Dime Community Bancshares, Inc. (NASDAQ:DCOM) (the “Company”), the
parent company of Dime Community Bank (the “bank”), today reported
net income of $51.9 million for the fiscal year ended December 31,
2017, or $1.38 per diluted common share. For the quarter ended
December 31, 2017, net income was $15.4 million, or $0.41 per
diluted common share.
Highlights for the fiscal year of 2017
included:
- Successful launch of the Business Banking division, with
commercial and industrial (“C&I”) loan balances of $137 million
and direct-sourced commercial real estate (“CRE”) loan balances of
$98.6 million at year-end;
- Consolidated Company CRE concentration ratio declined to
approximately 778% at year-end 2017, versus 903% at year-end
2016;
- Continued expense discipline, with operating expenses to
average assets (adjusted for non-recurring expenses) remaining
well-controlled on a year-over-year basis; and
- Reported book value per share and tangible book value (common
equity less goodwill divided by number of shares outstanding) per
share grew to $16.00 and $14.51, respectively, at December 31,
2017.
Highlights for the fourth quarter of 2017
included:
- Continued the build out of the Business Banking division via
the hire of Alan Green, Senior Vice President of Business Banking,
who will operate from the bank’s Manhattan office;
- Hired a proven industry veteran, Nancy Tomich, Senior Vice
President and Head of Residential Lending, who will be responsible
for building the bank’s residential lending infrastructure;
- Significantly bolstered the risk management department with the
hires of Chris Porzelt, Executive Vice President and Chief Risk
Officer, who will be responsible for managing all aspects of the
buildout of the bank’s enterprise risk management function, and
Kevin Corbett, Senior Vice President and Chief Credit Officer, who
will be responsible for overseeing the bank’s credit administration
department;
- Successfully completed a $280 million securitization of
multifamily loans in December through a Freddie Mac sponsored
“Q-deal” securitization (“Loan Securitization”); transaction
represents first such multifamily loan securitization for a bank
headquartered in the metropolitan New York City marketplace;
- Loan-to-deposit ratio declined to 127% at year-end 2017 versus
137% at the end of the third quarter of 2017; and
- Credit quality continued to remain pristine, with total
non-performing loans to loans of 0.01%.
Kenneth J. Mahon, President and CEO of the
Company, commented, “During 2017, Dime put into place the necessary
building blocks for our transformation towards a leading community
commercial bank. The early results of our Business Banking
initiative are extremely promising. Importantly, the Business
Banking division ended the year with approximately $52 million of
low-cost relationship-based deposits at an average cost of
approximately 10 basis points and approximately 43% of the
year-to-date originations have been floating rate loans.”
Mr. Mahon concluded, “Our focus in 2018 is to continue to grow
relationship-based loans and improve the composition of our deposit
base. At the same time, we will remain steadfast in maintaining our
key competitive strengths of expense discipline and maintaining
pristine credit quality.”
Management’s Discussion of 2017 Operating
Results
Net Interest Income
Net interest income in 2017 was $152.7 million,
an increase of $9.2 million (+6.4%) from 2016. The increase
reflects a $16.5 million increase in interest income compared to a
$7.2 million increase in interest expense. The growth in interest
income was driven by an increase of $656.6 million (+12.3%) in
average interest-earning assets, which more than offset the 13
basis point decline in average yield. The increase in interest
expense was attributable to an increase of $579.9 million (+16.4%)
in average interest-bearing deposits as well as an increase in the
cost of borrowed funds of 13 basis points. Net interest margin
(“NIM”) was 2.54% during 2017, compared to 2.68% in 2016. NIM was
negatively impacted in 2017 by lower income recognized from loan
prepayment activity. For 2017, income from prepayment activity
totaled $5.0 million, benefiting NIM by 8 basis points, compared to
$9.0 million, or 17 basis points in 2016.
Balance Sheet
Total assets grew by $398.0 million (+6.6%) in
2017, primarily the result of an increase in investment securities
by $338.3 million and cash by $56.0 million. While the decrease in
total loans during 2017 was $34.8 million, a shift in the portfolio
mix resulted in a decrease of real estate loans by $168.9 million
and an increase in C&I loans by $134.6 million. Total loan
originations were $899.9 million during 2017, down from $1.54
billion in 2016, of which $757.9 million were real estate loans and
$139.7 million were C&I and other loans. The real estate loan
payoff rate of 10.8% in 2017 was less than the 2016 payoff rate of
14.6%. Deposits remained relatively flat in 2017 compared to 2016.
Borrowings rose by $381.8 million, primarily due to the
increase in Federal Home Loan Bank advances of $338.9 million. The
additional increase of $42.9 million in borrowings during 2017 was
the result of the issuance of subordinated debt in June 2017,
offset by the redemption of trust preferred securities in July
2017.
Non-Interest Income
Non-interest income of $21.5 million in 2017
included gains of $10.4 million from the sale of real estate
property, $2.6 million from the sale of the Company’s pooled trust
preferred securities portfolio, and $1.5 million from the sale of
loans. Non-interest income of $75.9 million in 2016 included gains
of $68.2 million from the sale of real estate property. Excluding
these gains, non-interest income was $7.0 million in 2017 and $7.7
million in 2016.
Non-Interest Expense
Non-interest expense was $85.0 million in 2017
and $83.8 million during 2016. During 2017, the Company recognized
non-recurring expenses of $1.3 million for loss on extinguishment
of debt related to the redemption of trust preferred securities and
$1.7 million related to de-conversion costs associated with the
planned change in the bank’s core processor. During 2016, the
Company recognized a non-cash, non-tax deductible expense of $11.3
million on the prepayment of the Employee Stock Ownership Plan
(“ESOP”) share acquisition loan. Excluding these items,
non-interest expense was $82.0 million in 2017 and $72.5 million in
2016, an increase of $9.5 million. The increase was primarily the
result of higher occupancy expense of $2.1 million, data processing
expense of $1.4 million, marketing expense of $1.7 million,
accelerated consulting expenses of $1.4 million, and recognition of
the bank’s first loss guarantee for the Loan Securitization
totaling $0.4 million. The additional consulting expense was
related to an earlier-than-anticipated completion of such
services.
The ratio of non-interest expense to average
assets was 1.37% in 2017 compared to 1.51% in 2016. Excluding the
non-recurring expenses mentioned above, the ratio was 1.32% and
1.31% for 2017 and 2016, respectively. The efficiency ratio was
53.24% in 2017, down from 55.48% in 2016. Excluding the
non-recurring expenses mentioned above, the ratio was 51.37% and
47.98% for 2017 and 2016, respectively.
