Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or
“Dime” or “its”), the parent company of Dime Community Bank (the
“Bank”), today reported net income of $11.5 million for the quarter
ended March 31, 2019, or $0.32 per diluted common share, compared
with net income of $12.4 million for the quarter ended December 31,
2018, or $0.34 per diluted common share, and net income of $14.7
million for the quarter ended March 31, 2018, or $0.39 per diluted
common share.
Kenneth J. Mahon, President and CEO of the
Company, stated, “The linked quarter decline in EPS was primarily
attributable to a $2.4 million decrease in prepayment fee income.
Excluding the impact of prepayment fee income, pre-tax income for
the quarter ended March 31, 2019 would have been $14.5 million, or
17% higher than the linked quarter pre-tax income of $12.4 million
excluding prepayment fee income, on a comparative basis. Our
Business Banking division continues to experience strong growth, as
evidenced by record quarterly originations of $200 million. The
Business Banking division’s loan portfolio reached $824 million (or
15% of total loans) at March 31, 2019, versus $648 million (or 12%
of total loans) at December 31, 2018. As the Business Banking
portfolio increasingly becomes a larger percentage of our overall
balance sheet, we expect our overall loan yields to continue
trending upwards. New Business Banking loan originations continue
to be at significantly higher rates (weighted average rate (“WAR”)
on new Business Banking originations was 5.19% for the first
quarter of 2019) than the overall portfolio. In addition, Business
Banking deposits grew to $227 million at the end of the first
quarter of 2019. As we continue to grow relationship-based loans
and deposits, the quality of our balance sheet and franchise value
are expected to improve.”
Charter Conversion
On January 24, 2019, the Bank filed an
application with the New York Department of Financial Services
(“NYSDFS”) seeking approval to convert from a New York stock form
savings bank to a New York commercial bank (the “Charter
Conversion”). Simultaneous with the Charter Conversion
application to NYSDFS, the Company filed an application with the
Federal Reserve Bank of Philadelphia to delist as a savings and
loan holding company and elect to become a bank holding
company. Having received all applicable regulatory approvals,
on April 25, 2019 the Bank completed the Charter Conversion, and
will henceforth operate as a New York commercial bank. The Company
will henceforth operate as a bank holding company.
Mr. Mahon commented, “We are into our third full
year of re-engineering Dime’s monoline multifamily focused thrift
model into a full service, relationship based community commercial
bank. The Charter Conversion demonstrates that management and our
Board of Directors are fully committed to our new
relationship-based operating model. We are grateful to the NYSDFS
for being supportive of our business model transformation and
accepting our application to operate as a New York commercial
bank.”
Mr. Mahon continued, “Under our prior savings
bank charter, the Bank was not allowed to accept deposits from
municipalities due to Section 237 of the Banking Law. New
York commercial banks have no such limitation. As such, converting
to a commercial bank charter has provided the Bank with the
additional business opportunity of accepting municipal deposits and
we will be able to compete more effectively with New York and
national commercial banks located in our markets. The ability to
gather municipal deposits provides us another important avenue to
help lower our loan-to-deposit ratio over the medium-to-long
term.”
Mr. Mahon concluded, “Notably, Dime’s executive
team has only two members who have been with us longer than three
years. We have new executives in Business Banking, Residential
Lending, Retail Banking, Finance, Marketing, Human Resources and
Training, Technology, Information Security, Legal and Compliance,
Risk, and Corporate Development among other functions. The
over-arching takeaway is that there has been a virtual re-make of
the entire management structure and these leaders have brought new
thinking, energy, and a sense of urgency to our organization and
the business model transformation. I am confident that we are on
track to transform our business model from a monoline thrift into
the pre-eminent Metro New York community commercial bank.”
Highlights for the first quarter of 2019
included:
- Continued the build out of the Business Banking division via
the hires of Jeff Barber, Senior Vice President of Business Banking
and Long Island Group Leader, and Tom Braunstein, Senior Vice
President of Business Banking and Manhattan Group Leader. Mr.
Barber will be responsible for managing multiple teams in the Long
Island market and Mr. Braunstein will be responsible for managing
multiple teams in the Manhattan and Brooklyn market;
- Record Business Banking originations of $200.4 million in the
first quarter of 2019, a 1,324.9% increase versus the first quarter
of 2018;
- Business Banking loan originations for the first quarter of
2019 were at significantly higher rates than the overall portfolio;
the WAR on Business Banking real estate originations was 5.02% and
the WAR on C&I originations was 5.66% for the quarter ended
March 31, 2019, compared to the total real estate and C&I loan
portfolio WAR of 3.90% for the quarter ended March 31, 2019;
- Strong growth in checking account balances. Compared to the
first quarter of 2018, the sum of average non-interest bearing
checking account balances and average interest-bearing checking
account balances for the first quarter of 2019 increased by 18% to
$513.2 million;
- Consolidated Company commercial real estate (“CRE”)
concentration ratio of 707% at March 31, 2019, versus 749% at March
31, 2018; and
- Reported book value per share and tangible book value per share
(which consists of common equity less goodwill, divided by number
of shares outstanding) grew to $16.83 and $15.29, respectively, at
March 31, 2019 (see “Non-GAAP Reconciliation” tables at the end of
this news release).
Management’s Discussion of Quarterly
Operating Results
Net Interest Income
Net interest income in the first quarter of 2019
was $35.3 million, a decrease of $1.8 million (4.9%) from the
fourth quarter of 2018 and a decrease of $2.7 million (7.1%) from
the first quarter of 2018. The decline in net interest income was
primarily due to a reduction in prepayment fee income. Prepayment
fee income for the first quarter of 2019 was $0.8 million, compared
to $3.2 million for the fourth quarter of 2018 and $2.3 million for
the first quarter of 2018.
Mr. Mahon commented, “In the fourth quarter of
2018, we had elevated prepayment fee income of $3.2 million as many
of our borrowers prepaid early in anticipation of the Federal
Reserve continuing its interest rate tightening policy into 2019.
