Exhibit 99.1
Contact: Dime
William S. Burns
(212) 326-6170
FOR IMMEDIATE RELEASE
DIME BANCORP REPORTS RECORD QUARTERLY EARNINGS-
40% INCREASE FROM PRIOR YEAR
New York, NY - October 15, 2001 - Dime Bancorp, Inc. (NYSE: DME) today
reported record quarterly net income of $96.9 million for the third quarter of
2001, or $0.77 per diluted share, versus a net loss of $16.5 million, or $0.16
per diluted share, for the 2000 third quarter and net income of $87.8 million,
or $0.72 per diluted share, for the 2001 second quarter.
After adjusting for special charges incurred in prior periods, net income
for the third quarter of 2001 represented a 39.6% increase from $69.4 million
during the third quarter a year ago and an 8.6% increase from $89.2 million in
the 2001 second quarter while diluted earnings per share were up 30.5% from
$0.59 in the same quarter last year and up 5.5% from $0.73 for the 2001 second
quarter.
Return on average assets was 1.45% and return on average equity was 20.31%
for the third quarter of 2001. In the third quarter of 2000, before special
charges, return on average assets was 1.10% and return on average equity was
16.09%. In the second quarter of 2001, before special charges, return on average
assets was 1.32% and return on average equity was 20.31%.
Tony Terracciano, Dime's Chairman, said, "Our record performance in the
third quarter reflected both the continued execution of our business plan and a
more favorable interest rate environment. This result was achieved
simultaneously with a continued focus on integration planning for our upcoming
merger with Washington Mutual." Larry Toal, Dime's Chief Executive Officer,
commented, "The combination of solid revenue growth, effective expense
management and sound credit quality resulted in another quarter of record
earnings performance. Revenue growth was driven by a 28 basis-point widening in
our net interest margin as well as strong residential loan production."
After-tax special charges incurred during the third quarter a year ago
were $85.9 million relating to a series of profit improvement initiatives,
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. Special charges were $1.4 million after
taxes in the second quarter of 2001, reflecting primarily the accelerated
vesting of certain restricted stock upon Dime's entering into a merger agreement
with Washington Mutual, Inc. There were no special charges during the third
quarter of 2001.
For the third quarter of 2001, diluted cash earnings per share were $0.82,
cash return on average tangible assets was 1.57%, and cash return on average
tangible stockholders' equity was 28.95%. In the third quarter of 2000,
excluding special charges, diluted cash earnings per share were $0.64, cash
return on average tangible assets was 1.22%, and cash return on
average tangible stockholders' equity was 24.96%. In the second quarter of 2001,
excluding special charges, diluted cash earnings per share were $0.78, cash
return on average tangible assets was 1.44%, and cash return on average tangible
stockholders' equity was 30.17%.
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income increased to $189.4 million in the third quarter of
2001, up 20.8% from $156.8 million in the third quarter of 2000 and up 7.5% from
$176.2 million in the second quarter of 2001. The increase versus the year-ago
quarter resulted from a 39 basis-point widening of the net interest margin and
an increase in average interest earning assets. The increase versus the second
quarter of 2001 resulted from a 28 basis-point increase in the net interest
margin, partially offset by slightly lower average interest earning assets.
The net interest margin for the 2001 third quarter was 3.23% versus 2.84%
in the 2000 third quarter and 2.95% in the 2001 second quarter. The interest
rate spread was 3.32%, 2.92% and 3.07% in the third quarter of 2001, the third
quarter of 2000, and the second quarter of 2001, respectively. Dime's net
interest margin and spread have continued to benefit from an improving
asset/liability mix, including an increase in non-residential loans and a
reduction in securities, as well as a reduced level of short-term interest rates
and a steeper yield curve.
NON-INTEREST INCOME
Non-interest income in the 2001 third quarter totaled $191.9 million, up
37.2% from $139.9 million (excluding special charges) in the 2000 third quarter
and essentially unchanged from the second quarter of 2001. The increase in 2001
third quarter non-interest income versus the prior-year quarter primarily
reflected substantially higher residential loan production, which resulted in
higher gains on the sale of loans as well as higher loan production fees. Net
gains on sales and related activities were $74.6 million in the 2001 third
quarter, $36.0 million in the third quarter of 2000, and $73.2 million in the
2001 second quarter.
