter of 2016, income from prepayment
activity totaled $2.7 million, benefiting NIM by 19 basis points,
compared to $1.7 million, or 12 basis points, during the third
quarter of 2016 and $2.7 million, or 23 basis points, during the
fourth quarter of 2015.
Average earning assets were $5.7 billion for the
fourth quarter of 2016, a 17.2% (annualized) increase from $5.5
billion for the third quarter of 2016 and a 22.1% increase from
$4.7 billion for the fourth quarter of 2015.
For the fourth quarter of 2016, the average
yield on interest earning assets (excluding prepayment income) was
3.46%, one basis point lower than third quarter 2016 and 16 basis
points lower than the 3.62% for fourth quarter 2015, while the
average cost of funds was 1.13%, two basis points lower than the
1.15% for third quarter 2016 and flat with fourth quarter 2015. For
the year ending December 31, 2017, $336.6 million of real estate
loans with an average coupon of 3.70% are expected to reprice or
mature.
Real Estate Loans
Real estate loan portfolio growth was $144.5
million (10.5% annualized) during the fourth quarter of 2016. Real
estate loan originations were $354.4 million during the quarter, at
a weighted average interest rate of 3.21%. Of this amount, $91.4
million represented loan refinances from the existing portfolio.
Loan amortization and satisfactions totaled $210.0 million, or
15.1% (annualized) of the portfolio balance, at an average rate of
3.87%. The annualized loan payoff rate of 15.1% for fourth quarter
2016 was higher than third quarter 2016 (12.7%) and in line with
fourth quarter 2015 (15.4%). The average yield on the loan
portfolio (excluding income recognized from prepayment activity)
was 3.46% during the fourth quarter of 2016, down 2 basis points
compared to 3.48% in the third quarter of 2016 and 17 basis points
compared to 3.63% in the fourth quarter of 2015. Average real
estate loans were $5.6 billion in the fourth quarter of 2016, an
increase of $231.4 million (17.4% annualized) from the third
quarter of 2016 and an increase of $1.0 billion (22.1%) from the
fourth quarter of 2015.
Deposits and Borrowed Funds
Deposit growth was $236.2 million (22.7%
annualized) during the fourth quarter of 2016. Given the strong
growth in deposits, the loan-to-deposit ratio fell to 128.2% at
December 31, 2016, from 132.0% at September 30, 2016 and 147.5% at
December 31, 2015. Core deposits increased to $3.3 billion during
the fourth quarter of 2016, from $3.1 billion during the third
quarter of 2016 and $2.3 billion during the fourth quarter of 2015.
The average cost of deposits increased one basis point on a linked
quarter basis to 0.87%.
Total borrowings decreased $51.0 million during
the fourth quarter of 2016 as compared to the third quarter of 2016
due to deposit growth outpacing loan growth, and reflected
management’s desire to decrease reliance on borrowed funds and to
grow both its number of customers and deposits.
Non-Interest Income
Non-interest income was $1.8 million during the
fourth quarter of 2016, which was $254,000 (12.3%) lower than the
third quarter of 2016, given the majority of annual mortgage fees
were recognized in the third quarter ($224,000). Non-interest
income was relatively flat compared to the fourth quarter of
2015.
Non-Interest Expense
Non-interest expense, excluding the ESOP Charge,
was $18.3 million during the fourth quarter of 2016, comparable to
the $18.2 million recorded during the third quarter of 2016.
Non-interest expense was $2.2 million (13.5%) higher than the
fourth quarter of 2015, related to occupancy and marketing
expenses.
The ratio of non-interest expense to average
assets was 1.25% during the fourth quarter of 2016 excluding the
ESOP Charge, compared to 1.29% during the third quarter of 2016 and
1.32% during the fourth quarter of 2015, reflecting annualized
period-over-period average asset growth of 16.4% and 20.7%,
respectively, which outpaced non-interest expense growth. The
efficiency ratio was 46.1% during the fourth quarter of 2016
excluding the impact of the ESOP Charge, lower than the 48.8%
during the third quarter of 2016 and slightly above the 45.7%
during the fourth quarter of 2015.
Income Tax Expense
The effective income tax rate, excluding the
impact of the ESOP Charge, approximated 42.3% during the fourth
quarter of 2016, slightly higher than the 41.5% recorded in the
third quarter of 2016.
Credit Quality
Non-performing loans were $4.2 million, or 0.08%
of total loans, at December 31, 2016, a slight increase from $3.9
million, or 0.07% of total loans, at September 30, 2016. The
allowance for loan losses was 0.36% of total loans at December 31,
2016, consistent with the 0.37% at September 30, 2016. At December
31, 2016, non-performing assets represented 1.6% of the sum of
tangible capital plus the allowance for loan losses (this statistic
is otherwise known as the "Texas Ratio") (see table at the end of
this news release). A loan loss provision of $529,000 was
recorded during the fourth quarter of 2016, compared to a loan loss
provision of $1.2 million during the third quarter of 2016,
primarily due to lower linked quarter growth in the loan
portfolio.
