<PAGE> 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): October 20, 1999
Dime Bancorp, Inc.
(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
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 326-6170
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
Item 5. Other Events.
On October 20, 1999, Dime Bancorp, Inc. issued the following
earnings release:
Contact: Dime
Franklin L. Wright
(212) 326-6170
October 20, 1999
99/15
FOR IMMEDIATE RELEASE
DIME BANCORP REPORTS RECORD QUARTERLY EARNINGS
PACED BY 17% INCREASE IN NET INTEREST INCOME
New York, NY -- October 20, 1999 -- Dime Bancorp, Inc. (NYSE:DME),
parent company of The Dime Savings Bank of New York, FSB, today reported record
quarterly net income of $61.8 million, or $0.55 per diluted share, for the third
quarter of 1999, up from $59.9 million, or $0.52 per diluted share, for the
third quarter of 1998. Net income for the nine months ended September 30, 1999
was $177.5 million, or $1.57 per diluted share, compared with $175.4 million, or
$1.51 per diluted share, for the first nine months of 1998.
Lawrence J. Toal, Dime's Chairman and Chief Executive Officer, said,
"Higher earnings from Dime's retail and commercial banking businesses enabled
Dime to again report record results. In particular, we were pleased that the net
interest margin expanded to 3.07%-- up 33 basis points since the third quarter
of last year and 13 basis points from the 1999 second quarter. The improving net
interest margin contributed to a 17% increase in net interest income, which rose
to $149.2 million from $127.3 million in the 1998 third quarter."
"Contributing to our strong performance were the effects of our
acquisitions of Lakeview Financial Corp. in the 1999 second quarter and
Citibank's auto finance business in early August. This combination of internal
growth and revenues from acquisitions enabled Dime to report higher earnings,
despite declining revenues from our mortgage banking operations as the higher
interest rate environment slowed residential loan originations. The quarter was
also marked by the announcement of our 'merger of equals' with Hudson United
Bancorp," said Mr. Toal.
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<PAGE> 3
OPERATING AND CASH OPERATING EARNINGS
Operating earnings (reported earnings adjusted for the effects of
certain non-recurring or unusual items) in the 1999 third quarter were $61.8
million, up 11% from $55.9 million in the 1998 third quarter and 2% from $60.8
million in the 1999 second quarter. There were no adjustments to reported
earnings in either the 1999 third quarter or the 1999 second quarter. The
calculation of operating earnings for the 1998 third quarter reflected a number
of adjustments to reported earnings, including a gain on the sale of a branch, a
loss from a sale of mortgage servicing rights, and an extraordinary loss on the
early extinguishment of debt, as well as a higher effective tax rate.
Cash operating earnings were $65.7 million, or $0.58 per diluted share,
for the 1999 third quarter, compared with $58.6 million, or $0.51 per diluted
share, in the 1998 third quarter and $64.2 million, or $0.57 per diluted share,
in the 1999 second quarter. Cash operating earnings exclude the after-tax effect
of goodwill amortization expense.
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income rose 17% to $149.2 million in the 1999 third
quarter from $127.3 million in the 1998 third quarter and up 7% from $139.9
million in the 1999 second quarter. The increase in net interest income in the
1999 third quarter, as compared with the prior periods, largely reflected an
improvement in the net interest margin. The net interest margin in the 1999
third quarter was 3.07%, up 33 basis points from the third quarter of 1998 and
13 basis points from the 1999 second quarter. The wider margin in the 1999 third
quarter, as compared with the prior periods, reflected the combination of the
benefits of a steeper yield curve, an increase in the amount of higher-yielding
loans, including those acquired in the auto finance business purchase as well as
those associated with the continued growth of Dime's consumer, commercial real
estate and business lending activities, and lower deposit costs. The cost of
deposits was 3.51%, 3.96% and 3.52% for the third quarters of 1999 and 1998 and
the second quarter of 1999, respectively.
NON-INTEREST INCOME
Non-interest income in the 1999 third quarter totaled $133.9 million,
down from $145.9 million in the 1998 third quarter and $152.5 million in the
1999 second quarter, primarily due to a lower level of mortgage banking
activity. The 1998 third quarter included a $9.5 million gain on the sale of a
branch and a $4.2 million loss on a bulk sale of mortgage servicing rights as
part of Dime's risk management strategies.