NON-INTEREST EXPENSE
General and administrative expenses were $158.9 million in the 2001 third
quarter, compared with $142.0 million in the 2000 third quarter and $150.5
million in the 2001 second quarter. The increases over prior periods were due
primarily to higher variable expenses associated with increased residential loan
production at Dime's mortgage banking subsidiary, North American Mortgage
Company.
Amortization and valuation adjustments of mortgage servicing assets and
related hedging activities was $52.2 million in the 2001 third quarter versus
$32.6 million in the 2000 third quarter and $62.2 million in the 2001 second
quarter. The 2001 third quarter versus the prior year period was marked by
significantly higher levels of mortgage servicing assets amortization resulting
from increases in actual prepayment rates. The 2001 third quarter level was
$9.9 million lower than the second quarter of 2001, primarily a result of
lower levels of actual prepayments in our residential loan servicing portfolio,
but still relatively high by historical standards, reflecting a continuation of
the residential loan refinance wave.
The efficiency ratio for the 2001 third quarter was 41.68%, compared with
47.85% in the year-ago quarter and 40.88% for the 2001 second quarter.
LOANS RECEIVABLE, SERVICING AND ORIGINATIONS
At September 30, 2001, Dime's loans receivable portfolio totaled $16.5
billion, compared with $16.1 billion a year ago and $16.2 billion at June 30,
2001. Non-residential loans receivable (i.e., commercial real estate, consumer,
and business loans) represented 53.4% of total loans receivable at September 30,
2001, up from 50.2% at September 30, 2000 and 52.6% at June 30, 2001.
At September 30, 2001, Dime serviced $50.9 billion of loans for others,
substantially all of which were residential real estate loans. This compares
with $42.6 billion at September 30, 2000 and $49.2 billion at June 30, 2001.
Excluding loans being subserviced, the weighted average note rate of residential
loans serviced for others was 7.25% at September 30, 2001, compared with 7.37%
at September 30, 2000 and 7.31% at June 30, 2001.
During the third quarter of 2001, Dime's mortgage banking business
generated $11.2 billion in originations. Residential mortgage originations
totaled $5.6 billion for the third quarter of 2000 and $12.4 billion for the
second quarter of 2001. The residential mortgage pipeline was $14.1 billion at
September 30, 2001, compared with $7.0 billion at September 30, 2000 and $14.0
billion at June 30, 2001.
ASSET QUALITY
The allowance for loan losses was $152.7 million at September 30, 2001
versus $146.7 million at September 30, 2000 and $150.3 million at June 30, 2001.
As a percentage of nonaccrual loans, the allowance for loan losses was 245.4%,
198.3%, and 242.3% at September 30, 2001, September 30, 2000 and June 30, 2001,
respectively. As a percentage of total loans receivable, the allowance for loan
losses was 0.93%, 0.91%, and 0.93% at September 30, 2001, September 30, 2000 and
June 30, 2001, respectively.
At September 30, 2001, nonperforming assets were $71.7 million, or 0.26%
of total assets, compared with $91.3 million, or 0.36% of total assets, at
September 30, 2000 and $72.4 million, or 0.27% of total assets, at June 30,
2001.
The provision for loan losses was $14.0 million in the 2001 third quarter,
versus $7.0 million in the 2000 third quarter and $11.0 million in the 2001
second quarter. Net charge-offs were $11.7 million in the 2001 third quarter,
compared with $3.8 million in the 2000 third quarter and $7.9 million in the
2001 second quarter.
At September 30, 2001, Dime had assets of $27.1 billion and deposits of
$14.6 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.
On June 25, 2001, Dime entered into an Agreement and Plan of Merger with
Washington Mutual, Inc. The transaction remains subject to Dime shareholder and
regulatory approvals. Proxy materials are expected to be mailed on or about
October 22, 2001 to Dime shareholders of record at the close of business on
October 5, 2001. The Special Meeting for shareholders to vote on the merger is
scheduled for November 27, 2001. The transaction is currently expected to close
in January 2002.
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,
which may be adversely affected by the September 11th terrorist attacks.
