UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to
Commission file number 0-27782
DIME COMMUNITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 11-3297463
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
209 HAVEMEYER STREET, BROOKLYN, NEW YORK 11211
(Address of principal executive offices) (Zip Code)
(718) 782-6200
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all the reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
(1) YES X NO ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
CLASSES OF COMMON STOCK NUMBER OF SHARES OUTSTANDING, JANUARY 31, 2000
$.01 Par Value 12,454,088
-2-
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE DATA)
FOR THE THREE MONTHS FOR THE SIX MONTHS
ENDED DECEMBER 31, ENDED DECEMBER 31,
1999 1998 1999 1998
-------- -------- -------- ----------
INTEREST INCOME:
Loans secured by real estate $29,093 $20,886 $56,096 $40,815
OTHER LOANS 161 126 310 253
INVESTMENT SECURITIES 2,559 2,458 5,144 4,857
MORTGAGE-BACKED SECURITIES 7,610 7,208 15,709 14,060
FEDERAL FUNDS SOLD 1,783 397 2,002 673
-------- -------- -------- --------
TOTAL INTEREST INCOME 41,206 31,075 79,261 60,658
-------- -------- -------- --------
INTEREST EXPENSE:
Deposits and escrow 11,130 10,462 22,354 21,342
Borrowed funds 14,039 8,127 24,864 14,230
-------- -------- -------- --------
TOTAL INTEREST EXPENSE 25,169 18,589 47,218 35,572
NET INTEREST INCOME 16,037 12,486 32,043 25,086
PROVISION FOR LOAN LOSSES 60 60 120 120
-------- -------- -------- --------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 15,977 12,426 31,923 24,966
-------- -------- -------- --------
NON-INTEREST INCOME:
Service charges and other fees 1,163 618 2,139 1,161
Net gain (loss) on sales and redemptions of
securities and other assets (145) 510 (14) 754
Net gain (loss) on sales of loans - 9 (8) 27
Other 1,171 1,270 2,729 1,719
-------- -------- -------- --------
TOTAL NON-INTEREST INCOME 2,189 2,407 4,846 3,661
-------- -------- -------- --------
NON-INTEREST EXPENSE:
Salaries and employee benefits 3,532 3,002 6,956 5,798
ESOP and RRP compensation expense 1,059 1,159 2,189 2,290
Occupancy and equipment 945 662 1,883 1,222
Federal deposit insurance premiums 118 85 233 174
Data processing costs 408 310 840 621
Provision (credit) for losses on Other real estate - - - (2)
owned
Goodwill amortization 1,154 602 2,308 1,203
Other 1,793 1,254 3,486 2,460
-------- -------- -------- --------
TOTAL NON-INTEREST EXPENSE 9,009 7,074 17,895 13,766
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES 9,157 7,759 18,874 14,861
INCOME TAX EXPENSE 3,741 3,074 7,898 6,193
-------- -------- -------- --------
NET INCOME $5,416 $4,685 $10,976 $8,668
======== ======== ======== ========
EARNINGS PER SHARE:
BASIC $0.47 $0.46 $0.95 $0.83
======== ======== ======== ========
DILUTED $0.45 $0.42 $0.90 $0.77
======== ======== ======== ========
STATEMENT OF COMPREHENSIVE INCOME:
Net Income $5,416 $4,685 $10,976 $8,668
Other Comprehensive income (loss), net of tax
Net unrealized holding gains (losses)
arising during the year 738 (220) 674 (295)
Reclassification adjustment for (gains)
losses arising during the year (3,009) (2,147) (3,095) (955)
-------- -------- -------- --------
Comprehensive income $3,145 $2,318 $8,555 $7,418
======== ======== ======== ========
See notes to consolidated financial statements
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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 Community Bancshares, Inc.
Dated: June 26, 2000 By: /S/ VINCENT F. PALAGIANO
----------------------------------------------
Vincent F. Palagiano
Chairman of the Board and Chief Executive
Officer
Dated: June 26, 2000 By: /S/ KENNETH J. MAHON
----------------------------------------------
Kenneth J. Mahon
Executive Vice President and Chief
Financial Officer