Management’s Discussion of Quarterly Operating
Results
Net Interest Income
Net interest income in the fourth quarter of
2017 was $38.7 million, comparable to the third quarter of 2017,
and an increase of $0.8 million (+2.2%) over the fourth quarter of
2016. NIM was 2.50% during the fourth quarter of 2017,
compared to 2.53% in the third quarter of 2017, and 2.67% in the
fourth quarter of 2016. The linked quarter decrease in NIM was due
to lower income recognized from loan prepayment activity and an
increase in the cost of deposits of 5 basis points. For the fourth
quarter of 2017, income from prepayment activity totaled $1.3
million, benefiting NIM by 8 basis points, compared to $1.4
million, or 9 basis points, during the third quarter of 2017, and
$2.7 million, or 19 basis points, during the fourth quarter of
2016.
Average interest-earning assets were $6.20
billion for the fourth quarter of 2017, representing a 7.8%
(annualized) increase from $6.08 billion for the third quarter of
2017 and a 9.1% increase from $5.69 billion for the fourth quarter
of 2016.
The average yield on interest-earning assets was
3.52%, 3.53%, and 3.64% for the fourth quarter of 2017, third
quarter of 2017, and fourth quarter of 2016, respectively.
Excluding prepayment income, the average yield on interest-earning
assets was 3.44%, flat with the third quarter of 2017, and 2 basis
points lower than fourth quarter 2016, while the average cost of
funds was 1.19%, 5 basis points higher than the 1.14% cost of funds
for third quarter of 2017 and 6 basis points higher than the fourth
quarter of 2016.
Loans
The real estate loan portfolio decreased by
$402.5 million during the fourth quarter of 2017, primarily as a
result of the Loan Securitization. Real estate loan originations
were $70.6 million during the quarter, at a weighted average
interest rate of 4.36%. Real estate loan amortization and
satisfactions totaled $143.6 million, or 10.2% (annualized) of the
portfolio balance, at an average rate of 4.11%. The annualized real
estate loan payoff rate of 10.2% for fourth quarter 2017 was in
line with the third quarter 2017 and lower than the fourth quarter
2016 (15.1%). Average real estate loans were $5.82 billion in the
fourth quarter of 2017, a decrease of $19.1 million (-1.3%
annualized) from the third quarter of 2017 and an increase of
$263.7 million (+4.7%) from the fourth quarter of 2016.
Included in total real estate loan originations
during the fourth quarter of 2017 were $24.1 million of
originations from the Business Banking division at a weighted
average rate of 4.78%, compared to $41.5 million of originations at
a weighted average rate of 4.62% during the third quarter of
2017.
At December 31, 2017, the bank had outstanding
real estate loan commitments totaling $46.1 million, at an average
interest rate approximating 4.20%, all of which are likely to close
during the quarter ending March 31, 2018.
C&I loan originations were $27.5 million
during the quarter, at a weighted average rate of 4.94%, compared
to $44.6 million at a weighted average rate of 4.60% during the
third quarter of 2017. Total C&I loan balances were $136.7
million at the end of the fourth quarter of 2017, compared to
$111.1 million at the end of the third quarter of 2017.
Cash and Securities
Fourth quarter 2017 cash and securities balances
increased by $320.4 million versus the third quarter of 2017,
primarily as a result of the Loan Securitization which was
completed in December 2017.
Deposits and Borrowed Funds
Total deposits grew $32.3 million (+3.0%
annualized) compared to the third quarter of 2017. This was
primarily the result of a $66.4 million increase in certificates of
deposits, offset by a $47.0 million decrease in money market
accounts. Declines in money market accounts were primarily driven
by outflows in DimeDirect, the bank’s online channel as the bank’s
posted rate in the fourth quarter of 2017 continued to lag many of
its online competitors.
The average cost of deposits increased 5 basis
points on a linked quarter basis to 0.91% as the bank selectively
increased rates on certain deposit products in light of increased
deposit competition.
The loan-to-deposit ratio fell to 127.2% at
December 31, 2017, from 136.8% at September 30, 2017 and 128.3% at
December 31, 2016. The linked quarter decline in the ratio was
primarily the result of the Loan Securitization.
Total borrowings decreased $47.5 million during
the fourth quarter of 2017 versus the third quarter of 2017, as
deposit growth outpaced loan growth. In the fourth quarter, the
Company entered into $110.0 million of long-term borrowings (with
initial terms of 2 years and more), at an average rate of 2.22%,
versus $97.0 million of long-term borrowings at an average rate of
1.74% in the third quarter of 2017.
Non-Interest Income
Non-interest income was $13.7 million during the
fourth quarter of 2017. This includes gains of $10.4 million from
the sale of real estate property and $1.5 million from the sale of
loans. Non-interest income of $4.3 million for the third quarter of
2017 included gains of $2.6 million from the sale of the Company’s
pooled trust preferred securities portfolio. Excluding these gains,
non-interest income was $1.8 million during the fourth quarter of
2017 and $1.7 million during the third quarter of 2017, and
comparable to the fourth quarter of 2016.
Non-Interest Expense
Non-interest expense was $22.6 million during
the fourth quarter of 2017, $22.2 million during the third quarter
of 2017, and $29.6 million during the fourth quarter of 2016.
During the third quarter of 2017, the Company recognized
non-recurring expenses of $1.3 million for loss on extinguishment
of debt related to the redemption of trust preferred securities and
$1.7 million related to de-conversion costs associated with the
planned change in the bank’s core processor. During the fourth
quarter of 2016, the Company recognized a non-cash, non-tax
deductible expense of $11.3 million on the prepayment of the ESOP
share acquisition loan.
Excluding these non-recurring items,
non-interest expense was $19.2 million during the third quarter of
2017 and $18.3 million during the fourth quarter of 2016. The
increase in non-interest expenses in the fourth quarter 2017 of
$3.4 million versus the linked quarter was primarily the result of
an increase in salaries and benefits by $1.2 million, accelerated
consulting expenses of $1.4 million, and recognition of the bank’s
first loss guarantee for the Loan Securitization totaling $0.4
million. The increase in salaries and benefits in the fourth
quarter of 2017 included a one-time bonus accrual of $0.4 million
for non-executive employees, as part of the Company’s previously
announced plan to share the benefits of the Federal tax cuts with
employees. The accelerated consulting expense recognized in the
fourth quarter of 2017 was related to an earlier-than-anticipated
completion of such services.