Capital Management
The Company’s consolidated Tier 1 capital to
average assets (“leverage ratio”) was 10.03% at December 31, 2016,
in excess of Basel III requirements.
The bank’s regulatory capital ratios continued
to be in excess of Basel III requirements as well, inclusive of
conservation buffer amounts. At December 31, 2016, the bank’s
leverage ratio was 8.95%, while Tier 1 capital to risk-weighted
assets and Total capital to risk-weighted assets ratios were 11.60%
and 12.05%, respectively.
Diluted earnings per common share, excluding the
ESOP Charge, exceeded the quarterly cash dividend per share by
135.7% during the fourth quarter of 2016, equating to a 42.4%
payout ratio.
Tangible book value per share was $13.78 at
December 31, 2016, a 15.2% increase from $11.96 at December 31,
2015.
Outlook for the Quarter Ending March 31,
2017
At December 31, 2016, the bank had outstanding
loan commitments totaling $181.2 million, at an average interest
rate approximating 3.28%, all of which are likely to close during
the quarter ending March 31, 2017. Loan commitments in the bank’s
pipeline during January 2017 have interest rates that are higher
than the average interest rate on commitments in the pipeline at
December 31 2016, reflective of increases in rates by the Federal
Reserve Bank during late fourth quarter 2016. Loan
prepayments and amortization are expected to fall within the
projected annualized range of 10% - 15% during the March 2017
quarter.
The Company has a balance sheet growth objective
of 10% for the year ending December 31, 2017, with a continued
preference toward utilizing retail deposits for most of its funding
needs.
Despite the recent policy actions of the Federal
Open Market Committee, deposit and borrowing funding costs are
expected to remain near current historically low levels through the
March 2017 quarter. At December 31, 2016, the bank had $177.9
million of Certificate of Deposits at an average rate of 1.26%, and
$229.5 million of borrowings, at an average rate of 0.96%,
scheduled to mature during the March 2017 quarter. No significant
increase or reduction in funding costs is anticipated from the
rollover or re-positioning of these funds.
Loan loss provision, which totaled $1.2 million
and $529,000 in the third and fourth quarters of 2016,
respectively, will continue to be driven primarily by loan
portfolio growth in the March 2017 quarter.
Non‐interest expense is expected to approximate
$19.5 million during the March 2017 quarter, impacted in part by
the expected opening of two de novo branches as well as by the
build out of the business banking division.
The Company projects that the consolidated
effective tax rate will approximate 39.0% in the March 2017
quarter.
ABOUT DIME COMMUNITY BANCSHARES, INC.The
Company had $6.01 billion in consolidated assets as of December 31,
2016. The bank was founded in 1864, is headquartered in Brooklyn,
New York, and currently has twenty-five branches located throughout
Brooklyn, Queens, the Bronx and Nassau County, 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," "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 |
|
(Dollars in thousands except share
amounts) |
|
|
|
|
|
|
|
|
|
December
31, |
|
September
30, |
|
December
31, |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
ASSETS: |
|
|
|
|
|
|
Cash and due from
banks |
$ |
113,503 |
|
|
$ |
80,870 |
|
|
$ |
64,154 |
|
|
Investment securities
held to maturity |
|
5,378 |
|
|
|
5,356 |
|
|
|
5,242 |
|
|
Investment securities available for sale |
|
3,895 |