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<PAGE> 4
- Loan servicing and production fees in the 1999 third quarter
were $67.4 million, up from $53.8 million in the 1998 third
quarter as higher levels of loan servicing fee income more
than offset lower production fee income, but down from $69.7
million in the 1999 second quarter due to lower residential
loan production and the effects of a second quarter bulk sale
of mortgage servicing rights.
- Banking service fees were $13.1 million in the 1999 third
quarter, up 18% from $11.1 million in the 1998 third quarter
and 4% from $12.6 million in the 1999 second quarter, with the
improvements reflecting, in part, additional fee income
associated with the Lakeview acquisition.
- Securities and insurance brokerage fees were $8.9 million in
the 1999 third quarter, as compared with $8.7 million in the
1998 third quarter and $10.1 million in the 1999 second
quarter.
- Net gains on sales activities for the 1999 third quarter were
$42.1 million, down from $71.5 million in the 1998 third
quarter and $57.7 million in the 1999 second quarter, largely
due to reduced residential loan production.
LOAN PRODUCTION AND LOANS RECEIVABLE
Total loan production in the 1999 third quarter was $6.1 billion,
compared with $7.5 billion in the year-earlier period and $7.3 billion in the
1999 second quarter, with the declines primarily due to a slowing of residential
loan originations as higher interest rates reduced the level of refinance
activity. Specifically:
- Residential loan production was $5.0 billion in the 1999 third
quarter, compared with $7.1 billion in the 1998 third quarter
and $6.5 billion in the 1999 second quarter. At September 30,
1999, loans held for sale totaled $1.7 billion, down from $2.5
billion at June 30, 1999. At September 30, 1999, the pipeline
of residential loan applications was approximately $5.5
billion, compared with approximately $6.7 billion at June 30,
1999.
- Commercial real estate (including multifamily) loan
originations totaled $342 million in the 1999 third quarter,
compared with $205 million in the 1998 third quarter and $375
million in the 1999 second quarter.
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<PAGE> 5
- Consumer loan originations in the 1999 third quarter were $407
million, compared with $189 million in the 1998 third quarter
and $290 million in the 1999 second quarter. Included in the
1999 third quarter production was approximately $88 million of
consumer loans produced by the auto finance business acquired
in August. Approximately two-thirds of the home equity loans
closed in the 1999 third quarter were produced by Dime's
national distribution network.
- Business loan originations in the 1999 third quarter totaled
$386 million, compared with $79 million in the 1998 third
quarter and $90 million in the 1999 second quarter.
At September 30, 1999, loans receivable totaled $14.3 billion, compared
with $12.7 billion at the end of the 1999 second quarter, with the increase
reflecting loans acquired in connection with the auto finance business purchase
as well as growth in the commercial real estate, consumer and business loan
portfolios. At September 30, 1999, commercial real estate, consumer, and
business loans were 42% of loans receivable, compared with 36% at the end of the
1999 second quarter and 30% at year-end 1998.
RESIDENTIAL LOAN SERVICING
At September 30, 1999, Dime serviced $36.4 billion of residential loans
for others, up from $32.5 billion at June 30, 1999 and $27.0 billion at year-end
1998. The weighted average coupon rate of loans serviced for others was 7.20% at
September 30, 1999, compared with 7.17% at June 30, 1999, with the increase
reflecting the generally higher interest rates on loans originated in recent
quarters. The book value of mortgage servicing assets at September 30, 1999 was
$938 million, including $64 million associated with hedges, while the estimated
fair value was $986 million.
NON-INTEREST EXPENSE
Non-interest expense for the 1999 third quarter was $178.3 million,
compared with $171.2 million in the 1998 third quarter and $188.4 million in the
1999 second quarter. The decline in the 1999 third quarter, as compared with the
1999 second quarter, largely resulted from a $7.3 million reduction in the
amortization of mortgage servicing assets, which primarily reflected a slowing
of mortgage prepayments.
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<PAGE> 6
General and administrative expense in the third quarter of 1999 was
$146.1 million, compared with $140.7 million in the 1998 third quarter and
$149.7 million in the 1999 second quarter. As compared with the 1999 second
quarter, the third quarter of 1999 included approximately $4 million of
additional expenses related to the Lakeview and auto finance operations as well
as severance and other expenses related to the continued downsizing of the
mortgage banking operation in light of current market conditions.
The efficiency ratio in the 1999 third quarter was 51.6%, improved
slightly from 52.3% in the year-earlier period and virtually unchanged from
51.2% in the 1999 second quarter.