The ratio of non-interest expense to average
assets was 1.41% during the fourth quarter of 2017, in line with
the third quarter of 2017 (1.41%),and lower than the fourth quarter
of 2016 (2.01%). Excluding the non-recurring expenses mentioned
above, the ratio was 1.22% during the third quarter of 2017 and
1.25% during the fourth quarter of 2016. The efficiency ratio was
55.63% during the fourth quarter of 2017, comparable to 55.29%
during the linked quarter, and lower than 74.58% during the fourth
quarter of 2016. Excluding the non-recurring expenses mentioned
above, the ratio was 47.8% during the third quarter of 2017 and
46.1% during the fourth quarter of 2016.
Income Tax Expense and Deferred Tax
Asset and Liability Re-evaluation
The effective income tax rate was 50.0% during
the fourth quarter of 2017, higher than the 35.2% recorded in the
third quarter of 2017, primarily as a result of $3.1 million of tax
expense, which represents a reduction of $0.08 per diluted share,
recognized to re-value the Company’s deferred tax assets and
liabilities due to the passage of the Tax Cuts and Jobs Act (the
“Act”) that the President signed into law on December 22, 2017. The
Company’s re-valuation of its net deferred tax asset is an estimate
and subject to change as further clarification of the Act becomes
available.
The Company estimates that its effective tax
rate for 2018 will approximate 25% due to the new tax
legislation.
Credit Quality
Non-performing loans were $0.5 million, or 0.01%
of total loans, at December 31, 2017, a decrease from $0.8 million,
or 0.01% of total loans, at September 30, 2017. The allowance for
loan losses was 0.38% of total loans at December 31, 2017,
consistent with the 0.37% at September 30, 2017. At December 31,
2017, non-performing assets represented 3.4% of the sum of tangible
capital plus the allowance for loan losses (this non-Generally
Accepted Accounting Principle (“GAAP”) statistic is otherwise known
as the "Texas Ratio") (see table at the end of this news
release). A credit for loan losses of $1.0 million was
recorded during the fourth quarter of 2017, compared to a loan loss
provision of $0.02 million during the third quarter of 2017, mainly
as a result of the reduction in real estate loan balances by $402.5
million, (primarily as a result of the Loan Securitization), offset
by growth in C&I loans on a linked quarter basis.
Capital Management
The Company’s consolidated Tier 1 capital to
average assets (“leverage ratio”), which was 8.61% at December 31,
2017, was in excess of all applicable regulatory requirements.
The bank’s regulatory capital ratios continued
to be in excess of all applicable regulatory requirements,
inclusive of conservation buffer amounts. At December 31, 2017, the
bank’s leverage ratio was 9.32%, while Tier 1 capital to
risk-weighted assets and Total capital to risk-weighted assets
ratios were 12.73% and 13.13%, respectively.
Diluted earnings per common share exceeded the
quarterly $0.14 cash dividend per share by 192.86% during the
fourth quarter of 2017, equating to a 34.15% payout ratio.
Book value per share was $16.00 and tangible
book value (common equity less goodwill divided by number of shares
outstanding) per share was $14.51 at December 31, 2017.
Earnings Call Information
The Company will conduct a conference call at
5:30 p.m. (ET) on January 25, 2018, during which President and
Chief Executive Officer, Kenneth J. Mahon, will discuss the
Company’s fourth quarter and fiscal year performance, with a
Q&A session to follow. Dial-in information for the live call is
1-888-317-6016. 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/dcom180125.html. Dial-in
information for the replay is 1-877-344-7529 using access code
#10115844. Replay will be available January 25, 2018 (6:30 p.m.)
through February 1 (11:59 p.m.).
ABOUT DIME COMMUNITY BANCSHARES,
INC.
The Company had $6.40 billion in consolidated
assets as of December 31, 2017, and is the parent company of the
bank. The bank was founded in 1864, is headquartered in Brooklyn,
New York, and currently has 28 branches located throughout
Brooklyn, Queens, the Bronx, and Nassau County and Suffolk 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," “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. 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 the Company and/or the
Bank; changes in tax laws or 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.
Contact: Avinash
ReddySenior Vice President – Corporate Development
and Treasurer718-782-6200 extension
5909
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
(Dollars in thousands except share
amounts) |
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
2017 |
|
2017 |
|
2016 |
ASSETS: |
|
|
|
|
|
Cash and due from
banks |
$ |
