1
DIME UNITED
CREATING THE MID-ATLANTIC'S PREMIER
REGIONAL BANK
September 15, 1999
MERGER OF EQUALS
DIME. HUDSON UNITED BANK HUB
2
FORWARD LOOKING STATEMENT
- - This presentation contains certain statements regarding Dime Bancorp, Inc.,
Hudson United Bancorp and Dime United Bancorp, Inc. following the
completion of the merger of equals discussed herein, including strategies,
plans and objectives, as well as estimates and statements based on
underlying estimates of future financial condition, performance and
operating efficiencies on a pro forma basis and cost savings and revenue
enhancements and accretion to reported earnings that will be realized from
the merger.
- - These statements and estimates constitute forward-looking statements
(within the meaning of the Private Securities Litigation Reform Act of
1995), which involve significant risks and uncertainties. A variety of
factors could cause actual results and experience to differ materially from
the anticipated results or other expectations expressed in such
forward-looking statements.
- - Factors that might cause such a difference include, but are not limited to,
risks and uncertainties related to the consummation of the merger,
including the realization of expected cost savings from the merger;
realization of the level of revenues following the merger; integration
costs or difficulties; competition from both financial and non-financial
institutions; changes in interest rates, deposit flows, loan demand and
real estate values; changes in legislation or regulation; changes in
accounting principles, policies or guidelines; the timing and occurrence
(or non-occurrence) of transactions and events that may be subject to
circumstances beyond the control of Dime or Hudson United; and other
economic, competitive, governmental, regulatory and technological factors
affecting Dime, Hudson United or Dime United, specifically or the banking
industry or economy generally.
- - Neither Dime or Hudson United assumes any obligation to update these
forward-looking statements or to update the reasons why actual results
could differ from those projected in the forward-looking statements.
DIME. HUDSON UNITED BANK HUB
3
TRANSACTION OVERVIEW
Transaction Structure: Merger of Equals
Name: Dime United Bancorp, Inc. (Bank Holding Company)
Principal Subsidiary: DimeBank (Commercial bank)
Headquarters: Corporate HQ - New York City
Bank HQ - Mahwah, NJ
Board of Directors: 13 Dime / 12 Hudson United
Management: Larry Toal - Chairman & CEO until 12/31/02
Ken Neilson - President & COO
Tony Burriesci - Chief Financial Officer
John McIlwain - Chief Credit Officer
Rich Mirro - Mortgage Banking Executive
Tom Shara - Commercial Lending Executive
CEO Succession: Ken Neilson to succeed Larry Toal on 1/1/03
NYSE Ticker Symbol: DU - to be applied for
DIME. HUDSON UNITED BANK HUB
4
TRANSACTION OVERVIEW
Fixed Exchange Ratio: Market based exchange ratio
0.585 - Dime United share per DME share
1.000 - Dime United share per HU share
Dividends: $1.00 per share annually (Implied Yield - 3.2%)
Accounting Treatment: Pooling of interests
Tax free exchange
Option Agreements: 19.9% cross-options granted at market
Anticipated Closing: 1Q 2000
Pro Forma Ownership: 56% Dime / 44% Hudson United
Due Diligence: Completed; including Y2K
DIME. HUDSON UNITED BANK HUB
5
TRANSACTION RATIONALE -- DIME UNITED
DIME HUDSON UNITED
- - Accelerates transformation - Generates substantial EPS
to commercial bank accretion
- - Dramatically expands - Expansion into New York
geographic footprint metro small business market
- - Balances and diversifies - Provides scale and critical
earnings composition mass
- - Potential for multiple - Strong retail brand identity
expansion
GENERATES SUBSTANTIAL SHAREHOLDER VALUE
DIME. HUDSON UNITED BANK HUB
6
MID-ATLANTIC'S PREMIER REGIONAL BANK
* Concentration in the nation's most affluent markets:
- Largest independent and 5th largest Mid-Atlantic regional bank
- Contiguous branch system in 4 state region from Philadelphia to
Hartford
- Over 1 million retail and approx. 100,000 commercial customers in
region
* A regional banking franchise with unique characteristics:
- Breadth of products required to compete with super-regionals
- Profitability statistics superior to regional peer group
- Diversified business mix and revenue streams
* A unique investment opportunity:
- Superior franchise in attractive markets -- national distribution
capabilities