ASSET QUALITY
The allowance for loan losses was $137.1 million, or 194% of
non-accrual loans, at September 30, 1999, up from $121.4 million and 179%,
respectively, at June 30, 1999. The ratio of the allowance for loan losses to
loans receivable was 0.96% at September 30, 1999, compared with 0.95% at June
30, 1999.
Non-performing assets (non-accrual loans and other real estate owned)
were $91 million at September 30, 1999, as compared with $88 million at June 30,
1999, with the increase due in large part to assets acquired in the Lakeview and
auto finance business acquisitions. The ratio of non-performing assets to total
assets was 0.40% at September 30, 1999, compared with 0.41% at June 30, 1999.
Net charge-offs in the 1999 third quarter were $3.6 million, compared
with $6.0 million in the 1998 third quarter and $3.5 million in the 1999 second
quarter. The provision for loan losses in the 1999 third quarter was $7.0
million, compared with $8.0 million in the 1998 third quarter and $7.5 million
in the 1999 second quarter.
OTHER MATTERS
Completed and Announced Transactions -- Effective August 1, 1999, Dime
completed its purchase of Citibank's Long Island-based auto finance business,
including its approximately $950 million portfolio of consumer and business
loans. On October 18, 1999, Dime completed its purchase of all of KeyBank's 28
banking branches on Long Island, including approximately $1.3 billion of
deposits and $500 million of business and consumer loans. On September 15, 1999,
Dime announced a merger of equals with Hudson United Bancorp (NYSE:HU). The
combined company will be called Dime United Bancorp, Inc., which will be a bank
holding company for DimeBank, a New Jersey state-chartered commercial bank. The
merger, which is subject to regulatory and shareholder approvals, is planned to
be completed in the first quarter of 2000.
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<PAGE> 7
Stock Repurchases -- During the 1999 third quarter, Dime repurchased
approximately 2.9 million shares of its common stock pursuant to a program
announced in September 1998 authorizing the repurchase of up to 5.6 million
shares. Including the 1999 third quarter repurchases, Dime has repurchased
approximately 4.2 million shares pursuant to that program.
At September 30, 1999, Dime had assets of $22.6 billion and deposits of
$13.3 billion. Its principal subsidiary, The Dime Savings Bank of New York, FSB
(www.dime.com), is a regional bank currently serving consumers and businesses
through 127 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.
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
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 and "cash
operating earnings" basis information, when taken in conjunction with reported
results, provide useful information in evaluating performance on a comparable
basis, although neither operating earnings nor cash operating earnings is
currently a required basis for reporting financial results under generally
accepted accounting principles.
# # #
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<PAGE> 8
DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1999 1998
------------ ------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 307,639 $ 279,490
Money market investments 56,414 78,287
Securities available for sale 3,836,767 3,329,444
Federal Home Loan Bank of New York stock 328,732 324,106
Loans held for sale 1,716,180 3,884,886
Loans receivable, net:
Residential real estate loans 8,291,295 8,919,817
Commercial real estate loans 3,198,348 2,567,750
Consumer loans 2,247,218 973,230
Business loans 519,973 287,271
Allowance for loan losses (137,077) (105,081)
------------ ------------
Total loans receivable, net 14,119,757 12,642,987
------------ ------------
Accrued interest receivable 102,603 97,124
Premises and equipment, net 190,089 170,879
Mortgage servicing assets 938,243 692,473
Other assets 1,004,727 821,174
------------ ------------
Total assets $ 22,601,151 $ 22,320,850
============ ============
LIABILITIES
Deposits $ 13,293,748 $ 13,651,460
Federal funds purchased and securities sold under