169,455 |
|
|
$ |
173,060 |
|
|
$ |
113,503 |
|
Investment securities
held to maturity |
|
- |
|
|
|
- |
|
|
|
5,378 |
|
Investment securities
available for sale |
|
4,006 |
|
|
|
4,034 |
|
|
|
3,895 |
|
Mortgage-backed
securities available for sale |
|
351,384 |
|
|
|
27,381 |
|
|
|
3,558 |
|
Trading securities |
|
2,715 |
|
|
|
2,675 |
|
|
|
6,953 |
|
Real Estate
Loans: |
|
|
|
|
|
One-to-four family and cooperative/condominium apartment |
|
63,095 |
|
|
|
66,519 |
|
|
|
74,022 |
|
Multifamily residential and residential mixed use (1)(2) |
|
4,381,180 |
|
|
|
4,787,291 |
|
|
|
4,600,526 |
|
Commercial real estate |
|
1,010,603 |
|
|
|
1,003,642 |
|
|
|
958,459 |
|
Acquisition, development, and construction ("ADC") |
|
9,189 |
|
|
|
9,115 |
|
|
|
- |
|
Total
real estate loans |
|
5,464,067 |
|
|
|
5,866,567 |
|
|
|
5,633,007 |
|
Commercial and industrial ("C&I") |
|
136,671 |
|
|
|
111,099 |
|
|
|
2,058 |
|
Other
loans |
|
1,379 |
|
|
|
1,092 |
|
|
|
1,357 |
|
Allowance
for loan losses |
|
(21,033 |
) |
|
|
(22,007 |
) |
|
|
(20,536 |
) |
Total loans,
net |
|
5,581,084 |
|
|
|
5,956,751 |
|
|
|
5,615,886 |
|
Premises and fixed
assets, net |
|
24,326 |
|
|
|
22,968 |
|
|
|
18,405 |
|
Premises held for
sale |
|
- |
|
|
|
1,379 |
|
|
|
1,379 |
|
Federal Home Loan Bank
of New York capital stock |
|
59,696 |
|
|
|
61,833 |
|
|
|
44,444 |
|
Bank Owned Life
Insurance ("BOLI") |
|
108,545 |
|
|
|
87,982 |
|
|
|
86,328 |
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
Other assets |
|
46,611 |
|
|
|
50,728 |
|
|
|
50,063 |
|
TOTAL
ASSETS |
$ |
6,403,460 |
|
|
$ |
6,444,429 |
|
|
$ |
6,005,430 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing
checking |
$ |
307,746 |
|
|
$ |
309,126 |
|
|
$ |
297,434 |
|
Interest Bearing
Checking |
|
124,283 |
|
|
|
111,612 |
|
|
|
106,525 |
|
Savings |
|
362,092 |
|
|
|
360,559 |
|
|
|
366,921 |
|
Money Market |
|
2,517,439 |
|
|
|
2,564,396 |
|
|
|
2,576,081 |
|
Sub-total |
|
3,311,560 |
|
|
|
3,345,693 |
|
|
|
3,346,961 |
|
Certificates of
deposit |
|
1,091,887 |
|
|
|
1,025,500 |
|
|
|
1,048,465 |
|
Total Due to
Depositors |
|
4,403,447 |
|
|
|
4,371,193 |
|
|
|
4,395,426 |
|
Escrow and other
deposits |
|
82,168 |
|
|
|
117,765 |
|
|
|
103,001 |
|
Federal Home Loan Bank
of New York advances |
|
1,170,000 |
|
|
|
1,217,500 |
|
|
|
831,125 |
|
Subordinated Notes
Payable, net |
|
113,612 |
|
|
|
113,575 |
|
|
|
- |
|
Trust Preferred Notes
Payable |
|
- |
|
|
|
- |
|
|
|
70,680 |
|
Other liabilities |
|
35,666 |
|
|
|
38,359 |
|
|
|
39,330 |
|
TOTAL
LIABILITIES |
|
5,804,893 |
|
|
|
5,858,392 |
|
|
|
5,439,562 |
|
STOCKHOLDERS'
EQUITY: |
|
|
|
|
|
Common stock ($0.01
par, 125,000,000 shares authorized, 53,624,453 shares, 53,617,919
shares and |
|
|
|
|
|
53,572,745 shares issued at December 31, 2017,
September 30, 2017 and December 31, 2016, |
|
|
|
|
|
respectively, and 37,419,070 shares, 37,422,884 shares and
37,455,853 shares outstanding |
|
|
|
|
|
at
December 31, 2017, September 30, 2017, and December 31, 2016,
respectively) |
|
536 |
|
|
|
536 |
|
|
|
536 |
|
Additional paid-in
capital |
|
276,730 |
|
|
|
276,674 |
|
|
|
278,356 |
|
Retained earnings |
|
535,130 |
|
|
|
524,237 |
|
|
|
503,539 |
|
Accumulated other
comprehensive loss, net of deferred taxes |
|
(3,641 |
) |
|
|
(4,711 |
) |
|
|
(5,939 |
) |
Unearned Restricted
Stock Award common stock |
|
(2,894 |
) |
|
|
(3,536 |
) |
|
|
(1,932 |
) |
Common stock held by
the Benefit Maintenance Plan |
|
(2,736 |
) |
|
|
(2,736 |
) |
|
|
(6,859 |
) |
Treasury stock
(16,205,383 shares,16,195,035 shares and 16,116,892 shares |
|
|
|
|
|
at
December 31, 2017, September 30, 2017 and December 31, 2016,
respectively) |
|
(204,558 |
) |
|
|
(204,427 |
) |
|
|
(201,833 |
) |
TOTAL
STOCKHOLDERS' EQUITY |
|
598,567 |
|
|
|
586,037 |
|
|
|
565,868 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
6,403,460 |
|
|
$ |
6,444,429 |
|
|
$ |
6,005,430 |
|
|
|
|
|
|
|
(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 |
|
For the Year Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Interest
income: |
|
|
|
|
|
|
|
|
|
Loans
secured by real estate |
$ |
51,254 |
|
|
$ |
51,621 |
|
$ |
50,757 |
|
|
$ |
204,487 |
|
$ |
191,856 |
Commercial and industrial ("C&I") |
|
1,514 |
|
|
|
1,043 |
|
|
21 |
|
|
|
3,072 |
|
|
41 |
Other
loans |
|
20 |
|
|
|
19 |
|
|
18 |
|
|
|
75 |
|
|
74 |
Mortgage-backed securities |
|
487 |
|
|
|
27 |
|
|
14 |
|
|
|
542 |
|
|
20 |
Investment securities |
|
115 |
|
|
|
108 |
|
|
313 |
|
|
|
577 |
|
|
880 |
Other
short-term investments |
|
1,204 |
|
|
|
811 |
|
|
667 |
|
|
|
3,343 |
|
|
2,756 |
Total interest income |
$ |
54,594 |
|
|
$ |
53,629 |
|
|
51,790 |
|
|
$ |
212,096 |
|
|
195,627 |
Interest
expense: |
|
|
|
|
|
|
|
|
|
Deposits
and escrow |
|
9,967 |
|
|
|
9,408 |
|
|
9,348 |
|
|
|
38,391 |
