1
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): July 12, 2000
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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)
2
Item 5. Other Events.
On July 12, 2000, Dime Bancorp, Inc. issued the following earnings
release:
Contact: Dime
Franklin L. Wright
(212) 326-6170
July 12, 2000
00/23
FOR IMMEDIATE RELEASE
DIME BANCORP REPORTS 16th CONSECUTIVE
QUARTER OF RECORD OPERATING EARNINGS
New York - July 12, 2000 - Dime Bancorp, Inc. (NYSE:DME) today announced second
quarter 2000 operating earnings of $0.60 per diluted share, up 11% from $0.54
per share in the 1999 second quarter and up from $0.59 per share in the 2000
first quarter. Operating earnings, which are reported earnings adjusted for the
effects of certain non-recurring or unusual items, were $66.6 million in the
second quarter of 2000, an increase from $60.8 million and $65.3 million in the
1999 second quarter and 2000 first quarter, respectively. The second quarter
2000 operating results exclude charges related to a hostile takeover attempt of
Dime by North Fork Bancorporation, Inc. and the termination of Dime's planned
merger with Hudson United Bancorp. Operating earnings for the 1999 second
quarter and the 2000 first quarter were the same as reported earnings.
"Dime again reported higher operating earnings-our sixteenth consecutive quarter
of record operating earnings," said Lawrence J. Toal, Dime's Chief Executive
Officer. "The strong 2000 second quarter results were highlighted by continued
growth in net interest income, higher levels of fee income, lower expenses and
solid asset quality. Dime's franchise continued to produce in a difficult
interest rate environment while also dealing with the disruption caused by the
hostile takeover attempt."
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Mr. Toal also said, "The decision of Warburg Pincus to invest in Dime and the
election of Tony Terracciano as Dime's Chairman, which we announced last week,
represent affirmations of Dime's strategy and our future prospects."
Net interest income was $156.1 million in the 2000 second quarter, up 12% from
$139.9 million in the 1999 second quarter and up from $154.7 million in the 2000
first quarter. The improvements were largely attributable to a higher level of
interest-earning assets and a continuing shift in the company's loan mix, as
Dime successfully grew its commercial real estate, consumer, and business loans
while reducing its residential loan portfolio. This growth more than offset the
effects of rising deposit and borrowing costs. The interest rate spread for the
2000 second quarter was 2.99%, compared with 2.98% in the 1999 second quarter
and 3.07% in the 2000 first quarter. The net interest margin was 2.88% for the
2000 second quarter, compared with 2.94% in the year-earlier period and 2.96% in
the 2000 first quarter.
Non-interest income in the 2000 second quarter was $133.4 million, down from
$152.5 million in the 1999 second quarter, but up slightly from $133.2 million
in the 2000 first quarter. The decline from the 1999 second quarter reflected a
sharp decrease in net gains on sales activities, which were $30.5 million in the
2000 second quarter, down from $57.7 million in the 1999 second quarter, due to
lower levels of mortgage banking activity. Excluding net gains on sales
activities, non-interest income was $102.9 million in the 2000 second quarter,
up 9% from $94.8 million in the 1999 second quarter and up 7% from $96.5 million
in the 2000 first quarter.
- Loan servicing and production fees were $71.3 million in the
2000 second quarter, up 2% as compared with $69.7 million in the
1999 second quarter and up 7% from $66.8 million in the 2000
first quarter. The increase in the 2000 second quarter as
compared with the 2000 first quarter largely reflected higher
loan production fees.
- Banking service fees in the 2000 second quarter increased 30% to
$16.4 million from $12.6 million in the 1999 second quarter and
were 6% greater than the $15.5 million recorded in the first
quarter of 2000. The improvement from the prior year period was
due to growth in the branch network, principally driven by the
purchase of Lakeview Savings Bank in the 1999 second quarter and
the acquisition of KeyBank's Long Island banking franchise in
the 1999 fourth quarter.
- Securities and insurance brokerage fees in the second quarter of
2000 were $11.3 million, up 13% from $10.1 million in the 1999
second quarter and up 7% from $10.5 mllion in the 2000 first
quarter.
General and administrative expense in the 2000 second quarter was $139.1
million, down 7% from $149.7 million in the 1999 second quarter, which
represented the fourth consecutive quarterly reduction in operating expenses.