|
|
|
3,933 |
|
|
|
3,756 |
|
|
Mortgage-backed
securities available for sale |
|
3,558 |
|
|
|
3,647 |
|
|
|
431 |
|
|
Trading securities |
|
6,953 |
|
|
|
6,890 |
|
|
|
10,201 |
|
|
Real Estate
Loans: |
|
|
|
|
|
|
One-to-four
family and cooperative/condominium apartment |
|
74,022 |
|
|
|
75,297 |
|
|
|
72,095 |
|
|
Multifamily and loans underlying cooperatives (1) |
|
4,592,282 |
|
|
|
4,450,025 |
|
|
|
3,752,328 |
|
|
Commercial real estate |
|
958,459 |
|
|
|
955,048 |
|
|
|
863,184 |
|
|
Unearned discounts and net deferred loan fees |
|
8,244 |
|
|
|
8,121 |
|
|
|
7,579 |
|
|
Total real estate loans |
|
5,633,007 |
|
|
|
5,488,491 |
|
|
|
4,695,186 |
|
|
Other loans |
|
3,415 |
|
|
|
1,675 |
|
|
|
1,590 |
|
|
Allowance for loan losses |
|
(20,536 |
) |
|
|
(20,049 |
) |
|
|
(18,514 |
) |
|
Total loans, net |
|
5,615,886 |
|
|
|
5,470,117 |
|
|
|
4,678,262 |
|
|
Premises
and fixed assets, net |
|
18,405 |
|
|
|
15,666 |
|
|
|
15,150 |
|
|
Premises
held for sale |
|
1,379 |
|
|
|
1,379 |
|
|
|
8,799 |
|
|
Federal
Home Loan Bank of New York capital stock |
|
44,444 |
|
|
|
46,739 |
|
|
|
58,713 |
|
|
Other Real Estate
Owned |
|
- |
|
|
|
18 |
|
|
|
148 |
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
Other assets |
|
136,391 |
|
|
|
131,533 |
|
|
|
132,378 |
|
|
TOTAL
ASSETS |
$ |
6,005,430 |
|
|
$ |
5,821,786 |
|
|
$ |
5,032,872 |
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Non-interest bearing checking |
$ |
297,434 |
|
|
$ |
270,698 |
|
|
$ |
259,182 |
|
|
Interest
Bearing Checking |
|
106,525 |
|
|
|
94,313 |
|
|
|
78,994 |
|
|
Savings |
|
366,921 |
|
|
|
365,966 |
|
|
|
368,671 |
|
|
Money
Market |
|
2,576,081 |
|
|
|
2,360,346 |
|
|
|
1,618,617 |
|
|
Sub-total |
|
3,346,961 |
|
|
|
3,091,323 |
|
|
|
2,325,464 |
|
|
Certificates of
deposit |
|
1,048,465 |
|
|
|
1,067,941 |
|
|
|
858,846 |
|
|
Total Due to
Depositors |
|
4,395,426 |
|
|
|
4,159,264 |
|
|
|
3,184,310 |
|
|
Escrow and other
deposits |
|
103,001 |
|
|
|
117,309 |
|
|
|
77,130 |
|
|
Federal
Home Loan Bank of New York advances |
|
831,125 |
|
|
|
882,125 |
|
|
|
1,166,725 |
|
|
Trust
Preferred Notes Payable |
|
70,680 |
|
|
|
70,680 |
|
|
|
70,680 |
|
|
Other liabilities |
|
39,330 |
|
|
|
37,117 |
|
|
|
40,080 |
|
|
TOTAL LIABILITIES |
|
5,439,562 |
|
|
|
5,266,495 |
|
|
|
4,538,925 |
|
|
STOCKHOLDERS'
EQUITY: |
|
|
|
|
|
|
Common
stock ($0.01 par, 125,000,000 shares authorized, 53,572,745 shares,
53,520,581 shares, |
|
|
|
|
|
|
and 53,326,753 shares issued at December 31, 2016,
September 30, 2016 and December 31, 2015, |
|
|
|
|
|
respectively,
and 37,455,853 shares, 37,543,852 shares, and 37,371,992 shares
outstanding |
|
|
|
|
|
|
at December 31,
2016, September 30, 2016 and December 31, 2015,
respectively) |
|
536 |
|
|
|
535 |
|
|
|
533 |
|
|
Additional paid-in capital |
|
278,356 |
|
|
|
265,227 |
|
|
|
262,798 |
|
|
Retained
earnings |
|
503,539 |
|
|
|
507,956 |
|
|
|
451,606 |
|
|
Accumulated other comprehensive loss, net of deferred taxes |
|
(5,939 |
) |
|
|
(8,110 |
) |
|
|
(8,801 |
) |
|
Unallocated common stock of Employee Stock Ownership Plan |
|
- |
|
|
|
(2,140 |
) |
|
|
(2,313 |
) |
|
Unearned
Restricted Stock Award common stock |
|
(1,932 |
) |
|
|
(2,303 |
) |
|
|
(2,271 |
) |
|
Common
stock held by the Benefit Maintenance Plan |
|
(6,859 |
) |
|
|
(6,859 |
) |
|
|
(9,354 |
) |
|
Treasury
stock (16,116,892 shares,15,976,729 shares and 15,954,761
shares |
|
|
|
|
|
|
at December 31, 2016, September 30, 2016 and December 31,
2015, respectively) |
|
(201,833 |
) |
|
|