- Transaction economics based on conservative merger assumptions
- Opportunity for significant revenue enhancements not taken into
account
- Significant upside potential when compared to peers
DIME. HUDSON UNITED BANK HUB
7
AN EXPERIENCED BANK MANAGEMENT TEAM
- -----------------------------------------------------------------------------------------------------------
YEARS OF
COMMERCIAL BANKING EXPERIENCE
- -----------------------------------------------------------------------------------------------------------
Larry Toal Chairman & CEO 26
Ken Neilson President & COO 29
Tony Burriesci Chief Financial Officer 26
John McIlwain Chief Credit Officer 35
Rich Mirro Mortgage Banking Executive 20
Tom Shara Commercial Lending Executive 18
- -----------------------------------------------------------------------------------------------------------
DIME. HUDSON UNITED BANK HUB
8
LOW RISK TRANSACTION
* All the tough decisions have been made:
- Social issues have been decided
- Key senior management identified
* Management uniquely positioned to execute transaction:
- Dime/Anchor - one of the industry's most successful MOEs
- Successful merger integration a core competency at both companies
* Transaction based on conservative assumptions:
- Superior economics consistent with no premium merger
- Cost savings identified
- No revenue enhancements assumed
- Customer attrition risk mitigated by complementary branch networks
* Good cultural fit:
- Both companies committed to high-performing commercial bank
profitability
- Community-based consumer and commercial banking strategy
DIME. HUDSON UNITED BANK HUB
9
DIME UNITED FINANCIAL TARGETS
- -----------------------------------------------------------------------------------------------
PRO FORMA (1) GOALS PEER GROUP (2)
- -----------------------------------------------------------------------------------------------
Net Interest Margin 3.38% 4.00%+ 3.96%
Efficiency Ratio 44% less than 45% 48%
ROA 1.35% 1.50%+ 1.48%
ROE 20.0% 20.0%+ 17.7%
EPS Growth - 12%+ 10.1%
- -----------------------------------------------------------------------------------------------
(1) Including synergies and pro forma for pending acquisitions.
(2) Peer group includes Associated, M&T, North Fork and Summit pro forma for
all announced acquisitions.
DIME. HUDSON UNITED BANK HUB
10
PROFILE OF COMBINING
BANKS
11
OVERVIEW OF DIME
WITH $23 BILLION IN ASSETS, DIME IS THE LARGEST THRIFT HEADQUARTERED IN NEW YORK
CITY:
- Successfully transitioning towards commercial banking product
mix/profitability
- Improved net interest margin from 2.51% in 4Q97 to over 3.00% (est.) in
3Q99
- Reduced residential loan concentration significantly; 76% of total loans
at year end 1997 to below 60% at year end 1999
- High performing mortgage banking operation
- Demonstrated ability to grow core deposits
[DOWNWARDS POINTING ARROW]
EPS ROA ROE
Over 22% CAGR 1.15% 16.7%
since 1996
DIME. HUDSON UNITED BANK HUB
12
OVERVIEW OF HUDSON UNITED
WITH $9.7 BILLION IN ASSETS, HUDSON UNITED IS THE SECOND LARGEST BANK
HEADQUARTERED IN NEW JERSEY:
- 206 branches in the four state region of NJ, PA, CT and NY
- Increased assets from $1.4 billion to $9.7 billion through 23
acquisitions over the past 5 years
- Positioned itself as the alternative to super-regional banks by
committing to superior customer service
- Financial results have been consistently strong and improving with
low cost deposit funding (2.62%), superior net interest margin
(4.15%), cost control (47.4% efficiency ratio), and EPS growth (12%
over past 5 years)
[DOWNWARDS POINTING ARROW]
EPS ROA ROE
12% CAGR 1.45% 23.3%
over 5 years
[DIME LOGO] HUDSON UNITED BANK HUB
13
OVERVIEW OF DIME UNITED
(DOLLARS IN BILLIONS)
- -------------------------------------------------------------------------------------------------------------------
DIME UNITED
- -------------------------------------------------------------------------------------------------------------------
MARKET CAP. $ 3.6
COMBINED BALANCE SHEET DATA:(1)
Gross Loans $19.4
Assets 32.5
Deposits 21.7
Common Equity 2.0
PROFITABILITY STATISTICS:(2)
Net Interest Margin(3) 3.38%
Fee Income / Total Revenue 33.6
Efficiency Ratio 44.2
Return on Avg. Assets 1.35
Return on Avg. Equity 20.0
Cash ROAA 1.45
Cash ROAE 28.1
TOTAL BRANCHES 334
- -------------------------------------------------------------------------------------------------------------------
(1) Pro forma as of June 30, 1999, including all pending acquisitions.