Over the last few months, there has been a significant shift in
market sentiment vis-à-vis the direction of interest rates and many
existing borrowers, especially those with low coupon loans, now
appear to be waiting to get close to the contractual reset date on
their loans before refinancing (rather than prepaying early). As a
result, prepayment fee income declined to $0.8 million in the first
quarter of 2019.”
Net interest margin (“NIM”) was 2.31% during the
first quarter of 2019, compared to 2.46% in the fourth quarter of
2018, and 2.47% during the first quarter of 2018. The linked
quarter decrease in NIM was primarily due to the aforementioned
reduction in prepayment fee income. Net interest margin excluding
income related to prepayment activity during the first quarter of
2019 was 2.26%, compared to 2.25% in the fourth quarter of 2018 and
2.33% during the first quarter of 2018.
Mr. Mahon commented, “The consecutive linked
quarter increases in our NIM (excluding the impact of prepayment
fees) has been driven by the growing contribution of our Business
Banking division. We are pleased that our business model
transformation is producing the desired results on core NIM.”
Average interest-earning assets were $6.11
billion for the first quarter of 2019, a 5.3% (annualized) increase
from $6.03 billion for the fourth quarter of 2018, and a 0.6%
decrease from $6.15 billion for the first quarter of 2018. The
linked quarter increase in average interest-earning assets was
primarily driven by an increase in the loan portfolio, as the
Company had strong loan originations in its Business Banking
division along with reduced payoffs in the multifamily loan
portfolio.
For the first quarter of 2019, the average yield
on interest-earning assets was 3.78%, a decrease of 7 basis points
compared with the fourth quarter of 2018, and an increase of 20
basis points compared to the first quarter of 2018. The
linked quarter decrease in the yield on average interest-earning
assets was primarily due to the previously mentioned reduction in
prepayment fee income.
The ending WAR on the total loan portfolio was
3.90% at March 31, 2019, which represents an 8 basis points
increase versus the ending WAR on the total loan portfolio at
December 31, 2018, and a 33 basis points increase versus the ending
WAR on the total loan portfolio at March 31, 2018.
The average cost of borrowed funds (which
primarily consists of Federal Home Loan Bank advances) was 2.43%
for the first quarter of 2019, an increase of 9 basis points versus
the fourth quarter of 2018, and an increase of 38 basis points
versus the first quarter of 2018.
Loans
The real estate loan portfolio increased by
$75.8 million (5.8% annualized) during the first quarter of 2019.
Total real estate loan originations were $233.9 million
during the first quarter of 2019, at a weighted average interest
rate of 5.01%. Real estate loan amortization and satisfactions
totaled $150.5 million, or 11.6% (annualized) of the portfolio
balance, at an average rate of 3.89%. The annualized real estate
loan payoff rate of 11.6% for the first quarter of 2019 was lower
than the fourth quarter of 2018 (20.7% annualized) and the first
quarter of 2018 (13.6% annualized). Average real estate loans were
$5.20 billion in the first quarter of 2019, an increase of $16.1
million (1.3% annualized) from the fourth quarter of 2018, and a
decrease of $239.4 million (-4.4%) from the first quarter of
2018.
Outlined below are the loan originations for the
current quarter, linked quarter and year-ago quarter.
($s in millions) |
Originations/ Weighted Average
Rate |
Real Estate Originations |
Q1 2019 |
Q4 2018 |
Q1 2018 |
Non-Business Banking |
$86.1/4.99% |
$131.6/4.74% |
$53.8/4.14% |
Business Banking |
$147.8/5.02% |
$101.2/5.08% |
$21.2/4.21% |
Total Real Estate |
$233.9/5.01% |
$232.8/4.89% |
$75.0/4.17% |
C&I Originations |
$52.6/5.66% |
$41.2/6.12% |
$25.3/4.81% |
Deposits and Borrowed Funds
The Company continues to focus on growing
relationship-based business deposits sourced from its retail
branches and its Business Banking division. The Business
Banking division ended the first quarter of 2019 with approximately
$122.2 million of low-cost relationship-based checking and
leasehold deposits at an average rate of approximately one basis
point and total deposits of $227.4 million at an average rate of 57
basis points, compared to approximately $61.7 million of checking
and leasehold deposits at an average rate of approximately one
basis point and total deposits of $89.0 million at an average rate
of 22 basis points, respectively, for the year-ago period.
The cost of total deposits increased 10 basis
points on a linked quarter basis, compared to a 9 basis points
increase when comparing the fourth quarter of 2018 to the third
quarter of 2018, and a 12 basis points increase when comparing the
third quarter of 2018 to the second quarter of 2018. Mr. Mahon
commented, “Importantly, we improved the quality of our deposit
base, as evidenced by the non-interest bearing deposits to total
deposits ratio increasing to 9.5% at March 31, 2019 compared to
9.1% at December 31, 2018. We continue to manage our deposit
pricing to remain competitive with the market while keeping our
loan-to-deposit ratio range at approximately 125%.”
Total deposits increased by $50.9 million (4.7%
annualized) on a linked quarter basis to $4.41 billion at March 31,
2019. The DimeDirect internet channel deposit portfolio was
approximately $234.0 million at the end of the first quarter of
2019 compared to $290.8 million at year-end 2018. Mr. Mahon
commented, “In fiscal year 2018, our DimeDirect deposit portfolio
declined by approximately $415 million, as we did not raise our
posted rates beyond 1.35%. In the first quarter of 2019, net
outflows in DimeDirect slowed to approximately $57 million. We
expect the magnitude of dollar outflows from DimeDirect to decline
over time, resulting in less of a headwind to grow overall deposits
in the future.”
The loan-to-deposit ratio was 124.9% at March
31, 2019, compared to 123.8% at December 31, 2018 and 124.3% at
March 31, 2018.
Total borrowings, excluding subordinated debt,
was $1.13 billion at March 31, 2019, consistent with the fourth
quarter of 2018, and $1.01 billion at the first quarter of 2018. At
March 31, 2019, 38.0% of the borrowings portfolio, excluding
subordinated debt, consisted of Federal Home Loan Bank bullet
advances and overnight unsecured borrowings, that have a remaining
term of less than a year, compared to 26.1% for the prior year
period.