(199,015 |
) |
|
|
(198,251 |
) |
|
TOTAL
STOCKHOLDERS' EQUITY |
|
565,868 |
|
|
|
555,291 |
|
|
|
493,947 |
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
6,005,430 |
|
|
$ |
5,821,786 |
|
|
$ |
5,032,872 |
|
|
|
|
|
|
|
|
|
(1) 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 |
|
For the Year
Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
|
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
Loans secured by real estate |
$ |
50,757 |
|
|
$ |
48,090 |
|
$ |
43,977 |
|
|
$ |
191,856 |
|
$ |
171,347 |
|
|
Other loans |
|
39 |
|
|
|
28 |
|
|
23 |
|
|
|
115 |
|
|
93 |
|
|
Mortgage-backed
securities |
|
14 |
|
|
|
2 |
|
|
2 |
|
|
|
20 |
|
|
186 |
|
|
Investment securities |
|
313 |
|
|
|
129 |
|
|
331 |
|
|
|
880 |
|
|
875 |
|
|
Federal funds
sold and other short-term investments |
|
667 |
|
|
|
707 |
|
|
552 |
|
|
|
2,756 |
|
|
2,290 |
|
|
Total
interest
income |
|
51,790 |
|
|
|
48,956 |
|
|
44,885 |
|
|
|
195,627 |
|
|
174,791 |
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
Deposits and escrow |
|
9,348 |
|
|
|
8,635 |
|
|
6,225 |
|
|
|
32,374 |
|
|
23,005 |
|
|
Borrowed
funds |
|
4,544 |
|
|
|
4,974 |
|
|
5,074 |
|
|
|
19,767 |
|
|
23,222 |
|
|
Total interest
expense |
|
13,892 |
|
|
|
13,609 |
|
|
11,299 |
|
|
|
52,141 |
|
|
46,227 |
|
|
Net interest
income |
|
37,898 |
|
|
|
35,347 |
|
|
33,586 |
|
|
|
143,486 |
|
|
128,564 |
|
|
Provision (Credit) for loan
losses |
|
529 |
|
|
|
1,168 |
|
|
(439 |
) |
|
|
2,118 |
|
|
(1,330 |
) |
|
Net interest income after
provision |
|
|
|
|
|
|
|
|
|
|
(credit) for loan
losses |
|
37,369 |
|
|
|
34,179 |
|
|
34,025 |
|
|
|
141,368 |
|
|
129,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
863 |
|
|
|
1,123 |
|
|
761 |
|
|
|
3,429 |
|
|
3,323 |
|
|
Mortgage banking income, net |
|
25 |
|
|
|
16 |
|
|
29 |
|
|
|
96 |
|
|
183 |
|
|
Gain on sale of real estate |
|
- |
|
|
|
- |
|
|
- |
|
|
|
68,183 |
|
|
- |
|
|
Gain on sale of securities and other assets |
|
- |
|
|
|
- |
|
|
- |
|
|
|
40 |
|
|
1,384 |
|
|
Gain (loss) on trading securities |
|
(25 |
) |
|
|
69 |
|
|
(14 |
) |
|
|
83 |
|
|
(111 |
) |
|
Other |
|
954 |
|
|
|
863 |
|
|
963 |
|
|
|
4,103 |
|
|
3,837 |
|
|
Total non-interest
income |
|
1,817 |
|
|
|
2,071 |
|
|
1,739 |
|
|
|
75,934 |
|
|
8,616 |
|
|
Non-interest
expense: |
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
20,834 |
|
|
|
9,431 |
|
|
9,354 |
|
|
|
49,505 |
|
|
34,990 |
|
|
Occupancy and
equipment |
|
3,111 |
|
|
|
3,250 |
|
|
2,549 |
|
|
|
12,103 |
|
|
10,514 |
|
|
Federal deposit
insurance premiums |
|
582 |
|
|
|
613 |
|
|
602 |
|
|
|
2,515 |
|
|
2,304 |
|
|
Other |
|
5,111 |
|
|
|
4,938 |
|
|
3,634 |
|
|
|
19,708 |
|
|
14,685 |
|
|
Total non-interest
expense |
|
29,638 |
|
|
|
18,232 |
|
|
16,139 |
|
|
|
83,831 |
|
|
62,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
taxes |
|
9,548 |
|
|
|
18,018 |
|
|
19,625 |
|
|
|
133,471 |
|
|
76,017 |
|
|
Income tax expense |
|
8,816 |
|
|
|
7,481 |
|
|
8,241 |
|
|
|
60,957 |
|
|
31,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
732 |
|
|
$ |
10,537 |
|
$ |
11,384 |
|
|
$ |
72,514 |
|
$ |
44,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
Share ("EPS"): |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
0.29 |
|
$ |
0.31 |
|
|
$ |
1.97 |
|
$ |
1.24 |
|
|
Diluted |
$ |
0.02 |
|
|
$ |
0.29 |
|
$ |
0.31 |
|
|
$ |
1.97 |
|
$ |
1.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
for Diluted EPS |
|
36,803,342 |
|
|
|
36,788,307 |
|
|
36,521,748 |
|
|
|
36,764,086 |
|
|
36,322,333 |
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