|
|
32,374 |
Borrowed
funds |
|
5,895 |
|
|
|
5,763 |
|
|
4,544 |
|
|
|
20,975 |
|
|
19,767 |
Total interest expense |
|
15,862 |
|
|
|
15,171 |
|
|
13,892 |
|
|
|
59,366 |
|
|
52,141 |
Net interest income |
|
38,732 |
|
|
|
38,458 |
|
|
37,898 |
|
|
|
152,730 |
|
|
143,486 |
Provision
(Credit) for loan losses |
|
(1,000 |
) |
|
|
23 |
|
|
529 |
|
|
|
520 |
|
|
2,118 |
Net interest
income after provision |
|
|
|
|
|
|
|
|
|
(credit) for loan losses |
|
39,732 |
|
|
|
38,435 |
|
|
37,369 |
|
|
|
152,210 |
|
|
141,368 |
|
|
|
|
|
|
|
|
|
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
|
1,167 |
|
|
|
948 |
|
|
863 |
|
|
|
3,828 |
|
|
3,429 |
Mortgage
banking income, net |
|
51 |
|
|
|
69 |
|
|
25 |
|
|
|
201 |
|
|
96 |
Gain
(loss) on trading securities |
|
(29 |
) |
|
|
28 |
|
|
(25 |
) |
|
|
133 |
|
|
123 |
Gain on
sale of securities and other assets |
|
- |
|
|
|
2,607 |
|
|
- |
|
|
|
2,607 |
|
|
- |
Gain on
sale of loans |
|
1,475 |
|
|
|
- |
|
|
- |
|
|
|
1,475 |
|
|
- |
Gain on
the sale of premises held for sale |
|
10,412 |
|
|
|
- |
|
|
- |
|
|
|
10,412 |
|
|
68,183 |
Income
from BOLI |
|
563 |
|
|
|
558 |
|
|
561 |
|
|
|
2,217 |
|
|
2,734 |
Other |
|
67 |
|
|
|
73 |
|
|
393 |
|
|
|
641 |
|
|
1,369 |
Total non-interest income |
|
13,706 |
|
|
|
4,283 |
|
|
1,817 |
|
|
|
21,514 |
|
|
75,934 |
Non-interest
expense: |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
9,777 |
|
|
|
8,593 |
|
|
8,722 |
|
|
|
37,354 |
|
|
34,854 |
ESOP
and RRP benefit expense |
|
339 |
|
|
|
353 |
|
|
12,112 |
|
|
|
1,369 |
|
|
14,651 |
Occupancy
and equipment |
|
3,581 |
|
|
|
3,492 |
|
|
3,111 |
|
|
|
14,201 |
|
|
12,103 |
Data
processing costs |
|
1,778 |
|
|
|
3,392 |
|
|
1,459 |
|
|
|
8,280 |
|
|
5,194 |
Marketing |
|
1,375 |
|
|
|
1,467 |
|
|
844 |
|
|
|
5,774 |
|
|
4,121 |
Federal
deposit insurance premiums |
|
724 |
|
|
|
875 |
|
|
582 |
|
|
|
2,966 |
|
|
2,515 |
Loss from
extinguishment of debt |
|
- |
|
|
|
1,272 |
|
|
- |
|
|
|
1,272 |
|
|
- |
Other |
|
4,999 |
|
|
|
2,731 |
|
|
2,808 |
|
|
|
13,770 |
|
|
10,393 |
Total non-interest expense |
|
22,573 |
|
|
|
22,175 |
|
|
29,638 |
|
|
|
84,986 |
|
|
83,831 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
30,865 |
|
|
|
20,543 |
|
|
9,548 |
|
|
|
88,738 |
|
|
133,471 |
Income tax
expense |
|
15,442 |
|
|
|
7,230 |
|
|
8,816 |
|
|
|
36,856 |
|
|
60,957 |
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
15,423 |
|
|
$ |
13,313 |
|
$ |
732 |
|
|
$ |
51,882 |
|
$ |
72,514 |
|
|
|
|
|
|
|
|
|
|
Earnings per
Share ("EPS"): |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.41 |
|
|
$ |
0.36 |
|
$ |
0.02 |
|
|
$ |
1.38 |
|
$ |
1.97 |
Diluted |
$ |
0.41 |
|
|
$ |
0.35 |
|
$ |
0.02 |
|
|
$ |
1.38 |
|
$ |
1.97 |
|
|
|
|
|
|
|
|
|
|
Average common
shares outstanding |
|
|
|
|
|
|
|
|
|
for Diluted EPS |
|
37,432,283 |
|
|
|
36,441,855 |
|
|
36,803,342 |
|
|
|
37,510,449 |
|
|
36,764,086 |
|
|
|
|
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED SELECTED FINANCIAL
HIGHLIGHTS |
(Dollars in thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
At or For the Three Months
Ended |
|
At or For the Twelve Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Per Share
Data: |
|
|
|
|
|
|
|
|
|
Reported EPS
(Diluted) |
$ |
0.41 |
|
|
$ |
0.35 |
|
|
$ |
0.02 |
|
|
$ |
1.38 |
|
|
$ |
1.97 |
|
Cash dividends paid per
share |
|
0.14 |
|
|
|
0.14 |
|
|
|
0.14 |
|
|
|
0.56 |
|
|
|
0.56 |
|
Book value per
share |
|
16.00 |
|
|
|
15.66 |
|
|
|
15.11 |
|
|
|
16.00 |
|
|
|
15.11 |
|
Tangible book value per
share (1) |
|
14.51 |
|
|
|
14.17 |
|
|
|
13.62 |
|
|
|
14.51 |
|
|
|
13.62 |
|
Dividend payout
ratio |
|
34.15 |
% |
|
|
40.00 |
% |
|
|
700.00 |
% |
|
|
40.58 |
% |
|
|
28.43 |
% |
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (Based upon Reported Net Income): |
|
|
|
|
|
|
|
|
|
Return on average
assets |
|
0.96 |
% |
|
|
0.85 |
% |
|
|
0.05 |
% |
|
|
0.84 |
% |
|
|
1.31 |
% |
Return on average
common equity |
|
10.41 |
% |
|
|
9.14 |
% |
|
|
0.52 |
% |
|
|
8.94 |
% |
|
|
13.40 |
% |
Return on average
tangible common equity (1) |
|
11.49 |
% |
|
|
10.11 |
% |
|
|
0.58 |
% |
|
|
9.89 |
% |
|
|
14.93 |
% |
Net interest
spread |
|
2.33 |
% |
|
|
2.38 |
% |
|
|
2.51 |
% |
|
|
2.38 |
% |
|
|
2.52 |
% |
Net interest
margin |
|
2.50 |
% |
|
|
2.53 |
% |
|
|
2.67 |
% |
|
|
2.54 |
% |
|
|
2.68 |
% |
Average
interest-earning assets to average interest-bearing
liabilities |
|
117.07 |
% |
|
|
115.62 |
% |
|
|
116.78 |
% |
|
|
116.55 |
% |
|
|
116.85 |
% |
Non-interest expense to
average assets |
|
1.41 |
% |
|
|
1.41 |
% |
|
|
2.01 |
% |
|
|
1.37 |
% |
|
|
1.51 |
% |
Efficiency ratio |
|
55.63 |
% |
|
|
55.29 |
% |
|
|
74.58 |
% |
|
|
53.24 |
% |
|
|
55.48 |
% |
Loan-to-deposit ratio
at end of period |
|
127.22 |
% |
|
|
136.78 |
% |
|
|
128.33 |
% |
