SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 17, 2000
Delaware 001-13094 11-3197414
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(State or Other Jurisdiction) (Commission (IRS Employer
File Number) Identification No.)
589 Fifth Avenue
New York, New York 10017
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(Address of Principal Executive Offices) (Zip Code)
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Registrant's telephone number, including area code: (212) 326-6170
ITEM 5. OTHER EVENTS.
On October 17, 2000, Dime Bancorp, Inc. issued the following earnings release:
Contact: Dime Franklin L. Wright (212) 326-6170
October 17, 2000
00/33
FOR IMMEDIATE RELEASE
DIME ANNOUNCES RECORD OPERATING EARNINGS
New York -- October 17, 2000 -- Dime Bancorp, Inc. (NYSE:DME) today announced record operating earnings of $69.4 million for the third quarter of 2000, up 12% from $61.8 million for the third quarter of 1999 and 4% from $66.6 million in the 2000 second quarter. Operating earnings are reported earnings adjusted for the effects of certain non-recurring or unusual items. The 2000 third quarter operating results exclude significant charges related to a series of profit improvement initiatives announced on September 15, 2000, including the designation for sale of approximately $2 billion of securities from Dime's portfolio and expense reduction actions, as well as defending against a hostile takeover attempt.
Operating earnings per diluted share for the 2000 third quarter were $0.59, compared with $0.55 in the 1999 third quarter and $0.60 in the 2000 second quarter. The lower third quarter 2000 operating earnings per share as compared with the immediately prior quarter were the result of a temporary increase in average equivalent common shares outstanding due to a capital investment by Warburg Pincus Equity Partners, L.P. and affiliates. Although the bulk of the Warburg investment was made early in the third quarter, a program to repurchase common shares was not announced until October 6, 2000. Operating earnings, adjusted for this temporary increase in average shares outstanding as well as excluding the net interest income benefit of the Warburg capital investment, were $0.61 per common share for the 2000 third quarter. Dime noted that its earnings per share results would be affected until such time as it completes the planned 13.6 million share buyback program.
Tony Terracciano, Chairman of Dime, said, "Dime recorded a strong third quarter performance despite the challenging interest rate environment. We also remained focused on
accelerating our strategy to enhance stockholder value as we announced a series of productivity initiatives and worked to introduce new technology that is intended to lift our performance to the next level."
Lawrence J. Toal, Dime's Chief Executive Officer, said, "Dime's record third quarter operating earnings reflected improved non-interest income, due in part to solid mortgage banking revenues, and continued expense control. Net interest income remained at record levels despite pressure on the net interest margin from higher funding costs, while asset quality remained strong."
"Dime also recorded continued growth in commercial real estate, consumer and business loans, reflecting the success of our strategy to reshape our loan portfolio by increasing the proportion of relatively higher-yielding loans. These non-residential loans have grown 15%, or over a billion dollars, since the beginning of the year and, at September 30, 2000, were 50% of our total loan portfolio, up from 46% at the end of 1999. At the same time, our securities available for sale portfolio, on a pro-forma basis adjusted for the announced sale, will be reduced to $2 billion, or less than 10% of total interest-earning assets as of the end of the 2000 third quarter," he added.
"Going forward, we will be continuing to implement our expense reduction program and executing our balance sheet repositioning program as well as introducing new products and services for our customers that are intended to further improve revenues," concluded Mr. Toal.
On a reported basis, including the $131 million of pre-tax charges, Dime had a net loss of $16.5 million, or $0.16 per diluted share, for the 2000 third quarter, compared with net income of $61.8 million, or $0.55 per diluted share, in the 1999 third quarter and $34.4 million, or $0.31 per diluted share, for the 2000 second quarter.
OPERATING AND CASH OPERATING EARNINGS
Operating earnings for the 2000 third quarter reflected adjustments to reported results to exclude pre-tax charges of $87 million related to the designation for sale of securities from Dime's portfolio, $38 million associated with actions intended to reduce annual expenses by $50 million, and $5 million related to the hostile takeover attempt of Dime. There were no adjustments to reported earnings in the 1999 third quarter, while the calculation of operating earnings for the 2000 second quarter excluded $54 million pre-tax charges related to the termination of a planned merger of equals and the hostile takeover attempt.
