DIME BANCORP INC
8-K, 2000-10-17
SAVINGS INSTITUTION, FEDERALLY CHARTERED
Previous: TRAVELERS SERIES FUND INC, 497, 2000-10-17
Next: TRANS ENERGY INC, S-8, 2000-10-17



                       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 17, 2000


                                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 October 17, 2000, Dime Bancorp,  Inc. issued the following  earnings
release:



                                                    Contact:  Dime
                                                              Franklin L. Wright
                                                              (212) 326-6170


October 17, 2000
00/33


FOR IMMEDIATE RELEASE


                    DIME ANNOUNCES RECORD OPERATING EARNINGS

         New York -- October 17, 2000 -- Dime  Bancorp,  Inc.  (NYSE:DME)  today
announced  record  operating  earnings of $69.4 million for the third quarter of
2000,  up 12% from $61.8 million for the third quarter of 1999 and 4% from $66.6
million in the 2000 second  quarter.  Operating  earnings are reported  earnings
adjusted for the effects of certain  non-recurring  or unusual  items.  The 2000
third quarter operating results exclude  significant charges related to a series
of profit improvement initiatives announced on September 15, 2000, including the
designation  for sale of  approximately  $2 billion of  securities  from  Dime's
portfolio and expense reduction actions,  as well as defending against a hostile
takeover attempt.

         Operating  earnings per diluted  share for the 2000 third  quarter were
$0.59,  compared  with  $0.55 in the 1999  third  quarter  and $0.60 in the 2000
second  quarter.  The lower third quarter 2000  operating  earnings per share as
compared  with the  immediately  prior  quarter  were the result of a  temporary
increase  in  average  equivalent  common  shares  outstanding  due to a capital
investment by Warburg Pincus Equity Partners, L.P. and affiliates.  Although the
bulk of the Warburg investment was made early in the third quarter, a program to
repurchase  common  shares was not announced  until  October 6, 2000.  Operating
earnings,  adjusted for this temporary increase in average shares outstanding as
well as  excluding  the net  interest  income  benefit  of the  Warburg  capital
investment,  were $0.61 per common share for the 2000 third quarter.  Dime noted
that its  earnings  per share  results  would be affected  until such time as it
completes the planned 13.6 million share buyback program.

         Tony Terracciano, Chairman of Dime, said, "Dime recorded a strong third
quarter performance despite the challenging  interest rate environment.  We also
remained focused on



<PAGE>

accelerating our strategy to enhance  stockholder value as we announced a series
of  productivity  initiatives  and worked to introduce  new  technology  that is
intended to lift our performance to the next level."

         Lawrence J. Toal, Dime's Chief Executive Officer,  said, "Dime's record
third quarter operating earnings reflected improved  non-interest income, due in
part to solid mortgage banking  revenues,  and continued  expense  control.  Net
interest income  remained at record levels despite  pressure on the net interest
margin from higher funding costs, while asset quality remained strong."

         "Dime  also  recorded  continued  growth  in  commercial  real  estate,
consumer and business  loans,  reflecting the success of our strategy to reshape
our loan portfolio by increasing  the  proportion of relatively  higher-yielding
loans.  These  non-residential  loans have grown 15%, or over a billion dollars,
since the  beginning  of the year and, at September  30,  2000,  were 50% of our
total loan  portfolio,  up from 46% at the end of 1999.  At the same  time,  our
securities  available for sale portfolio,  on a pro-forma basis adjusted for the
announced  sale,  will be  reduced  to $2  billion,  or less  than  10% of total
interest-earning assets as of the end of the 2000 third quarter," he added.

         "Going  forward,  we  will  be  continuing  to  implement  our  expense
reduction program and executing our balance sheet repositioning  program as well
as introducing  new products and services for our customers that are intended to
further improve revenues," concluded Mr. Toal.

         On a reported  basis,  including  the $131 million of pre-tax  charges,
Dime had a net loss of $16.5 million,  or $0.16 per diluted share,  for the 2000
third quarter,  compared with net income of $61.8 million,  or $0.55 per diluted
share, in the 1999 third quarter and $34.4 million,  or $0.31 per diluted share,
for the 2000 second quarter.