|
UNAUDITED SELECTED
FINANCIAL HIGHLIGHTS |
|
(Dollars in thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended |
|
For the Year
Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Performance
Ratios (Based upon Reported Net Income): |
|
|
|
|
|
|
|
|
|
|
Reported
EPS (Diluted) |
$ |
0.02 |
|
|
$ |
0.29 |
|
|
$ |
0.31 |
|
|
$ |
1.97 |
|
|
$ |
1.23 |
|
|
Return
on Average Assets |
|
0.05 |
% |
|
|
0.75 |
% |
|
|
0.93 |
% |
|
|
1.31 |
% |
|
|
0.96 |
% |
|
Return
on Average Stockholders' Equity |
|
0.52 |
% |
|
|
7.63 |
% |
|
|
9.32 |
% |
|
|
13.40 |
% |
|
|
9.40 |
% |
|
Return
on Average Tangible Stockholders' Equity |
|
0.57 |
% |
|
|
8.34 |
% |
|
|
10.30 |
% |
|
|
14.68 |
% |
|
|
10.42 |
% |
|
Net
Interest Spread |
|
2.51 |
% |
|
|
2.44 |
% |
|
|
2.72 |
% |
|
|
2.52 |
% |
|
|
2.72 |
% |
|
Net
Interest Margin |
|
2.67 |
% |
|
|
2.59 |
% |
|
|
2.88 |
% |
|
|
2.68 |
% |
|
|
2.89 |
% |
|
Non-interest Expense to Average Assets |
|
2.01 |
% |
|
|
1.29 |
% |
|
|
1.32 |
% |
|
|
1.51 |
% |
|
|
1.34 |
% |
|
Efficiency Ratio |
|
74.58 |
% |
|
|
48.82 |
% |
|
|
45.67 |
% |
|
|
55.48 |
% |
|
|
45.98 |
% |
|
Effective Tax Rate |
|
92.33 |
% |
|
|
41.52 |
% |
|
|
41.99 |
% |
|
|
45.67 |
% |
|
|
41.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Book Value and
Tangible Book Value Per Share: |
|
|
|
|
|
|
|
|
|
|
Stated Book Value Per
Share |
$ |
15.11 |
|
|
$ |
14.79 |
|
|
$ |
13.22 |
|
|
$ |
15.11 |
|
|
$ |
13.22 |
|
|
Tangible Book Value Per
Share |
|
13.78 |
|
|
|
13.52 |
|
|
|
11.96 |
|
|
|
13.78 |
|
|
|
11.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance
Data: |
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
5,885,051 |
|
|
$ |
5,653,103 |
|
|
$ |
4,875,199 |
|
|
$ |
5,554,768 |
|
|
$ |
4,660,476 |
|
|
Average Interest
Earning Assets |
|
5,686,894 |
|
|
|
5,453,070 |
|
|
|
4,657,917 |
|
|
|
5,351,010 |
|
|
|
4,443,495 |
|
|
Average Stockholders'
Equity |
|
560,434 |
|
|
|
552,370 |
|
|
|
488,845 |
|
|
|
541,247 |
|
|
|
476,053 |
|
|
Average Tangible
Stockholders' Equity |
|
511,838 |
|
|
|
505,170 |
|
|
|
442,277 |
|
|
|
493,801 |
|
|
|
429,566 |
|
|
Average
Loans |
|
5,562,394 |
|
|
|
5,330,442 |
|
|
|
4,555,291 |
|
|
|
5,212,729 |
|
|
|
4,328,977 |
|
|
Average Deposits |
|
4,281,627 |
|
|
|
3,973,753 |
|
|
|
3,109,044 |
|
|
|
3,799,437 |
|
|
|
2,939,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Summary: |
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) |
$ |
43 |
|
|
$ |
29 |
|
|
$ |
6 |
|
|
$ |
97 |
|
|
($ |
1,351 |
) |
|
Non-performing Loans (excluding loans held for sale) |
|
4,237 |
|
|
|
3,875 |
|
|
|
1,611 |
|
|
|
4,237 |
|
|
|
1,611 |
|
|
Non-performing Loans/ Total Loans |
|
0.08 |
% |
|
|
0.07 |
% |
|
|
0.03 |
% |
|
|
0.08 |
% |
|
|
0.03 |
% |
|
Nonperforming Assets (1) |
$ |
5,507 |
|
|
$ |
5,155 |
|
|
$ |
2,995 |
|
|
$ |
5,507 |
|
|
$ |
2,995 |
|
|
Nonperforming Assets/Total Assets |
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.06 |
% |
|
|
0.09 |
% |
|
|
0.06 |
% |
|
Allowance for Loan Loss/Total Loans |
|
0.36 |
% |
|
|
0.37 |
% |
|
|
0.39 |
% |
|
|
0.36 |
% |
|
|
0.39 |
% |
|
Allowance for Loan Loss/Non-performing Loans |
|
484.68 |
% |
|
|
517.39 |
% |
|
|
1149.22 |
% |
|
|
484.68 |
% |
|
|
1149.22 |
% |
|
Loans
Delinquent 30 to 89 Days at period end |
$ |
1,920 |
|
|
$ |
20 |
|
|
$ |
2,970 |
|
|
$ |
1,920 |
|
|
$ |
2,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Capital Ratios |
|
|
|
|
|
|
|
|
|
|
Tangible
Stockholders' Equity to Tangible Assets at period end |
|
8.67 |
% |
|
|
8.80 |
% |
