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): January 21, 1999
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Dime Bancorp, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 001-13094 11-3197414
============================== ============= =================
(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)
Registrant's telephone number, including area code: (212) 326-6170
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Not applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
============
On January 21, 1999, Dime Bancorp, Inc. issued the following earnings
release:
Dime
Franklin L. Wright
(212) 326-6170
January 21, 1999
99/1
FOR IMMEDIATE RELEASE
=====================
DIME BANCORP, INC. CAPS RECORD YEAR WITH STRONG FOURTH QUARTER EARNINGS
New York, NY -- January 21, 1999 -- Dime Bancorp, Inc. (NYSE:DME), the
parent company of The Dime Savings Bank of New York, FSB, today reported net
income of $61.7 million, or $0.55 per diluted common share, for the fourth
quarter of 1998, compared with $21.5 million, or $0.18 per diluted common share,
for the fourth quarter of 1997. For the full year 1998, Dime reported net income
of $237.1 million, or $2.06 per diluted common share, compared with $121.7
million, or $1.12 per diluted common share, for the year 1997.
Lawrence J. Toal, Dime's Chairman and Chief Executive Officer, said,
"Dime's record earnings, both for the year and the fourth quarter, substantiated
the viability of our business model in a difficult environment and demonstrated
the continuing momentum of our business operations. During 1998, despite the
flat yield curve, our net interest margin improved each quarter, reflecting our
improved loan portfolio mix, growth in core deposits, and lower deposit and
borrowing costs. We also had record loan production in each of our businesses,
totaling almost $33 billion, highlighted by our mortgage banking unit's record
performance. In addition, we enhanced our interest rate risk profile through
strategic sales of mortgage servicing and significantly strengthened our credit
risk profile through a sale in the fourth quarter of non-performing loans.
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"In 1998, we also took steps to build shareholder value by investing
for the future. These actions included leveraging the nationwide, 260-plus
office network of our mortgage banking subsidiary, North American Mortgage
Company, as a distribution channel for our consumer lending and commercial real
estate lending activities, expanding our business banking unit's leasing and
asset-based lending functions, introducing enhanced technology to improve sales
and service in our branches, and strengthening our management team in the areas
of technology and marketing. We are also increasing our New Jersey distribution
capability with the announced acquisition of Lakeview Savings Bank, which will,
when it closes later this year, add 11 branches and approximately $450 million
of deposits. Finally, mortgage banking pursued a strategic focus of increasing
our share of the purchase money mortgage market accompanied by an emphasis on
linking expense levels to loan production."
OPERATING EARNINGS
Fourth quarter 1998 after-tax operating earnings (reported earnings
adjusted for the effects of unusual or non-recurring items) were $57.1 million,
or $0.51 per diluted common share, up 20% and 24%, respectively, from $47.8
million, or $0.41 per diluted common share, in the 1997 fourth quarter. In
calculating operating earnings for the 1998 fourth quarter, the only adjustment
was to apply a 37% tax rate to pre-tax earnings versus 32% on a reported basis.
The lower effective tax rate is due to an ongoing restructuring of the assets
within the legal entities that comprise Dime's affiliated group.
For the year ended December 31, 1998, operating earnings were $217.1
million, or $1.89 per diluted common share, up 38% and 30%, respectively, over
$157.1 million, or $1.45 per diluted common share, in 1997. Operating earnings
for 1998 did not reflect $20.0 million of after-tax income associated with sales
of mortgage servicing, sales of relatively lower-yielding assets, the early
extinguishment of debt, the sale of Dime's sole remaining Florida banking
branch, and a similar adjustment to the tax rate to apply a 37% tax rate to
pre-tax earnings versus 32% on a reported basis.
Fourth quarter 1997 and the full year 1997 reported after-tax results
included the effect of unusual or non-recurring net charges of $26.3 million and
$35.4 million, respectively. These included, in the 1997 fourth quarter,
restructuring charges from the acquisition of North American Mortgage Company,
gains associated with sales of mortgage servicing, and losses from the
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designation for sale of certain mortgage-backed securities and the repurchase of
debt, as well as, for the full year, a charge associated with a bulk sale of
non-performing assets.