Dime believes that "operating earnings," "cash operating earnings," "earnings
data before special charges" and "cash earnings data before special charges"
information, when taken in conjunction with reported results, provide useful
information in evaluating performance on a comparable basis, although they are
not currently a required basis for reporting financial results under generally
accepted accounting principles.
# # #
DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(unaudited)
At or For the Three Months Ended
------------------------------------------------------------------------------
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
2001 2001 2001 2000 2000
----------- ----------- ----------- ----------- ----------------
REPORTED BASIS
Net income (loss) (in thousands) $ 96,860 $ 87,831 $ 81,524 $ 71,476 $ (16,539)
Basic earnings (loss) per common share 0.83 0.77 0.71 0.65 (0.16)
Diluted earnings (loss) per common share 0.77 0.72 0.67 0.58 (0.16)
Return on average assets 1.45% 1.30% 1.28% 1.14% NM%
Return on average stockholders' equity 20.31 20.00 18.84 16.13 NM
EARNINGS DATA BEFORE SPECIAL CHARGES (1)
Net income (loss) as reported (in thousands) $ 96,860 $ 87,831 $ 81,524 $ 71,476 $ (16,539)
Special charges, net of income taxes (in thousands) - 1,376 - 982 85,920
----------- ----------- ----------- ----------- -----------
Net income before special charges (in thousands) $ 96,860 $ 89,207 $ 81,524 $ 72,458 $ 69,381
=========== =========== =========== =========== ===========
Basic earnings per common share $ 0.83 $ 0.78 $ 0.71 $ 0.66 $ 0.63
Diluted earnings per common share 0.77 0.73 0.67 0.59 0.59
Return on average assets 1.45% 1.32% 1.28% 1.16% 1.10%
Return on average stockholders' equity 20.31 20.31 18.84 16.35 16.09
Non-interest income to total revenues 50.33 52.14 57.36 48.89 47.16
Efficiency ratio 41.68 40.88 38.48 45.93 47.85
CASH EARNINGS DATA BEFORE SPECIAL CHARGES (2)
Cash earnings before special charges (in thousands) $ 103,121 $ 95,468 $ 87,787 $ 78,818 $ 75,457
Basic earnings per common share 0.88 0.83 0.76 0.72 0.68
Diluted earnings per common share 0.82 0.78 0.72 0.64 0.64
Return on average tangible assets 1.57% 1.44% 1.40% 1.28% 1.22%
Return on average tangible stockholders' equity 28.95 30.17 28.51 24.91 24.96
ASSET QUALITY (dollars in thousands)
Non-performing assets:
Non-accrual loans $ 62,209 $ 62,048 $ 60,406 $ 67,163 $ 73,958
Other real estate owned, net 9,526 10,394 10,232 20,372 17,331
----------- ----------- ----------- ----------- -----------
Total non-performing assets $ 71,735 $ 72,442 $ 70,638 $ 87,535 $ 91,289
=========== =========== =========== =========== ===========
Non-performing assets to total assets 0.26% 0.27% 0.26% 0.34% 0.36%
Non-accrual loans to loans receivable 0.38 0.38 0.37 0.41 0.46
Allowance for loan losses $ 152,652 $ 150,337 $ 147,210 $ 144,362 $ 146,655
Allowance for loan losses to:
Loans receivable 0.93% 0.93% 0.90% 0.89% 0.91%
Non-accrual loans 245.39 242.29 243.70 214.94 198.29
CAPITAL RATIOS
Total stockholders' equity to total assets 7.36% 6.78% 6.35% 6.71% 7.08%
The Dime Savings Bank of New York, FSB:
Tangible and core 6.66(3) 6.04 5.80 5.83 5.86
Tier 1 risk-based 9.89(3) 8.96 8.66 8.54 8.66
Total risk-based 11.44(3) 10.51 10.19 10.11 10.13
OTHER PERIOD END DATA
Common shares outstanding (in thousands) 118,203 116,451 114,554 116,851 109,635
Diluted book value per common share $ 16.88 $ 15.74 $ 15.00 $ 14.76 $ 14.68
Diluted tangible book value per common share 12.81 11.53 10.65 10.42 10.47
Loans serviced for others (in millions) 50,866 49,165 45,006 44,143 42,555
At or For
the Nine Months Ended
--------------------------------
Sept. 30, Sept. 30,
2001 2000