OPERATING AND CASH OPERATING EARNINGS

         Operating earnings for the 2000 third quarter reflected  adjustments to
reported  results  to exclude  pre-tax  charges  of $87  million  related to the
designation for sale of securities from Dime's portfolio, $38 million associated
with actions  intended to reduce annual expenses by $50 million,  and $5 million
related to the hostile  takeover  attempt of Dime.  There were no adjustments to
reported earnings in the 1999 third quarter,  while the calculation of operating
earnings  for the 2000  second  quarter  excluded  $54 million  pre-tax  charges
related  to the  termination  of a  planned  merger of  equals  and the  hostile
takeover attempt.

         Cash operating earnings were $75.5 million, or $0.64 per diluted share,
for the 2000 third quarter,  compared with $65.7  million,  or $0.58 per diluted
share, for the 1999 third quarter and $73.0 million, or $0.66 per diluted share,
for the 2000 second  quarter.  Cash  operating  earnings  exclude the  after-tax
effect of goodwill amortization expense.

NET INTEREST INCOME AND NET INTEREST MARGIN

         Net interest  income  increased 5% to $156.8  million in the 2000 third
quarter from $149.2  million in the 1999 third  quarter and was up slightly from
$156.1 million in the 2000 second


<PAGE>

quarter.  The  increase  in net  interest  income in the 2000  third  quarter as
compared  with the  year-earlier  period  primarily  reflected a higher level of
interest-earning  assets.  The net interest margin in the 2000 third quarter was
2.84%,  down from 3.07% in the 1999 third  quarter  and 2.88% in the 2000 second
quarter.  The lower margin reflected the effects of higher funding costs and the
inverted yield curve,  which were only partially  offset by increased  yields on
assets and the growth of relatively higher-yielding non-residential loans.

NON-INTEREST INCOME

         Non-interest  income in the 2000 third quarter on an operating earnings
basis totaled $139.9  million,  up from $133.9 million in the 1999 third quarter
and $133.4 million in the second quarter of 2000.

     o    Loan servicing and  production  fees increased to $73.2 million in the
          2000 third  quarter,  up 9% from $67.4 million in the third quarter of
          1999 and 3% from 71.3 million in the 2000 second quarter.

     o    Banking service fees in the 2000 third quarter  increased 28% to $16.7
          million  from  $13.1  million in the 1999  third  quarter  and were up
          slightly from $16.4 million in the 2000 second quarter.

     o    Securities and insurance  brokerage fees of $10.2 million for the 2000
          third quarter were up from $8.9 million in the 1999 third quarter, but
          were down from $11.3 million in the 2000 second quarter.

     o    Net gains on sales  activities  for the 2000 third  quarter were $36.0
          million,  down from $42.1 million in the 1999 third  quarter,  largely
          reflecting lower levels of mortgage  banking activity  associated with
          home loan  refinances.  However,  net gains on sales activities in the
          2000 third  quarter were up 18% from $30.5  million in the 2000 second
          quarter,  reflecting increased demand for mortgage credit due to lower
          home mortgage interest rates.

NON-INTEREST EXPENSE

         Non-interest  expense on an operating earnings basis was $182.9 million
in the 2000  third  quarter,  compared  with  $178.3  million  in the 1999 third
quarter and $178.5  million in the 2000 second  quarter.  The increase  from the
1999  third  quarter  largely  reflected  increases  in  goodwill   amortization
associated with Dime's  purchase of an auto finance  operation in the 1999 third
quarter and KeyBank's  Long Island  banking  franchise in the fourth  quarter of
1999 and mortgage  servicing rights  amortization,  offset by reduced  operating
expenses.  The increase from the 2000 second quarter was driven by higher levels
of mortgage  production-related  expenses and amortization of mortgage servicing
rights.

         General and administrative expense in the 2000 third quarter was $142.0
million,  compared  with  $146.1  million in the 1999 third  quarter  and $139.1
million in the 2000 second  quarter.  The



<PAGE>

year-over-year  decrease was achieved despite the additional expenses related to
the   previously-mentioned   acquisitions,   largely  as  a  result  of  reduced
mortgage-banking  related  expenses.  The increase in the 2000 third  quarter as
compared  to the  immediately  prior  quarter  was  due  primarily  to  expenses
associated with increased mortgage banking activity.