agreements to repurchase 3,141,236 2,245,218
Other short-term borrowings 2,951,441 3,756,733
Long-term debt 1,213,154 608,892
Guaranteed preferred beneficial interests in Dime Bancorp, Inc.'s
junior subordinated deferrable interest debentures 152,213 162,005
Other liabilities 374,850 510,877
------------ ------------
Total liabilities 21,126,642 20,935,185
------------ ------------
STOCKHOLDERS' EQUITY
Common stock 1,203 1,203
Additional paid-in capital 1,166,087 1,165,251
Retained earnings 615,619 463,907
Treasury stock, at cost (232,374) (233,965)
Accumulated other comprehensive loss (70,716) (3,285)
Unearned compensation (5,310) (7,446)
------------ ------------
Total stockholders' equity 1,474,509 1,385,665
------------ ------------
Total liabilities and stockholders' equity $ 22,601,151 $ 22,320,850
============ ============
</TABLE>
<PAGE> 9
DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
--------------------------------------------------------------------
SEPT. 30, JUNE 30, MARCH 31, DEC. 31, SEPT. 30,
1999 1999 1999 1998 1998
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INTEREST INCOME
Residential real estate loans $ 178,268 $ 187,254 $ 202,816 $ 213,084 $ 215,066
Commercial real estate loans 61,507 53,921 49,754 50,677 50,459
Consumer loans 39,370 22,042 19,654 18,951 18,549
Business loans 9,028 6,290 5,764 4,805 3,764
Mortgage-backed securities 57,427 52,545 48,898 46,339 44,645
Other securities 12,658 12,696 12,221 12,725 10,524
Money market investments 496 270 506 405 982
----------- ----------- ----------- ----------- -----------
Total interest income 358,754 335,018 339,613 346,986 343,989
----------- ----------- ----------- ----------- -----------
INTEREST EXPENSE
Deposits 117,758 116,511 119,842 129,617 138,145
Borrowed funds 91,753 78,617 84,273 84,205 78,523
----------- ----------- ----------- ----------- -----------
Total interest expense 209,511 195,128 204,115 213,822 216,668
----------- ----------- ----------- ----------- -----------
Net interest income 149,243 139,890 135,498 133,164 127,321
Provision for loan losses 7,000 7,500 8,000 8,000 8,000
----------- ----------- ----------- ----------- -----------
Net interest income after provision
for loan losses 142,243 132,390 127,498 125,164 119,321
----------- ----------- ----------- ----------- -----------
NON-INTEREST INCOME
Loan servicing and production fees 67,402 69,716 61,928 60,604 53,819
Banking service fees 13,060 12,587 11,267 11,172 11,088
Securities and insurance brokerage fees 8,925 10,052 8,604 7,565 8,704
Net gains on sales activities 42,114 57,696 64,307 63,941 71,519
Other 2,391 2,452 3,124 1,343 751
----------- ----------- ----------- ----------- -----------
Total non-interest income 133,892 152,503 149,230 144,625 145,881
----------- ----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 77,521 75,201 76,473 69,444 66,162
Occupancy and equipment 25,897 25,901 24,786 24,935 23,186
Other 42,698 48,559 48,337 50,945 51,341
----------- ----------- ----------- ----------- -----------
Total general and administrative expense 146,116 149,661 149,596 145,324 140,689
Amortization of mortgage servicing assets 27,940 35,200 30,657 30,826 27,633
Amortization of goodwill 4,230 3,497 2,876 2,933 2,839
----------- ----------- ----------- ----------- -----------
Total non-interest expense 178,286 188,358 183,129 179,083 171,161
----------- ----------- ----------- ----------- -----------
Income before income tax expense and
extraordinary items 97,849 96,535 93,599 90,706 94,041
Income tax expense 36,025 35,718 34,631 29,027 30,092
----------- ----------- ----------- ----------- -----------
Income before extraordinary items 61,824 60,817 58,968 61,679 63,949
Extraordinary items - losses on early
extinguishment of debt, net of tax benefits -- -- (4,127) -- (4,057)
----------- ----------- ----------- ----------- -----------
Net income $ 61,824 $ 60,817 $ 54,841 $ 61,679 $ 59,892
=========== =========== =========== =========== ===========
PER COMMON SHARE
Basic earnings:
Income before extraordinary items $ 0.55 $ 0.54 $ 0.53 $ 0.55 $ 0.57
Extraordinary items -- -- (0.04) -- (0.04)