Non-Interest Income
Non-interest income was $2.4 million during the
first quarter of 2019, $1.8 million during the fourth quarter of
2018, and $3.2 million during the first quarter of 2018. In the
first quarter of 2018, non-interest income of $3.2 million included
$1.4 million of gains from the sale of securities that the Bank had
retained from its Freddie Mac sponsored Q-deal securitization
completed in December of 2017.
Non-Interest Expense
Total non-interest expense was $22.1 million
during the first quarter of 2019, $22.7 million during the fourth
quarter of 2018, and $21.7 million during the first quarter of
2018. In the fourth quarter of 2018, non-interest expense of $22.7
million included $0.7 million of severance related expenses related
to a workforce reduction. On a linked quarter basis,
excluding the severance expense from the fourth quarter of 2018,
salaries and employee benefits expenses increased by $0.6 million
as the Company added relationship bankers and support staff as part
of its Business Banking division buildout.
The ratio of non-interest expense to average
assets was 1.39% during the first quarter of 2019, 1.46% during the
fourth quarter of 2018, and 1.36% during the first quarter of
2018.
The efficiency ratio was 59.2% during the first
quarter of 2019, 58.0% during the fourth quarter of 2018, and 54.6%
during the first quarter of 2018.
Income Tax Expense
The reported effective tax rate for the first
quarter of 2019 was 24.9% versus 20.4% for the fourth quarter of
2018. As disclosed previously, in the fourth quarter of 2018, the
Company recognized a one-time tax rate benefit in conjunction with
the filing of the prior year tax return.
Credit Quality
Non-performing loans at March 31, 2019 were $5.4
million, or 0.10% of total loans, an increase from $2.3 million, or
0.04% of total loans, at December 31, 2018. The allowance for
loan losses was 0.40% of total loans at both March 31, 2019 and
December 31, 2018. At March 31, 2019, non-performing assets
represented 2.2% of the sum of tangible common equity plus the
allowance for loan losses and reserve for contingent liabilities
(this non-Generally Accepted Accounting Principle (“GAAP”)
statistic is otherwise known as the "Texas Ratio"), which is higher
than the ratio of 0.4% at December 31, 2018 (see “Problem Assets as
a Percentage of Tangible Capital and Reserves” table and “Non-GAAP
Reconciliation” table at the end of this news release). A
loan loss provision of $0.3 million was recorded during the first
quarter of 2019, compared to a loan loss provision of $0.6 million
during the fourth quarter of 2018, and a loan loss provision of
$0.2 million during the first quarter of 2018.
Capital Management
The Company’s consolidated Tier 1 capital to
average assets (“leverage ratio”), which was 8.81% at March 31,
2019, was in excess of all applicable regulatory requirements.
The Bank’s regulatory capital ratios continued
to be in excess of all applicable regulatory requirements. At
March 31, 2019, the Bank’s leverage ratio was 9.77%, while Tier 1
capital to risk-weighted assets and Total capital to risk-weighted
assets ratios were 12.39% and 12.84%, respectively.
Mr. Mahon commented, “During the first quarter
of 2019, we repurchased 199,254 shares at a weighted average price
of $19.14. Pro forma for the repurchases, and the asset growth we
experienced in the first quarter of 2019, our tangible common
equity to tangible assets ratio was 8.58% at March 31, 2019.”
Diluted earnings per common share of $0.32
exceeded the quarterly $0.14 cash dividend per share by 129% during
the first quarter of 2019, equating to a 43.75% dividend payout
ratio.
Book value per share was $16.83 and tangible
book value per share (common equity less goodwill divided by number
of shares outstanding) (see “Non-GAAP Reconciliation” tables at the
end of this news release) was $15.29 at March 31, 2019.
Outlook for the Quarter Ending June 30,
2019
The Company continues to prioritize NIM growth,
and improving the quality of its balance sheet, over earning asset
growth at lower margins.
The Company’s posted rack rates on multifamily
loans continue to be above the rates offered by many competitors,
thereby affecting the level of multifamily originations. As such,
the multifamily portfolio is expected to continue trending lower
over the course of the year. The pace of payoffs could pick up in
the second half of the year. The Company has approximately $54
million of multifamily loans that are scheduled to reach their
contractual repricing dates in the second quarter of 2019, and
approximately $238 million of multifamily loans that are scheduled
to reach their contractual repricing dates during the second half
of 2019.
Declines in the multifamily portfolio are
expected to be offset by growth in the Business Banking portfolio
and the Residential Lending portfolio.
The Business Banking division is projected to
achieve its full year 2019 net portfolio growth target of at least
$650 million to $700 million. As mentioned previously, net
portfolio growth for the Business Banking division in the first
quarter of 2019 was $176.4 million.
Non‐interest expense for fiscal year 2019 is
currently expected to be approximately between $88 million to $90
million. This estimate includes the cost of hiring new relationship
bankers to meet the aforementioned portfolio growth target for the
Business Banking division.
The Company projects that the consolidated
effective tax rate will be approximately 25% for fiscal year
2019.
ABOUT DIME COMMUNITY BANCSHARES,
INC.The Company had $6.48 billion in consolidated assets
as of March 31, 2019. The bank was founded in 1864, is
headquartered in Brooklyn, New York, and currently has twenty-nine
retail branches located throughout Brooklyn, Queens, the Bronx,
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. Accordingly, you should not place
undue reliance on such statements. Factors that could affect our
results include, without limitation, the following: the timing and
occurrence or non-occurrence of events may be subject to
circumstances beyond the Company’s control; there may be increases
in competitive pressure among financial institutions or from
non-financial institutions; changes in the interest rate
environment may reduce interest margins; changes in deposit flows,
loan demand or real estate values may adversely affect the business
of the Company and/or the Bank; unanticipated or significant
increases in loan losses may negatively affect the Company’s
financial condition or results of operations; changes in accounting
principles, policies or guidelines may cause the Company’s
financial condition to be perceived differently; changes in
corporate and/or individual income tax laws may adversely affect
the Company's financial condition or results of operations; general
economic conditions, either nationally or locally in some or all
areas in which the Company conducts business, or conditions in the
securities markets or the banking industry may be less favorable
than the Company currently anticipates; legislation or regulatory
changes may adversely affect the Company’s business; technological
changes may be more difficult or expensive than the Company
anticipates; there may be failures or breaches of information
technology security systems; success or consummation of new
business initiatives may be more difficult or expensive than the
Company anticipates; or litigation or other matters before
regulatory agencies, whether currently existing or commencing in
the future, may delay the occurrence or non-occurrence of events
longer than the Company anticipates.