The decrease in the 2000 second quarter as compared with the year-earlier
quarter occurred despite the additional costs associated with the Lakeview
branches and the KeyBank franchise as well as Citibank's auto finance business,
which was acquired in the third quarter of 1999. The most significant factors in
the year-over-year reduction
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in general and administrative expense were volume-related reductions in mortgage
banking activity and productivity and efficiency improvements in both banking
and mortgage banking operations.
SPECIAL CHARGES
Reported results for the 2000 second quarter included a number of charges
resulting from the hostile takeover attempt and the termination of the Hudson
United merger. These charges included: (a) legal, advisory and proxy
solicitation costs incurred in defending the hostile takeover attempt of
approximately $12.3 million; (b) legal, advisory, integration and other expenses
of approximately $12.6 million incurred in connection with the terminated
merger; (c) $15 million pursuant to the Hudson United merger termination
agreement; and (d) $14.4 million related to the accelerated vesting of
restricted stock triggered by the hostile takeover attempt. These charges, which
totaled $32.2 million after-tax, reduced Dime's 2000 second quarter reported
earnings to $34.4 million, or $0.31 per diluted share.
OTHER MATTERS
At June 30, 2000, Dime serviced $41.1 billion of loans for others, compared with
$38.0 billion at June 30, 1999 and $39.9 billion at March 31, 2000. The weighted
average coupon of residential loans serviced for others was 7.30% at June 30,
2000, compared with 7.17% at June 30, 1999 and 7.27% at March 31, 2000. The book
value of mortgage servicing assets at June 30, 2000 was $946 million, including
$41 million associated with interest rate hedges, while the estimated fair value
was $1.03 billion.
The allowance for loan losses was $143 million at June 30, 2000, or 218% of
non-accrual loans, compared with $121 million, or 179% of non-accrual loans, at
June 30, 1999 and $142 million, or 194% of non-accrual loans, at March 31, 2000.
At June 30, 2000, the ratio of the allowance for loan losses to loans receivable
was 0.90%, compared with 0.95% one year earlier and 0.91% at March 31, 2000.
Non-performing assets (non-accrual loans and other real estate owned) were $84.1
million at June 30, 2000, down from $88.5 million at June 30, 1999 and $90.2
million at March 31, 2000. The ratio of non-performing assets to total assets
was 0.33% at June 30, 2000, compared with 0.41% one year earlier and 0.37% at
March 31, 2000.
In the 2000 second quarter, the provision for loan losses was $7.0 million,
compared with $7.5 million in the 1999 second quarter and $7.0 million in the
2000 first quarter. Net charge-offs were $6.1 million in the 2000 second
quarter, compared with $3.5 million in the 1999 second quarter and $4.8 million
in the 2000 first quarter.
At June 30, 2000, Dime had assets of $25.3 billion, deposits of $14.3 billion,
and stockholders equity of $1.6 billion. Dime Bancorp is the parent company of
The Dime Savings Bank of New York, FSB (www.dime.com), a regional bank serving
consumers and businesses through 127
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branches located 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.
Investors are urged to read (1) Dime's solicitation/recommendation
statement filed with the Securities and Exchange Commission on Schedule 14D-9 on
March 21, 2000 with respect to North Fork Bancorporation Inc.'s hostile exchange
offer, (2) Dime's proxy statement relating to the 2000 annual stockholders'
meeting, and (3) Dime's tender offer statement on Schedule TO when filed with
the SEC in connection with Dime's proposed Dutch Auction tender offer, as well
as any amendments or supplements to these statements when they become available,
because they contain important information. Each of these documents has been or
will be filed with the SEC and investors may obtain them for free from the SEC
at the SEC's website (www.sec.gov) or from Dime by directing such request to:
Dime Bancorp, Inc., Investor Relations Dept., 589 Fifth Avenue, New York, NY
10017, telephone 1-212-326-6170, or to Innisfree M&A Incorporated at
1-888-750-5834.