|
|
127.22 |
% |
|
|
128.33 |
% |
Effective tax rate |
|
50.03 |
% |
|
|
35.19 |
% |
|
|
92.33 |
% |
|
|
41.53 |
% |
|
|
45.67 |
% |
|
|
|
|
|
|
|
|
|
|
Average Balance
Data: |
|
|
|
|
|
|
|
|
|
Average assets |
$ |
6,400,719 |
|
|
$ |
6,290,568 |
|
|
$ |
5,885,051 |
|
|
$ |
6,211,645 |
|
|
$ |
5,554,768 |
|
Average
interest-earning assets |
|
6,203,511 |
|
|
|
6,084,253 |
|
|
|
5,686,894 |
|
|
|
6,007,562 |
|
|
|
5,351,010 |
|
Average loans |
|
5,949,955 |
|
|
|
5,930,165 |
|
|
|
5,562,394 |
|
|
|
5,843,409 |
|
|
|
5,212,729 |
|
Average deposits |
|
4,351,863 |
|
|
|
4,355,770 |
|
|
|
4,281,627 |
|
|
|
4,417,287 |
|
|
|
3,799,437 |
|
Average common
equity |
|
592,762 |
|
|
|
582,545 |
|
|
|
560,434 |
|
|
|
580,430 |
|
|
|
541,247 |
|
Average tangible common
equity (1) |
|
537,124 |
|
|
|
526,907 |
|
|
|
504,796 |
|
|
|
524,792 |
|
|
|
485,610 |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Summary: |
|
|
|
|
|
|
|
|
|
Non-performing loans
(excluding loans held for sale) |
$ |
533 |
|
|
$ |
806 |
|
|
$ |
4,237 |
|
|
$ |
533 |
|
|
$ |
4,237 |
|
Non-performing assets
(2) |
|
533 |
|
|
|
806 |
|
|
|
5,507 |
|
|
|
533 |
|
|
|
5,507 |
|
Net charge-offs
(recoveries) |
|
(26 |
) |
|
|
1 |
|
|
|
43 |
|
|
|
23 |
|
|
|
97 |
|
Non-performing loans/
Total loans |
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.08 |
% |
|
|
0.01 |
% |
|
|
0.08 |
% |
Non-performing assets/
Total assets |
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.09 |
% |
|
|
0.01 |
% |
|
|
0.09 |
% |
Allowance for loan
loss/ Total loans |
|
0.38 |
% |
|
|
0.37 |
% |
|
|
0.36 |
% |
|
|
0.38 |
% |
|
|
0.36 |
% |
Allowance for loan
loss/ Non-performing loans |
|
3946.15 |
% |
|
|
2730.40 |
% |
|
|
484.68 |
% |
|
|
3946.15 |
% |
|
|
484.68 |
% |
Loans delinquent 30 to
89 days at period end |
$ |
37 |
|
|
$ |
84 |
|
|
$ |
1,920 |
|
|
$ |
37 |
|
|
$ |
1,920 |
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
- Consolidated: |
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets (1) |
|
8.55 |
% |
|
|
8.30 |
% |
|
|
8.58 |
% |
|
|
8.55 |
% |
|
|
8.58 |
% |
Tier 1 common equity
ratio |
|
11.74 |
|
|
|
10.65 |
|
|
|
11.44 |
|
|
|
11.74 |
|
|
|
11.44 |
|
Tier 1 risk-based
capital ratio |
|
11.74 |
|
|
|
10.65 |
|
|
|
12.95 |
|
|
|
11.74 |
|
|
|
12.95 |
|
Total risk-based
capital ratio |
|
14.61 |
|
|
|
13.38 |
|
|
|
13.41 |
|
|
|
14.61 |
|
|
|
13.41 |
|
Tier 1 leverage
ratio |
|
8.61 |
|
|
|
8.58 |
|
|
|
10.03 |
|
|
|
8.61 |
|
|
|
10.03 |
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
- Bank Only: |
|
|
|
|
|
|
|
|
|
Tier 1 common equity
ratio |
|
12.73 |
% |
|
|
11.47 |
% |
|
|
11.60 |
% |
|
|
12.73 |
% |
|
|
11.60 |
% |
Tier 1 risk-based
capital ratio |
|
12.73 |
|
|
|
11.47 |
|
|
|
11.60 |
|
|
|
12.73 |
|
|
|
11.60 |
|
Total risk-based
capital ratio |
|
13.13 |
|
|
|
11.91 |
|
|
|
12.05 |
|
|
|
13.13 |
|
|
|
12.05 |
|
Tier 1 leverage
ratio |
|
9.32 |
|
|
|
9.23 |
|
|
|
8.95 |
|
|
|
9.32 |
|
|
|
8.95 |
|
|
|
|
|
|
|
|
|
|
|
(1)
See "Non-GAAP Reconciliation" table for reconciliation of tangible
common equity and tangible assets. |
|
|
|
|
|
|
(2)
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. |
|
|
|
|
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED AVERAGE BALANCES AND NET INTEREST
INCOME |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
December 31, 2017 |
|
|
|
September 30, 2017 |
|
|
|
December 31, 2016 |
|
|
|
|
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 |
$ |
5,823,794 |
$ |
51,254 |
|
3.52 |
% |
|
$ |
5,842,921 |
$ |
51,621 |
|
3.53 |
% |
|
$ |
5,560,078 |
$ |
50,757 |
|
3.65 |
% |
Commercial and industrial loans |
|
125,095 |
|
1,514 |
|
4.84 |
|
|
|
86,014 |
|
1,043 |
|
4.85 |
|
|
|
1,275 |
|
21 |
|
6.59 |
|
Other
loans |
|
1,066 |
|
20 |
|
7.50 |
|
|
|
1,230 |
|
19 |
|
6.18 |
|
|
|
1,041 |
|
18 |
|
6.92 |
|
Mortgage-backed securities |
|
84,942 |
|
487 |
|
2.29 |
|
|
|
5,631 |
|
27 |
|
1.92 |
|
|
|
3,593 |
|
14 |
|
1.56 |
|
Investment securities |
|
6,500 |
|
115 |
|
7.08 |
|
|
|
9,304 |
|
108 |
|
4.64 |
|
|
|
16,821 |
|
313 |
|
7.44 |
|
Other
short-term investments |
|
162,114 |
|
1,204 |
|
2.97 |
|
|
|
139,153 |
|
811 |
|
2.33 |
|
|
|
104,086 |
|
667 |
|
2.56 |
|
Total
interest-earning assets |
|
6,203,511 |
|
54,594 |
|
3.52 |
% |
|
|
6,084,253 |
$ |
53,629 |
|
3.53 |
% |
|
|
5,686,894 |
$ |
51,790 |
|
3.64 |
% |
Non-interest-earning assets |
|
197,208 |
|
|
|
|
206,315 |
|
|
|
|
198,157 |
|
|
Total assets |
$ |
6,400,719 |
|
|
|
$ |
6,290,568 |
|
|
|
$ |
5,885,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
117,468 |
$ |
56 |
|
0.19 |
% |
|
$ |
110,384 |
$ |
58 |
|
0.21 |
% |
|
$ |
100,134 |
$ |
58 |
|
0.23 |
% |
Money
market accounts |
|
2,491,423 |
|
5,986 |
|
0.95 |
|
|
|
2,643,537 |
|
5,961 |
|
0.89 |
|
|
|
2,476,810 |
|
5,348 |
|
0.86 |
|
Savings
accounts |
|