----------- -----------
REPORTED BASIS
Net income (loss) (in thousands) $ 266,215 $ 83,177
Basic earnings (loss) per common share 2.30 0.75
Diluted earnings (loss) per common share 2.16 0.74
Return on average assets 1.34% 0.46%
Return on average stockholders' equity 19.73 6.91
EARNINGS DATA BEFORE SPECIAL CHARGES (1)
Net income (loss) as reported (in thousands) $ 266,215 $ 83,177
Special charges, net of income taxes (in thousands) 1,376 118,093
----------- -----------
Net income before special charges (in thousands) $ 267,591 $ 201,270
=========== ===========
Basic earnings per common share $ 2.31 $ 1.82
Diluted earnings per common share 2.17 1.77
Return on average assets 1.35% 1.10%
Return on average stockholders' equity 19.83 16.73
Non-interest income to total revenues 53.25 46.50
Efficiency ratio 40.35 48.32
CASH EARNINGS DATA BEFORE SPECIAL CHARGES (2)
Cash earnings before special charges (in thousands) $ 286,376 $ 220,166
Basic earnings per common share 2.47 1.99
Diluted earnings per common share 2.33 1.94
Return on average tangible assets 1.47% 1.23%
Return on average tangible stockholders' equity 29.19 27.13
ASSET QUALITY (dollars in thousands)
Non-performing assets:
Non-accrual loans $ 62,209 $ 73,958
Other real estate owned, net 9,526 17,331
----------- -----------
Total non-performing assets $ 71,735 $ 91,289
=========== ===========
Non-performing assets to total assets 0.26% 0.36%
Non-accrual loans to loans receivable 0.38 0.46
Allowance for loan losses $ 152,652 $ 146,655
Allowance for loan losses to:
Loans receivable 0.93% 0.91%
Non-accrual loans 245.39 198.29
CAPITAL RATIOS
Total stockholders' equity to total assets 7.36% 7.08%
The Dime Savings Bank of New York, FSB:
Tangible and core 6.66(3) 5.86
Tier 1 risk-based 9.89(3) 8.66
Total risk-based 11.44(3) 10.13
OTHER PERIOD END DATA
Common shares outstanding (in thousands) 118,203 109,635
Diluted book value per common share $ 16.88 $ 14.68
Diluted tangible book value per common share 12.81 10.47
Loans serviced for others (in millions) 50,866 42,555
(1) Special charges include amounts reported in the Consolidated Statements
of Operations under the captions "Restructuring and other special
charges" and "Loss upon designation for sale of mortgage-backed
securities."
(2) Cash earnings exclude amortization of goodwill, net of taxes.
(3) Preliminary.
NM = Not meaningful.
DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
----------------------------------------------------- ----------------------------
SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, SEPT. 30, SEPT. 30,
2001 2001 2001 2000 2000 2001 2000
-------- -------- --------- -------- --------- ----------- -----------
INTEREST INCOME
Loans held for sale $ 83,179 $ 86,749 $ 60,867 $ 50,865 $ 46,956 $ 230,795 $ 110,552
Residential real estate loans receivable 135,178 136,736 143,578 146,567 146,220 415,492 438,816
Commercial real estate loans receivable 68,011 74,377 79,357 86,239 82,569 221,745 227,494
Consumer loans receivable 55,649 56,308 62,214 64,876 61,147 174,171 170,902
Business loans receivable 18,251 20,423 24,216 26,292 25,540 62,890 72,414
Securities available for sale 35,604 40,954 48,224 60,425 73,156 124,782 211,608
Other interest-earning assets 7,603 9,200 9,016 8,796 8,595 25,819 25,794
-------- -------- --------- -------- --------- ----------- -----------
Total interest income 403,475 424,747 427,472 444,060 444,183 1,255,694 1,257,580
-------- -------- --------- -------- --------- ----------- -----------
INTEREST EXPENSE
Deposits 114,713 127,169 135,048 139,581 137,729 376,930 400,491
Borrowed funds 99,349 121,372 134,057 148,720 149,684 354,778 389,502
-------- -------- --------- -------- --------- ----------- -----------