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
transaction mentioned above, as well as 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" basis and "cash operating
earnings" 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 Three Months Ended
---------------------------------------------------------------------------
June 30, March 31, Dec. 31, Sept. 30,
2000 2000 1999 1999
--------------- --------------- ---------------- ---------------
OPERATING EARNINGS BASIS (1)
Net income (in thousands) $ 66,616 $ 65,273 $ 62,331 $ 61,824
Basic earnings per common share 0.60 0.59 0.56 0.55
Diluted earnings per common share 0.60 0.59 0.56 0.55
Return on average assets 1.09 % 1.11 % 1.07 % 1.13 %
Return on average stockholders' equity 17.14 17.04 16.67 16.75
Interest rate spread 2.99 3.07 3.05 3.12
Net interest margin 2.88 2.96 2.98 3.07
Non-interest income to total revenues 46.07 46.27 46.29 47.29
Efficiency ratio 48.03 49.08 50.30 51.61
CASH OPERATING EARNINGS BASIS (2)
Net income (in thousands) $ 73,040 $ 71,669 $ 68,486 $ 65,744
Basic earnings per common share 0.66 0.65 0.62 0.59
Diluted earnings per common share 0.66 0.64 0.62 0.58
Return on average tangible assets 1.22 % 1.25 % 1.21 % 1.22 %
Return on average tangible
stockholders' equity 28.31 28.59 27.27 22.47
AS REPORTED BASIS
Net income (in thousands) $ 34,443 $ 65,273 $ 62,331 $ 61,824
Basic earnings per common share 0.31 0.59 0.56 0.55
Diluted earnings per common share 0.31 0.59 0.56 0.55
Return on average assets 0.56 % 1.11 % 1.07 % 1.13 %
Return on average stockholders' equity 8.86 17.04 16.67 16.75
PERIOD END BALANCE SHEET ITEMS
(IN MILLIONS)
Total assets $ 25,259 $ 24,180 $ 23,921 $ 22,601
Total interest-earning assets 22,509 21,519 21,314 20,386
Securities available for sale 3,900 3,928 3,850 3,837
Loans held for sale 2,165 1,505 1,734 1,716
Loans receivable 15,959 15,579 15,207 14,257
Total interest-bearing liabilities 23,242 22,085 22,007 20,752
Deposits 14,284 14,406 14,261 13,294
Borrowed funds 8,958 7,679 7,746 7,458
Stockholders' equity 1,560 1,573 1,516 1,475
AVERAGE BALANCES (IN MILLIONS)
Total assets $ 24,442 $ 23,476 $ 23,201 $ 21,814
Total interest-earning assets 21,934 21,014 20,975 19,733
Securities available for sale 3,935 3,858 3,955 3,613
Loans held for sale 1,776 1,325 1,596 1,993
Loans receivable 15,734 15,315 14,897 13,562
Total interest-bearing liabilities 22,456 21,536 21,332 19,944
Deposits 14,259 14,231 14,121 13,326
Borrowed funds 8,197 7,305 7,211 6,618
Stockholders' equity 1,555 1,532 1,496 1,477
At or For
the Three At or For the
Months Ended Six Months Ended
---------------- June 30,
June 30, -------------------------------------
1999 2000 1999
---------------- ---------------- ----------------
OPERATING EARNINGS BASIS (1)
Net income (in thousands) $ 60,817 $ 131,889 $ 119,785
Basic earnings per common share 0.54 1.19 1.08
Diluted earnings per common share 0.54 1.19 1.06
Return on average assets 1.15 % 1.10 % 1.12 %
Return on average stockholders' equity 16.73 17.09 16.78
Interest rate spread 2.98 3.03 2.89
Net interest margin 2.94 2.92 2.84
Non-interest income to total revenues 52.16 46.17 52.28
Efficiency ratio 51.18 48.56 51.85
CASH OPERATING EARNINGS BASIS (2)
Net income (in thousands) $ 64,190 $ 144,709 $ 125,937
Basic earnings per common share 0.57 1.31 1.13
Diluted earnings per common share 0.57 1.30 1.12
Return on average tangible assets 1.23 % 1.24 % 1.19 %
Return on average tangible
stockholders' equity 21.43 28.45 21.22
AS REPORTED BASIS
Net income (in thousands) $ 60,817 $ 99,716 $ 115,658
Basic earnings per common share 0.54 0.90 1.04
Diluted earnings per common share 0.54 0.90 1.03
Return on average assets 1.15 % 0.83 % 1.08 %
Return on average stockholders' equity 16.73 12.92 16.21
PERIOD END BALANCE SHEET ITEMS
(IN MILLIONS)
Total assets $ 21,430 $ 25,259 $ 21,430
Total interest-earning assets 19,281 22,509 19,281
Securities available for sale 3,498 3,900 3,498
Loans held for sale 2,513 2,165 2,513
Loans receivable 12,711 15,959 12,711
Total interest-bearing liabilities 19,536 23,242 19,536
Deposits 13,415 14,284 13,415
Borrowed funds 6,121 8,958 6,121
Stockholders' equity 1,493 1,560 1,493
AVERAGE BALANCES (IN MILLIONS)
Total assets $ 21,202 $ 23,959 $ 21,409
Total interest-earning assets 19,127 21,474 19,361
Securities available for sale 3,303 3,896 3,302
Loans held for sale 2,672 1,550 2,899
Loans receivable 12,580 15,525 12,690
Total interest-bearing liabilities 19,340 21,996 19,575
Deposits 13,270 14,245 13,320
Borrowed funds 6,070 7,751 6,255
Stockholders' equity 1,454 1,544 1,427
(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.