Contact: Avinash
ReddyExecutive Vice President – Chief Financial
Officer718-782-6200 extension 5909
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
(Dollars in thousands except share
amounts) |
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2019 |
|
2018 |
|
ASSETS: |
|
|
|
|
Cash and due from
banks |
$ |
143,473 |
|
|
$ |
147,256 |
|
|
Mortgage-backed
securities available for sale |
|
457,217 |
|
|
|
466,605 |
|
|
Investment securities
available for sale |
|
54,406 |
|
|
|
36,280 |
|
|
Marketable equity
securities, at fair value |
|
5,912 |
|
|
|
5,667 |
|
|
Real Estate
Loans: |
|
|
|
|
One-to-four family and cooperative/condominium apartment |
|
107,709 |
|
|
|
96,847 |
|
|
Multifamily residential and residential mixed-use (1)(2) |
|
3,831,145 |
|
|
|
3,866,788 |
|
|
Commercial real estate and commercial mixed-use |
|
1,245,806 |
|
|
|
1,170,085 |
|
|
Acquisition, development, and construction ("ADC") |
|
54,222 |
|
|
|
29,402 |
|
|
Total
real estate loans |
|
5,238,882 |
|
|
|
5,163,122 |
|
|
Commercial and industrial ("C&I") |
|
266,415 |
|
|
|
229,504 |
|
|
Other
loans |
|
1,139 |
|
|
|
1,192 |
|
|
Allowance
for loan losses |
|
(21,941 |
) |
|
|
(21,782 |
) |
|
Total loans,
net |
|
5,484,495 |
|
|
|
5,372,036 |
|
|
Premises and fixed
assets, net |
|
23,708 |
|
|
|
24,713 |
|
|
Loans held for
sale |
|
682 |
|
|
|
1,097 |
|
|
Federal Home Loan Bank
of New York capital stock |
|
55,840 |
|
|
|
57,551 |
|
|
Bank Owned Life
Insurance ("BOLI") |
|
112,121 |
|
|
|
111,427 |
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
Operating lease
assets |
|
40,401 |
|
|
|
- |
|
|
Other assets |
|
41,408 |
|
|
|
42,308 |
|
|
TOTAL
ASSETS |
$ |
6,475,301 |
|
|
$ |
6,320,578 |
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY: |
|
|
|
|
Deposits: |
|
|
|
|
Non-interest bearing
checking |
$ |
417,475 |
|
|
$ |
395,477 |
|
|
Interest-bearing
checking |
|
116,562 |
|
|
|
115,972 |
|
|
Savings |
|
328,853 |
|
|
|
336,669 |
|
|
Money Market |
|
1,963,954 |
|
|
|
2,098,599 |
|
|
Sub-total |
|
2,826,844 |
|
|
|
2,946,717 |
|
|
Certificates of
deposit |
|
1,580,778 |
|
|
|
1,410,037 |
|
|
Total Due to
Depositors |
|
4,407,622 |
|
|
|
4,356,754 |
|
|
Escrow and other
deposits |
|
137,116 |
|
|
|
85,234 |
|
|
Federal Home Loan Bank
of New York advances |
|
1,087,325 |
|
|
|
1,125,350 |
|
|
Subordinated Notes
Payable, net |
|
113,796 |
|
|
|
113,759 |
|
|
Other Borrowings |
|
45,000 |
|
|
|
- |
|
|
Operating lease
liabilities |
|
46,868 |
|
|
|
- |
|
|
Other liabilities |
|
31,300 |
|
|
|
37,400 |
|
|
TOTAL
LIABILITIES |
|
5,869,027 |
|
|
|
5,718,497 |
|
|
STOCKHOLDERS'
EQUITY: |
|
|
|
|
Common stock ($0.01
par, 125,000,000 shares authorized, 53,690,825 shares and
53,690,825 shares |
|
|
|
|
issued at
March 31, 2019 and December 31, 2018, respectively, and 36,020,112
shares |
|
|
|
|
and
36,092,952 shares outstanding at March 31, 2019 and December 31,
2018, respectively) |
|
537 |
|
|
|
537 |
|
|
Additional paid-in
capital |
|
278,358 |
|
|
|
277,512 |
|
|
Retained earnings |
|
572,175 |
|
|
|
565,713 |
|
|
Accumulated other
comprehensive loss, net of deferred taxes |
|
(5,232 |
) |
|
|
(6,500 |
) |
|
Unearned equity award
common stock |
|
(6,068 |
) |
|
|
(3,623 |
) |
|
Common stock held by
the Benefit Maintenance Plan |
|
(1,509 |
) |
|
|
(1,509 |
) |
|
Treasury stock
(17,670,713 shares and 17,597,873 shares at March 31, 2019 and
December 31, 2018, respectively) |
|
(231,987 |
) |
|
|
(230,049 |
) |
|
TOTAL
STOCKHOLDERS' EQUITY |
|
606,274 |
|
|
|
602,081 |
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
6,475,301 |
|
|
$ |
6,320,578 |
|
|
|
|
|
|
|
(1) Includes loans
underlying cooperatives. |
|
|
|
|
(2) While the
loans within this category are often considered "commercial real
estate" in nature, multifamily and loans underlying cooperatives
are here reported separately from commercial real estate loans
in order to emphasize the residential nature of the collateral
underlying this significant component of the total loan
portfolio. |
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Dollars in thousands except share and per
share amounts) |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
2019 |
|
2018 |
|
2018 |
Interest
income: |
|
|