         The tax rate in the  2000  third  quarter  was  35.0%  on an  operating
earnings  basis,  and Dime  expects  that to be the  effective  tax rate for the
remainder of the year.

LOANS RECEIVABLE AND LOAN SERVICING

         At September 30, 2000, Dime's loans receivable  portfolio totaled $16.1
billion,  compared  with $15.2 billion at December 31, 1999 and $16.0 billion at
June 30,  2000.  The  increase  from the prior  periods was related to continued
growth in the commercial real estate, consumer, and business loan portfolios.

         At September 30, 2000, Dime serviced $42.6 billion of residential loans
for others, up from $38.4 billion at December 31, 1999 and $41.1 billion at June
30, 2000. The weighted  average coupon of loans serviced for others was 7.37% at
September  30, 2000,  compared  with 7.30% at June 30,  2000.  The book value of
mortgage servicing assets at September 30, 2000 was $980 million,  including $52
million  associated  with  hedges,  while  the  estimated  fair  value was $1.01
billion.

ASSET QUALITY

         The allowance for loan losses was $146.7 million at September 30, 2000,
or  198%  of  non-accrual   loans,   compared  with  $137.1  million  and  194%,
respectively,  at September 30, 1999 and $143.4 million and 218%,  respectively,
at June 30, 2000.  At September  30, 2000,  the ratio of the allowance for loans
losses to loans  receivable was 0.91%,  compared with 0.96% one year earlier and
0.90% at June 30, 2000.

         At September 30, 2000,  non-performing  assets  (non-accrual  loans and
other real  estate  owned)  totaled  $91.3  million,  or 0.36% of total  assets,
compared with $90.8 million, or 0.40% of total assets, at September 30, 1999 and
$84.1  million,  or 0.33% of total  assets,  at June 30, 2000.  At September 30,
2000,  approximately  two-thirds of Dime's non-performing assets were related to
residential property assets.

         In the third  quarter of 2000,  the  provision for loan losses was $7.0
million, unchanged from both the third quarter of 1999 and the second quarter of
2000. Net charge-offs were $3.8 million in the 2000 third quarter, compared with
$3.6  million  in the 1999 third  quarter  and $6.1  million in the 2000  second
quarter.

         At September 30, 2000, Dime had assets of $25.2 billion and deposits of
$13.9 billion. Its principal subsidiary,  The Dime Savings Bank of New York, FSB
(www.dime.com),  is a regional bank serving consumers and businesses  throughout
the greater New York City metropolitan  area.  Directly and through its mortgage
banking subsidiary,  North American Mortgage Company


<PAGE>

(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
litigation,  interest  rate  movements,  competition  from  both  financial  and
non-financial  institutions,  changes in applicable  laws and  regulations,  the
timing and occurrence (or non-occurrence) of transactions and events that may be
subject to circumstances beyond Dime's control and general economic conditions.

         Dime believes that "operating  earnings" and "cash operating  earnings"
basis  information,  when taken in conjunction  with reported  results,  provide
useful  information in evaluating  performance on a comparable  basis,  although
operating  earnings and cash  operating  earnings  are not  currently a required
basis for  reporting  financial  results  under  generally  accepted  accounting
principles.

                                      # # #



<PAGE>

<TABLE>
<CAPTION>
                                                 DIME BANCORP, INC. AND SUBSIDIARIES
                                                SELECTED CONSOLIDATED FINANCIAL DATA
                                                             (unaudited)

                                                                                                                   At or For
                                                                                                                      the
                                                           At or For the Three Months Ended                    Nine Months Ended
                                             Sept. 30,     June 30,    March 31,    Dec. 31,    Sept. 30,          Sept. 30,
                                                2000         2000         2000        1999        1999        2000          1999