Cash operating earnings were $75.5 million, or $0.64 per diluted share, for the 2000 third quarter, compared with $65.7 million, or $0.58 per diluted share, for the 1999 third quarter and $73.0 million, or $0.66 per diluted share, for the 2000 second quarter. Cash operating earnings exclude the after-tax effect of goodwill amortization expense.
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income increased 5% to $156.8 million in the 2000 third quarter from $149.2 million in the 1999 third quarter and was up slightly from $156.1 million in the 2000 second
quarter. The increase in net interest income in the 2000 third quarter as compared with the year-earlier period primarily reflected a higher level of interest-earning assets. The net interest margin in the 2000 third quarter was 2.84%, down from 3.07% in the 1999 third quarter and 2.88% in the 2000 second quarter. The lower margin reflected the effects of higher funding costs and the inverted yield curve, which were only partially offset by increased yields on assets and the growth of relatively higher-yielding non-residential loans.
NON-INTEREST INCOME
Non-interest income in the 2000 third quarter on an operating earnings basis totaled $139.9 million, up from $133.9 million in the 1999 third quarter and $133.4 million in the second quarter of 2000.
o Loan servicing and production fees increased to $73.2 million in the 2000 third quarter, up 9% from $67.4 million in the third quarter of 1999 and 3% from 71.3 million in the 2000 second quarter.
o Banking service fees in the 2000 third quarter increased 28% to $16.7 million from $13.1 million in the 1999 third quarter and were up slightly from $16.4 million in the 2000 second quarter.
o Securities and insurance brokerage fees of $10.2 million for the 2000 third quarter were up from $8.9 million in the 1999 third quarter, but were down from $11.3 million in the 2000 second quarter.
o Net gains on sales activities for the 2000 third quarter were $36.0 million, down from $42.1 million in the 1999 third quarter, largely reflecting lower levels of mortgage banking activity associated with home loan refinances. However, net gains on sales activities in the 2000 third quarter were up 18% from $30.5 million in the 2000 second quarter, reflecting increased demand for mortgage credit due to lower home mortgage interest rates.
NON-INTEREST EXPENSE
Non-interest expense on an operating earnings basis was $182.9 million in the 2000 third quarter, compared with $178.3 million in the 1999 third quarter and $178.5 million in the 2000 second quarter. The increase from the 1999 third quarter largely reflected increases in goodwill amortization associated with Dime's purchase of an auto finance operation in the 1999 third quarter and KeyBank's Long Island banking franchise in the fourth quarter of 1999 and mortgage servicing rights amortization, offset by reduced operating expenses. The increase from the 2000 second quarter was driven by higher levels of mortgage production-related expenses and amortization of mortgage servicing rights.
General and administrative expense in the 2000 third quarter was $142.0 million, compared with $146.1 million in the 1999 third quarter and $139.1 million in the 2000 second quarter. The
year-over-year decrease was achieved despite the additional expenses related to the previously-mentioned acquisitions, largely as a result of reduced mortgage-banking related expenses. The increase in the 2000 third quarter as compared to the immediately prior quarter was due primarily to expenses associated with increased mortgage banking activity.
The tax rate in the 2000 third quarter was 35.0% on an operating earnings basis, and Dime expects that to be the effective tax rate for the remainder of the year.
LOANS RECEIVABLE AND LOAN SERVICING
At September 30, 2000, Dime's loans receivable portfolio totaled $16.1 billion, compared with $15.2 billion at December 31, 1999 and $16.0 billion at June 30, 2000. The increase from the prior periods was related to continued growth in the commercial real estate, consumer, and business loan portfolios.
At September 30, 2000, Dime serviced $42.6 billion of residential loans for others, up from $38.4 billion at December 31, 1999 and $41.1 billion at June 30, 2000. The weighted average coupon of loans serviced for others was 7.37% at September 30, 2000, compared with 7.30% at June 30, 2000. The book value of mortgage servicing assets at September 30, 2000 was $980 million, including $52 million associated with hedges, while the estimated fair value was $1.01 billion.
ASSET QUALITY
The allowance for loan losses was $146.7 million at September 30, 2000, or 198% of non-accrual loans, compared with $137.1 million and 194%, respectively, at September 30, 1999 and $143.4 million and 218%, respectively, at June 30, 2000. At September 30, 2000, the ratio of the allowance for loans losses to loans receivable was 0.91%, compared with 0.96% one year earlier and 0.90% at June 30, 2000.