On an operating basis, the return on average equity was 16.83% and the
return on average assets was 1.07% in the 1998 fourth quarter. For the year
ended December 31, 1998, the return on average equity was 16.34% and the return
on average assets was 1.02% on an operating earnings basis, up from 14.25% and
0.78%, respectively, for the prior year.
NET INTEREST INCOME AND NET INTEREST MARGIN
For the year 1998, net interest income totaled $527.2 million, an
increase of $44.2 million, or 9%, from 1997. This improvement primarily
reflected a higher net interest margin, which increased 17 basis points to 2.68%
for the year 1998. The increase in the net interest margin resulted principally
from a 22 basis point decline in the cost of funds and a 4 basis point increase
in the yield on interest-earning assets.
Net interest income was $133.2 million in the 1998 fourth quarter, up
5.2% compared with the 1997 fourth quarter and up 4.6% compared with the 1998
third quarter. The increases in net interest income primarily reflected a higher
net interest margin of 2.78% in the 1998 fourth quarter, compared with 2.56% in
the 1997 fourth quarter and 2.74% in the 1998 third quarter, and, compared with
the 1998 third quarter, growth in average interest-earning assets. Contributing
to the higher 1998 fourth quarter net interest margin as compared with each of
the earlier periods was a decline in the cost of deposits to 3.76% in the 1998
fourth quarter from 4.19% in the 1997 fourth quarter and 3.96% in the 1998 third
quarter.
At December 31, 1998, loans receivable totaled $12.7 billion, compared
with $13.0 billion at year-end 1997. During 1998, commercial real estate loans,
consumer loans, and business loans receivable increased 22%, from a total of
$3.1 billion at December 31, 1997 to $3.8 billion at the end of 1998, while
residential real estate loans receivable declined 9%, from $9.8 billion to $8.9
billion, during that same period. The decline in the residential loan portfolio
reflected, in part, the sale of approximately $700 million of relatively
lower-yielding residential loans during the first half of 1998. At December 31,
1998, the residential loan portfolio was 70% of total loans receivable, down
from 76% at the end of 1997.
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At December 31, 1998, core deposits (demand, savings, and money market
accounts) were $6.9 billion, or 51% of total deposits, up 16% from $6.0 billion,
or 43% of total deposits, one year earlier.
NON-INTEREST INCOME
For the year 1998, non-interest income totaled $525.0 million, compared
with $145.3 million for 1997. Non-interest income in the 1998 fourth quarter
totaled $144.6 million, compared with $58.2 million in the 1997 fourth quarter
and $145.9 million in the 1998 third quarter. Non-interest income in the 1998
fourth quarter was 52.1% of total revenues, compared with 31.5% in the 1997
fourth quarter and 53.4% in the 1998 third quarter.
Net gains on sales activities totaled $63.9 million in the 1998 fourth
quarter, consisting primarily of net gains on sales of loans. In the 1997 fourth
quarter, net gains on sales activities were $4.3 million, including a loss of
$25.2 million from the designation for sale of certain securities. Net gains on
sales activities were $71.5 million in the 1998 third quarter, primarily from
sales of loans.
Loan servicing fees and other loan-related fees were $60.6 million in
the 1998 fourth quarter, compared with $36.3 million in the 1997 fourth quarter
and $53.8 million in the 1998 third quarter. Banking service fees, securities
and insurance brokerage revenues, and other income aggregated $20.1 million for
the fourth quarter of 1998, an increase of $2.5 million, or 14%, from the fourth
quarter of 1997 and virtually unchanged from the 1998 third quarter.
LOAN PRODUCTION
Total loan production for 1998 was $32.7 billion, compared with $9.8
billion in 1997. In the 1998 fourth quarter, total loan production was $10.3
billion, up 87% from the fourth quarter of 1997 and 37% from the third quarter
of 1998. Commercial real estate, consumer, and business loan originations
totaled $2.2 billion, in 1998, up 91% from $1.2 billion in 1997. Specifically:
o Residential loan production in the 1998 fourth quarter was
$9.6 billion, up from $5.1 billion in the 1997 fourth quarter
and $7.1 billion in the 1998 third quarter. At December 31,
1998, Dime's residential loan application pipeline was $8.5
billion, compared with $8.3 billion at September 30, 1998.