<S>                                            <C>          <C>          <C>         <C>         <C>         <C>          <C>
OPERATING EARNINGS BASIS (1)
Operating earnings (in thousands)              $ 69,381     $ 66,616     $ 65,273    $ 62,331    $ 61,824    $201,270     $ 181,609
Basic operating earnings per common share          0.63         0.60         0.59        0.56        0.55        1.82          1.63
Diluted operating earnings per common
    share                                          0.59         0.60         0.59        0.56        0.55        1.77          1.61
Return on average assets                           1.10%        1.09%        1.11%       1.07%       1.13%       1.10%         1.12%
Return on average common stockholders'
    equity                                        17.64        17.14        17.04       16.67       16.75       17.27         16.77
Return on average total stockholders'
    equity                                        16.09        17.14        17.04       16.67       16.75       16.73         16.77

Interest rate spread                               2.92         2.99         3.07        3.05        3.12        2.99          2.96
Net interest margin                                2.84         2.88         2.96        2.98        3.07        2.89          2.92
Non-interest income to total revenues             47.16        46.07        46.27       46.29       47.29       46.50         50.64
Efficiency ratio                                  47.85        48.03        49.08       50.30       51.61       48.32         51.77

CASH OPERATING EARNINGS BASIS (2)
Cash operating earnings (in thousands)         $ 75,457     $ 73,040     $ 71,669    $ 68,486    $ 65,744    $220,166     $ 191,681
Basic cash operating earnings per common
    share                                          0.68         0.66         0.65        0.62        0.59        1.99          1.72
Diluted cash operating earnings per common
    share                                          0.64         0.66         0.64        0.62        0.58        1.94          1.70
Return on average tangible assets                  1.22%        1.22%        1.25%       1.21%       1.22%       1.23%         1.20%
Return on average tangible common
    stockholders' equity                          28.52        28.31        28.59       27.27       22.47       28.47         21.63
Return on average tangible total
    stockholders' equity                          24.96        28.31        28.59       27.27       22.47       27.13         21.63

REPORTED BASIS
Net (loss) income (in thousands)              $(16,539)     $ 34,443     $ 65,273    $ 62,331    $ 61,824    $ 83,177     $ 177,482
Basic (loss) earnings per common share           (0.16)         0.31         0.59        0.56        0.55        0.75          1.59
Diluted (loss) earnings per common share         (0.16)         0.31         0.59        0.56        0.55        0.74          1.57
Return on average assets                             NM%        0.56%        1.11%       1.07%       1.13%       0.46%         1.10%
Return on average common stockholders'
    equity                                           NM         8.86        17.04       16.67       16.75        7.14         16.39
Return on average total stockholders'
    equity                                           NM         8.86        17.04       16.67       16.75        6.91         16.39

PERIOD END BALANCE SHEET ITEMS
(in millions)
Total assets                                   $ 25,232     $ 25,259     $ 24,180    $ 23,921    $ 22,601    $ 25,232      $ 22,601
Total interest-earning assets                    22,227       22,509       21,519      21,314      20,386      22,227        20,386
Securities available for sale                     3,342        3,900        3,928       3,850       3,837       3,342         3,837
Loans held for sale                               2,364        2,165        1,505       1,734       1,716       2,364         1,716
Loans receivable                                 16,051       15,959       15,579      15,207      14,257      16,051        14,257
Total interest-bearing liabilities               22,961       23,242       22,085      22,007      20,752      22,961        20,752
Deposits                                         13,903       14,284       14,406      14,261      13,294      13,903        13,294
Borrowed funds                                    9,058        8,958        7,679       7,746       7,458       9,058         7,458
Common stockholders' equity                       1,576        1,560        1,573       1,516       1,475       1,576         1,475
Total stockholders' equity                        1,786        1,560        1,573       1,516       1,475       1,786         1,475

<FN>
(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.
NM = Not meaningful.
</FN>
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                 DIME BANCORP, INC. AND SUBSIDIARIES
                                          SELECTED CONSOLIDATED FINANCIAL DATA (CONTINUED)
                                                             (unaudited)

                                                                                                                  At or For
                                                                                                                     the
                                                           At or For the Three Months Ended                    Nine Months Ended
                                             Sept. 30,     June 30,    March 31,    Dec. 31,    Sept. 30,          Sept. 30,
                                                2000         2000         2000        1999        1999        2000          1999