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DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
At or For the Three Months Ended
---------------------------------------------------------------------------
June 30, March 31, Dec. 31, Sept. 30,
2000 2000 1999 1999
--------------- --------------- ---------------- ---------------
ASSET QUALITY (DOLLARS IN THOUSANDS)
Non-performing assets:
Non-accrual loans $ 65,829 $ 73,562 $ 69,362 $ 70,815
Other real estate owned, net 18,272 16,635 16,691 19,997
--------------- --------------- ---------------- ---------------
Total non-performing assets $ 84,101 $ 90,197 $ 86,053 $ 90,812
=============== =============== ================ ===============
Non-performing assets to total assets 0.33 % 0.37 % 0.36 % 0.40 %
Non-accrual loans to loans receivable 0.41 0.47 0.46 0.50
Allowance for loan losses $ 143,432 $ 142,485 $ 140,296 $ 137,077
Allowance for loan losses to:
Loans receivable 0.90 % 0.91 % 0.92 % 0.96 %
Non-accrual loans 217.89 193.69 202.27 193.57
CAPITAL RATIOS
Stockholders' equity to total assets 6.18 % 6.51 % 6.34 % 6.52 %
The Dime Savings Bank of New York, FSB:
Tangible and core 5.93 (3) 6.16 5.90 6.85
Tier 1 risk-based 8.71 (3) 9.00 8.80 10.23
Total risk-based 10.14 (3) 10.50 10.33 11.15
OTHER PERIOD END DATA
Common shares outstanding (in thousands) 109,299 111,688 110,895 110,755
Book value per common share $ 14.27 $ 14.09 $ 13.67 $ 13.31
Tangible book value per common share 9.49 9.34 8.84 10.39
Loans serviced for others (in millions) 41,124 39,947 38,430 40,726
At or For
the Three At or For the
Months Ended Six Months Ended
---------------- June 30,
June 30, -------------------------------------
1999 2000 1999
---------------- ---------------- ----------------
ASSET QUALITY (DOLLARS IN THOUSANDS)
Non-performing assets:
Non-accrual loans $ 67,884 $ 65,829 $ 67,884
Other real estate owned, net 20,591 18,272 20,591
---------------- ---------------- ----------------
Total non-performing assets $ 88,475 $ 84,101 $ 88,475
================ ================ ================
Non-performing assets to total assets 0.41 % 0.33 % 0.41 %
Non-accrual loans to loans receivable 0.53 0.41 0.53
Allowance for loan losses $ 121,381 $ 143,432 $ 121,381
Allowance for loan losses to:
Loans receivable 0.95 % 0.90 % 0.95 %
Non-accrual loans 178.81 217.89 178.81
CAPITAL RATIOS
Stockholders' equity to total assets 6.97 % 6.18 % 6.97 %
The Dime Savings Bank of New York, FSB:
Tangible and core 6.92 5.93 (3) 6.92
Tier 1 risk-based 11.07 8.71 (3) 11.07
Total risk-based 11.99 10.14 (3) 11.99
OTHER PERIOD END DATA
Common shares outstanding (in thousands) 113,539 109,299 113,539
Book value per common share $ 13.15 $ 14.27 $ 13.15
Tangible book value per common share 10.48 9.49 10.48
Loans serviced for others (in millions) 37,950 41,124 37,950
(3) Preliminary.