(2) Pro forma with full phase-in of synergies.
(3) Pro forma for all announced acquisitions.
[DIME LOGO] [HUDSON UNITED BANK HUB]
14
CREATING THE MID-
ATLANTIC'S PREMIER
REGIONAL BANK
15
MID-ATLANTIC'S PREMIER REGIONAL BANK
DIME UNITED RANKS AS THE 5TH LARGEST REGIONAL BANK IN MID-ATLANTIC:
- Largest independent regional bank in the marketplace
TOP MID-ATLANTIC REGIONALS(1)
(DOLLARS IN BILLIONS)
- ---------------------------------------------------------------------------------------------
REGIONAL MARKET
RANK INSTITUTION DEPOSITS(2) BRANCHES(2) SHARE MARKET CAP(3)
- ---------------------------------------------------------------------------------------------
1 First Union $49.0 779 11.5% $39.2
2 Fleet Boston 35.3 572 8.3 34.4
3 Bank of New York 26.5 354 6.3 26.5
4 HSBC 23.7 233 5.6 -
- ---------------------------------------------------------------------------------------------
5 DIME UNITED PRO FORMA 22.3 334 5.2 3.6
- ---------------------------------------------------------------------------------------------
6 Summit 21.6 413 5.1 5.9
7 PNC 18.3 347 4.3 15.7
8 GreenPoint 11.0 73 2.6 2.6
9 Sovereign 10.7 221 2.5 1.8
10 Astoria Financial 9.6 92 2.3 1.7
11 North Fork 9.2 159 2.2 3.4
12 Mellon 7.9 138 1.9 17.4
- ---------------------------------------------------------------------------------------------
(1) Defined as CT, NJ, NY Metropolitan Area and Chester, Delaware, Montgomery
and Philadelphia counties in PA. Excludes money center banks.
(2) Within region, as of June 30, 1998, as reported by SNL, pro forma for all
pending acquisitions.
(3) On a pro forma basis including pending acquisitions as of September 14,
1999.
DIME. HUDSON UNITED BANK HUB
16
MID-ATLANTIC'S PREMIER REGIONAL BANK
CONTIGUOUS BRANCH NETWORK IN FOUR STATE REGION FROM PHILADELPHIA TO HARTFORD:
[MAP GRAPHIC]
DIME. HUDSON UNITED BANK HUB
17
MID-ATLANTIC'S PREMIER REGIONAL BANK
DIME UNITED FRANCHISE IS CONCENTRATED IN THE U.S.' MOST AFFLUENT AND DENSELY
POPULATED MARKETS:
- Market area includes 8 of the nation's 25 most affluent counties
- Median HH Income 125% of national average
- Population in footprint of 26 million or 9.6% of U.S.
- -----------------------------------------------------------------------------------------
DIME UNITED PRO MEDIAN NATIONAL HH INCOME
FORMA DEPOSITS HH INCOME RANK GROWTH
- -----------------------------------------------------------------------------------------
New York Metro Area (1) $13.4B $45,297 (2) 6 (5) 8.3%
New Jersey 5.6 52,423 1 11.9
Connecticut 2.1 52,415 2 10.5
Philadelphia Metro Area (3) 1.2 40,863 (4) 18 (5) 11.2
Dime United/
Mid-Atlantic Region $22.3 $47,991 - 10.0%
U.S. Average - $38,302 - 10.3%
- -----------------------------------------------------------------------------------------
(1) Includes New York MSA, Long Island, Westchester, Rockland, Ulster, Putnam,
Dutchess, Sullivan and Orange Counties.
(2) Weighted average of New York Metro Area counties.
(3) Includes Chester, Delaware, Montgomery and Philadelphia counties in
Pennsylvania.
(4) Weighted average of Philadelphia Metro Area counties of Chester, Delaware,
Montgomery, and Philadelphia Counties.
(5) If New York Metro and Philadelphia Metro Areas were ranked as states.