<S>                                            <C>          <C>          <C>         <C>         <C>         <C>           <C>
AVERAGE BALANCES (in millions)
Total assets                                   $ 25,192     $ 24,442     $ 23,476    $ 23,201    $ 21,814    $ 24,373      $ 21,546
Total interest-earning assets                    22,626       21,934       21,014      20,975      19,733      21,861        19,486
Securities available for sale                     4,002        3,935        3,858       3,955       3,613       3,932         3,407
Loans held for sale                               2,177        1,776        1,325       1,596       1,993       1,761         2,594
Loans receivable                                 15,969       15,734       15,315      14,897      13,562      15,674        12,984
Total interest-bearing liabilities               23,004       22,456       21,536      21,332      19,944      22,334        19,700
Deposits                                         14,034       14,259       14,231      14,121      13,326      14,174        13,322
Borrowed funds                                    8,970        8,197        7,305       7,211       6,618       8,160         6,378
Common stockholders' equity                       1,574        1,555        1,532       1,496       1,477       1,554         1,444
Total stockholders' equity                        1,725        1,555        1,532       1,496       1,477       1,604         1,444

ASSET QUALITY (dollars in thousands)
Non-performing assets:
  Non-accrual loans                            $ 73,958     $ 65,829     $ 73,562    $ 69,362    $ 70,815    $ 73,958      $ 70,815
  Other real estate owned, net                   17,331       18,272       16,635      16,691      19,997      17,331        19,997
Total non-performing assets                    $ 91,289     $ 84,101     $ 90,197    $ 86,053    $ 90,812    $ 91,289      $ 90,812

Non-performing assets to total assets              0.36%        0.33%        0.37%       0.36%       0.40%       0.36%         0.40%
Non-accrual loans to loans receivable              0.46         0.41         0.47        0.46        0.50        0.46          0.50
Allowance for loan losses                      $146,655     $143,432     $142,485    $140,296    $137,077    $146,655      $137,077
Allowance for loan losses to:
  Loans receivable                                 0.91%        0.90%        0.91%       0.92%       0.96%       0.91%         0.96%
  Non-accrual loans                              198.29       217.89       193.69      202.27      193.57      198.29        193.57

CAPITAL RATIOS
Common stockholders' equity to total
  assets                                           6.25%        6.18%        6.51%       6.34%       6.52%       6.25%         6.52%
Total   stockholders'   equity  to  total
  assets                                           7.08         6.18         6.51        6.34        6.52        7.08          6.52
The Dime Savings Bank of New York, FSB:
  Tangible and core                                5.86 (3)     5.93         6.16        5.90        6.85        5.86 (3)      6.85
  Tier 1 risk-based                                8.66 (3)     8.71         9.00        8.80       10.23        8.66 (3)     10.23
  Total risk-based                                10.13 (3)    10.14        10.50       10.33       11.15       10.13 (3)     11.15

OTHER PERIOD END DATA
Common shares outstanding (in thousands)        109,635      109,299      111,688     110,895     110,755     109,635       110,755
Book value per common share                    $  14.38     $  14.27     $  14.09    $  13.67    $  13.31    $  14.38      $  13.31
Tangible book value per common share               9.70         9.49         9.34        8.84       10.39        9.70         10.39
Loans serviced for others (in millions)          42,555       41,124       39,947      38,430      40,726      42,555        40,726

<FN>
(3)  Preliminary.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                 DIME BANCORP, INCa AND SUBSIDIARIES
                                            CONSOLIDATED STATEMENTS OF OPERATING EARNINGS
                                                (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                                             (UNAUDITED)

                                                                  FOR THE THREE MONTHS ENDED               FOR THE NINE MONTHS ENDED
                                                    ------------------------------------------------------          SEPT. 30,
                                                    SEPT. 30,   JUNE 30,   MARCH 31,  DEC. 31,   SEPT. 30,  ------------------------
                                                      2000        2000       2000       1999       1999        2000          1999
                                                    ---------- ----------- ---------- ---------- ---------  -----------  -----------