|
|
8.98 |
% |
|
|
8.67 |
% |
|
|
8.98 |
% |
|
Tier 1
Capital to Average Assets |
|
10.03 |
% |
|
|
10.29 |
% |
|
|
10.70 |
% |
|
|
10.03 |
% |
|
|
10.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios (Bank Only): |
|
|
|
|
|
|
|
|
|
|
Common
Equity Tier 1 Capital to Risk-Weighted Assets |
|
11.60 |
% |
|
|
11.22 |
% |
|
|
11.55 |
% |
|
|
11.60 |
% |
|
|
11.55 |
% |
|
Tier 1
Capital to Risk-Weighted Assets ("Tier 1 Capital Ratio") |
|
11.60 |
% |
|
|
11.22 |
% |
|
|
11.55 |
% |
|
|
11.60 |
% |
|
|
11.55 |
% |
|
Total
Capital to Risk-Weighted Assets ("Total Capital Ratio") |
|
12.05 |
% |
|
|
11.67 |
% |
|
|
12.03 |
% |
|
|
12.05 |
% |
|
|
12.03 |
% |
|
Tier 1
Capital to Average Assets |
|
8.95 |
% |
|
|
9.04 |
% |
|
|
9.17 |
% |
|
|
8.95 |
% |
|
|
9.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported and Adjusted ("non-GAAP") Net
Income: |
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
732 |
|
|
$ |
10,537 |
|
|
$ |
11,384 |
|
|
$ |
72,514 |
|
|
$ |
44,772 |
|
|
Less: After tax gain on
sale of securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(764 |
) |
|
Add: After-tax expense
associated with the prepayment of borrowings |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
750 |
|
|
Less:
After tax gain on the sale of real estate (2) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(37,483 |
) |
|
|
- |
|
|
Less: After tax credit
on curtailment of postretirement health benefits |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,868 |
) |
|
Add: After-tax expense
associated with the prepayment of the ESOP Share Acquisition Loan
(3) |
|
11,319 |
|
|
|
- |
|
|
|
- |
|
|
|
11,319 |
|
|
|
- |
|
|
Adjusted
("non-GAAP") net income |
$ |
12,051 |
|
|
$ |
10,537 |
|
|
$ |
11,384 |
|
|
$ |
46,350 |
|
|
$ |
42,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios (Based upon "non-GAAP Net Income" as
calculated above): |
|
|
|
|
|
|
|
|
|
|
EPS
(Diluted) |
$ |
0.33 |
|
|
$ |
0.29 |
|
|
$ |
0.31 |
|
|
$ |
1.26 |
|
|
$ |
1.18 |
|
|
Return
on Average Assets |
|
0.82 |
% |
|
|
0.75 |
% |
|
|
0.93 |
% |
|
|
0.83 |
% |
|
|
0.92 |
% |
|
Return
on Average Stockholders' Equity |
|
8.60 |
% |
|
|
7.63 |
% |
|
|
9.32 |
% |
|
|
8.56 |
% |
|
|
9.01 |
% |
|
Return
on Average Tangible Stockholders' Equity |
|
9.42 |
% |
|
|
8.34 |
% |
|
|
10.30 |
% |
|
|
9.39 |
% |
|
|
9.98 |
% |
|
Net
Interest Spread |
|
2.51 |
% |
|
|
2.44 |
% |
|
|
2.72 |
% |
|
|
2.52 |
% |
|
|
2.72 |
% |
|
Net
Interest Margin |
|
2.67 |
% |
|
|
2.59 |
% |
|
|
2.88 |
% |
|
|
2.68 |
% |
|
|
2.92 |
% |
|
Non-interest Expense to Average Assets |
|
1.25 |
% |
|
|
1.29 |
% |
|
|
1.32 |
% |
|
|
1.31 |
% |
|
|
1.41 |
% |
|
Efficiency Ratio |
|
46.10 |
% |
|
|
48.82 |
% |
|
|
45.67 |
% |
|
|
47.98 |
% |
|
|
48.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount comprised of total non-accrual loans, other
real estate owned, and the recorded balance of pooled bank trust
preferred security investments that were deemed to meet the
criteria of a non-performing asset. |
|
(2) The gain on the sale of real estate was taxed at the
Company's statutory tax rate of 45%. |
|
|
|
|
|
(3) The expense for the prepayment of the ESOP Share
Acquisition Loan is a non-taxable transaction |
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED AVERAGE BALANCES AND NET INTEREST
INCOME |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
December 31, 2016 |
|
|
|
September 30, 2016 |
|
|
|
December 31, 2015 |
|
|
|
|
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 |
$ |
5,560,078 |
$ |
50,757 |
|
3.65 |
% |