|
|
|
Loans
secured by real estate |
$ |
49,177 |
|
|
$ |
49,953 |
|
|
$ |
49,575 |
|
Commercial and industrial ("C&I") loans |
|
3,436 |
|
|
|
3,200 |
|
|
|
1,656 |
|
Other
loans |
|
18 |
|
|
|
19 |
|
|
|
20 |
|
Mortgage-backed securities |
|
3,197 |
|
|
|
3,279 |
|
|
|
2,257 |
|
Investment securities |
|
420 |
|
|
|
240 |
|
|
|
15 |
|
Other
short-term investments |
|
1,447 |
|
|
|
1,359 |
|
|
|
1,511 |
|
Total interest income |
|
57,695 |
|
|
|
58,050 |
|
|
|
55,034 |
|
Interest
expense: |
|
|
|
|
|
Deposits and
escrow |
|
15,017 |
|
|
|
14,289 |
|
|
|
10,751 |
|
Borrowed funds |
|
7,354 |
|
|
|
6,611 |
|
|
|
6,267 |
|
Total interest expense |
|
22,371 |
|
|
|
20,900 |
|
|
|
17,018 |
|
Net interest income |
|
35,324 |
|
|
|
37,150 |
|
|
|
38,016 |
|
Provision for
loan losses |
|
321 |
|
|
|
603 |
|
|
|
193 |
|
Net interest
income after provision |
|
|
|
|
|
for loan losses |
|
35,003 |
|
|
|
36,547 |
|
|
|
37,823 |
|
|
|
|
|
|
|
Non-interest
income: |
|
|
|
|
|
Service
charges and other fees |
|
1,099 |
|
|
|
1,199 |
|
|
|
911 |
|
Mortgage
banking income, net |
|
68 |
|
|
|
75 |
|
|
|
111 |
|
Gain
(loss) on equity securities |
|
268 |
|
|
|
(416 |
) |
|
|
(4 |
) |
Gain
(loss) on sale of securities and other assets |
|
(76 |
) |
|
|
- |
|
|
|
1,370 |
|
Gain on
sale of loans |
|
255 |
|
|
|
159 |
|
|
|
90 |
|
Income
from BOLI |
|
694 |
|
|
|
721 |
|
|
|
712 |
|
Other |
|
52 |
|
|
|
83 |
|
|
|
54 |
|
Total non-interest income |
|
2,360 |
|
|
|
1,821 |
|
|
|
3,244 |
|
Non-interest
expense: |
|
|
|
|
|
Salaries
and employee benefits |
|
11,884 |
|
|
|
12,042 |
|
|
|
11,177 |
|
Stock
benefit plan compensation expense |
|
284 |
|
|
|
326 |
|
|
|
388 |
|
Occupancy
and equipment |
|
3,869 |
|
|
|
3,836 |
|
|
|
3,872 |
|
Data
processing costs |
|
2,066 |
|
|
|
1,635 |
|
|
|
1,754 |
|
Marketing |
|
466 |
|
|
|
1,030 |
|
|
|
1,047 |
|
Federal
deposit insurance premiums |
|
454 |
|
|
|
448 |
|
|
|
665 |
|
Other |
|
3,029 |
|
|
|
3,428 |
|
|
|
2,831 |
|
Total non-interest expense |
|
22,052 |
|
|
|
22,745 |
|
|
|
21,734 |
|
|
|
|
|
|
|
Income before taxes |
|
15,311 |
|
|
|
15,623 |
|
|
|
19,333 |
|
Income tax
expense |
|
3,810 |
|
|
|
3,183 |
|
|
|
4,587 |
|
|
|
|
|
|
|
Net
Income |
$ |
11,501 |
|
|
$ |
12,440 |
|
|
$ |
14,746 |
|
|
|
|
|
|
|
Earnings per
Share ("EPS"): |
|
|
|
|
|
Basic |
$ |
0.32 |
|
|
$ |
0.34 |
|
|
$ |
0.39 |
|
Diluted |
$ |
0.32 |
|
|
$ |
0.34 |
|
|
$ |
0.39 |
|
|
|
|
|
|
|
Average common
shares outstanding |
|
|
|
|
|
for Diluted EPS |
|
35,976,915 |
|
|
|
36,296,298 |
|
|
|
37,464,725 |
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
|
UNAUDITED SELECTED FINANCIAL
HIGHLIGHTS |
|
(Dollars in thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
At or For the Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
|
Per Share
Data: |
|
|
|
|
|
|
|
Reported EPS
(Diluted) |
$ |
0.32 |
|
|
$ |
0.34 |
|
|
$ |
0.39 |
|
|
|
Cash dividends paid per
share |
|
0.14 |
|
|
|
0.14 |
|
|
|
0.14 |
|
|
|
Book value per
share |
|
16.83 |
|
|
|
16.69 |
|
|
|
16.22 |
|
|
|
Tangible book value per
share (1) |
|
15.29 |
|
|
|
15.14 |
|
|
|
14.73 |
|
|
|
Dividend payout
ratio |
|
43.75 |
% |
|
|
41.18 |
% |
|
|
35.90 |
% |
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (Based upon Reported Net Income): |
|
|
|
|
|
|
|
Return on average
assets |
|
0.72 |
% |
|
|
0.80 |
% |
|
|
0.93 |
% |
|
|
Return on average
common equity |
|
7.62 |
% |
|
|
8.25 |
% |
|
|
9.77 |
% |
|
|
Return on average
tangible common equity (1) |
|
8.39 |
% |
|
|
9.08 |
% |
|
|
10.76 |
% |
|
|
Net interest
spread |
|
2.02 |
% |
|
|
2.22 |
% |
|
|
2.28 |
% |
|
|
Net interest
margin |
|
2.31 |
% |
|
|
2.46 |
% |
|
|
2.47 |
% |
|
|
Average
interest-earning assets to average interest-bearing
liabilities |
|
118.14 |
% |
|
|
118.71 |
% |
|
|
115.84 |
% |
|
|
Non-interest expense to
average assets |
|
1.39 |
% |
|
|
1.46 |
% |
|
|
1.36 |
% |
|
|
Efficiency ratio |
|
59.22 |
% |
|
|
57.98 |
% |
|
|
54.60 |
% |
|
|
Loan-to-deposit ratio
at end of period |
|
124.93 |
% |
|
|
123.24 |
% |
|
|
122.68 |
% |
|
|
CRE consolidated
concentration ratio (2) |
|
706.7 |
% |
|
|
702.7 |
% |
|
|
748.6 |
% |
|
|
Effective tax rate |
|
24.88 |
% |
|
|
20.37 |
% |
|
|
23.73 |
% |
|
|
|
|
|
|
|
|
|
|