<S>                                                  <C>        <C>        <C>        <C>        <C>         <C>          <C>
INTEREST INCOME
Residential real estate loans                        $193,176   $ 183,730  $ 172,462  $ 176,044  $ 178,268   $ 549,368    $ 568,338
Commercial real estate loans                           82,569      75,764     69,161     63,389     61,507     227,494      165,182
Consumer loans                                         61,147      56,696     53,059     51,147     39,370     170,902       81,066
Business loans                                         25,540      24,012     22,862     18,658      9,028      72,414       21,082
Mortgage-backed securities                             67,200      64,835     63,678     63,515     57,427     195,713      158,870
Other securities                                       14,339      14,151     12,538     12,721     12,658      41,028       37,575
Money market investments                                  212         202        247        239        496         661        1,272
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
    Total interest income                             444,183     419,390    394,007    385,713    358,754   1,257,580    1,033,385
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
INTEREST EXPENSE
Deposits                                              137,729     132,286    130,476    127,895    117,758     400,491      354,111
Borrowed funds                                        149,684     130,955    108,863    103,964     91,753     389,502      254,643
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
    Total interest expense                            287,413     263,241    239,339    231,859    209,511     789,993      608,754
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
    Net interest income                               156,770     156,149    154,668    153,854    149,243     467,587      424,631
Provision for loan losses                               7,000       7,000      7,000      7,000      7,000      21,000       22,500
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
    Net interest income after provision for loan
      Losses                                          149,770     149,149    147,668    146,854    142,243     446,587      402,131
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
NON-INTEREST INCOME
Loan servicing and production fees                     73,227      71,265     66,844     68,474     67,402     211,336      199,046
Banking service fees                                   16,709      16,418     15,521     14,884     13,060      48,648       36,914
Securities and insurance brokerage fees                10,167      11,314     10,533      9,129      8,925      32,014       27,581
Net gains on sales activities                          35,998      30,519     36,639     36,310     42,114     103,156      164,117
Other                                                   3,797       3,891      3,644      3,821      2,391      11,332        7,967
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
    Total non-interest income                         139,898     133,407    133,181    132,618    133,892     406,486      435,625
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
NON-INTEREST EXPENSE
General and administrative expense:
  Compensation and employee benefits                   77,237      75,831     75,617     74,555     77,521     228,685      229,195
  Occupancy and equipment                              27,960      27,612     28,114     27,077     25,897      83,686       76,584
  Other                                                36,772      35,643     37,553     42,465     42,698     109,968      139,594
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
    Total general and administrative expense          141,969     139,086    141,284    144,097    146,116     422,339      445,373
Amortization of mortgage servicing assets              32,631      31,009     29,232     28,989     27,940      92,872       93,797
Amortization of goodwill                                8,329       8,371      8,346      7,917      4,230      25,046       10,603
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
    Total non-interest expense                        182,929     178,466    178,862    181,003    178,286     540,257      549,773
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
Operating earnings before income tax expense          106,739     104,090    101,987     98,469     97,849     312,816      287,983
Income tax expense                                     37,358      37,474     36,714     36,138     36,025     111,546      106,374
                                                    ---------- ----------- ---------- ---------- ---------- -----------  -----------
Operating earnings                                   $ 69,381    $ 66,616   $ 65,273   $ 62,331   $ 61,824   $ 201,270     $181,609
                                                    ========== =========== ========== ========== ========== ===========  ===========

Operating earnings applicable to common
    Stockholders for basic operating earnings per
      common share                                   $ 68,420    $ 66,616   $ 65,273   $ 62,331   $ 61,824    $200,309     $181,609
Operating earnings applicable to common
    Stockholders for diluted operating earnings
    per common share                                   69,381      66,616     65,273     62,331     61,824     201,270      181,609

OPERATING EARNINGS PER COMMON SHARE
Basic                                                $   0.63    $   0.60   $   0.59   $   0.56   $   0.55    $   1.82     $   1.63
Diluted                                                  0.59        0.60       0.59       0.56       0.55        1.77         1.61

AVERAGE COMMON SHARES OUTSTANDING FOR
OPERATING EARNINGS PER COMMON SHARE
Basic                                                 109,323     110,293    110,537    110,440    112,046     110,048      111,664
Diluted                                               118,374     111,439    111,229    111,332    113,127     113,698      112,937

</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                                                 DIME BANCORP, INC. AND SUBSIDIARIES
                                                CONSOLIDATED STATEMENTS OF OPERATIONS
                                                (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                                             (UNAUDITED)