Total interest expense 214,062 248,541 269,105 288,301 287,413 731,708 789,993
-------- -------- --------- -------- --------- ----------- -----------
Net interest income 189,413 176,206 158,367 155,759 156,770 523,986 467,587
Provision for loan losses 14,000 11,000 17,000 7,000 7,000 42,000 21,000
-------- -------- --------- -------- --------- ----------- -----------
Net interest income after provision
for loan losses 175,413 165,206 141,367 148,759 149,770 481,986 446,587
-------- -------- --------- -------- --------- ----------- -----------
NON-INTEREST INCOME
Loan servicing and production fees 87,857 88,657 82,168 75,269 73,227 258,682 211,336
Banking service fees 16,829 16,904 15,854 16,285 16,709 49,587 48,648
Securities and insurance brokerage fees 9,614 9,936 10,707 8,815 10,167 30,257 32,014
Loss upon designation for sale of
mortgage-backed securities -- -- -- -- (87,441) -- (87,441)
Net gains on sales and related activities 74,631 73,158 100,478 44,679 35,998 248,267 103,156
Other 3,011 3,280 3,804 3,957 3,797 10,095 11,332
-------- -------- --------- -------- --------- ----------- -----------
Total non-interest income 191,942 191,935 213,011 149,005 52,457 596,888 319,045
-------- -------- --------- -------- --------- ----------- -----------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 94,468 88,989 81,139 75,129 77,237 264,596 228,685
Occupancy and equipment 26,185 25,106 27,681 27,723 27,960 78,972 83,686
Other 38,291 36,389 34,076 37,137 36,772 108,756 109,968
-------- -------- --------- -------- --------- ----------- -----------
Total general and administrative
expense 158,944 150,484 142,896 139,989 141,969 452,324 422,339
Amortization and valuation adjustments of
mortgage servicing assets and related
hedging activities 52,225 62,154 62,646 38,343 32,631 177,025 92,872
Amortization of goodwill 8,308 8,308 8,310 8,496 8,329 24,926 25,046
Restructuring and other special charges -- 2,101 -- 1,512 43,537 2,101 97,792
-------- -------- --------- -------- --------- ----------- -----------
Total non-interest expense 219,477 223,047 213,852 188,340 226,466 656,376 638,049
-------- -------- --------- -------- --------- ----------- -----------
Income (loss) before income tax expense
(benefit) and cumulative effect of
a change in accounting principle 147,878 134,094 140,526 109,424 (24,239) 422,498 127,583
Income tax expense (benefit) 51,018 46,263 48,481 37,948 (7,700) 145,762 44,406
-------- -------- --------- -------- --------- ----------- -----------
Income (loss) before cumulative effect
of a change in accounting principle 96,860 87,831 92,045 71,476 (16,539) 276,736 83,177
Cumulative effect of a change in
accounting principle, net of tax benefit -- -- (10,521) -- -- (10,521) --
-------- -------- --------- -------- --------- ----------- -----------
Net income (loss) $ 96,860 $ 87,831 $ 81,524 $ 71,476 $ (16,539) $ 266,215 $ 83,177
======== ======== ========= ======== ========= =========== ===========
DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - (CONTINUED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
------------------------------------------------------ -----------------
SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30, SEPT. 30, SEPT. 30,
2001 2001 2001 2000 2000 2001 2000
-------- -------- -------- -------- --------- -------- --------
Income (loss) applicable to common stockholders
for basic earnings (loss) per common share:
Income (loss) before cumulative effect
of a change in accounting principle $ 96,860 $ 87,831 $ 92,045 $ 70,115 $ (17,500) $276,736 $ 82,216
Net income (loss) 96,860 87,831 81,524 70,115 (17,500) 266,215 82,216