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o Commercial real estate loan originations totaled $372 million
in the 1998 fourth quarter, compared with $218 million in the
1997 fourth quarter and $205 million in the 1998 third
quarter.
o Consumer loan originations were $199 million in the 1998
fourth quarter, up from $142 million in the 1997 fourth
quarter and $189 million in the 1998 third quarter.
o Business loan originations totaled $146 million in the 1998
fourth quarter, up 119% from $67 million in the 1997 fourth
quarter and 84% higher than the $79 million in the 1998 third
quarter.
RESIDENTIAL LOAN SERVICING
At December 31, 1998, Dime serviced $34.8 billion of residential loans
for others, including $7.9 billion of sub-serviced loans, compared with $24.9
billion and $3.0 billion, respectively, at December 31, 1997 and $29.1 billion
and $3.8 billion, respectively, at September 30, 1998. During the 1998 fourth
quarter, Dime sold approximately $4.7 billion of mortgage servicing, recognizing
an immaterial net profit on the sale. The weighted average coupon of loans
serviced for others (excluding sub-serviced loans) was 7.36% at December 31,
1998, compared with 7.83% at year-end 1997 and 7.50% at the end of the third
quarter. At December 31, 1998, mortgage servicing assets were $692 million,
compared with $342 million at year-end 1997 and $589 million at September 30,
1998. At December 31, 1998, the fair value of mortgage servicing assets was $724
million.
NON-INTEREST EXPENSE
Total non-interest expense for 1998 was $665.6 million, compared with
$381.1 million in 1997, with the increase largely due to the acquisition of
North American Mortgage Company in the fourth quarter of 1997. In the 1998
fourth quarter, non-interest expense was $179.1 million, compared with $140.8
million in the 1997 fourth quarter and $171.2 million in the 1998 third quarter.
The increase in the 1998 fourth quarter as compared with each of the prior
periods primarily reflected expenses associated with increased residential loan
production. The efficiency ratio in the 1998 fourth quarter was 52.9%, an
improvement from 57.0% in the 1997 fourth quarter and substantially unchanged
from 52.3% in the third quarter of 1998.
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ASSET QUALITY
Non-performing assets (non-accrual loans and other real estate owned)
were $83 million at December 31, 1998, down 37% from $131 million at September
30, 1998 and down 43% from $147 million at December 31, 1997. The ratio of
non-performing assets to total assets at December 31, 1998 was 0.37%, compared
with 0.62% at September 30, 1998 and 0.67% at year-end 1997. These improvements
primarily reflected the sale of approximately $53 million of residential
non-performing loans during the 1998 fourth quarter.
Net charge-offs in the 1998 fourth quarter were $14.9 million,
including $9 million in connection with the non-performing loan sale. Net
charge-offs were $5.3 million and $6.0 million in the 1997 fourth quarter and
the 1998 third quarter, respectively. The loan loss provision for the 1998
fourth quarter was $8 million, unchanged from both the fourth quarter of 1997
and the third quarter of 1998. At December 31, 1998, the allowance for loan
losses was $105 million, or 191% of non-accrual loans, compared with $112
million, or 114% of non-accrual loans, at September 30, 1998 and $105 million,
or 88% of non-accrual loans, at December 31, 1997. The ratio of the allowance
for loan losses to total loans receivable at December 31, 1998 was 0.82%,
compared with 0.89% at the end of the 1998 third quarter and 0.81% at December
31, 1997.
OTHER MATTERS
Stock Repurchases. During the full year 1998, Dime repurchased 6.4
million shares of its common stock. During the fourth quarter of 1998, Dime
repurchased 0.3 million shares of its common stock pursuant to a program
authorized by its Board of Directors on September 25, 1998 to repurchase up to
5% of its outstanding common stock. No time limit was set to complete this
program.
Senior Debt. On January 20, 1999, Dime completed the redemption of all
$100 million of its outstanding 10.5% senior notes due 2005. Calling the notes
will generate an after-tax extraordinary loss of approximately $3 million in the
1999 first quarter.
At December 31, 1998, Dime had assets of $22.3 billion and deposits of
$13.7 billion. The Dime is a regional bank serving consumers and businesses.
Dime has 90 branches located throughout the greater New York City metropolitan
area, including 17 branches in New Jersey. Directly and through the over 260
offices of its North American Mortgage Company subsidiary, Dime also provides
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consumer financial services and mortgage banking services throughout the United
States.