                                                              FOR THE THREE MONTHS ENDED                  FOR THE NINE MONTHS ENDED
                                               --------------------------------------------------------           SEPT. 30,
                                               SEPT. 30,   JUNE 30,   MARCH 31,  DEC. 31,    SEPT. 30,   ---------------------------
                                                 2000        2000       2000       1999        1999         2000            1999
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------

<S>                                             <C>         <C>        <C>        <C>         <C>          <C>             <C>
INTEREST INCOME
Residential real estate loans                   $193,176    $183,730   $172,462   $176,044    $178,268     $ 549,368       $ 568,338
Commercial real estate loans                      82,569      75,764     69,161     63,389      61,507       227,494         165,182
Consumer loans                                    61,147      56,696     53,059     51,147      39,370       170,902          81,066
Business loans                                    25,540      24,012     22,862     18,658       9,028        72,414          21,082
Mortgage-backed securities                        67,200      64,835     63,678     63,515      57,427       195,713         158,870
Other securities                                  14,339      14,151     12,538     12,721      12,658        41,028          37,575
Money market investments                             212         202        247        239         496           661           1,272
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
      Total interest income                      444,183     419,390    394,007    385,713     358,754     1,257,580       1,033,385
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
INTEREST EXPENSE
Deposits                                         137,729     132,286    130,476    127,895     117,758       400,491         354,111
Borrowed funds                                   149,684     130,955    108,863    103,964      91,753       389,502         254,643
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
      Total interest expense                     287,413     263,241    239,339    231,859     209,511       789,993         608,754
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
      Net interest income                        156,770     156,149    154,668    153,854     149,243       467,587         424,631
Provision for loan losses                          7,000       7,000      7,000      7,000       7,000        21,000          22,500
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
      Net interest income after provision
        for loan losses                          149,770     149,149    147,668    146,854     142,243       446,587         402,131
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
NON-INTEREST INCOME
Loan servicing and production fees                73,227      71,265     66,844     68,474      67,402       211,336         199,046
Banking service fees                              16,709      16,418     15,521     14,884      13,060        48,648          36,914
Securities and insurance brokerage fees           10,167      11,314     10,533      9,129       8,925        32,014          27,581
Loss on mortgage-backed securities
  designated for sale                           (87,441)          --         --         --          --      (87,441)              --
Net gains on sales activities                     35,998      30,519     36,639     36,310      42,114       103,156         164,117
Other                                              3,797       3,891      3,644      3,821       2,391        11,332           7,967
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
      Total non-interest income                   52,457     133,407    133,181    132,618     133,892       319,045         435,625
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
NON-INTEREST EXPENSE
General and administrative expense:
  Compensation and employee benefits              77,237      75,831     75,617     74,555      77,521       228,685         229,195
  Occupancy and equipment                         27,960      27,612     28,114     27,077      25,897        83,686          76,584
  Other                                           36,772      35,643     37,553     42,465      42,698       109,968         139,594
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
      Total general and administrative
        expense                                  141,969     139,086    141,284    144,097     146,116       422,339         445,373
Amortization of mortgage servicing assets         32,631      31,009     29,232     28,989      27,940        92,872          93,797
Amortization of goodwill                           8,329       8,371      8,346      7,917       4,230        25,046          10,603
Restructuring and other special charges           43,537      54,255         --         --          --        97,792              --
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
      Total non-interest expense                 226,466     232,721    178,862    181,003     178,286       638,049         549,773
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
(Loss) income before income tax (benefit)
  expense and extraordinary items               (24,239)      49,835    101,987     98,469      97,849       127,583         287,983
Income tax (benefit) expense                     (7,700)      15,392     36,714     36,138      36,025        44,406         106,374
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
(Loss) income before extraordinary items        (16,539)      34,443     65,273     62,331      61,824        83,177         181,609
Extraordinary items - losses on early
  extinguishment of debt, net of tax benefits         --          --         --         --          --            --         (4,127)
                                               ---------- ----------- ---------- ----------  ----------  ------------    -----------
Net (loss) income                              $(16,539)     $34,443    $65,273    $62,331     $61,824      $ 83,177       $ 177,482
                                               ========== =========== ========== ==========  ==========  ============    ===========