Average Balance
Data: |
|
|
|
|
|
|
|
Average assets |
$ |
6,364,098 |
|
|
$ |
6,251,691 |
|
|
$ |
6,369,310 |
|
|
|
Average
interest-earning assets |
|
6,111,293 |
|
|
|
6,031,823 |
|
|
|
6,145,013 |
|
|
|
Average loans |
|
5,445,301 |
|
|
|
5,400,166 |
|
|
|
5,577,309 |
|
|
|
Average deposits |
|
4,341,045 |
|
|
|
4,349,419 |
|
|
|
4,378,117 |
|
|
|
Average common
equity |
|
604,074 |
|
|
|
603,358 |
|
|
|
603,555 |
|
|
|
Average tangible common
equity (1) |
|
548,436 |
|
|
|
547,721 |
|
|
|
547,917 |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Summary: |
|
|
|
|
|
|
|
Non-performing loans
(excluding loans held for sale) |
$ |
5,425 |
|
|
$ |
2,345 |
|
|
$ |
1,719 |
|
|
|
Non-performing
assets |
|
5,425 |
|
|
|
2,345 |
|
|
|
1,719 |
|
|
|
Net charge-offs |
|
162 |
|
|
|
151 |
|
|
|
22 |
|
|
|
Non-performing loans/
Total loans |
|
0.10 |
% |
|
|
0.04 |
% |
|
|
0.03 |
% |
|
|
Non-performing assets/
Total assets |
|
0.08 |
% |
|
|
0.04 |
% |
|
|
0.03 |
% |
|
|
Allowance for loan
loss/ Total loans |
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.39 |
% |
|
|
Allowance for loan
loss/ Non-performing loans |
|
404.44 |
% |
|
|
928.87 |
% |
|
|
1,233.51 |
% |
|
|
Loans delinquent 30 to
89 days at period end |
$ |
338 |
|
|
$ |
424 |
|
|
$ |
2,947 |
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
- Consolidated: |
|
|
|
|
|
|
|
Tangible common equity
to tangible assets (1) |
|
8.58 |
% |
|
|
8.72 |
% |
|
|
8.81 |
% |
|
|
Tier 1 common equity
ratio |
|
11.04 |
|
|
|
11.50 |
|
|
|
11.87 |
|
|
|
Tier 1 risk-based
capital ratio |
|
11.04 |
|
|
|
11.50 |
|
|
|
11.87 |
|
|
|
Total risk-based
capital ratio |
|
13.77 |
|
|
|
14.35 |
|
|
|
14.79 |
|
|
|
Tier 1 leverage
ratio |
|
8.81 |
|
|
|
8.92 |
|
|
|
8.79 |
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
- Bank Only: |
|
|
|
|
|
|
|
Tier 1 common equity
ratio |
|
12.39 |
% |
|
|
13.34 |
% |
|
|
12.97 |
% |
|
|
Tier 1 risk-based
capital ratio |
|
12.39 |
|
|
|
13.34 |
|
|
|
12.97 |
|
|
|
Total risk-based
capital ratio |
|
12.84 |
|
|
|
13.80 |
|
|
|
13.43 |
|
|
|
Tier 1 leverage
ratio |
|
9.77 |
|
|
|
10.31 |
|
|
|
9.59 |
|
|
|
|
|
|
|
|
|
|
|
(1)
See "Non-GAAP Reconciliation" table for reconciliation of tangible
common equity and tangible assets. Average balances are calculated
using the ending balance for months during the period
indicated. |
(2)
The CRE concentration ratio is calculated using the sum of
commercial real estate, excluding owner occupied commercial real
estate, multifamily, and ADC, divided by consolidated capital. |
|
|
|
|
|
|
|
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED AVERAGE BALANCES AND NET INTEREST
INCOME |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
March 31, 2019 |
|
|
|
December 31, 2018 |
|
|
|
March 31, 2018 |
|
|
|
|
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 |
$ |
5,195,951 |
$ |
49,177 |
|
3.79 |
% |
|
$ |
5,179,805 |
$ |
49,953 |
|
3.86 |
% |
|
$ |
5,435,400 |
$ |
49,575 |
|
3.65 |
% |
Commercial
and industrial loans |
|
248,267 |
|
3,436 |
|
5.54 |
% |
|
|
219,295 |
|
3,200 |
|
5.84 |
|
|
|
140,720 |
|
1,656 |
|
4.71 |
|
Other
loans |
|
1,083 |
|
18 |
|
6.65 |
% |
|
|
1,066 |
|
19 |
|
7.13 |
|
|
|
1,189 |
|
19 |
|
6.39 |
|
Mortgage-backed securities |
|
464,303 |
|
3,197 |
|
2.75 |
% |
|
|
472,965 |
|
3,279 |
|
2.77 |
|
|
|
351,196 |
|
2,257 |
|
2.57 |
|
Investment
securities |
|
47,177 |
|
420 |
|
3.56 |
% |
|
|
19,728 |
|
240 |
|
4.87 |
|
|
|
6,492 |
|
15 |
|
0.92 |
|
Other
short-term investments |
|
154,512 |
|
1,447 |
|
3.75 |
% |
|
|
138,964 |
|
1,359 |
|
3.91 |
|
|
|
210,016 |
|
1,511 |
|
2.88 |
|
Total
interest-earning assets |
|
6,111,293 |
|
57,695 |
|
3.78 |
% |
|
|
6,031,823 |
|
58,050 |
|
3.85 |
% |
|
|
6,145,013 |
|
55,033 |
|
3.58 |
% |
Non-interest-earning assets |
|
252,805 |
|
|
|
|
219,868 |
|
|
|
|
224,297 |
|
|
Total assets |
$ |
6,364,098 |
|
|
|
$ |
6,251,691 |
|
|
|
$ |
6,369,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking accounts |
$ |
115,243 |
$ |
22 |
|
0.08 |
% |
|
$ |
114,563 |
$ |
60 |
|
0.21 |
% |
|
$ |
124,440 |
$ |
54 |
|
0.18 |
% |
Money
market accounts |
|
2,029,794 |
|
7,640 |
|
1.53 |
% |
|
|
2,131,276 |
|
7,630 |
|
1.42 |
|
|
|
2,432,242 |
|
6,318 |
|
1.05 |
|
Savings