Income (loss) applicable to common stockholders
for diluted earnings (loss) per
common share:
Income (loss) before cumulative effect
of a change in accounting principle 96,860 87,831 92,045 71,476 (17,500) 276,736 82,216
Net income (loss) 96,860 87,831 81,524 71,476 (17,500) 266,215 82,216
PER COMMON SHARE
Basic earnings (loss):
Income (loss) before cumulative effect
of a change in accounting principle $ 0.83 $ 0.77 $ 0.80 $ 0.65 $ (0.16) $ 2.39 $ 0.75
Net income (loss) 0.83 0.77 0.71 0.65 (0.16) 2.30 0.75
Diluted earnings (loss):
Income (loss) before cumulative effect
of a change in accounting principle 0.77 0.72 0.76 0.58 (0.16) 2.25 0.74
Net income (loss) 0.77 0.72 0.67 0.58 (0.16) 2.16 0.74
Cash dividends declared 0.12 0.12 0.10 0.10 0.08 0.34 0.22
AVERAGE COMMON SHARES OUTSTANDING
Basic 117,379 114,525 115,629 107,092 109,323 115,851 110,048
Diluted 125,575 122,221 121,393 123,649 109,323 123,078 110,659
DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS)
(UNAUDITED)
SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30,
2001 2001 2001 2000 2000
------------ ------------ ------------ ------------ ------------
ASSETS
Cash and due from banks $ 395,726 $ 390,625 $ 414,918 $ 421,685 $ 325,721
Money market investments 85,662 89,678 68,688 13,626 13,085
Securities available for sale 2,270,833 2,194,005 2,331,806 2,851,043 3,341,773
Federal Home Loan Bank of New York stock 404,109 393,021 364,345 346,770 328,732
Loans held for sale 4,350,209 4,858,396 4,747,676 2,804,767 2,363,552
Loans receivable, net:
Residential real estate loans 7,688,742 7,693,965 7,886,309 7,916,035 7,995,503
Commercial real estate loans 4,513,200 4,326,542 4,280,231 4,152,874 3,973,993
Consumer loans 3,281,127 3,133,702 3,042,698 3,050,377 2,941,984
Business loans 1,012,547 1,085,229 1,108,569 1,167,878 1,139,558
------------ ------------ ------------ ------------ ------------
Total loans receivable 16,495,616 16,239,438 16,317,807 16,287,164 16,051,038
Allowance for loan losses (152,652) (150,337) (147,210) (144,362) (146,655)
------------ ------------ ------------ ------------ ------------
Total loans receivable, net 16,342,964 16,089,101 16,170,597 16,142,802 15,904,383
------------ ------------ ------------ ------------ ------------
Premises and equipment, net 183,330 186,079 186,589 187,746 188,125
Mortgage servicing assets, net 887,167 924,802 852,703 1,021,861 980,228
Goodwill 478,394 486,702 495,010 503,320 508,928
Other assets 1,707,126 1,434,893 1,417,709 1,394,208 1,277,815
------------ ------------ ------------ ------------ ------------
Total assets $ 27,105,520 $ 27,047,302 $ 27,050,041 $ 25,687,828 $ 25,232,342
============ ============ ============ ============ ============
LIABILITIES
Deposits $ 14,561,911 $ 14,631,636 $ 14,593,669 $ 13,976,941 $ 13,903,058
Federal funds purchased and securities sold under
agreements to repurchase 3,232,896 3,233,468 3,063,255 3,082,322 3,260,488
Other short-term borrowings 4,819,148 4,779,902 4,831,562 4,545,199 4,640,463
Guaranteed preferred beneficial interests in Dime
Bancorp, Inc.'s junior subordinated deferrable
interest debentures 152,262 152,255 152,249 152,243 152,236
Other long-term debt 1,401,693 1,740,761 1,923,704 1,722,623 1,004,769
Other liabilities 942,121 676,663 767,509 483,661 485,158
------------ ------------ ------------ ------------ ------------
Total liabilities 25,110,031 25,214,685 25,331,948 23,962,989 23,446,172
------------ ------------ ------------ ------------ ------------
STOCKHOLDERS' EQUITY
Preferred stock -- -- -- -- 168,931
Common stock 1,203 1,203 1,203 1,203 1,203
Additional paid-in capital 1,185,543 1,163,088 1,155,348 1,153,376 1,154,827
Warrants 46,722 46,722 46,722 46,722 41,235