(Loss) income applicable to common stockholders
    for basic (loss) earnings per common
    share:
     (Loss) income before extraordinary items  $(17,500)     $34,443    $65,273    $62,331     $61,824      $ 82,216       $ 181,609
     Net (loss) income                          (17,500)      34,443     65,273     62,331      61,824        82,216         177,482
(Loss) income applicable to common
     stockholders for diluted (loss) earnings
     per common share:
      (Loss) income before extraordinary items  (17,500)      34,443     65,273     62,331      61,824        82,216         181,609
      Net (loss) income                         (17,500)      34,443     65,273     62,331      61,824        82,216         177,482

PER COMMON SHARE
Basic (loss) earnings:
  (Loss) income before extraordinary items      $ (0.16)     $  0.31    $  0.59    $  0.56     $  0.55      $   0.75        $   1.63
  Net (loss) income                               (0.16)        0.31       0.59       0.56        0.55          0.75            1.59

Diluted (loss) earnings:
  (Loss) income before extraordinary items        (0.16)        0.31       0.59       0.56        0.55          0.74            1.61
  Net (loss) income                               (0.16)        0.31       0.59       0.56        0.55          0.74            1.57

Cash dividends declared                             0.08        0.08       0.06       0.06        0.06          0.22            0.17

AVERAGE COMMON SHARES OUTSTANDING
Basic                                            109,323     110,293    110,537    110,440     112,046       110,048         111,664
Diluted                                          109,323     111,439    111,229    111,332     113,127       110,659         112,937

</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                                DIME BANCORP, INC. AND SUBSIDIARIES
                           CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                           (IN THOUSANDS)
                                            (UNAUDITED)

                                                                 SEPTEMBER 30,     DECEMBER 31,
                                                                     2000              1999
                                                                ----------------  ----------------

<S>                                                                <C>               <C>
ASSETS
Cash and due from banks                                              $  325,721        $  414,289
Money market investments                                                 13,085            18,166
Securities available for sale                                         3,341,773         3,849,676
Federal Home Loan Bank of New York stock                                328,732           328,732
Loans held for sale                                                   2,363,552         1,733,667
Loans receivable, net:
   Residential real estate loans                                      7,995,503         8,200,120
   Commercial real estate loans                                       3,973,993         3,482,857
   Consumer loans                                                     2,941,984         2,495,321
   Business loans                                                     1,139,558         1,028,756
   Allowance for loan losses                                          (146,655)         (140,296)
                                                                ----------------  ----------------
      Total loans receivable, net                                    15,904,383        15,066,758
                                                                ----------------  ----------------

Premises and equipment, net                                             188,125           207,373
Mortgage servicing assets                                               980,228           980,934
Goodwill                                                                508,928           531,415
Other assets                                                          1,277,815           790,315
                                                                ----------------  ----------------
Total assets                                                       $ 25,232,342      $ 23,921,325
                                                                ================  ================

LIABILITIES
Deposits                                                           $ 13,903,058      $ 14,261,449
Federal funds purchased and securities sold under
   agreements to repurchase                                           3,260,488         1,106,067
Other short-term borrowings                                           4,640,463         5,321,838
Long-term debt                                                        1,004,769         1,165,868
Guaranteed preferred beneficial interests in Dime
   Bancorp, Inc.'s junior subordinated deferrable
   interest debentures                                                  152,236           152,219
Other liabilities                                                       485,158           397,779
                                                                ----------------  ----------------
      Total liabilities                                              23,446,172        22,405,220
                                                                ----------------  ----------------

STOCKHOLDERS' EQUITY
Preferred stock and warrants to purchase preferred
   stock                                                                210,166                --
Common stock                                                              1,203             1,203
Additional paid-in capital - common stock                             1,154,827         1,166,530
Retained earnings                                                       723,572           670,343
Treasury stock, at cost                                               (253,420)         (230,035)
Accumulated other comprehensive loss                                   (46,733)          (87,257)
Unearned compensation                                                   (3,445)           (4,679)
                                                                ----------------  ----------------
      Total stockholders' equity                                      1,786,170         1,516,105
                                                                ----------------  ----------------
Total liabilities and stockholders' equity                         $ 25,232,342      $ 23,921,325
                                                                ================  ================

</TABLE>
<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: October 17, 2000



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission