DIME BANCORP INC
8-K, 1999-01-21
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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                       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): January 21, 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>


Item 5.  Other Events.
         ============

         On January 21, 1999, Dime Bancorp, Inc. issued the following earnings
release:

                                             Dime
                                             Franklin L. Wright
                                             (212) 326-6170


January 21, 1999
99/1

FOR IMMEDIATE RELEASE
=====================


     DIME BANCORP, INC. CAPS RECORD YEAR WITH STRONG FOURTH QUARTER EARNINGS

         New York, NY -- January 21, 1999 -- Dime Bancorp, Inc. (NYSE:DME),  the
parent  company of The Dime Savings Bank of New York,  FSB,  today  reported net
income of $61.7  million,  or $0.55 per  diluted  common  share,  for the fourth
quarter of 1998, compared with $21.5 million, or $0.18 per diluted common share,
for the fourth quarter of 1997. For the full year 1998, Dime reported net income
of $237.1  million,  or $2.06 per diluted  common  share,  compared  with $121.7
million, or $1.12 per diluted common share, for the year 1997.

         Lawrence J. Toal,  Dime's Chairman and Chief Executive  Officer,  said,
"Dime's record earnings, both for the year and the fourth quarter, substantiated
the viability of our business model in a difficult  environment and demonstrated
the continuing  momentum of our business  operations.  During 1998,  despite the
flat yield curve, our net interest margin improved each quarter,  reflecting our
improved loan  portfolio  mix,  growth in core  deposits,  and lower deposit and
borrowing  costs.  We also had record loan production in each of our businesses,
totaling almost $33 billion,  highlighted by our mortgage  banking unit's record
performance.  In addition,  we enhanced our interest  rate risk profile  through
strategic sales of mortgage servicing and significantly  strengthened our credit
risk profile through a sale in the fourth quarter of non-performing loans.


                                       -2-


<PAGE>


         "In 1998,  we also took steps to build  shareholder  value by investing
for the future.  These actions  included  leveraging  the  nationwide,  260-plus
office  network of our mortgage  banking  subsidiary,  North  American  Mortgage
Company, as a distribution  channel for our consumer lending and commercial real
estate  lending  activities,  expanding our business  banking unit's leasing and
asset-based lending functions,  introducing enhanced technology to improve sales
and service in our branches,  and strengthening our management team in the areas
of technology and marketing.  We are also increasing our New Jersey distribution
capability with the announced  acquisition of Lakeview Savings Bank, which will,
when it closes later this year, add 11 branches and  approximately  $450 million
of deposits.  Finally,  mortgage banking pursued a strategic focus of increasing
our share of the purchase  money mortgage  market  accompanied by an emphasis on
linking expense levels to loan production."

OPERATING EARNINGS

         Fourth quarter 1998 after-tax  operating  earnings  (reported  earnings
adjusted for the effects of unusual or non-recurring  items) were $57.1 million,
or $0.51 per diluted  common  share,  up 20% and 24%,  respectively,  from $47.8
million,  or $0.41 per diluted  common  share,  in the 1997 fourth  quarter.  In
calculating  operating earnings for the 1998 fourth quarter, the only adjustment
was to apply a 37% tax rate to pre-tax  earnings versus 32% on a reported basis.
The lower  effective tax rate is due to an ongoing  restructuring  of the assets
within the legal entities that comprise Dime's affiliated group.

         For the year ended  December 31, 1998,  operating  earnings were $217.1
million, or $1.89 per diluted common share, up 38% and 30%,  respectively,  over
$157.1 million,  or $1.45 per diluted common share, in 1997.  Operating earnings
for 1998 did not reflect $20.0 million of after-tax income associated with sales
of mortgage  servicing,  sales of relatively  lower-yielding  assets,  the early
extinguishment  of debt,  the sale of  Dime's  sole  remaining  Florida  banking
branch,  and a  similar  adjustment  to the tax  rate to apply a 37% tax rate to
pre-tax earnings versus 32% on a reported basis.

         Fourth quarter 1997 and the full year 1997 reported  after-tax  results
included the effect of unusual or non-recurring net charges of $26.3 million and
$35.4  million,  respectively.  These  included,  in the  1997  fourth  quarter,
restructuring  charges from the acquisition of North American  Mortgage Company,
gains associated with sales of mortgage servicing, and losses from the


                                       -3-


<PAGE>

designation for sale of certain mortgage-backed securities and the repurchase of
debt,  as well as, for the full year,  a charge  associated  with a bulk sale of
non-performing assets.

         On an operating  basis, the return on average equity was 16.83% and the
return on average  assets  was 1.07% in the 1998  fourth  quarter.  For the year
ended  December 31, 1998, the return on average equity was 16.34% and the return
on average assets was 1.02% on an operating  earnings  basis, up from 14.25% and
0.78%, respectively, for the prior year.

NET INTEREST INCOME AND NET INTEREST MARGIN

         For the year 1998,  net interest  income  totaled  $527.2  million,  an
increase  of  $44.2  million,  or 9%,  from  1997.  This  improvement  primarily
reflected a higher net interest margin, which increased 17 basis points to 2.68%
for the year 1998. The increase in the net interest margin resulted  principally
from a 22 basis point decline in the cost of funds and a 4 basis point  increase
in the yield on interest-earning assets.

         Net interest income was $133.2 million in the 1998 fourth  quarter,  up
5.2%  compared  with the 1997 fourth  quarter and up 4.6% compared with the 1998
third quarter. The increases in net interest income primarily reflected a higher
net interest margin of 2.78% in the 1998 fourth quarter,  compared with 2.56% in
the 1997 fourth quarter and 2.74% in the 1998 third quarter,  and, compared with
the 1998 third quarter, growth in average interest-earning assets.  Contributing
to the higher 1998 fourth  quarter net interest  margin as compared with each of
the  earlier  periods was a decline in the cost of deposits to 3.76% in the 1998
fourth quarter from 4.19% in the 1997 fourth quarter and 3.96% in the 1998 third
quarter.

         At December 31, 1998, loans receivable totaled $12.7 billion,  compared
with $13.0 billion at year-end 1997. During 1998,  commercial real estate loans,
consumer  loans,  and business loans  receivable  increased 22%, from a total of
$3.1  billion at  December  31, 1997 to $3.8  billion at the end of 1998,  while
residential real estate loans receivable  declined 9%, from $9.8 billion to $8.9
billion,  during that same period. The decline in the residential loan portfolio
reflected,  in part,  the  sale of  approximately  $700  million  of  relatively
lower-yielding  residential loans during the first half of 1998. At December 31,
1998, the  residential  loan portfolio was 70% of total loans  receivable,  down
from 76% at the end of 1997.


                                       -4-


<PAGE>


         At December 31, 1998, core deposits (demand,  savings, and money market
accounts) were $6.9 billion, or 51% of total deposits, up 16% from $6.0 billion,
or 43% of total deposits, one year earlier.

NON-INTEREST INCOME

         For the year 1998, non-interest income totaled $525.0 million, compared
with $145.3  million for 1997.  Non-interest  income in the 1998 fourth  quarter
totaled $144.6  million,  compared with $58.2 million in the 1997 fourth quarter
and $145.9  million in the 1998 third quarter.  Non-interest  income in the 1998
fourth  quarter  was 52.1% of total  revenues,  compared  with 31.5% in the 1997
fourth quarter and 53.4% in the 1998 third quarter.

         Net gains on sales activities  totaled $63.9 million in the 1998 fourth
quarter, consisting primarily of net gains on sales of loans. In the 1997 fourth
quarter,  net gains on sales  activities were $4.3 million,  including a loss of
$25.2 million from the designation for sale of certain securities.  Net gains on
sales  activities  were $71.5 million in the 1998 third quarter,  primarily from
sales of loans.

         Loan servicing fees and other  loan-related  fees were $60.6 million in
the 1998 fourth quarter,  compared with $36.3 million in the 1997 fourth quarter
and $53.8 million in the 1998 third quarter.  Banking  service fees,  securities
and insurance brokerage revenues,  and other income aggregated $20.1 million for
the fourth quarter of 1998, an increase of $2.5 million, or 14%, from the fourth
quarter of 1997 and virtually unchanged from the 1998 third quarter.

LOAN PRODUCTION

         Total loan  production for 1998 was $32.7  billion,  compared with $9.8
billion in 1997. In the 1998 fourth  quarter,  total loan  production  was $10.3
billion,  up 87% from the fourth  quarter of 1997 and 37% from the third quarter
of 1998.  Commercial  real  estate,  consumer,  and business  loan  originations
totaled $2.2 billion, in 1998, up 91% from $1.2 billion in 1997. Specifically:

         o        Residential  loan  production  in the 1998 fourth  quarter was
                  $9.6 billion,  up from $5.1 billion in the 1997 fourth quarter
                  and $7.1  billion in the 1998 third  quarter.  At December 31,
                  1998,  Dime's  residential loan application  pipeline was $8.5
                  billion, compared with $8.3 billion at September 30, 1998.


                                       -5-


<PAGE>


         o        Commercial real estate loan originations  totaled $372 million
                  in the 1998 fourth quarter,  compared with $218 million in the
                  1997  fourth  quarter  and  $205  million  in the  1998  third
                  quarter.

         o        Consumer  loan  originations  were  $199  million  in the 1998
                  fourth  quarter,  up from  $142  million  in the  1997  fourth
                  quarter and $189 million in the 1998 third quarter.

         o        Business  loan  originations  totaled $146 million in the 1998
                  fourth  quarter,  up 119% from $67  million in the 1997 fourth
                  quarter  and 84% higher than the $79 million in the 1998 third
                  quarter.

RESIDENTIAL LOAN SERVICING

         At December 31, 1998, Dime serviced $34.8 billion of residential  loans
for others,  including $7.9 billion of sub-serviced  loans,  compared with $24.9
billion and $3.0 billion,  respectively,  at December 31, 1997 and $29.1 billion
and $3.8 billion,  respectively,  at September 30, 1998.  During the 1998 fourth
quarter, Dime sold approximately $4.7 billion of mortgage servicing, recognizing
an  immaterial  net profit on the sale.  The  weighted  average  coupon of loans
serviced  for others  (excluding  sub-serviced  loans) was 7.36% at December 31,
1998,  compared  with 7.83% at  year-end  1997 and 7.50% at the end of the third
quarter.  At December 31, 1998,  mortgage  servicing  assets were $692  million,
compared  with $342 million at year-end  1997 and $589 million at September  30,
1998. At December 31, 1998, the fair value of mortgage servicing assets was $724
million.

NON-INTEREST EXPENSE

         Total non-interest  expense for 1998 was $665.6 million,  compared with
$381.1  million in 1997,  with the increase  largely due to the  acquisition  of
North  American  Mortgage  Company  in the fourth  quarter of 1997.  In the 1998
fourth quarter,  non-interest  expense was $179.1 million,  compared with $140.8
million in the 1997 fourth quarter and $171.2 million in the 1998 third quarter.
The  increase  in the 1998  fourth  quarter as  compared  with each of the prior
periods primarily reflected expenses associated with increased  residential loan
production.  The  efficiency  ratio in the 1998  fourth  quarter  was 52.9%,  an
improvement  from 57.0% in the 1997 fourth quarter and  substantially  unchanged
from 52.3% in the third quarter of 1998.


                                       -6-


<PAGE>


ASSET QUALITY

         Non-performing  assets  (non-accrual loans and other real estate owned)
were $83 million at December 31,  1998,  down 37% from $131 million at September
30,  1998 and down 43% from $147  million at  December  31,  1997.  The ratio of
non-performing  assets to total assets at December 31, 1998 was 0.37%,  compared
with 0.62% at September 30, 1998 and 0.67% at year-end 1997. These  improvements
primarily  reflected  the  sale of  approximately  $53  million  of  residential
non-performing loans during the 1998 fourth quarter.

         Net  charge-offs  in  the  1998  fourth  quarter  were  $14.9  million,
including  $9 million  in  connection  with the  non-performing  loan sale.  Net
charge-offs  were $5.3 million and $6.0  million in the 1997 fourth  quarter and
the 1998  third  quarter,  respectively.  The loan loss  provision  for the 1998
fourth  quarter was $8 million,  unchanged  from both the fourth quarter of 1997
and the third  quarter of 1998.  At December 31, 1998,  the  allowance  for loan
losses  was $105  million,  or 191% of  non-accrual  loans,  compared  with $112
million,  or 114% of non-accrual  loans, at September 30, 1998 and $105 million,
or 88% of  non-accrual  loans,  at December 31, 1997. The ratio of the allowance
for loan  losses to total  loans  receivable  at  December  31,  1998 was 0.82%,
compared  with 0.89% at the end of the 1998 third  quarter and 0.81% at December
31, 1997.

OTHER MATTERS

         Stock  Repurchases.  During the full year 1998,  Dime  repurchased  6.4
million  shares of its common  stock.  During the fourth  quarter of 1998,  Dime
repurchased  0.3  million  shares  of its  common  stock  pursuant  to a program
authorized  by its Board of Directors on September  25, 1998 to repurchase up to
5% of its  outstanding  common  stock.  No time limit was set to  complete  this
program.

         Senior Debt. On January 20, 1999,  Dime completed the redemption of all
$100 million of its outstanding  10.5% senior notes due 2005.  Calling the notes
will generate an after-tax extraordinary loss of approximately $3 million in the
1999 first quarter.

         At December 31, 1998,  Dime had assets of $22.3 billion and deposits of
$13.7  billion.  The Dime is a regional bank serving  consumers and  businesses.
Dime has 90 branches located  throughout the greater New York City  metropolitan
area,  including  17 branches in New Jersey.  Directly  and through the over 260
offices of its North American  Mortgage Company  subsidiary,  Dime also provides


                                       -7-

<PAGE>


consumer financial services and mortgage banking services  throughout the United
States.

         Certain  statements  in Dime's press  releases may be  forward-looking.
These  forward-looking  statements are based on Dime's current  expectations.  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,  when taken
in conjunction with reported results,  provides useful information in evaluating
performance on a comparable basis,  although  operating  earnings is not a basis
for reporting financial results under generally accepted accounting principles.

                                      # # #


                                       -8-


<PAGE>



DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
                                                              December 31,            December 31,
                                                                 1998                    1997
                                                           -----------------       -----------------
<S>                                                        <C>                     <C>

ASSETS
Cash and due from banks                                    $      279,490          $      295,369
Money market investments                                           78,287                 157,158
Securities available for sale                                   3,329,444               4,992,304
Federal Home Loan Bank of New York stock                          324,106                 303,287
Loans held for sale                                             3,884,886               1,841,862
Loans receivable, net:
   Residential real estate loans                                8,919,817               9,848,593
   Commercial real estate loans                                 2,567,750               2,263,023
   Consumer loans                                                 973,230                 773,817
   Business loans                                                 287,271                  99,074
   Allowance for loan losses                                     (105,081)               (104,718)
                                                           -----------------       -----------------
      Total loans receivable, net                              12,642,987              12,879,789
                                                           -----------------       -----------------

Accrued interest receivable                                        97,124                106,829
Premises and equipment, net                                       170,879                 150,805
Mortgage servicing assets                                         692,473                 341,906
Other assets                                                      821,174                 778,691
                                                           -----------------       -----------------
Total assets                                               $   22,320,850          $   21,848,000
                                                           =================       =================

LIABILITIES
Deposits                                                   $   13,651,460          $   13,847,275
Federal funds purchased and securities sold
   under agreements to repurchase                               2,245,218               2,975,774
Federal Home Loan Bank of New York advances                     4,077,115               2,786,751
Senior notes                                                      198,906                 142,475
Guaranteed preferred beneficial interests in
   Dime Bancorp, Inc.'s junior subordinated
   deferrable interest debentures                                 162,005                 196,137
Other borrowed funds                                               89,604                 218,175
Other liabilities                                                 510,877                 366,555
                                                           -----------------       -----------------
      Total liabilities                                        20,935,185              20,533,142
                                                           -----------------       -----------------

STOCKHOLDERS' EQUITY
Common stock                                                        1,203                   1,203
Additional paid-in capital                                      1,165,251               1,158,221
Retained earnings                                                 463,907                 261,201
Treasury stock, at cost                                          (233,965)                (95,221)
Accumulated other comprehensive loss, net of taxes                 (3,285)                 (9,534)
Unearned compensation                                              (7,446)                 (1,012)
                                                           -----------------       -----------------
      Total stockholders' equity                                1,385,665               1,314,858
                                                           -----------------       -----------------
Total liabilities and stockholders' equity                 $   22,320,850          $   21,848,000
                                                           =================       =================
</TABLE>



                                       -9-


<PAGE>
DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
                                                             For the Three Months Ended                      For the Year Ended
                                       -----------------------------------------------------------------
                                       December 31,  September 30,  June 30,  March 31,   December 31,           December 31,
                                                                                                          -------------------------
                                       1998          1998           1998       1998        1997           1998          1997
                                       --------------------------------------------------------------------------------------------
<S>                                    <C>           <C>           <C>         <C>         <C>           <C>           <C>
Interest income                        $ 346,986     $ 343,989     $ 357,111   $ 372,799   $ 368,106      $ 1,420,885  $ 1,382,815
Interest expense                         213,822       216,668       226,274     236,888     241,581          893,652      899,753
                                       --------------------------------------------------------------------------------------------
  Net interest income                    133,164       127,321       130,837     135,911     126,525          527,233      483,062
Provision for loan losses                  8,000         8,000         8,000       8,000       8,000           32,000       49,000
                                       --------------------------------------------------------------------------------------------
  Net interest income after
    provision for loan losses            125,164       119,321       122,837     127,911     118,525          495,233      434,062
                                       --------------------------------------------------------------------------------------------
Non-interest income:
  Loan servicing and other fees           60,604        53,819        42,631      42,450      36,321          199,504       74,038
  Banking service fees                    11,172        11,088        10,168       9,000       8,635           41,428       31,796
  Securities and insurance
    brokerage fees                         7,565         8,704         8,957       7,510       6,777           32,736       23,737
  Net gains on sales activities           63,941        71,519        63,743      45,248       4,309          244,451       12,036
  Other                                    1,343           751         2,491       2,326       2,128            6,911        3,684
                                      ---------------------------------------------------------------------------------------------
      Total non-interest income          144,625       145,881       127,990     106,534      58,170          525,030      145,291
                                      ---------------------------------------------------------------------------------------------
Non-interest expense:
  General and administrative expense:
    Compensation and employee benefits    69,444        66,162        69,661      64,795      54,527          270,062      157,851
    Occupancy and equipment, net          24,935        23,186        22,467      21,864      21,921           92,452       63,582
    Other                                 53,186        53,807        55,757      46,575      41,023          209,325      115,689
                                      ---------------------------------------------------------------------------------------------
    Total general and administrative     147,585       143,155       147,885     133,234     117,471          571,839      337,122
      expense 
  Amortization of mortgage servicing
    assets                                30,826        27,633        16,897      16,935      14,034           92,291       29,751
  Other real estate owned expense, net       692           373           359          87        (643)           1,511        4,341
  Restructuring and related expense           --            --            --          --       9,931               --        9,931
                                      ---------------------------------------------------------------------------------------------
      Total non-interest expense         179,083       171,161       165,141     150,256     140,793          665,641      381,145
                                      ---------------------------------------------------------------------------------------------
Income before income tax expense and
 extraordinary items                      90,706        94,041        85,686      84,189      35,902          354,622      198,208
Income tax expense                        29,027        30,092        27,420      26,940      12,943          113,479       75,034
                                      ---------------------------------------------------------------------------------------------
Income before extraordinary items         61,679        63,949        58,266      57,249      22,959          241,143      123,174
Extraordinary items - losses on early
 extinguishment of debt, net of
 tax benefits                                 --        (4,057)           --          --      (1,460)          (4,057)      (1,460)
                                      ---------------------------------------------------------------------------------------------
Net income                            $   61,679      $ 59,892      $ 58,266    $ 57,249   $  21,499        $ 237,086    $ 121,714
                                      =============================================================================================

EARNINGS PER COMMON SHARE
Basic:
 Income before extraordinary items    $     0.55      $   0.57      $   0.51    $   0.50        0.20            2.13     $     1.15
 Extraordinary items                          --         (0.04)           --          --       (0.01)          (0.04)         (0.01)
                                      ---------------------------------------------------------------------------------------------
 Net income                           $     0.55      $   0.53      $   0.51    $   0.50   $    0.19        $   2.09     $     1.14
                                      =============================================================================================

Diluted:
 Income before extraordinary items    $     0.55      $   0.56      $   0.50    $   0.49        0.19            2.09     $    1.13
 Extraordinary items                          --         (0.04)           --          --       (0.01)          (0.03)        (0.01)
                                      ---------------------------------------------------------------------------------------------
 Net income                           $     0.55      $  0.52       $   0.50    $   0.49   $    0.18        $   2.06     $    1.12
                                      =============================================================================================

Basic average common shares
  outstanding                            111,386       113,253       114,016     115,152     114,870         113,452       106,585
Diluted average common shares
  outstanding                            112,857       114,803       115,806     117,148     117,792         115,153       108,613
</TABLE>

                                      -10-
<PAGE>

DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>

                                                                   At or for the Three Months Ended       At or For the Year Ended
                                      ---------------------------------------------------------------
                                      December 31,  September 30,  June 30,    March 31,   December 31,   December 31,
                                                                                                          -------------------------
                                      1998          1998           1998        1998        1997           1998          1997
                                      ---------------------------------------------------------------------------------------------
<S>                                  <C>           <C>          <C>           <C>           <C>           <C>           <C>        

FOR THE PERIOD
Net interest income                   $  133,164     $  127,321    $ 130,837    $  135,911   $   126,525    $  527,233  $   483,062
Provision for loan losses                  8,000          8,000        8,000         8,000         8,000        32,000       49,000
Non-interest income                      144,625        145,881      127,990       106,534        58,170       525,030      145,291
Non-interest expense                     179,083        171,161      165,141       150,256       140,793       665,641      381,145
Income tax expense                        29,027         30,092       27,420        26,940        12,943       113,479       75,034
                                      ------------   -------------  ----------   ------------ ------------   ----------  -----------
Income before extraordinary items         61,679         63,949       58,266        57,249        22,959       241,143      123,174
Extraordinary items                           --         (4,057)          --            --        (1,460)       (4,057)      (1,460)
               0)                    -------------    -----------  -----------  ------------ ------------   -----------  -----------
Net income                           $    61,679     $   59,892    $  58,266    $   57,249   $    21,499    $ 237,086   $   121,714
                                     =============   ============  ===========   =========== ============   ============ ===========

PER COMMON SHARE
Basic earnings:
  Income before extraordinary items  $      0.55     $     0.57    $    0.51    $     0.50   $      0.20    $    2.13   $      1.15
  Net income                                0.55           0.53         0.51          0.50          0.19         2.09          1.14
Diluted earnings:
  Income before extraordinary items         0.55           0.56         0.50          0.49          0.19         2.09          1.13
  Net income                                0.55           0.52         0.50          0.49          0.18         2.06          1.12
Cash dividends declared                     0.05           0.05         0.05          0.04          0.04         0.19          0.12
Book value (at period end)                 12.42          11.96        11.72         11.37         11.30        12.42         11.30
Tangible book value (at period end)        10.35           9.88         9.64          9.31          9.27        10.35          9.27
Market value (at period end)               26.25          25.31        29.94         30.06         30.25        26.25         30.25

AT PERIOD END
Total assets                         $22,320,850   $ 21,242,833 $ 20,913,891  $ 22,023,998  $ 21,848,000  $ 22,320,850  $21,848,000
Securities available for sale          3,329,444      2,974,885    2,919,605     3,535,120     4,992,304     3,329,444    4,992,304
Loans held for sale                    3,884,886      3,612,110    3,022,167     3,809,866     1,841,862     3,884,886    1,841,862
Loans receivable                      12,748,068     12,567,119   12,909,913    12,771,878    12,984,507    12,748,068   12,984,507
Allowance for loan losses                105,081        111,949      109,934       109,096       104,718       105,081      104,718
Deposits                              13,651,460     13,546,265   14,032,643    13,991,123    13,847,275    13,651,460   13,847,275
Borrowed funds                         6,772,848      5,859,120    5,095,693     6,383,642     6,319,312     6,772,848    6,319,312
Stockholders' equity                   1,385,685      1,339,802    1,330,383     1,299,635     1,314,858     1,385,665    1,314,858
Common shares outstanding (in
  thousands)                             111,570        112,027      113,533       114,258       116,358       111,570      116,358

AVERAGE BALANCES
Loans                                $16,084,142   $ 15,696,340 $ 16,192,213  $ 15,552,531  $ 14,090,306  $ 15,882,257  $12,143,482
Mortgage-backed securities             2,733,674      2,593,548    2,963,013     4,240,274     5,266,046     3,127,022    6,176,259
Other interest-earning assets            725,866        642,863      628,253       636,473       867,949       658,566      949,038
Total interest-earning assets         19,543,682     18,932,751   19,783,479    20,429,278    20,224,301    19,667,845   19,268,779
Total assets                          21,452,993     20,732,965   21,397,741    21,964,344    21,575,214    21,383,818   20,192,188
Deposits                              13,667,987     13,840,547   14,011,529    13,832,367    13,654,057    13,837,664   13,246,206
Borrowed funds                         6,016,686      5,169,453    5,769,227     6,528,158     6,343,867     5,867,557    5,650,962
Total interest-bearing liabilities    19,684,673     19,010,000   19,780,756    20,360,523    19,997,924    19,705,221   18,897,168
Stockholders' equity                   1,357,824      1,340,994    1,316,788     1,299,240     1,280,842     1,328,906    1,102,079

PERFORMANCE RATIOS
Return on average assets                    1.15%         1.16%         1.09%         1.04%        0.40%          1.11         0.60
Return on average stockholders' equity     18.17         17.86         17.70         17.63         6.71          17.84        11.04
</TABLE>


                                      -11-
<PAGE>


DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>

                                                                                                            At or For the
                                                                At or For the Three Months Ended            Year Ended
                                  ----------------------------------------------------------------------
                                    December 31,    September 30,   June 30,     March 31,   December 31,   December 31,
                                                                                                            ----------------------
                                      1998             1998           1998         1998         1997           1998       1997
                                  -------------    -------------  ------------- ----------   ------------    --------    --------
<S>                                <C>            <C>              <C>          <C>             <C>          <C>          <C>      

Net interest margin                    2.78             2.74            2.66           2.63          2.56        2.68          2.51
Non-interest income to
   total revenues                     52.06            53.40           49.45          43.94         31.50       49.90         23.12
Efficiency ratio                      52.85            52.31           55.61          58.26         56.96       54.59         51.98

ASSET QUALITY
Non-performing assets              $ 83,343       $  131,374       $ 139,490    $   147,406     $ 146,749    $ 83,343     $ 146,749
Non-performing assets to
  total assets                         0.37%            0.62%          0.67%           0.67%         0.67%       0.37%         0.67%
Non-accrual loans to loans
   receivable                          0.43             0.78           0.82            0.96          0.92        0.43          0.92
Allowance for loan losses to:
  Loans receivable                     0.82             0.89           0.85            0.85          0.81        0.82          0.81
  Non-accrual loans                  190.67           113.92         104.13           89.00         88.01      190.67         88.01

CAPITAL RATIOS
Stockholders' equity to total
   assets                              6.21%            6.31%          6.36%           5.90%         6.02%       6.21%         6.02%
The Dime Savings Bank of New
  York, FSB:
    Tangible and leverage              5.82(1)          6.60           6.24            5.86          5.64        5.82(1)       5.64

    Tier 1 risk-based                  9.58(1)         10.97          10.44           10.22         10.29        9.58(1)      10.29


    Total risk-based                  10.37(1)         11.86          11.33           11.10         11.17       10.37(1)      11.17

<FN>

(1) Preliminary.
</FN>
</TABLE>

                                      -12-


<PAGE>


                                   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
                                          -------------------------------
                                          Name:  Anthony R. Burriesci
                                          Title: Chief Financial Officer


Date:  January 21, 1999

                                      -13-



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