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DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS)
(UNAUDITED)
JUNE 30, DECEMBER 31,
2000 1999
---------------------- ----------------------
ASSETS
Cash and due from banks $ 367,626 $ 414,289
Money market investments 12,872 18,166
Securities available for sale 3,900,016 3,849,676
Federal Home Loan Bank of New York stock 328,732 328,732
Loans held for sale 2,165,150 1,733,667
Loans receivable, net:
Residential real estate loans 8,145,896 8,200,120
Commercial real estate loans 3,881,308 3,482,857
Consumer loans 2,817,474 2,495,321
Business loans 1,114,016 1,028,756
Allowance for loan losses (143,432) (140,296)
---------------------- ----------------------
Total loans receivable, net 15,815,262 15,066,758
---------------------- ----------------------
Premises and equipment, net 202,940 207,373
Mortgage servicing assets 946,489 980,934
Goodwill 518,352 531,415
Other assets 1,001,337 790,315
---------------------- ----------------------
Total assets $ 25,258,776 $ 23,921,325
====================== ======================
LIABILITIES
Deposits $ 14,284,216 $ 14,261,449
Federal funds purchased and securities sold under
agreements to repurchase 3,435,582 1,106,067
Other short-term borrowings 4,215,379 5,321,838
Long-term debt 1,154,738 1,165,868
Guaranteed preferred beneficial interests in Dime Bancorp, Inc.'s
junior subordinated deferrable interest debentures 152,230 152,219
Other liabilities 456,408 397,779
---------------------- ----------------------
Total liabilities 23,698,553 22,405,220
---------------------- ----------------------
STOCKHOLDERS' EQUITY
Common stock 1,203 1,203
Additional paid-in capital 1,168,087 1,166,530
Retained earnings 750,748 670,343
Treasury stock, at cost (259,564) (230,035)
Accumulated other comprehensive loss (100,251) (87,257)
Unearned compensation -- (4,679)
---------------------- ----------------------
Total stockholders' equity 1,560,223 1,516,105
---------------------- ----------------------
Total liabilities and stockholders' equity $ 25,258,776 $ 23,921,325
====================== ======================
9
DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
FOR THE THREE MONTHS ENDED
-----------------------------------------------------------------
JUNE 30, MARCH 31, DEC. 31, SEPT. 30,
2000 2000 1999 1999
--------------- --------------- --------------- ---------------
INTEREST INCOME
Residential real estate loans $ 183,730 $ 172,462 $ 176,044 $ 178,268
Commercial real estate loans 75,764 69,161 63,389 61,507
Consumer loans 56,696 53,059 51,147 39,370
Business loans 24,012 22,862 18,658 9,028
Mortgage-backed securities 64,835 63,678 63,515 57,427
Other securities 14,151 12,538 12,721 12,658
Money market investments 202 247 239 496
--------------- --------------- --------------- ---------------
Total interest income 419,390 394,007 385,713 358,754
--------------- --------------- --------------- ---------------
INTEREST EXPENSE
Deposits 132,286 130,476 127,895 117,758
Borrowed funds 130,955 108,863 103,964 91,753
--------------- --------------- --------------- ---------------
Total interest expense 263,241 239,339 231,859 209,511
--------------- --------------- --------------- ---------------
Net interest income 156,149 154,668 153,854 149,243
Provision for loan losses 7,000 7,000 7,000 7,000
--------------- --------------- --------------- ---------------
Net interest income after provision
for loan losses 149,149 147,668 146,854 142,243
--------------- --------------- --------------- ---------------
NON-INTEREST INCOME
Loan servicing and production fees 71,265 66,844 68,474 67,402
Banking service fees 16,418 15,521 14,884 13,060
Securities and insurance brokerage fees 11,314 10,533 9,129 8,925
Net gains on sales activities 30,519 36,639 36,310 42,114
Other 3,891 3,644 3,821 2,391
--------------- --------------- --------------- ---------------
Total non-interest income 133,407 133,181 132,618 133,892
--------------- --------------- --------------- ---------------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 75,831 75,617 74,555 77,521
Occupancy and equipment 27,612 28,114 27,077 25,897
Other 35,643 37,553 42,465 42,698
--------------- --------------- --------------- ---------------
Total general and administrative expense 139,086 141,284 144,097 146,116
Amortization of mortgage servicing assets 31,009 29,232 28,989 27,940
Amortization of goodwill 8,371 8,346 7,917 4,230
Special charges 54,255 -- -- --
--------------- --------------- --------------- ---------------
Total non-interest expense 232,721 178,862 181,003 178,286
--------------- --------------- --------------- ---------------