358,859 |
|
51 |
|
0.06 |
|
|
|
362,423 |
|
45 |
|
0.05 |
|
|
|
365,350 |
|
45 |
|
0.05 |
|
Certificates of deposit |
|
1,077,376 |
|
3,874 |
|
1.43 |
|
|
|
932,208 |
|
3,344 |
|
1.42 |
|
|
|
1,064,241 |
|
3,897 |
|
1.46 |
|
Total
interest-bearing deposits |
|
4,045,126 |
|
9,967 |
|
0.98 |
|
|
|
4,048,552 |
|
9,408 |
|
0.92 |
|
|
|
4,006,535 |
|
9,348 |
|
0.93 |
|
Borrowed
Funds |
|
1,253,860 |
|
5,895 |
|
1.87 |
|
|
|
1,213,786 |
|
5,763 |
|
1.88 |
|
|
|
863,131 |
|
4,544 |
|
2.09 |
|
Total
interest-bearing liabilities |
|
5,298,986 |
|
15,862 |
|
1.19 |
% |
|
|
5,262,338 |
$ |
15,171 |
|
1.14 |
% |
|
|
4,869,666 |
$ |
13,892 |
|
1.13 |
% |
Non-interest-bearing checking accounts |
|
306,737 |
|
|
|
|
307,218 |
|
|
|
|
275,092 |
|
|
Other
non-interest-bearing liabilities |
|
202,234 |
|
|
|
|
138,467 |
|
|
|
|
179,859 |
|
|
Total
liabilities |
|
5,807,957 |
|
|
|
|
5,708,023 |
|
|
|
|
5,324,617 |
|
|
Stockholders' equity |
|
592,762 |
|
|
|
|
582,545 |
|
|
|
|
560,434 |
|
|
Total liabilities and
stockholders' equity |
$ |
6,400,719 |
|
|
|
$ |
6,290,568 |
|
|
|
$ |
5,885,051 |
|
|
Net interest
income |
|
$ |
38,732 |
|
|
|
|
$ |
38,458 |
|
|
|
|
$ |
37,898 |
|
|
Net interest
spread |
|
|
2.33 |
% |
|
|
|
2.38 |
% |
|
|
|
2.51 |
% |
Net interest-earning
assets |
$ |
904,525 |
|
|
|
$ |
821,915 |
|
|
|
$ |
817,228 |
|
|
Net interest
margin |
|
|
2.50 |
% |
|
|
|
2.53 |
% |
|
|
|
2.67 |
% |
Ratio of
interest-earning assets to interest-bearing liabilities |
|
|
117.07 |
% |
|
|
|
|
115.62 |
% |
|
|
|
|
116.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits (including
non-interest bearing checking accounts) |
$ |
4,351,863 |
$ |
9,967 |
|
0.91 |
% |
|
$ |
4,355,770 |
|
9,408 |
|
0.86 |
% |
|
$ |
4,281,627 |
$ |
9,348 |
|
0.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Loan prepayment and late payment fee income |
$ |
1,250 |
|
|
|
|
$ |
1,371 |
|
|
|
|
$ |
2,669 |
|
|
Real estate loans (excluding net prepayment and late
payment fee income) |
|
3.43 |
% |
|
|
|
3.44 |
% |
|
|
|
3.46 |
% |
Interest-earning assets (excluding net prepayment and
late payment fee income) |
|
3.44 |
% |
|
|
|
3.44 |
% |
|
|
|
3.46 |
% |
Net Interest income (excluding net prepayment and late
payment fee income) |
$ |
37,482 |
|
|
|
|
$ |
37,087 |
|
|
|
|
$ |
35,229 |
|
|
Net Interest margin (excluding net prepayment and late
payment fee income) |
|
2.42 |
% |
|
|
|
2.44 |
% |
|
|
|
2.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED SCHEDULE OF LOAN COMPOSITION AND
WEIGHTED AVERAGE RATES ("WAR") (1) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2017 |
|
At September 30, 2017 |
|
At December 31, 2016 |
|
Balance |
WAR |
|
Balance |
WAR |
|
Balance |
WAR |
Loan balances at period
end: |
|
|
|
|
|
|
|
|
One-to-four family residential, including condominium and
cooperative apartment |
$ |
63,095 |
4.33 |
% |
|
$ |
66,519 |
4.31 |
% |
|
$ |
74,022 |
4.28 |
% |
Multifamily residential and residential mixed use (2)(3) |
|
4,381,180 |
3.40 |
|
|
|
4,787,291 |
3.39 |
|
|
|
4,600,526 |
3.37 |
|
Commercial and commercial mixed use real estate |
|
1,010,603 |
3.95 |
|
|
|
1,003,642 |
3.92 |
|
|
|
958,459 |
3.91 |
|
Acquisition, development, and construction ("ADC") |
|
9,189 |
5.59 |
|
|
|
9,115 |
5.34 |
|
|
|
- |
- |
|
Total
real estate loans |
|
5,464,067 |
3.51 |
|
|
|
5,866,567 |
3.50 |
|
|
|
5,633,007 |
3.48 |
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial ("C&I") |
|
136,671 |
4.82 |
% |
|
$ |
111,099 |
4.68 |
% |
|
$ |
2,058 |
6.60 |
% |
|
|
|
|
|
|
|
|
|
(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 December 31, |
|
At September 30, |
|
At December 31, |
Non-Performing
Loans |
2017 |
|
2017 |
|
2016 |
One-to-four family residential, including condominium and
cooperative apartment |
$ |
436 |
|
|
$ |
708 |
|
|
$ |
1,012 |
|
Multifamily residential and residential mixed use (1)(2) |
|
- |
|
|
|
- |
|
|
|
2,675 |
|
Commercial mixed use real estate (2) |
|
93 |
|
|
|
96 |
|
|
|
549 |
|
Other |
|
4 |
|
|
|
2 |
|
|
|
1 |
|
Total
Non-Performing Loans (3) |
$ |
533 |
|
|
$ |
806 |
|
|
$ |
4,237 |
|
Other
Non-Performing Assets |
|
|
|
|
|
Pooled
bank trust preferred securities (4) |
|
- |
|
|
|
- |
|
|
|
1,270 |
|
Total
Non-Performing Assets |
$ |
533 |
|
|
$ |
806 |
|
|
$ |
5,507 |
|
|
|
|
|
|
|
Performing Loans |
|
|
|
|
|
One- to
four-family and cooperative/condominium apartment |
|
22 |
|
|
|
395 |
|
|
|
407 |
|
Multifamily residential and mixed use residential real estate
(1)(2) |
|
619 |
|
|
|
629 |
|
|
|
658 |
|
Mixed use
commercial real estate (2) |
|
4,174 |
|
|
|
4,197 |
|
|
|
4,261 |
|
Commercial real estate |
|
3,296 |
|
|
|
3,313 |
|
|
|
3,363 |
|
Total
Performing TDRs |
$ |
8,111 |
|
|
$ |
8,534 |
|
|
$ |
8,689 |
|
|
|
|
|
|
|
(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. |