Certain statements in Dime's press releases may be forward-looking.
These forward-looking statements are based on Dime's current expectations. 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
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" basis information, when taken
in conjunction with reported results, provides useful information in evaluating
performance on a comparable basis, although operating earnings is not a basis
for reporting financial results under generally accepted accounting principles.
# # #
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DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS)
(UNAUDITED)
December 31, December 31,
1998 1997
----------------- -----------------
ASSETS
Cash and due from banks $ 279,490 $ 295,369
Money market investments 78,287 157,158
Securities available for sale 3,329,444 4,992,304
Federal Home Loan Bank of New York stock 324,106 303,287
Loans held for sale 3,884,886 1,841,862
Loans receivable, net:
Residential real estate loans 8,919,817 9,848,593
Commercial real estate loans 2,567,750 2,263,023
Consumer loans 973,230 773,817
Business loans 287,271 99,074
Allowance for loan losses (105,081) (104,718)
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Total loans receivable, net 12,642,987 12,879,789
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Accrued interest receivable 97,124 106,829
Premises and equipment, net 170,879 150,805
Mortgage servicing assets 692,473 341,906
Other assets 821,174 778,691
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Total assets $ 22,320,850 $ 21,848,000
================= =================
LIABILITIES
Deposits $ 13,651,460 $ 13,847,275
Federal funds purchased and securities sold
under agreements to repurchase 2,245,218 2,975,774
Federal Home Loan Bank of New York advances 4,077,115 2,786,751
Senior notes 198,906 142,475
Guaranteed preferred beneficial interests in
Dime Bancorp, Inc.'s junior subordinated
deferrable interest debentures 162,005 196,137
Other borrowed funds 89,604 218,175
Other liabilities 510,877 366,555
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Total liabilities 20,935,185 20,533,142
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STOCKHOLDERS' EQUITY
Common stock 1,203 1,203
Additional paid-in capital 1,165,251 1,158,221
Retained earnings 463,907 261,201
Treasury stock, at cost (233,965) (95,221)
Accumulated other comprehensive loss, net of taxes (3,285) (9,534)
Unearned compensation (7,446) (1,012)
----------------- -----------------
Total stockholders' equity 1,385,665 1,314,858
----------------- -----------------
Total liabilities and stockholders' equity $ 22,320,850 $ 21,848,000
================= =================
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DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
For the Three Months Ended For the Year Ended
-----------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31, December 31,
-------------------------
1998 1998 1998 1998 1997 1998 1997
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Interest income $ 346,986 $ 343,989 $ 357,111 $ 372,799 $ 368,106 $ 1,420,885 $ 1,382,815
Interest expense 213,822 216,668 226,274 236,888 241,581 893,652 899,753
--------------------------------------------------------------------------------------------
Net interest income 133,164 127,321 130,837 135,911 126,525 527,233 483,062
Provision for loan losses 8,000 8,000 8,000 8,000 8,000 32,000 49,000
--------------------------------------------------------------------------------------------
Net interest income after
provision for loan losses 125,164 119,321 122,837 127,911 118,525 495,233 434,062
--------------------------------------------------------------------------------------------
Non-interest income:
Loan servicing and other fees 60,604 53,819 42,631 42,450 36,321 199,504 74,038
Banking service fees 11,172 11,088 10,168 9,000 8,635 41,428 31,796
Securities and insurance
brokerage fees 7,565 8,704 8,957 7,510 6,777 32,736 23,737