|
$ |
5,328,712 |
$ |
48,090 |
|
3.61 |
% |
|
$ |
4,553,788 |
$ |
43,977 |
|
3.86 |
% |
Other
loans |
|
2,316 |
|
39 |
|
6.74 |
|
|
|
1,730 |
|
28 |
|
6.47 |
|
|
|
1,503 |
|
23 |
|
6.12 |
|
Mortgage-backed securities |
|
3,593 |
|
14 |
|
1.56 |
|
|
|
456 |
|
2 |
|
1.75 |
|
|
|
425 |
|
2 |
|
1.88 |
|
Investment securities |
|
16,821 |
|
313 |
|
7.44 |
|
|
|
16,718 |
|
129 |
|
3.09 |
|
|
|
18,773 |
|
331 |
|
7.05 |
|
Other
short-term investments |
|
104,086 |
|
667 |
|
2.56 |
|
|
|
105,454 |
|
707 |
|
2.68 |
|
|
|
83,428 |
|
552 |
|
2.65 |
|
Total interest earning assets |
|
5,686,894 |
$ |
51,790 |
|
3.64 |
% |
|
|
5,453,070 |
$ |
48,956 |
|
3.59 |
% |
|
|
4,657,917 |
$ |
44,885 |
|
3.85 |
% |
Non-interest
earning assets |
|
198,157 |
|
|
|
|
200,033 |
|
|
|
|
217,282 |
|
|
Total assets |
$ |
5,885,051 |
|
|
|
$ |
5,653,103 |
|
|
|
$ |
4,875,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Checking accounts |
$ |
100,134 |
$ |
58 |
|
0.23 |
% |
|
$ |
91,979 |
$ |
55 |
|
0.24 |
% |
|
$ |
76,932 |
$ |
56 |
|
0.29 |
% |
Money
Market accounts |
|
2,476,810 |
|
5,348 |
|
0.86 |
|
|
|
2,196,387 |
|
4,702 |
|
0.85 |
|
|
|
1,548,821 |
|
3,060 |
|
0.78 |
|
Savings
accounts |
|
365,350 |
|
45 |
|
0.05 |
|
|
|
366,921 |
|
46 |
|
0.05 |
|
|
|
365,563 |
|
46 |
|
0.05 |
|
Certificates of deposit |
|
1,064,241 |
|
3,897 |
|
1.46 |
|
|
|
1,056,346 |
|
3,832 |
|
1.44 |
|
|
|
873,910 |
|
3,063 |
|
1.39 |
|
Total interest bearing deposits |
|
4,006,535 |
|
9,348 |
|
0.93 |
|
|
|
3,711,633 |
|
8,635 |
|
0.93 |
|
|
|
2,865,226 |
|
6,225 |
|
0.86 |
|
Borrowed
Funds |
|
863,131 |
|
4,544 |
|
2.09 |
|
|
|
983,756 |
|
4,974 |
|
2.01 |
|
|
|
1,094,438 |
|
5,074 |
|
1.84 |
|
Total
interest-bearing liabilities |
|
4,869,666 |
$ |
13,892 |
|
1.13 |
% |
|
|
4,695,389 |
$ |
13,609 |
|
1.15 |
% |
|
|
3,959,664 |
$ |
11,299 |
|
1.13 |
% |
Non-interest
bearing checking accounts |
|
275,092 |
|
|
|
|
262,120 |
|
|
|
|
243,818 |
|
|
Other
non-interest-bearing liabilities |
|
179,859 |
|
|
|
|
143,224 |
|
|
|
|
182,872 |
|
|
Total
liabilities |
|
5,324,617 |
|
|
|
|
5,100,733 |
|
|
|
|
4,386,354 |
|
|
Stockholders'
equity |
|
560,434 |
|
|
|
|
552,370 |
|
|
|
|
488,845 |
|
|
Total liabilities and
stockholders' equity |
$ |
5,885,051 |
|
|
|
$ |
5,653,103 |
|
|
|
$ |
4,875,199 |
|
|
Net interest
income |
|
$ |
37,898 |
|
|
|
|
$ |
35,347 |
|
|
|
|
$ |
33,586 |
|
|
Net interest
spread |
|
|
2.51 |
% |
|
|
|
2.44 |
% |
|
|
|
2.72 |
% |
Net interest-earning
assets |
$ |
817,228 |
|
|
|
$ |
757,681 |
|
|
|
$ |
698,253 |
|
|
Net interest
margin |
|
|
2.67 |
% |
|
|
|
2.59 |
% |
|
|
|
2.88 |
% |
Ratio of
interest-earning assets to interest-bearing liabilities |
|
|
116.78 |
% |
|
|
|
|
116.14 |
% |
|
|
|
|
117.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits (including
non-interest bearing checking accounts) |
$ |
4,281,627 |
$ |
9,348 |
|
0.87 |
% |
|
$ |
3,973,753 |
$ |
8,635 |
|
0.86 |
% |
|
$ |
3,109,044 |
$ |
6,225 |
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Loan prepayment and late payment fee income |
$ |
2,669 |
|
|
|
|
$ |
1,695 |
|
|
|
|
$ |
2,675 |
|
|
Real estate loans (excluding net prepayment and late
payment fee income) |
|
3.46 |
% |
|
|
|
3.48 |
% |
|
|
|
3.63 |
% |
Interest earning assets (excluding net prepayment and
late payment fee income) |
|
3.46 |
% |
|
|
|
3.47 |
% |
|
|
|
3.62 |
% |
Net Interest income (excluding net prepayment and late
payment fee income) |
$ |
35,229 |
|
|
|
|
$ |
33,652 |
|
|
|
|
$ |
30,911 |
|
|
Net Interest margin (excluding net prepayment and late