----------- ----------- ----------- ----------- -----------
Net income $ 0.55 $ 0.54 $ 0.49 $ 0.55 $ 0.53
=========== =========== =========== =========== ===========
Diluted earnings:
Income before extraordinary items $ 0.55 $ 0.54 $ 0.52 $ 0.55 $ 0.56
Extraordinary items -- -- (0.03) -- (0.04)
----------- ----------- ----------- ----------- -----------
Net income $ 0.55 $ 0.54 $ 0.49 $ 0.55 $ 0.52
=========== =========== =========== =========== ===========
Dividends declared $ 0.06 $ 0.06 $ 0.05 $ 0.05 $ 0.05
AVERAGE COMMON SHARES OUTSTANDING
Basic 112,046 111,958 110,976 111,386 113,253
Diluted 113,127 113,239 112,439 112,857 114,803
</TABLE>
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED
SEPTEMBER 30,
--------------------------
1999 1998
----------- -----------
<S> <C> <C>
INTEREST INCOME
Residential real estate loans $ 568,338 $ 661,318
Commercial real estate loans 165,182 149,338
Consumer loans 81,066 52,052
Business loans 21,082 9,139
Mortgage-backed securities 158,870 168,583
Other securities 37,575 28,072
Money market investments 1,272 5,397
----------- -----------
Total interest income 1,033,385 1,073,899
----------- -----------
INTEREST EXPENSE
Deposits 354,111 416,210
Borrowed funds 254,643 263,620
----------- -----------
Total interest expense 608,754 679,830
----------- -----------
Net interest income 424,631 394,069
Provision for loan losses 22,500 24,000
----------- -----------
Net interest income after provision
for loan losses 402,131 370,069
----------- -----------
NON-INTEREST INCOME
Loan servicing and production fees 199,046 138,900
Banking service fees 36,914 30,256
Securities and insurance brokerage fees 27,581 25,171
Net gains on sales activities 164,117 180,510
Other 7,967 5,568
----------- -----------
Total non-interest income 435,625 380,405
----------- -----------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 229,195 200,618
Occupancy and equipment 76,584 67,517
Other 139,594 148,404
----------- -----------
Total general and administrative expense 445,373 416,539
Amortization of mortgage servicing assets 93,797 61,465
Amortization of goodwill 10,603 8,554
----------- -----------
Total non-interest expense 549,773 486,558
----------- -----------
Income before income tax expense and
extraordinary items 287,983 263,916
Income tax expense 106,374 84,452
----------- -----------
Income before extraordinary items 181,609 179,464
Extraordinary items - losses on early
extinguishment of debt, net of tax benefits (4,127) (4,057)
----------- -----------
Net income $ 177,482 $ 175,407
=========== ===========
PER COMMON SHARE
Basic earnings:
Income before extraordinary items $ 1.63 $ 1.57
Extraordinary items (0.04) (0.03)
----------- -----------
Net income $ 1.59 $ 1.54
=========== ===========
Diluted earnings:
Income before extraordinary items $ 1.61 $ 1.54
Extraordinary items (0.04) (0.03)
----------- -----------
Net income $ 1.57 $ 1.51
=========== ===========
Dividends declared $ 0.17 $ 0.14
AVERAGE COMMON SHARES OUTSTANDING
Basic 111,664 114,140
Diluted 112,937 115,919
</TABLE>
<PAGE> 10
DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
<TABLE>
<CAPTION>
At or For the
At or For the Three Months Ended Nine Months Ended
-------------------------------------------------------- September 30,
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, --------------------
1999 1999 1999 1998 1998 1999 1998
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
AS REPORTED BASIS
Net income (in thousands) $ 61,824 $ 60,817 $ 54,841 $ 61,679 $ 59,892 $177,482 $175,407
Basic earnings per common share 0.55 0.54 0.49 0.55 0.53 1.59 1.54
Diluted earnings per common share 0.55 0.54 0.49 0.55 0.52 1.57 1.51
Return on average assets 1.13% 1.15% 1.01% 1.15% 1.16% 1.10% 1.09%
Return on average stockholders' equity 16.75 16.73 15.66 18.17 17.86 16.39 17.73
OPERATING EARNINGS BASIS (1)
Net income (in thousands) $ 61,824 $ 60,817 $ 58,968 $ 57,122 $ 55,891 $181,609 $159,935
Basic earnings per common share 0.55 0.54 0.53 0.51 0.49 1.63 1.40
Diluted earnings per common share 0.55 0.54 0.52 0.51 0.49 1.61 1.38
Return on average assets 1.13% 1.15% 1.09% 1.07% 1.08% 1.12% 1.00%