At September 30, 2000, non-performing assets (non-accrual loans and other real estate owned) totaled $91.3 million, or 0.36% of total assets, compared with $90.8 million, or 0.40% of total assets, at September 30, 1999 and $84.1 million, or 0.33% of total assets, at June 30, 2000. At September 30, 2000, approximately two-thirds of Dime's non-performing assets were related to residential property assets.
In the third quarter of 2000, the provision for loan losses was $7.0 million, unchanged from both the third quarter of 1999 and the second quarter of 2000. Net charge-offs were $3.8 million in the 2000 third quarter, compared with $3.6 million in the 1999 third quarter and $6.1 million in the 2000 second quarter.
At September 30, 2000, Dime had assets of $25.2 billion and deposits of $13.9 billion. Its principal subsidiary, The Dime Savings Bank of New York, FSB (www.dime.com), is a regional bank serving consumers and businesses throughout the greater New York City metropolitan area. Directly and through its mortgage banking subsidiary, North American Mortgage Company
(www.namc.com), Dime also provides consumer loans, insurance products and mortgage banking services throughout the United States.
Certain statements in Dime's press releases may be forward-looking. A variety of factors could cause Dime's actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, and results of Dime's business include litigation, interest rate movements, competition from both financial and non-financial institutions, changes in applicable laws and regulations, the timing and occurrence (or non-occurrence) of transactions and events that may be subject to circumstances beyond Dime's control and general economic conditions.
Dime believes that "operating earnings" and "cash operating earnings" basis information, when taken in conjunction with reported results, provide useful information in evaluating performance on a comparable basis, although operating earnings and cash operating earnings are not currently a required basis for reporting financial results under generally accepted accounting principles.
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DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(unaudited)
At or For
the
At or For the Three Months Ended Nine Months Ended
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30,
2000 2000 2000 1999 1999 2000 1999
OPERATING EARNINGS BASIS (1)
Operating earnings (in thousands) $ 69,381 $ 66,616 $ 65,273 $ 62,331 $ 61,824 $201,270 $ 181,609
Basic operating earnings per common share 0.63 0.60 0.59 0.56 0.55 1.82 1.63
Diluted operating earnings per common
share 0.59 0.60 0.59 0.56 0.55 1.77 1.61
Return on average assets 1.10% 1.09% 1.11% 1.07% 1.13% 1.10% 1.12%
Return on average common stockholders'
equity 17.64 17.14 17.04 16.67 16.75 17.27 16.77
Return on average total stockholders'
equity 16.09 17.14 17.04 16.67 16.75 16.73 16.77
Interest rate spread 2.92 2.99 3.07 3.05 3.12 2.99 2.96
Net interest margin 2.84 2.88 2.96 2.98 3.07 2.89 2.92
Non-interest income to total revenues 47.16 46.07 46.27 46.29 47.29 46.50 50.64
Efficiency ratio 47.85 48.03 49.08 50.30 51.61 48.32 51.77
CASH OPERATING EARNINGS BASIS (2)
Cash operating earnings (in thousands) $ 75,457 $ 73,040 $ 71,669 $ 68,486 $ 65,744 $220,166 $ 191,681
Basic cash operating earnings per common
share 0.68 0.66 0.65 0.62 0.59 1.99 1.72
Diluted cash operating earnings per common
share 0.64 0.66 0.64 0.62 0.58 1.94 1.70
Return on average tangible assets 1.22% 1.22% 1.25% 1.21% 1.22% 1.23% 1.20%
Return on average tangible common
stockholders' equity 28.52 28.31 28.59 27.27 22.47 28.47 21.63
Return on average tangible total
stockholders' equity 24.96 28.31 28.59 27.27 22.47 27.13 21.63
REPORTED BASIS
Net (loss) income (in thousands) $(16,539) $ 34,443 $ 65,273 $ 62,331 $ 61,824 $ 83,177 $ 177,482
Basic (loss) earnings per common share (0.16) 0.31 0.59 0.56 0.55 0.75 1.59
Diluted (loss) earnings per common share (0.16) 0.31 0.59 0.56 0.55 0.74 1.57
Return on average assets NM% 0.56% 1.11% 1.07% 1.13% 0.46% 1.10%
Return on average common stockholders'
equity NM 8.86 17.04 16.67 16.75 7.14 16.39
Return on average total stockholders'
equity NM 8.86 17.04 16.67 16.75 6.91 16.39
PERIOD END BALANCE SHEET ITEMS
(in millions)
Total assets $ 25,232 $ 25,259 $ 24,180 $ 23,921 $ 22,601 $ 25,232 $ 22,601
Total interest-earning assets 22,227 22,509 21,519 21,314 20,386 22,227 20,386
Securities available for sale 3,342 3,900 3,928 3,850 3,837 3,342 3,837
Loans held for sale 2,364 2,165 1,505 1,734 1,716 2,364 1,716
Loans receivable 16,051 15,959 15,579 15,207 14,257 16,051 14,257
Total interest-bearing liabilities 22,961 23,242 22,085 22,007 20,752 22,961 20,752
Deposits 13,903 14,284 14,406 14,261 13,294 13,903 13,294
Borrowed funds 9,058 8,958 7,679 7,746 7,458 9,058 7,458
Common stockholders' equity 1,576 1,560 1,573 1,516 1,475 1,576 1,475
Total stockholders' equity 1,786 1,560 1,573 1,516 1,475 1,786 1,475
(1) Operating earnings represent net income adjusted for the effects of certain non-recurring or unusual items.