DIME. HUDSON UNITED BANK HUB
18
A REGIONAL BANK WITH UNIQUE CHARACTERISTICS
PRO FORMA PROFITABILITY STATISTICS CONSISTENT WITH THAT OF HIGH PERFORMING
REGIONAL PEER GROUP:
- -----------------------------------------------------------------------
DIME UNITED
PRO FORMA(1)(2) PEER GROUP(3)
- -----------------------------------------------------------------------
Price/1999E EPS 8.5x 13.0x
Net Interest Margin 3.38% 3.96%
Fee Income/Total Revenue 33.6 21.7
Efficiency Ratio (1) 44.2 47.9
Return on Avg. Assets 1.35 1.48
Return on Avg. Equity 20.0 17.7
Cash ROAA 1.45 1.61
Cash ROAE 28.1 22.6
- -----------------------------------------------------------------------
(1) Excludes goodwill amortization.
(2) Includes full phase-in of projected cost savings and all pending
acquisitions.
(3) Peer group includes Associated, M&T, North Fork and Summit pro forma for all
announced acquisitions.
DIME. HUDSON UNITED BANK HUB
19
A REGIONAL BANK WITH UNIQUE CHARACTERISTICS
MIGRATING DIME UNITED'S PORTFOLIO TO PEER AVERAGE WILL ENHANCE YIELD:
DIME UNITED REGIONAL PEERS(1)
Business 10% 19%
Consumer 17% 16%
Commercial Real Estate 21% 22%
Residential 52% 43%
Average Loan Yield: 7.62% 7.96%
(1) Peer group includes Associated, M&T, North Fork, and Summit pro forma for
all announced acquisitions.
DIME. HUDSON UNITED BANK HUB
20
A REGIONAL BANK WITH UNIQUE CHARACTERISTICS
================================================================================
DIME UNITED'S DEPOSIT MIX ALREADY LOWER COST THAN THAT OF PEERS:
DIME UNITED REGIONAL PEERS(1)
Demand 16% Demand 18%
Time 45% Time 47%
Savings and Money Market 39% Savings and Money Market 35%
- --------------------------------------------------------------------------------
Cost of Deposits: 3.35% 3.52%
- --------------------------------------------------------------------------------
(1) Peer group includes Associated, M&T, North Fork, and Summit pro forma
for all announced acquisitions.
DIME. HUDSON UNITED BANK HUB
21
A REGIONAL BANK WITH UNIQUE CHARACTERISTICS
================================================================================
DIME UNITED'S ESTIMATED PRO FORMA EARNINGS COMPOSITION IS BOTH BALANCED AND
DIVERSIFIED:
Consumer Lending 10%
Mortgage Banking 13%
Consumer Financial Services 52%
Commercial Banking 25%
DIME. HUDSON UNITED BANK HUB
22
A REGIONAL BANK WITH UNIQUE CHARACTERISTICS
================================================================================
A REGIONAL BANK WITH A SUPER-REGIONAL PRODUCT SET:
- Consumer Loan Products
- Home Equity DIME. HUB
- Auto DIME.
- Credit Card HUB
- Non-Banking Services
- Investment Products DIME. HUB
- Insurance DIME.
- Venture Capital DIME.
- Trust Services HUB
- Private Label Credit Card HUB
- Consumer Banking
- PC Banking DIME. HUB
- Deposit Services DIME. HUB
- Advest Joint Venture HUB
- ATM Network DIME. HUB
- 24/7 Telebank DIME. HUB
- Business Banking Products
- Small Business Lending DIME. HUB
- Business Checking DIME. HUB
- PC Business Banking HUB
- Community Banking HUB
- Pension/401(k) Services HUB
- Commercial Banking
- Commercial Lending DIME. HUB
- Commercial RE Lending DIME. HUB
- Cash Management DIME. HUB
- Asset-Based Lending
- Middle Market Leasing DIME. HUB
- Mortgage Banking
- Originations DIME.
- Servicing DIME.
DIME. HUDSON UNITED BANK HUB
23
================================================================================
A UNIQUE INVESTMENT OPPORTUNITY
================================================================================
24
A UNIQUE INVESTMENT OPPORTUNITY
================================================================================
TRANSACTION SIGNIFICANTLY ACCRETIVE FOR DIME UNITED:
- - Conservative cost savings projections and no revenue enhancements
(DOLLARS IN MILLIONS)
2000 2001
Dime Stand Alone Net Income(1) $269 $299
Hudson United Stand Alone Net Income(1) 147 164
Cost Savings (After-tax) 24 50
Other (After-tax)(2) 4 8
---- ----
Pro Forma Net Income $444 $521
Dime United Pro Forma EPS $3.89 $4.56
Hudson United Stand Alone EPS 2.83 3.16
Accretion 37.4% 44.5%
(1) Based on IBES EPS estimates.