accounts |
|
331,662 |
|
45 |
|
0.06 |
% |
|
|
338,837 |
|
47 |
|
0.06 |
|
|
|
359,638 |
|
59 |
|
0.07 |
|
Certificates of deposit |
|
1,466,439 |
|
7,310 |
|
2.02 |
% |
|
|
1,377,207 |
|
6,552 |
|
1.89 |
|
|
|
1,151,146 |
|
4,320 |
|
1.52 |
|
Total
interest-bearing deposits |
|
3,943,138 |
|
15,017 |
|
1.54 |
% |
|
|
3,961,883 |
|
14,289 |
|
1.43 |
|
|
|
4,067,466 |
|
10,751 |
|
1.07 |
|
Borrowed
Funds |
|
1,229,607 |
|
7,353 |
|
2.43 |
% |
|
|
1,119,225 |
|
6,611 |
|
2.34 |
|
|
|
1,237,094 |
|
6,267 |
|
2.05 |
|
Total
interest-bearing liabilities |
|
5,172,745 |
|
22,370 |
|
1.75 |
% |
|
|
5,081,108 |
|
20,900 |
|
1.63 |
% |
|
|
5,304,560 |
|
17,018 |
|
1.30 |
% |
Non-interest-bearing checking accounts |
|
397,907 |
|
|
|
|
387,536 |
|
|
|
|
310,651 |
|
|
Other
non-interest-bearing liabilities |
|
189,372 |
|
|
|
|
179,689 |
|
|
|
|
150,544 |
|
|
Total
liabilities |
|
5,760,024 |
|
|
|
|
5,648,333 |
|
|
|
|
5,765,755 |
|
|
Stockholders' equity |
|
604,074 |
|
|
|
|
603,358 |
|
|
|
|
603,555 |
|
|
Total liabilities and
stockholders' equity |
$ |
6,364,098 |
|
|
|
$ |
6,251,691 |
|
|
|
$ |
6,369,310 |
|
|
Net interest income |
|
$ |
35,325 |
|
|
|
|
$ |
37,150 |
|
|
|
|
$ |
38,015 |
|
|
Net interest spread |
|
|
2.02 |
% |
|
|
|
2.22 |
% |
|
|
|
2.28 |
% |
Net interest-earning
assets |
$ |
938,548 |
|
|
|
$ |
950,715 |
|
|
|
$ |
840,453 |
|
|
Net interest margin |
|
|
2.31 |
% |
|
|
|
2.46 |
% |
|
|
|
2.47 |
% |
Ratio of interest-earning
assets to interest-bearing liabilities |
|
|
118.14 |
% |
|
|
|
|
118.71 |
% |
|
|
|
|
115.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits (including
non-interest bearing checking accounts) |
$ |
4,341,045 |
$ |
15,017 |
|
1.40 |
% |
|
$ |
4,349,419 |
$ |
14,289 |
|
1.30 |
% |
|
$ |
4,378,117 |
$ |
10,751 |
|
1.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED SCHEDULE OF LOAN COMPOSITION AND
WEIGHTED AVERAGE RATES ("WAR") (1) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2019 |
|
At December 31, 2018 |
|
At March 31, 2018 |
|
Balance |
WAR |
|
Balance |
WAR |
|
Balance |
WAR |
Loan balances at period
end: |
|
|
|
|
|
|
|
|
One-to-four family residential, including condominium and
cooperative apartment |
$ |
107,709 |
4.58 |
% |
|
$ |
96,847 |
4.59 |
% |
|
$ |
62,596 |
4.36 |
% |
Multifamily residential and residential mixed-use (2)(3) |
|
3,831,145 |
3.61 |
|
|
|
3,866,788 |
3.56 |
|
|
|
4,280,951 |
3.42 |
|
Commercial real estate and commercial mixed-use |
|
1,245,806 |
4.23 |
|
|
|
1,170,085 |
4.17 |
|
|
|
1,007,595 |
3.95 |
|
Acquisition, development, and construction ("ADC") |
|
54,222 |
6.61 |
|
|
|
29,402 |
6.64 |
|
|
|
9,413 |
5.84 |
|
Total
real estate loans |
|
5,238,882 |
3.81 |
|
|
|
5,163,122 |
3.74 |
|
|
|
5,360,555 |
3.53 |
|
Commercial and industrial ("C&I") |
|
266,415 |
5.72 |
|
|
|
229,504 |
5.76 |
|
|
|
145,818 |
4.99 |
|
Total |
$ |
5,505,297 |
3.90 |
% |
|
$ |
5,392,626 |
3.82 |
% |
|
$ |
5,506,373 |
3.57 |
% |
|
|
|
|
|
|
|
|
|
(1)
Weighted average rate is calculated by aggregating interest based
on the current loan rate from each loan in the category, divided by
the total amount of loans in the category. |
(2)
Includes loans underlying cooperatives. |
(3) While the
loans within this category are often considered "commercial real
estate" in nature, multifamily and loans underlying cooperatives
are here reported separately from commercial real estate loans
in order to emphasize the residential nature of the collateral
underlying this significant component of the total loan
portfolio. |
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIES |
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS AND
TROUBLED DEBT RESTRUCTURINGS ("TDRs") |
(Dollars in thousands) |
|
|
|
|
|
At March 31, |
|
At December 31, |
|
At March 31, |
|
2019 |
|
2018 |
|
2018 |
Non-Performing
Loans |
|
|
|
|
|
One-to-four family
residential, including condominium and cooperative apartment |
$ |
706 |
|
$ |
712 |
|
$ |
449 |
Multifamily residential and residential mixed-use (1)(2) |
|
276 |
|
|
280 |
|
|
- |
Commercial real estate and commercial mixed-use real estate
(2) |
|
4,205 |
|
|
1,041 |
|
|
90 |
C&I |
|
232 |
|
|
309 |
|
|
1,179 |
Other |
|
6 |
|
|
3 |
|
|
1 |
Total Non-Performing
Loans (3) |
$ |
5,425 |
|
$ |
2,345 |
|
$ |
1,719 |
Total
Non-Performing Assets |
$ |
5,425 |
|
$ |
2,345 |
|
$ |
1,719 |
|
|
|
|
|
|
Performing TDR
Loans |
|
|
|
|
|
One-to-four -family and cooperative/condominium apartment |
$ |
12 |
|
$ |
14 |
|
$ |
20 |
Multifamily residential and mixed-use residential real estate
(1)(2) |
|
261 |
|
|
271 |
|
|
604 |
Commercial real estate and commercial mixed-use real estate
(2) |
|
4,061 |
|
|
4,084 |
|
|
7,431 |
Total
Performing TDRs |
$ |
4,334 |
|
$ |
4,369 |
|
$ |
8,055 |
|
|
|
|
|
|
(1) Includes loans
underlying cooperatives. |
|
|
|
|
|
(2) While the
loans within this category are often considered "commercial real
estate" in nature, multifamily and loans underlying cooperatives
are here reported separately from commercial real estate loans
in order to emphasize the residential nature of the collateral
underlying this significant component of the total loan
portfolio. |
(3)
There were no non-accruing TDRs for the periods indicated. |
|
|
|
|
|
|
PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE
CAPITAL AND RESERVES (TEXAS RATIO) |
(Dollars in thousands) |
|
|
|
|
|
|
|
At March 31, |
|
At December 31, |
|
At March 31, |
|
2019 |
|
2018 |
|
2018 |
Total Non-Performing
Assets |
$ |
5,425 |
|
|
$ |
2,345 |
|
|
$ |
1,719 |
|
Loans 90 days or more
past due on accrual status (5) |
|
6,955 |
|
|
|
100 |
|
|
|
13,816 |
|
TOTAL PROBLEM
ASSETS |
$ |
12,380 |
|
|
$ |
2,445 |
|
|
$ |
15,535 |
|
|
|
|
|
|
|
Tangible common equity
(6) |
$ |
550,636 |
|
|
$ |
546,443 |
|
|
$ |
552,319 |
|
Allowance for loan
losses and reserves for contingent liabilities |
|
21,966 |
|
|
|
21,807 |
|
|
|
21,229 |
|
TANGIBLE COMMON
EQUITY PLUS RESERVES |
$ |
572,602 |
|
|
$ |
568,250 |
|
|
$ |
573,548 |
|
|
|
|
|
|
|
TEXAS RATIO
(PROBLEM ASSETS AS A PERCENTAGE OF |
|
|
|
|
|
TANGIBLE COMMON
EQUITY AND RESERVES) |
|
2.2 |
% |
|
|
0.4 |
% |
|
|
2.7 |
% |
|
|
|
|
|
|
(5) These
loans were, as of the respective dates indicated, expected to be
either satisfied, made current or re-financed in the near future,
and were not expected to result in any loss of contractual
principal or interest. These loans are not included in
non-performing loans. |
(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) |
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2018 |
|
Reconciliation
of Reported and Adjusted ("non-GAAP") Net Income: |
|
|
|
|
|
|
Reported net income |
$ |
11,501 |
|
|
$ |
12,440 |
|
|
$ |
14,745 |
|
|
Adjustments to Net
Income (1): |
|
|
|
|
|
|
Add: Severance
payment |
|
- |
|
|
|
496 |
|
|
|
- |
|
|
Less: Loss (Gain) on
sale of securities |
|
52 |
|
|
|
- |
|
|
|
(930 |
) |
|
Tax adjustment |
|
- |
|
|
|
(716 |
) |
|
|
(92 |
) |
|
Adjusted ("non-GAAP")
net income |
$ |
11,553 |
|
|
$ |
12,220 |
|
|
$ |
13,723 |
|
|
|
|
|
|
|
|
|
Adjusted Ratios
(Based upon "non-GAAP Net Income" as calculated
above): |
|
|
|
|
|
|
Adjusted EPS
(Diluted) |
$ |
0.32 |
|
|
$ |
0.34 |
|
|
$ |
0.36 |
|
|
Adjusted return on
average assets |
|
0.73 |
% |
|
|
0.78 |
% |
|
|
0.86 |
% |
|
Adjusted return on
average common equity |
|
7.65 |
|
|
|
8.10 |
|
|
|
9.09 |
|
|
Adjusted return on
average tangible common equity |
|
8.43 |
|
|
|
8.92 |
|
|
|
10.02 |
|
|
Adjusted non-interest
expense to average assets |
|
1.39 |
|
|
|
1.41 |
|
|
|
1.36 |
|
|
Adjusted efficiency
ratio |
|
59.22 |
|
|
|
56.12 |
|
|
|
54.60 |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2018 |
|
Reconciliation
of Tangible Assets: |
|
|
|
|
|
|
Total assets |
$ |
6,475,301 |
|
|
$ |
6,320,578 |
|
|
$ |
6,325,917 |
|
|
Less: |
|
|
|
|
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
Tangible assets |
$ |
6,419,663 |
|
|
$ |
6,264,940 |
|
|
$ |
6,270,279 |
|
|
|
|
|
|
|
|
|
Reconciliation
of Tangible Common Equity - Consolidated: |
|
|
|
|
|
|
Total common
equity |
$ |
606,274 |
|
|
$ |
602,081 |
|
|
$ |
607,957 |
|
|
Less: |
|
|
|
|
|
|
Goodwill |
|
55,638 |
|
|
|
55,638 |
|
|
|
55,638 |
|
|
Tangible common
equity |
$ |
550,636 |
|
|
$ |
546,443 |
|
|
$ |
552,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Adjustments to net income are taxed at the Company's
statutory tax rate of approximately 32% unless otherwise
noted. |
|
|
|
|
|
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