Income before income tax expense and
extraordinary items 49,835 101,987 98,469 97,849
Income tax expense 15,392 36,714 36,138 36,025
--------------- --------------- --------------- ---------------
Income before extraordinary items 34,443 65,273 62,331 61,824
Extraordinary items - losses on early extinguishment
of debt, net of tax benefits -- -- -- --
--------------- --------------- --------------- ---------------
Net income $ 34,443 $ 65,273 $ 62,331 $ 61,824
=============== =============== =============== ===============
PER COMMON SHARE
Basic earnings:
Income before extraordinary items $ 0.31 $ 0.59 $ 0.56 $ 0.55
Extraordinary items -- -- -- --
--------------- --------------- --------------- ---------------
Net income $ 0.31 $ 0.59 $ 0.56 $ 0.55
=============== =============== =============== ===============
Diluted earnings:
Income before extraordinary items $ 0.31 $ 0.59 $ 0.56 $ 0.55
Extraordinary items -- -- -- --
--------------- --------------- --------------- ---------------
Net income $ 0.31 $ 0.59 $ 0.56 $ 0.55
=============== =============== =============== ===============
Cash dividends declared $ 0.08 $ 0.06 $ 0.06 $ 0.06
AVERAGE COMMON SHARES OUTSTANDING
Basic 110,293 110,537 110,440 112,046
Diluted 111,439 111,229 111,332 113,127
FOR THE THREE
MONTHS ENDED FOR THE SIX MONTHS ENDED
--------------- JUNE 30,
JUNE 30, ---------------------------------------
1999 2000 1999
--------------- ---------------- ----------------
INTEREST INCOME
Residential real estate loans $ 187,254 $ 356,192 $ 390,070
Commercial real estate loans 53,921 144,925 103,675
Consumer loans 22,042 109,755 41,696
Business loans 6,290 46,874 12,054
Mortgage-backed securities 52,545 128,513 101,443
Other securities 12,696 26,689 24,917
Money market investments 270 449 776
--------------- ---------------- ----------------
Total interest income 335,018 813,397 674,631
--------------- ---------------- ----------------
INTEREST EXPENSE
Deposits 116,511 262,762 236,353
Borrowed funds 78,617 239,818 162,890
--------------- ---------------- ----------------
Total interest expense 195,128 502,580 399,243
--------------- ---------------- ----------------
Net interest income 139,890 310,817 275,388
Provision for loan losses 7,500 14,000 15,500
--------------- ---------------- ----------------
Net interest income after provision
for loan losses 132,390 296,817 259,888
--------------- ---------------- ----------------
NON-INTEREST INCOME
Loan servicing and production fees 69,716 138,109 131,644
Banking service fees 12,587 31,939 23,854
Securities and insurance brokerage fees 10,052 21,847 18,656
Net gains on sales activities 57,696 67,158 122,003
Other 2,452 7,535 5,576
--------------- ---------------- ----------------
Total non-interest income 152,503 266,588 301,733
--------------- ---------------- ----------------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 75,201 151,448 151,674
Occupancy and equipment 25,901 55,726 50,687
Other 48,559 73,196 96,896
--------------- ---------------- ----------------
Total general and administrative expense 149,661 280,370 299,257
Amortization of mortgage servicing assets 35,200 60,241 65,857
Amortization of goodwill 3,497 16,717 6,373
Special charges -- 54,255 --
--------------- ---------------- ----------------
Total non-interest expense 188,358 411,583 371,487
--------------- ---------------- ----------------
Income before income tax expense and
extraordinary items 96,535 151,822 190,134
Income tax expense 35,718 52,106 70,349
--------------- ---------------- ----------------
Income before extraordinary items 60,817 99,716 119,785
Extraordinary items - losses on early extinguishment
of debt, net of tax benefits -- -- (4,127)
--------------- ---------------- ----------------
Net income $ 60,817 $ 99,716 $ 115,658
=============== ================ ================
PER COMMON SHARE
Basic earnings:
Income before extraordinary items $ 0.54 $ 0.90 $ 1.08
Extraordinary items -- -- (0.04)
--------------- ---------------- ----------------
Net income $ 0.54 $ 0.90 $ 1.04
=============== ================ ================
Diluted earnings:
Income before extraordinary items $ 0.54 $ 0.90 $ 1.06
Extraordinary items -- -- (0.03)
--------------- ---------------- ----------------
Net income $ 0.54 $ 0.90 $ 1.03
=============== ================ ================
Cash dividends declared $ 0.06 $ 0.14 $ 0.11
AVERAGE COMMON SHARES OUTSTANDING
Basic 111,958 110,415 111,470
Diluted 113,239 111,334 112,841
10
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
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Anthony R. Burriesci
Chief Financial Officer
Date: July 12, 2000