payment fee income) |
2.48 |
% |
|
|
|
2.47 |
% |
|
|
|
2.65 |
% |
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
AND TROUBLED DEBT RESTRUCTURINGS ("TDRs") |
(Dollars in
thousands) |
|
|
|
|
|
At December 31, |
|
At September 30, |
|
At December 31, |
Non-Performing
Loans |
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
One- to
four-family and cooperative/condominium apartment |
$ |
1,012 |
|
|
$ |
485 |
|
|
$ |
1,113 |
|
Multifamily
residential and mixed use residential real estate (1)(2) |
|
2,675 |
|
|
|
3,219 |
|
|
|
287 |
|
Mixed use
commercial real estate (2) |
|
549 |
|
|
|
169 |
|
|
|
- |
|
Commercial real
estate |
|
- |
|
|
|
- |
|
|
|
207 |
|
Other |
|
1 |
|
|
|
2 |
|
|
|
4 |
|
Total
Non-Performing Loans (3) |
$ |
4,237 |
|
|
$ |
3,875 |
|
|
$ |
1,611 |
|
Other
Non-Performing Assets |
|
|
|
|
|
Non-performing
loans held for sale |
|
- |
|
|
|
- |
|
|
|
- |
|
Other real
estate owned |
|
- |
|
|
|
18 |
|
|
|
148 |
|
Pooled bank
trust preferred securities (4) |
|
1,270 |
|
|
|
1,262 |
|
|
|
1,236 |
|
Total
Non-Performing Assets |
$ |
5,507 |
|
|
$ |
5,155 |
|
|
$ |
2,995 |
|
|
|
|
|
|
|
TDRs not included in
non-performing loans (3) |
|
|
|
|
|
One- to
four-family and cooperative/condominium apartment |
|
407 |
|
|
|
410 |
|
|
|
598 |
|
Multifamily
residential and mixed use residential real estate (1)(2) |
|
658 |
|
|
|
667 |
|
|
|
696 |
|
Mixed use
commercial real estate (2) |
|
4,261 |
|
|
|
4,282 |
|
|
|
4,344 |
|
Commercial real
estate |
|
3,363 |
|
|
|
3,380 |
|
|
|
3,428 |
|
Total
Performing TDRs |
$ |
8,689 |
|
|
$ |
8,739 |
|
|
$ |
9,066 |
|
|
|
|
|
|
|
(1) Includes loans
underlying cooperatives. |
|
|
|
|
|
|
|
|
|
|
|
(2) While the loans within these categories are often
considered "commercial real estate" in nature, they are classified
separately in this table because there is a residential
component to the income, which makes them generally viewed as less
risky than pure commercial real estate loans. |
|
|
|
|
|
|
|
(3) Total
non-performing loans include some loans that were modified in a
manner that met the criteria for a TDR. These non-accruing
TDRs totaled $207 at December 31, 2015, and are included in
the non-performing loan table, but excluded from the TDR amount
shown above. There were no non-accruing TDRs at December 31,
2016 or September 30, 2016. |
|
(4) As of the dates presented, certain pooled bank trust
preferred securities were deemed to meet the criteria of a
non-performing asset. |
|
|
|
|
|
|
PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE CAPITAL AND
RESERVES |
|
|
|
|
|
|
|
|
|
|
|
At December 31, |
|
At September 30, |
|
At December 31, |
|
|
2016 |
|
|
|
2016 |
|
|
|
2015 |
|
Total Non-Performing
Assets |
$ |
5,507 |
|
|
$ |
5,155 |
|
|
$ |
2,995 |
|
Loans 90 days or more
past due on accrual status (5) |
|
3,070 |
|
|
|
2,165 |
|
|
|
4,532 |
|
TOTAL PROBLEM
ASSETS |
$ |
8,577 |
|
|
$ |
7,320 |
|
|
$ |
7,527 |
|
|
|
|
|
|
|
Tier One Capital - Dime
Community Bank |
$ |
521,457 |
|
|
$ |
505,166 |
|
|
$ |
440,374 |
|
Allowance for loan
losses |
|
20,536 |
|
|
|
20,049 |
|
|
|
18,514 |
|
TANGIBLE CAPITAL
PLUS RESERVES |
$ |
541,993 |
|
|
$ |
525,215 |
|
|
$ |
458,888 |
|
|
|
|
|
|
|
PROBLEM ASSETS AS A
PERCENTAGE OF |
|
|
|
|
|
TANGIBLE CAPITAL
AND RESERVES |
|
1.6 |
% |
|
|
1.4 |
% |
|
|
1.6 |
% |
|
|
|
|
|
|
(5) 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: Anthony J. Rose
Executive Vice President and Director of Investor Relations
718-782-6200 extension 5260
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