(4) As of
the date 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 (TEXAS RATIO) |
(Dollars in thousands) |
|
|
|
|
|
|
|
At December 31, |
|
At September 30, |
|
At December 31, |
|
2017 |
|
2017 |
|
2016 |
Total Non-Performing
Assets |
$ |
533 |
|
|
$ |
806 |
|
|
$ |
5,507 |
|
Loans 90 days or more
past due on accrual status (5) |
|
19,935 |
|
|
|
3,466 |
|
|
|
3,070 |
|
TOTAL
PROBLEM ASSETS |
$ |
20,468 |
|
|
$ |
4,272 |
|
|
$ |
8,577 |
|
|
|
|
|
|
|
Tangible common equity
- Bank only (6) |
$ |
587,622 |
|
|
$ |
570,286 |
|
|
$ |
515,511 |
|
Allowance for loan
losses and reserves for contingent liabilities |
|
21,058 |
|
|
|
22,032 |
|
|
|
20,561 |
|
TANGIBLE
COMMON EQUITY PLUS RESERVES |
$ |
608,680 |
|
|
$ |
592,318 |
|
|
$ |
536,072 |
|
|
|
|
|
|
|
TEXAS
RATIO (PROBLEM ASSETS AS A PERCENTAGE OF |
|
|
|
|
|
TANGIBLE
COMMON EQUITY AND RESERVES) |
|
3.4 |
% |
|
|
0.7 |
% |
|
|
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. |
(6)
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) |
|
|
|
|
|
|
|
|
|
|
|
At or For the Three Months
Ended |
|
At or For the Twelve Months
Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Reconciliation
of Reported and Adjusted ("non-GAAP") Net Income: |
|
|
|
|
|
|
|
|
|
Reported net
income |
$ |
15,423 |
|
|
$ |
13,313 |
|
|
$ |
732 |
|
|
$ |
51,882 |
|
|
$ |
72,514 |
|
Adjustments to Net
Income (1): |
|
|
|
|
|
|
|
|
|
Add: After-tax expense
associated with the prepayment of the ESOP Share Acquisition Loan
(2) |
|
- |
|
|
|
- |
|
|
|
11,319 |
|
|
|
- |
|
|
|
11,319 |
|
Add: Loss from
extinguishment of debt |
|
- |
|
|
|
698 |
|
|
|
- |
|
|
|
698 |
|
|
|
- |
|
Add: De-conversion
costs |
|
- |
|
|
|
946 |
|
|
|
- |
|
|
|
946 |
|
|
|
- |
|
Less: Gain on sale of
securities |
|
- |
|
|
|
(1,430 |
) |
|
|
- |
|
|
|
(1,430 |
) |
|
|
- |
|
Less: After tax gain on
the sale of real estate |
|
(5,724 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5,724 |
) |
|
|
(37,483 |
) |
Tax adjustment |
|
3,135 |
|
|
|
(985 |
) |
|
|
- |
|
|
|
2,150 |
|
|
|
- |
|
Adjusted ("non-GAAP")
net income |
$ |
12,834 |
|
|
$ |
12,542 |
|
|
$ |
12,051 |
|
|
$ |
48,522 |
|
|
$ |
46,350 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Ratios
(Based upon "non-GAAP Net Income" as calculated
above): |
|
|
|
|
|
|
|
|
|
Adjusted EPS
(Diluted) |
$ |
0.34 |
|
|
$ |
0.33 |
|
|
$ |
0.02 |
|
|
$ |
1.29 |
|
|
$ |
1.26 |
|
Adjusted return on
average assets |
|
0.80 |
% |
|
|
0.80 |
% |
|
|
0.82 |
% |
|
|
0.78 |
% |
|
|
0.83 |
% |
Adjusted return on
average common equity |
|
8.66 |
% |
|
|
8.61 |
% |
|
|
8.60 |
% |
|
|
8.36 |
% |
|
|
8.56 |
% |
Adjusted return on
average tangible common equity |
|
9.56 |
% |
|
|
9.52 |
% |
|
|
9.55 |
% |
|
|
9.25 |
% |
|
|
9.54 |
% |
Adjusted net interest
spread |
|
2.33 |
% |
|
|
2.38 |
% |
|
|
2.51 |
% |
|
|
2.38 |
% |
|
|
2.52 |
% |
Adjusted net interest
margin |
|
2.50 |
% |
|
|
2.53 |
% |
|
|
2.67 |
% |
|
|
2.54 |
% |
|
|
2.68 |
% |
Adjusted non-interest
expense to average assets |
|
1.41 |
% |
|
|
1.22 |
% |
|
|
1.25 |
% |
|
|
1.32 |
% |
|
|
1.31 |
% |
Adjusted efficiency
ratio |
|
55.63 |
% |
|
|
47.82 |
% |
|
|
46.10 |
% |
|
|
51.37 |
% |
|
|
47.98 |
% |
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Tangible Assets: |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,403,460 |
|
|
$ |
6,444,429 |
|
|
$ |
6,005,430 |
|
|
$ |
6,403,460 |
|
|
$ |
6,005,430 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
Tangible assets |
|
6,347,822 |
|
|
|
6,388,791 |
|
|
|
5,949,792 |
|
|
|
6,347,822 |
|
|
|
5,949,792 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Tangible Common Equity - Consolidated: |
|
|
|
|
|
|
|
|
|
Total common
equity |
$ |
598,567 |
|
|
$ |
586,037 |
|
|
$ |
565,868 |
|
|
$ |
598,567 |
|
|
$ |
565,868 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
Tangible common
equity |
|
542,929 |
|
|
|
530,399 |
|
|
|
510,230 |
|
|
|
542,929 |
|
|
|
510,230 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Tangible Common Equity - Bank only: |
|
|
|
|
|
|
|
|
|
Total common
equity |
$ |
643,260 |
|
|
$ |
625,924 |
|
|
$ |
571,150 |
|
|
$ |
643,260 |
|
|
$ |
571,150 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
Tangible common
equity |
|
587,622 |
|
|
|
570,286 |
|
|
|
515,512 |
|
|
|
587,622 |
|
|
|
515,512 |
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments to net income are taxed at the company's
statutory tax rate of approximately 45%, unless otherwise
noted. |
|
|
|
|
|
|
|
|
(2) The expense for the
prepayment of the ESOP Share Acquisition Loan is a non-taxable
transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dime Community Bancshares (NASDAQ:DCOM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Dime Community Bancshares (NASDAQ:DCOM)
Historical Stock Chart
From Jul 2023 to Jul 2024