Net gains on sales activities 63,941 71,519 63,743 45,248 4,309 244,451 12,036
Other 1,343 751 2,491 2,326 2,128 6,911 3,684
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Total non-interest income 144,625 145,881 127,990 106,534 58,170 525,030 145,291
---------------------------------------------------------------------------------------------
Non-interest expense:
General and administrative expense:
Compensation and employee benefits 69,444 66,162 69,661 64,795 54,527 270,062 157,851
Occupancy and equipment, net 24,935 23,186 22,467 21,864 21,921 92,452 63,582
Other 53,186 53,807 55,757 46,575 41,023 209,325 115,689
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Total general and administrative 147,585 143,155 147,885 133,234 117,471 571,839 337,122
expense
Amortization of mortgage servicing
assets 30,826 27,633 16,897 16,935 14,034 92,291 29,751
Other real estate owned expense, net 692 373 359 87 (643) 1,511 4,341
Restructuring and related expense -- -- -- -- 9,931 -- 9,931
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Total non-interest expense 179,083 171,161 165,141 150,256 140,793 665,641 381,145
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Income before income tax expense and
extraordinary items 90,706 94,041 85,686 84,189 35,902 354,622 198,208
Income tax expense 29,027 30,092 27,420 26,940 12,943 113,479 75,034
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Income before extraordinary items 61,679 63,949 58,266 57,249 22,959 241,143 123,174
Extraordinary items - losses on early
extinguishment of debt, net of
tax benefits -- (4,057) -- -- (1,460) (4,057) (1,460)
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Net income $ 61,679 $ 59,892 $ 58,266 $ 57,249 $ 21,499 $ 237,086 $ 121,714
=============================================================================================
EARNINGS PER COMMON SHARE
Basic:
Income before extraordinary items $ 0.55 $ 0.57 $ 0.51 $ 0.50 0.20 2.13 $ 1.15
Extraordinary items -- (0.04) -- -- (0.01) (0.04) (0.01)
---------------------------------------------------------------------------------------------
Net income $ 0.55 $ 0.53 $ 0.51 $ 0.50 $ 0.19 $ 2.09 $ 1.14
=============================================================================================
Diluted:
Income before extraordinary items $ 0.55 $ 0.56 $ 0.50 $ 0.49 0.19 2.09 $ 1.13
Extraordinary items -- (0.04) -- -- (0.01) (0.03) (0.01)
---------------------------------------------------------------------------------------------
Net income $ 0.55 $ 0.52 $ 0.50 $ 0.49 $ 0.18 $ 2.06 $ 1.12
=============================================================================================
Basic average common shares
outstanding 111,386 113,253 114,016 115,152 114,870 113,452 106,585
Diluted average common shares
outstanding 112,857 114,803 115,806 117,148 117,792 115,153 108,613
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DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
At or for the Three Months Ended At or For the Year Ended
---------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31, December 31,
-------------------------
1998 1998 1998 1998 1997 1998 1997
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FOR THE PERIOD
Net interest income $ 133,164 $ 127,321 $ 130,837 $ 135,911 $ 126,525 $ 527,233 $ 483,062
Provision for loan losses 8,000 8,000 8,000 8,000 8,000 32,000 49,000
Non-interest income 144,625 145,881 127,990 106,534 58,170 525,030 145,291
Non-interest expense 179,083 171,161 165,141 150,256 140,793 665,641 381,145
Income tax expense 29,027 30,092 27,420 26,940 12,943 113,479 75,034
------------ ------------- ---------- ------------ ------------ ---------- -----------
Income before extraordinary items 61,679 63,949 58,266 57,249 22,959 241,143 123,174
Extraordinary items -- (4,057) -- -- (1,460) (4,057) (1,460)
0) ------------- ----------- ----------- ------------ ------------ ----------- -----------
Net income $ 61,679 $ 59,892 $ 58,266 $ 57,249 $ 21,499 $ 237,086 $ 121,714
============= ============ =========== =========== ============ ============ ===========