(2) Cash operating earnings represent operating earnings excluding amortization of goodwill, net of taxes.
NM = Not meaningful.
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DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA (CONTINUED)
(unaudited)
At or For
the
At or For the Three Months Ended Nine Months Ended
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30,
2000 2000 2000 1999 1999 2000 1999
AVERAGE BALANCES (in millions)
Total assets $ 25,192 $ 24,442 $ 23,476 $ 23,201 $ 21,814 $ 24,373 $ 21,546
Total interest-earning assets 22,626 21,934 21,014 20,975 19,733 21,861 19,486
Securities available for sale 4,002 3,935 3,858 3,955 3,613 3,932 3,407
Loans held for sale 2,177 1,776 1,325 1,596 1,993 1,761 2,594
Loans receivable 15,969 15,734 15,315 14,897 13,562 15,674 12,984
Total interest-bearing liabilities 23,004 22,456 21,536 21,332 19,944 22,334 19,700
Deposits 14,034 14,259 14,231 14,121 13,326 14,174 13,322
Borrowed funds 8,970 8,197 7,305 7,211 6,618 8,160 6,378
Common stockholders' equity 1,574 1,555 1,532 1,496 1,477 1,554 1,444
Total stockholders' equity 1,725 1,555 1,532 1,496 1,477 1,604 1,444
ASSET QUALITY (dollars in thousands)
Non-performing assets:
Non-accrual loans $ 73,958 $ 65,829 $ 73,562 $ 69,362 $ 70,815 $ 73,958 $ 70,815
Other real estate owned, net 17,331 18,272 16,635 16,691 19,997 17,331 19,997
Total non-performing assets $ 91,289 $ 84,101 $ 90,197 $ 86,053 $ 90,812 $ 91,289 $ 90,812
Non-performing assets to total assets 0.36% 0.33% 0.37% 0.36% 0.40% 0.36% 0.40%
Non-accrual loans to loans receivable 0.46 0.41 0.47 0.46 0.50 0.46 0.50
Allowance for loan losses $146,655 $143,432 $142,485 $140,296 $137,077 $146,655 $137,077
Allowance for loan losses to:
Loans receivable 0.91% 0.90% 0.91% 0.92% 0.96% 0.91% 0.96%
Non-accrual loans 198.29 217.89 193.69 202.27 193.57 198.29 193.57
CAPITAL RATIOS
Common stockholders' equity to total
assets 6.25% 6.18% 6.51% 6.34% 6.52% 6.25% 6.52%
Total stockholders' equity to total
assets 7.08 6.18 6.51 6.34 6.52 7.08 6.52
The Dime Savings Bank of New York, FSB:
Tangible and core 5.86 (3) 5.93 6.16 5.90 6.85 5.86 (3) 6.85
Tier 1 risk-based 8.66 (3) 8.71 9.00 8.80 10.23 8.66 (3) 10.23
Total risk-based 10.13 (3) 10.14 10.50 10.33 11.15 10.13 (3) 11.15
OTHER PERIOD END DATA
Common shares outstanding (in thousands) 109,635 109,299 111,688 110,895 110,755 109,635 110,755
Book value per common share $ 14.38 $ 14.27 $ 14.09 $ 13.67 $ 13.31 $ 14.38 $ 13.31
Tangible book value per common share 9.70 9.49 9.34 8.84 10.39 9.70 10.39
Loans serviced for others (in millions) 42,555 41,124 39,947 38,430 40,726 42,555 40,726
(3) Preliminary.
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DIME BANCORP, INCa AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATING EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
------------------------------------------------------ SEPT. 30,
SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, ------------------------
2000 2000 2000 1999 1999 2000 1999
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INTEREST INCOME
Residential real estate loans $193,176 $ 183,730 $ 172,462 $ 176,044 $ 178,268 $ 549,368 $ 568,338
Commercial real estate loans 82,569 75,764 69,161 63,389 61,507 227,494 165,182
Consumer loans 61,147 56,696 53,059 51,147 39,370 170,902 81,066
Business loans 25,540 24,012 22,862 18,658 9,028 72,414 21,082
Mortgage-backed securities 67,200 64,835 63,678 63,515 57,427 195,713 158,870
Other securities 14,339 14,151 12,538 12,721 12,658 41,028 37,575
Money market investments 212 202 247 239 496 661 1,272
---------- ----------- ---------- ---------- ---------- ----------- -----------
Total interest income 444,183 419,390 394,007 385,713 358,754 1,257,580 1,033,385
---------- ----------- ---------- ---------- ---------- ----------- -----------
INTEREST EXPENSE
Deposits 137,729 132,286 130,476 127,895 117,758 400,491 354,111
Borrowed funds 149,684 130,955 108,863 103,964 91,753 389,502 254,643
---------- ----------- ---------- ---------- ---------- ----------- -----------
Total interest expense 287,413 263,241 239,339 231,859 209,511 789,993 608,754
---------- ----------- ---------- ---------- ---------- ----------- -----------
Net interest income 156,770 156,149 154,668 153,854 149,243 467,587 424,631
Provision for loan losses 7,000 7,000 7,000 7,000 7,000 21,000 22,500
---------- ----------- ---------- ---------- ---------- ----------- -----------
Net interest income after provision for loan
Losses 149,770 149,149 147,668 146,854 142,243 446,587 402,131
---------- ----------- ---------- ---------- ---------- ----------- -----------
NON-INTEREST INCOME
Loan servicing and production fees 73,227 71,265 66,844 68,474 67,402 211,336 199,046
Banking service fees 16,709 16,418 15,521 14,884 13,060 48,648 36,914
Securities and insurance brokerage fees 10,167 11,314 10,533 9,129 8,925 32,014 27,581
Net gains on sales activities 35,998 30,519 36,639 36,310 42,114 103,156 164,117
Other 3,797 3,891 3,644 3,821 2,391 11,332 7,967
---------- ----------- ---------- ---------- ---------- ----------- -----------
Total non-interest income 139,898 133,407 133,181 132,618 133,892 406,486 435,625
---------- ----------- ---------- ---------- ---------- ----------- -----------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 77,237 75,831 75,617 74,555 77,521 228,685 229,195
Occupancy and equipment 27,960 27,612 28,114 27,077 25,897 83,686 76,584
Other 36,772 35,643 37,553 42,465 42,698 109,968 139,594
---------- ----------- ---------- ---------- ---------- ----------- -----------
Total general and administrative expense 141,969 139,086 141,284 144,097 146,116 422,339 445,373
Amortization of mortgage servicing assets 32,631 31,009 29,232 28,989 27,940 92,872 93,797
Amortization of goodwill 8,329 8,371 8,346 7,917 4,230 25,046 10,603
---------- ----------- ---------- ---------- ---------- ----------- -----------
Total non-interest expense 182,929 178,466 178,862 181,003 178,286 540,257 549,773
---------- ----------- ---------- ---------- ---------- ----------- -----------
Operating earnings before income tax expense 106,739 104,090 101,987 98,469 97,849 312,816 287,983
Income tax expense 37,358 37,474 36,714 36,138 36,025 111,546 106,374
---------- ----------- ---------- ---------- ---------- ----------- -----------
Operating earnings $ 69,381 $ 66,616 $ 65,273 $ 62,331 $ 61,824 $ 201,270 $181,609
========== =========== ========== ========== ========== =========== ===========
Operating earnings applicable to common
Stockholders for basic operating earnings per
common share $ 68,420 $ 66,616 $ 65,273 $ 62,331 $ 61,824 $200,309 $181,609
Operating earnings applicable to common
Stockholders for diluted operating earnings
per common share 69,381 66,616 65,273 62,331 61,824 201,270 181,609
OPERATING EARNINGS PER COMMON SHARE
Basic $ 0.63 $ 0.60 $ 0.59 $ 0.56 $ 0.55 $ 1.82 $ 1.63
Diluted 0.59 0.60 0.59 0.56 0.55 1.77 1.61
AVERAGE COMMON SHARES OUTSTANDING FOR
OPERATING EARNINGS PER COMMON SHARE
Basic 109,323 110,293 110,537 110,440 112,046 110,048 111,664
Diluted 118,374 111,439 111,229 111,332 113,127 113,698 112,937
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DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED
-------------------------------------------------------- SEPT. 30,
SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, ---------------------------
2000 2000 2000 1999 1999 2000 1999
---------- ----------- ---------- ---------- ---------- ------------ -----------
INTEREST INCOME
Residential real estate loans $193,176 $183,730 $172,462 $176,044 $178,268 $ 549,368 $ 568,338
Commercial real estate loans 82,569 75,764 69,161 63,389 61,507 227,494 165,182
Consumer loans 61,147 56,696 53,059 51,147 39,370 170,902 81,066
Business loans 25,540 24,012 22,862 18,658 9,028 72,414 21,082
Mortgage-backed securities 67,200 64,835 63,678 63,515 57,427 195,713 158,870
Other securities 14,339 14,151 12,538 12,721 12,658 41,028 37,575
Money market investments 212 202 247 239 496 661 1,272
---------- ----------- ---------- ---------- ---------- ------------ -----------
Total interest income 444,183 419,390 394,007 385,713 358,754 1,257,580 1,033,385
---------- ----------- ---------- ---------- ---------- ------------ -----------
INTEREST EXPENSE
Deposits 137,729 132,286 130,476 127,895 117,758 400,491 354,111
Borrowed funds 149,684 130,955 108,863 103,964 91,753 389,502 254,643
---------- ----------- ---------- ---------- ---------- ------------ -----------
Total interest expense 287,413 263,241 239,339 231,859 209,511 789,993 608,754
---------- ----------- ---------- ---------- ---------- ------------ -----------
Net interest income 156,770 156,149 154,668 153,854 149,243 467,587 424,631
Provision for loan losses 7,000 7,000 7,000 7,000 7,000 21,000 22,500
---------- ----------- ---------- ---------- ---------- ------------ -----------
Net interest income after provision
for loan losses 149,770 149,149 147,668 146,854 142,243 446,587 402,131
---------- ----------- ---------- ---------- ---------- ------------ -----------
NON-INTEREST INCOME
Loan servicing and production fees 73,227 71,265 66,844 68,474 67,402 211,336 199,046
Banking service fees 16,709 16,418 15,521 14,884 13,060 48,648 36,914
Securities and insurance brokerage fees 10,167 11,314 10,533 9,129 8,925 32,014 27,581
Loss on mortgage-backed securities
designated for sale (87,441) -- -- -- -- (87,441) --
Net gains on sales activities 35,998 30,519 36,639 36,310 42,114 103,156 164,117
Other 3,797 3,891 3,644 3,821 2,391 11,332 7,967
---------- ----------- ---------- ---------- ---------- ------------ -----------
Total non-interest income 52,457 133,407 133,181 132,618 133,892 319,045 435,625
---------- ----------- ---------- ---------- ---------- ------------ -----------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 77,237 75,831 75,617 74,555 77,521 228,685 229,195
Occupancy and equipment 27,960 27,612 28,114 27,077 25,897 83,686 76,584
Other 36,772 35,643 37,553 42,465 42,698 109,968 139,594
---------- ----------- ---------- ---------- ---------- ------------ -----------
Total general and administrative
expense 141,969 139,086 141,284 144,097 146,116 422,339 445,373
Amortization of mortgage servicing assets 32,631 31,009 29,232 28,989 27,940 92,872 93,797
Amortization of goodwill 8,329 8,371 8,346 7,917 4,230 25,046 10,603
Restructuring and other special charges 43,537 54,255 -- -- -- 97,792 --
---------- ----------- ---------- ---------- ---------- ------------ -----------
Total non-interest expense 226,466 232,721 178,862 181,003 178,286 638,049 549,773
---------- ----------- ---------- ---------- ---------- ------------ -----------
(Loss) income before income tax (benefit)
expense and extraordinary items (24,239) 49,835 101,987 98,469 97,849 127,583 287,983