Return on average stockholders' equity 16.75 16.73 16.84 16.83 16.67 16.77 16.17
Net interest margin 3.07 2.94 2.75 2.78 2.74 2.92 2.68
Non-interest income to total revenues 47.29 52.16 52.41 52.06 52.47 50.64 48.45
Efficiency ratio 51.61 51.18 52.62 52.85 52.31 51.77 54.39
CASH OPERATING EARNINGS BASIS (2)
Net income (in thousands) $ 65,744 $ 64,190 $ 61,747 $ 59,968 $ 58,643 $191,681 $168,228
Basic earnings per common share 0.59 0.57 0.56 0.54 0.52 1.72 1.47
Diluted earnings per common share 0.58 0.57 0.55 0.53 0.51 1.70 1.45
PERIOD END BALANCE SHEET ITEMS
(in millions)
Total assets $ 22,601 $ 21,430 $ 21,550 $ 22,321 $ 21,243 $ 22,601 $ 21,243
Total interest-earning assets 20,386 19,281 19,593 20,365 19,554 20,386 19,554
Securities available for sale 3,837 3,498 3,308 3,329 2,975 3,837 2,975
Loans held for sale 1,716 2,513 3,083 3,885 3,612 1,716 3,612
Loans receivable 14,257 12,711 12,592 12,748 12,567 14,257 12,567
Total interest-bearing liabilities 20,752 19,536 19,703 20,424 19,405 20,752 19,405
Deposits 13,294 13,415 13,166 13,651 13,546 13,294 13,546
Borrowed funds 7,458 6,121 6,537 6,773 5,859 7,458 5,859
Stockholders' equity 1,475 1,493 1,417 1,386 1,340 1,475 1,340
AVERAGE BALANCES (in millions)
Total assets $ 21,814 $ 21,202 $ 21,619 $ 21,453 $ 20,733 $ 21,546 $ 21,361
Total interest-earning assets 19,733 19,127 19,596 19,544 18,933 19,486 19,710
Securities available for sale 3,613 3,303 3,300 3,087 2,794 3,407 3,431
Loans held for sale 1,993 2,672 3,129 3,588 2,803 2,594 2,666
Loans receivable 13,562 12,580 12,802 12,496 12,893 12,984 13,148
Total interest-bearing liabilities 19,944 19,340 19,814 19,685 19,010 19,700 19,712
Deposits 13,326 13,270 13,371 13,668 13,841 13,322 13,895
Borrowed funds 6,618 6,070 6,443 6,017 5,169 6,378 5,817
Stockholders' equity 1,477 1,454 1,401 1,358 1,341 1,444 1,319
</TABLE>
(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.
<PAGE> 11
DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(unaudited)
<TABLE>
<CAPTION>
At or For the
At or For the Three Months Ended Nine Months Ended
----------------------------------------------------------- September 30,
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, -----------------------
1999 1999 1999 1998 1998 1999 1998
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSET QUALITY (dollars in thousands)
Non-performing assets:
Non-accrual loans $ 70,815 $ 67,884 $ 60,604 $ 55,111 $ 98,273 $ 70,815 $ 98,273
Other real estate owned, net 19,997 20,591 23,902 28,232 33,101 19,997 33,101
--------- --------- --------- --------- --------- --------- ---------
Total non-performing assets $ 90,812 $ 88,475 $ 84,506 $ 83,343 $ 131,374 $ 90,812 $ 131,374
========= ========= ========= ========= ========= ========= =========
Non-performing assets to total assets 0.40% 0.41% 0.39% 0.37% 0.62% 0.40% 0.62%
Non-accrual loans to loans receivable 0.50 0.53 0.48 0.43 0.78 0.50 0.78
Allowance for loan losses $ 137,077 $ 121,381 $ 112,369 $ 105,081 $ 111,949 $ 137,077 $ 111,949
Allowance for loan losses to:
Loans receivable 0.96% 0.95% 0.89% 0.82% 0.89% 0.96% 0.89%
Non-accrual loans 193.57 178.81 185.42 190.67 113.92 193.57 113.92
CAPITAL RATIOS
Stockholders' equity to total assets 6.52% 6.97% 6.57% 6.21% 6.31% 6.52% 6.31%
The Dime Savings Bank of New York, FSB:
Tangible and core 6.85(3) 6.92 6.25 5.82 6.60 6.85(3) 6.60
Tier 1 risk-based 10.23(3) 11.07 10.18 9.58 10.97 10.23(3) 10.97
Total risk-based 11.15(3) 11.99 11.04 10.37 11.86 11.15(3) 11.86
OTHER PERIOD END DATA
Common shares outstanding (in thousands) 110,755 113,539 111,346 111,570 112,027 110,755 112,027
Book value per common share $ 13.31 $ 13.15 $ 12.72 $ 12.42 $ 11.96 $ 13.31 $ 11.96
Tangible book value per common share 10.39 10.48 10.65 10.35 9.88 10.39 9.88
Market value per common share 17.50 20.13 23.19 26.25 25.31 17.50 25.31
Loans serviced for others (in millions) (4) 36,477 32,522 32,451 27,010 25,350 36,477 25,350
</TABLE>
(3) Preliminary.
(4) Excludes loans being subserviced.
<PAGE> 12
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
------------------------
Anthony R. Burriesci
Chief Financial Officer
Date: October 20, 1999