(2) Includes tax savings and reinvestment of synergies net of interest costs.
DIME. HUDSON UNITED BANK HUB
25
A UNIQUE INVESTMENT OPPORTUNITY
================================================================================
Pro forma's based on already identified cost savings opportunities:
- - Represents 8.6% of combined expense bases and 13.7%, excluding mortgage
operations
- - Assumed 75% phase-in within first 12 months of closing
- - $136 million pre-tax merger charge - $94 million after-tax
SOURCES OF COST SAVINGS - PRE-TAX
(DOLLARS IN MILLIONS)
---------------------------------------------------------------------------
2000 2001
---------------------------------------------------------------------------
Staff-related $20 $42
Systems 3 7
Facilities/Branches 3 7
Other 11 22
--- ---
Total $37 $78
---------------------------------------------------------------------------
DIME. HUDSON UNITED BANK HUB
26
A UNIQUE INVESTMENT OPPORTUNITY
================================================================================
REVENUE ENHANCEMENTS NOT INCLUDED IN PROJECTIONS PROVIDE FOR SIGNIFICANT
ADDITIONAL UPSIDE POTENTIAL:
- - Initiatives to widen net interest margin
- - Cross-sell of Hudson United's commercial and business product sets in
Dime's footprint
- - Cross-sell of Dime's existing consumer products (investment services,
insurance and consumer loan products) throughout Hudson United's 206 branch
network
DIME. HUDSON UNITED BANK HUB
27
A UNIQUE INVESTMENT OPPORTUNITY
================================================================================
NET INTEREST MARGIN INITIATIVES TO INCLUDE:
INITIATIVE COMMENT
- -------------------------------- ------------------------------------
- - Migration of loan portfolio to - Hudson United's loan yields 127
higher yielding products bps higher than Dime's
- - Continue to improve deposit - Dime/Hudson United have grown
mix/costs demand deposits by approx. 15%
since 1997
- - Improve asset mix - Decrease securities portfolio as a
percent of earning assets
- --------------------------------------------------------------------------------
IMPROVE DIME UNITED'S NET INTEREST MARGIN TO 4.00%+
- --------------------------------------------------------------------------------
DIME. HUDSON UNITED BANK HUB
28
A UNIQUE INVESTMENT OPPORTUNITY
================================================================================
- - Largest independent regional bank in the Mid-Atlantic market
- - Concentrated market shares in the U.S.' most affluent markets
- - Profitability in line with that of its Regional Peer Group
- - Transition to commercial banking profile largely complete
CREATING SIGNIFICANT FRANCHISE & SHAREHOLDER VALUE
DIME. HUDSON UNITED BANK HUB
29
A UNIQUE INVESTMENT OPPORTUNITY
================================================================================
COMBINATION OFFERS SIGNIFICANT UPSIDE POTENTIAL:
- - Present value of projected cost savings equal to between $400 to $500
million
- - Value to be shared in by both shareholder bases before taking into account
multiple expansion
- --------------------------------------------------------------------------------
PRO FORMA(1) IMPLIED
DIME UNITED PEER GROUP(2) UPSIDE
- --------------------------------------------------------------------------------
Pro Forma Market Cap. $3.6 Billion -- --
Implied Multiple to:
1999E EPS 8.5x 13.0x 54%
2000E EPS 7.7 11.8 53
Book Value 1.69 2.39 41
Tangible Book Value 2.39 3.16 32
- --------------------------------------------------------------------------------
(1) Includes full phase-in of synergies.
(2) Includes Associated, M&T, North Fork and Summit pro forma for all announced
acquisitions.
DIME. HUDSON UNITED BANK HUB
30
CONCLUSION
================================================================================
- - Creates the Mid-Atlantic's premier independent regional banking franchise
- - Significantly accretive based on conservative assumptions
- - Experienced commercial bank management team
- - Low risk/high potential transaction
- --------------------------------------------------------------------------------
A UNIQUE INVESTMENT OPPORTUNITY
- --------------------------------------------------------------------------------
DIME. HUDSON UNITED BANK HUB
31
================================================================================
APPENDIX
================================================================================
32
COMBINED BALANCE SHEET
(AS OF JUNE 30, 1999; IN MILLIONS)
DIME HUDSON UNITED COMBINED
ASSETS
Cash and Short-Term Investments $ 6,385 $ 4,044 $10,429
Net Loans 13,929 5,192 19,121
Goodwill 531 110 641
Other Assets 1,924 350 2,274
------- ------- -------
Total Assets $22,769 $ 9,695 $32,465
LIABILITIES AND EQUITY
Deposits $14,725 $ 6,971 $21,696
Borrowings 5,398 1,896 7,294
Other Liabilities 1,000 156 1,156
------- ------- -------
Total Liabilities $21,123 $ 9,023 $30,146
Capital Securities 152 125 277
Common Equity 1,493 547 2,040
------- ------- -------
Total Liabilities and Equity $22,769 $ 9,695 $32,465
Note: Includes all pending acquisitions.