Income tax (benefit) expense (7,700) 15,392 36,714 36,138 36,025 44,406 106,374
---------- ----------- ---------- ---------- ---------- ------------ -----------
(Loss) income before extraordinary items (16,539) 34,443 65,273 62,331 61,824 83,177 181,609
Extraordinary items - losses on early
extinguishment of debt, net of tax benefits -- -- -- -- -- -- (4,127)
---------- ----------- ---------- ---------- ---------- ------------ -----------
Net (loss) income $(16,539) $34,443 $65,273 $62,331 $61,824 $ 83,177 $ 177,482
========== =========== ========== ========== ========== ============ ===========
(Loss) income applicable to common stockholders
for basic (loss) earnings per common
share:
(Loss) income before extraordinary items $(17,500) $34,443 $65,273 $62,331 $61,824 $ 82,216 $ 181,609
Net (loss) income (17,500) 34,443 65,273 62,331 61,824 82,216 177,482
(Loss) income applicable to common
stockholders for diluted (loss) earnings
per common share:
(Loss) income before extraordinary items (17,500) 34,443 65,273 62,331 61,824 82,216 181,609
Net (loss) income (17,500) 34,443 65,273 62,331 61,824 82,216 177,482
PER COMMON SHARE
Basic (loss) earnings:
(Loss) income before extraordinary items $ (0.16) $ 0.31 $ 0.59 $ 0.56 $ 0.55 $ 0.75 $ 1.63
Net (loss) income (0.16) 0.31 0.59 0.56 0.55 0.75 1.59
Diluted (loss) earnings:
(Loss) income before extraordinary items (0.16) 0.31 0.59 0.56 0.55 0.74 1.61
Net (loss) income (0.16) 0.31 0.59 0.56 0.55 0.74 1.57
Cash dividends declared 0.08 0.08 0.06 0.06 0.06 0.22 0.17
AVERAGE COMMON SHARES OUTSTANDING
Basic 109,323 110,293 110,537 110,440 112,046 110,048 111,664
Diluted 109,323 111,439 111,229 111,332 113,127 110,659 112,937
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DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS)
(UNAUDITED)
SEPTEMBER 30, DECEMBER 31,
2000 1999
---------------- ----------------
ASSETS
Cash and due from banks $ 325,721 $ 414,289
Money market investments 13,085 18,166
Securities available for sale 3,341,773 3,849,676
Federal Home Loan Bank of New York stock 328,732 328,732
Loans held for sale 2,363,552 1,733,667
Loans receivable, net:
Residential real estate loans 7,995,503 8,200,120
Commercial real estate loans 3,973,993 3,482,857
Consumer loans 2,941,984 2,495,321
Business loans 1,139,558 1,028,756
Allowance for loan losses (146,655) (140,296)
---------------- ----------------
Total loans receivable, net 15,904,383 15,066,758
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Premises and equipment, net 188,125 207,373
Mortgage servicing assets 980,228 980,934
Goodwill 508,928 531,415
Other assets 1,277,815 790,315
---------------- ----------------
Total assets $ 25,232,342 $ 23,921,325
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LIABILITIES
Deposits $ 13,903,058 $ 14,261,449
Federal funds purchased and securities sold under
agreements to repurchase 3,260,488 1,106,067
Other short-term borrowings 4,640,463 5,321,838
Long-term debt 1,004,769 1,165,868
Guaranteed preferred beneficial interests in Dime
Bancorp, Inc.'s junior subordinated deferrable
interest debentures 152,236 152,219
Other liabilities 485,158 397,779
---------------- ----------------
Total liabilities 23,446,172 22,405,220
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STOCKHOLDERS' EQUITY
Preferred stock and warrants to purchase preferred
stock 210,166 --
Common stock 1,203 1,203
Additional paid-in capital - common stock 1,154,827 1,166,530
Retained earnings 723,572 670,343
Treasury stock, at cost (253,420) (230,035)
Accumulated other comprehensive loss (46,733) (87,257)
Unearned compensation (3,445) (4,679)
---------------- ----------------
Total stockholders' equity 1,786,170 1,516,105
---------------- ----------------
Total liabilities and stockholders' equity $ 25,232,342 $ 23,921,325
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DIME BANCORP, INC.
By: /s/ Anthony R. Burriesci
---------------------------------
Name: Anthony R. Burriesci
Title: Chief Financial Officer
Date: October 17, 2000
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