PER COMMON SHARE
Basic earnings:
Income before extraordinary items $ 0.55 $ 0.57 $ 0.51 $ 0.50 $ 0.20 $ 2.13 $ 1.15
Net income 0.55 0.53 0.51 0.50 0.19 2.09 1.14
Diluted earnings:
Income before extraordinary items 0.55 0.56 0.50 0.49 0.19 2.09 1.13
Net income 0.55 0.52 0.50 0.49 0.18 2.06 1.12
Cash dividends declared 0.05 0.05 0.05 0.04 0.04 0.19 0.12
Book value (at period end) 12.42 11.96 11.72 11.37 11.30 12.42 11.30
Tangible book value (at period end) 10.35 9.88 9.64 9.31 9.27 10.35 9.27
Market value (at period end) 26.25 25.31 29.94 30.06 30.25 26.25 30.25
AT PERIOD END
Total assets $22,320,850 $ 21,242,833 $ 20,913,891 $ 22,023,998 $ 21,848,000 $ 22,320,850 $21,848,000
Securities available for sale 3,329,444 2,974,885 2,919,605 3,535,120 4,992,304 3,329,444 4,992,304
Loans held for sale 3,884,886 3,612,110 3,022,167 3,809,866 1,841,862 3,884,886 1,841,862
Loans receivable 12,748,068 12,567,119 12,909,913 12,771,878 12,984,507 12,748,068 12,984,507
Allowance for loan losses 105,081 111,949 109,934 109,096 104,718 105,081 104,718
Deposits 13,651,460 13,546,265 14,032,643 13,991,123 13,847,275 13,651,460 13,847,275
Borrowed funds 6,772,848 5,859,120 5,095,693 6,383,642 6,319,312 6,772,848 6,319,312
Stockholders' equity 1,385,685 1,339,802 1,330,383 1,299,635 1,314,858 1,385,665 1,314,858
Common shares outstanding (in
thousands) 111,570 112,027 113,533 114,258 116,358 111,570 116,358
AVERAGE BALANCES
Loans $16,084,142 $ 15,696,340 $ 16,192,213 $ 15,552,531 $ 14,090,306 $ 15,882,257 $12,143,482
Mortgage-backed securities 2,733,674 2,593,548 2,963,013 4,240,274 5,266,046 3,127,022 6,176,259
Other interest-earning assets 725,866 642,863 628,253 636,473 867,949 658,566 949,038
Total interest-earning assets 19,543,682 18,932,751 19,783,479 20,429,278 20,224,301 19,667,845 19,268,779
Total assets 21,452,993 20,732,965 21,397,741 21,964,344 21,575,214 21,383,818 20,192,188
Deposits 13,667,987 13,840,547 14,011,529 13,832,367 13,654,057 13,837,664 13,246,206
Borrowed funds 6,016,686 5,169,453 5,769,227 6,528,158 6,343,867 5,867,557 5,650,962
Total interest-bearing liabilities 19,684,673 19,010,000 19,780,756 20,360,523 19,997,924 19,705,221 18,897,168
Stockholders' equity 1,357,824 1,340,994 1,316,788 1,299,240 1,280,842 1,328,906 1,102,079
PERFORMANCE RATIOS
Return on average assets 1.15% 1.16% 1.09% 1.04% 0.40% 1.11 0.60
Return on average stockholders' equity 18.17 17.86 17.70 17.63 6.71 17.84 11.04
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DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
At or For the
At or For the Three Months Ended Year Ended
----------------------------------------------------------------------
December 31, September 30, June 30, March 31, December 31, December 31,
----------------------
1998 1998 1998 1998 1997 1998 1997
------------- ------------- ------------- ---------- ------------ -------- --------
Net interest margin 2.78 2.74 2.66 2.63 2.56 2.68 2.51
Non-interest income to
total revenues 52.06 53.40 49.45 43.94 31.50 49.90 23.12
Efficiency ratio 52.85 52.31 55.61 58.26 56.96 54.59 51.98
ASSET QUALITY
Non-performing assets $ 83,343 $ 131,374 $ 139,490 $ 147,406 $ 146,749 $ 83,343 $ 146,749
Non-performing assets to
total assets 0.37% 0.62% 0.67% 0.67% 0.67% 0.37% 0.67%
Non-accrual loans to loans
receivable 0.43 0.78 0.82 0.96 0.92 0.43 0.92
Allowance for loan losses to:
Loans receivable 0.82 0.89 0.85 0.85 0.81 0.82 0.81
Non-accrual loans 190.67 113.92 104.13 89.00 88.01 190.67 88.01
CAPITAL RATIOS
Stockholders' equity to total
assets 6.21% 6.31% 6.36% 5.90% 6.02% 6.21% 6.02%
The Dime Savings Bank of New
York, FSB:
Tangible and leverage 5.82(1) 6.60 6.24 5.86 5.64 5.82(1) 5.64
Tier 1 risk-based 9.58(1) 10.97 10.44 10.22 10.29 9.58(1) 10.29
Total risk-based 10.37(1) 11.86 11.33 11.10 11.17 10.37(1) 11.17
<FN>
(1) Preliminary.
</FN>
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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: January 21, 1999
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