DIME. HUDSON UNITED BANK HUB
33
COMBINED INCOME STATEMENT
(FOR THE QUARTER ENDED JUNE 30, 1999 ANNUALIZED; IN MILLIONS)
DIME HUDSON UNITED COMBINED
---- ------------- --------
Interest Income $1,340 $ 642 $1,982
Interest Expense 780 294 1,074
------ ------ ------
Net Interest Income $ 560 $ 348 $ 908
Provision for Loan Losses 30 18 48
Non-Interest Income 610 88 698
Non-Interest Expense 754 242 996
------ ------ ------
Pretax Income $ 386 $ 175 $ 561
Net Income $ 243 $ 116 $ 359
------ ------ ------
(1) Includes pending pooling-of-interests transactions.
DIME. HUDSON UNITED BANK HUB
34
DIME FINANCIAL TRENDS
SELECTED FINANCIAL DATA
(IN MILLIONS)
1996 1997 1998 2Q 1999
---------- ---------- ---------- ----------
PERFORMANCE DATA
ROAA 0.52% 0.78% 1.02% 1.15%
ROAE 10.4 14.3 16.3 16.7
Net Interest Margin 2.40 2.51 2.68 2.94
Fee Income/Total Revenues 17.6 21.6 34.7 40.4
Efficiency 51.8 52.0 54.6 51.2
BALANCE SHEET DATA(1)
Total Loans $ 10,738 $ 12,985 $ 12,748 $ 14,063
Total Deposits 12,857 13,847 13,651 14,725
Total Assets 18,870 21,848 22,321 22,769
Total Equity(2) 1,022 1,511 1,548 1,646
Loans/Deposits 83.5% 93.8% 93.4% 95.5%
Equity/Assets 5.42 6.92 6.93 7.23
CREDIT QUALITY
Reserves/Total Loans(1) 0.99% 0.81% 0.82% 0.86%
Net Charge-off Ratio 0.61 0.55 0.24 0.11
(1) Includes pending acquisitions.
(2) Includes capital securities.
DIME. HUDSON UNITED BANK HUB
35
HUDSON UNITED FINANCIAL TRENDS
SELECTED FINANCIAL DATA
(IN MILLIONS)
1996 1997 1998 2Q 1999
--------- --------- --------- ---------
PERFORMANCE DATA(1)
ROAA 1.50% 1.67% 1.46% 1.45%
ROAE 20.0 24.4 21.9 23.3
Net Interest Margin 5.05 5.20 4.10 4.15
Fee Income/Total Revenues 17.0 17.5 18.2 20.1
Efficiency 54.0 50.4 49.6 46.8
BALANCE SHEET DATA(2)
Total Loans $ 4,854 $ 4,907 $ 4,871 $ 5,269
Total Deposits 6,690 6,777 6,773 6,971
Total Assets 8,258 8,650 8,898 9,695
Total Equity(3) 672 744 746 672
Loans/Deposits 72.6% 72.4% 71.9% 75.6%
Equity/Assets 8.14 8.60 8.38 6.93
CREDIT QUALITY
Reserves/Total Loans 1.70% 1.73% 1.56% 1.52%
Net Charge-off Ratio 0.70 0.50 0.95 0.55
(1) Not restated for pooling-of-interests transactions.
(2) Restated for pooling-of-interests transactions.
(3) Includes capital securities.
DIME. HUDSON UNITED BANK HUB
36
DIME GOODWILL LAWSUIT
DIME UNITED MAINTAINS THE GOODWILL LAWSUIT CLAIM AGAINST THE U.S. GOVERNMENT:
- - Dime's case expected to go to trial by year end 2000
- - Write-off of approximately $560MM of supervisory goodwill and capital
credit:(1)
- Represents approx. 115% of goodwill written-off by Glendale
- Glendale awarded approx. $900MM in damages
(1) $717 million of regulatory capital.
DIME. HUDSON UNITED BANK HUB