Retained earnings 830,716 762,141 703,640 643,838 723,572
Treasury stock, at cost (64,263) (114,674) (161,788) (87,225) (253,420)
Accumulated other comprehensive loss (1,170) (22,240) (20,787) (30,191) (46,733)
Unearned compensation (3,262) (3,623) (6,245) (2,884) (3,445)
------------ ------------ ------------ ------------ ------------
Total stockholders' equity 1,995,489 1,832,617 1,718,093 1,724,839 1,786,170
------------ ------------ ------------ ------------ ------------
Total liabilities and stockholders' equity $ 27,105,520 $ 27,047,302 $ 27,050,041 $ 25,687,828 $ 25,232,342
============ ============ ============ ============ ============
DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF AVERAGE FINANCIAL CONDITION
TAXABLE EQUIVALENT BASIS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
THREE MONTHS ENDED
--------------------------------------------------------------------------------
SEPTEMBER 30, 2001 JUNE 30, 2001 SEPTEMBER 30, 2000
---------------------- ---------------------- ---------------------
AVERAGE AVERAGE AVERAGE
AVERAGE YIELD/ AVERAGE YIELD/ AVERAGE YIELD/
BALANCE COST BALANCE COST BALANCE COST
---------- -------- ------- ------- ----------- -------
ASSETS
Interest-earning assets:
Loans held for sale $ 4,480,140 7.38% $ 4,745,754 7.33% $ 2,176,925 8.60%
Loans receivable:
Residential real estate 7,736,232 6.99 7,747,362 7.06 8,075,310 7.24
Commercial real estate 4,344,181 6.25 4,258,760 6.99 3,911,865 8.43
Consumer 3,209,162 6.88 3,077,687 7.34 2,873,719 8.49
Business 1,029,321 7.04 1,092,926 7.49 1,108,100 9.16
---------- ----------- ----------
Total loans receivable 16,318,896 6.78 16,176,735 7.12 15,968,994 7.89
---------- ----------- ----------
Securities available for sale:
Mortgage-backed securities 1,779,252 6.49 1,973,551 6.86 3,531,442 7.32
Other 401,360 6.90 402,997 7.26 470,938 7.84
---------- ----------- ----------
Total securities available for sale 2,180,612 6.57 2,376,548 6.93 4,002,380 7.38
---------- ----------- ----------
Other interest-earning assets 564,686 5.35 558,509 6.60 477,530 7.17
---------- ----------- ----------
Total interest-earning assets 23,544,334 6.84 23,857,546 7.13 22,625,829 7.85
---------- ----------- ----------
Other assets 3,240,004 3,098,737 2,565,758
---------- ---------- ----------
Total assets $26,784,338 $26,956,283 $25,191,587
========== ========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Deposits:
Core:
Demand $ 2,767,818 0.38 $ 2,795,912 0.35 $ 2,198,487 0.34
Savings 2,323,618 2.16 2,272,274 2.15 2,323,481 2.16
Money market 3,141,203 2.96 3,184,387 3.44 3,166,359 4.42
---------- ----------- ----------
Total core 8,232,639 1.87 8,252,573 2.04 7,688,327 2.57
Time 6,304,249 4.78 6,348,428 5.39 6,345,445 5.52
---------- ----------- ----------
Total deposits 14,536,888 3.13 14,601,001 3.49 14,033,772 3.90
---------- ----------- ----------
Borrowed funds:
Federal funds purchased and securities
sold under agreements to repurchase 3,176,905 3.63 3,466,341 4.44 3,900,374 6.57
Other short-term borrowings 4,748,158 3.71 4,517,919 4.47 3,810,397 6.35
Long-term debt 1,671,651 6.18 1,925,449 6.80 1,259,018 7.02
---------- ----------- ----------
Total borrowed funds 9,596,714 4.11 9,909,709 4.91 8,969,789 6.54
---------- ----------- ----------
Total interest-bearing liabilities 24,133,602 3.52 24,510,710 4.06 23,003,561 4.93
---------- ----------- ----------
Other liabilities 742,645 688,624 463,419
Stockholders' equity 1,908,091 1,756,949 1,724,607
---------- ----------- ----------
Total liabilities and stockholders' equity $26,784,338 $26,956,283 $25,191,587
========== ========== ==========
Interest rate spread 3.32 3.07 2.92
Net interest margin 3.23 2.95 2.84