<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): January 20, 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> 2
Item 5. Other Events.
On January 20, 2000, Dime Bancorp, Inc. (the "Registrant")
issued the following earnings press release:
Contact: Dime
Franklin L. Wright
(212) 326-6170
January 20, 2000
00/1
FOR IMMEDIATE RELEASE
DIME BANCORP, INC. REPORTS RECORD
QUARTERLY AND ANNUAL EARNINGS
Fourth Quarter 1999 Operating EPS of $0.56; Full Year 1999 Operating
EPS of $2.17
New York, NY -- January 20, 2000 -- Dime Bancorp, Inc. (NYSE:DME), the
parent company of The Dime Savings Bank of New York, FSB, today reported net
income of $62.3 million, or $0.56 per diluted share, for the fourth quarter of
1999, compared with $61.7 million, or $0.55 per diluted share, for the fourth
quarter of 1998. For the year 1999, Dime reported net income of $239.8 million,
or $2.13 per diluted share, compared with $237.1 million, or $2.06 per diluted
share, for the year 1998.
Lawrence J. Toal, Dime's Chairman and Chief Executive Officer, said,
"Despite the effects of rising interest rates, Dime generated record operating
results for the year, capped by our fourteenth consecutive quarter of higher
operating earnings. A combination of internal growth and strategic acquisitions
enabled us to continue to transform the balance sheet and become more commercial
bank-like. On the asset side, our consumer, commercial real estate and business
banking loan portfolios increased by more than $3 billion, or 83%, over the
course of the year. This growth, coupled with an 8% reduction in our residential
loan portfolio, resulted in these non-residential loans representing 46% of
loans outstanding at year-end 1999, up from 30% at year-end 1998. On the
liability side, core deposits grew by $778 million, or 11%, and at year-end 1999
they represented 54% of total deposits, up from 51% at the end of 1998."
"Our continued emphasis on fee-related sources of revenue resulted in
solid growth in fees from banking services, loan servicing, and securities and
insurance brokerage activities. That improvement, together with the improvement
in our net interest income, helped offset lower gains on sales from mortgage
banking and enabled Dime to maintain its earnings momentum," he continued.
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Mr. Toal also commented, "While we continued our strategy of
transforming our balance sheet and income statement, asset quality continues to
be a primary focus. On a linked quarter basis, non-performing assets declined by
almost $5 million, and the ratio of the allowance for loans losses to
non-accrual loans improved to over 200% at year-end 1999."
"During the quarter, we also made substantial progress towards
completing our planned merger of equals with Hudson United Bancorp. We completed
the selection of the senior management team, developed a detailed action plan
regarding previously-identified cost saving opportunities, filed the necessary
applications with the regulators, and are aggressively developing the final
blueprint for Dime United's operations. Overall, we remain optimistic that we
will be able to close the transaction during the first quarter of 2000, and are
excited about the regional commercial bank franchise that we are creating, as
well as the cost savings and revenue opportunities it presents," concluded Mr.
Toal.
OPERATING AND CASH OPERATING EARNINGS
Operating earnings (reported earnings adjusted for the effects of
certain non-recurring or unusual items) were $62.3 million, or $0.56 per diluted
share, for the 1999 fourth quarter, which were the same as reported earnings.
Operating earnings in the 1998 fourth quarter were $57.1 million, or $0.51 per
diluted share, with the only adjustment to reported earnings being the
application of a 37% tax rate to pre-tax earnings versus 32% on a reported
basis. In the 1999 third quarter, operating earnings were $61.8 million, or
$0.55 per diluted share, which were also the same as reported earnings.
For the year ended December 31, 1999, operating earnings were $243.9
million, or $2.17 per diluted share, compared with 1998 operating earnings of
$217.1 million, or $1.89 per diluted share. Operating earnings in 1999 reflected
a first quarter adjustment to reported earnings for an extraordinary after-tax
loss of $4.1 million on the early extinguishment of debt. Operating earnings for
1998 included an adjustment for the early extinguishment of debt and adjustments
to after-tax income associated with sales of mortgage servicing, balance sheet
restructuring initiatives and the sale of a banking branch, as well as the
application of a 37% tax rate to pre-tax earnings versus 32% on a reported
basis. The lower effective tax rate in the 1998 periods was due to a
restructuring of the assets within the legal entities that comprise Dime's
affiliated group.
Cash operating earnings, which exclude the after-tax effect of goodwill
amortization, were $68.5 million, or $0.62 per diluted share, for the 1999
fourth quarter, compared with $60.0 million, or $0.53 per diluted share, for the
1998 fourth quarter, and $65.7 million, or $0.58 per diluted share, for the 1999
third quarter. Cash operating earnings for 1999 were $260.2 million, or $2.31
per diluted share, compared with $228.2 million, or $1.98 per diluted share, for
1998.
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income was $153.9 million in the 1999 fourth quarter, up
16% from $133.2 million in the 1998 fourth quarter, and up 3% from $149.2
million in the 1999 third quarter. The
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increase in net interest income in the 1999 fourth quarter, as compared with the
prior periods, largely reflected growth in interest-earning assets, principally
consumer, commercial real estate, and business loans. This included the benefits
of $500 million of business and consumer loans and $1.3 billion of lower cost
deposits acquired in connection with Dime's purchase of KeyBank's Long Island
banking franchise in October 1999. As compared with the fourth quarter of 1998,
net interest income was also positively impacted by a higher net interest
margin, which was 2.98% in the 1999 fourth quarter, compared with 2.78% in the
1998 fourth quarter. The nine basis point decline in the net interest margin in
the 1999 fourth quarter from 3.07% in the 1999 third quarter was largely
attributable to a higher cost of funds due to rising interest rates.
NON-INTEREST INCOME
Non-interest income in the 1999 fourth quarter totaled $132.6 million,
compared with $144.6 million in the 1998 fourth quarter and $133.9 million in
the 1999 third quarter, as rising interest rates slowed residential loan
production. In turn, this resulted in sharp reductions in net gains on sales,
which were only partially offset by higher levels of fee income.
- Loan servicing and production fees in the 1999 fourth quarter
were $68.5 million, up 13% from $60.6 million in the 1998
fourth quarter and up 2% from $67.4 million in the 1999 third
quarter.
- Banking service fees in the 1999 fourth quarter were $14.9
million, up 33% from $11.2 million in the year-earlier period
and up 14% from $13.1 million in the 1999 third quarter, with
the improvement primarily reflecting growth in fee-generating
accounts.
- Securities and insurance brokerage fees in the 1999 fourth
quarter were $9.1 million, up 21% from $7.6 million in the
1998 fourth quarter and up slightly from $8.9 million in the
1999 third quarter.
- Net gains on sales activities were $36.3 million in the 1999
fourth quarter, down 43% from $63.9 million in the 1998 fourth
quarter and down 14% from $42.1 million in the 1999 third
quarter as higher interest rates slowed residential lending,
particularly refinancing activity.
Non-interest income for the year ended December 31, 1999 was $568.2
million, compared with $525.0 million in the prior year, as increases in fee
income more than offset a reduction in net gains on sales of residential loans.
LOAN PRODUCTION AND LOANS RECEIVABLE
Total loan production for 1999 was $26.2 billion, compared with a
record $32.7 billion in 1998. In the 1999 fourth quarter, total loan production
was $5.2 billion, compared with $10.3 billion in the 1998 fourth quarter and
$6.1 billion in the 1999 third quarter. The declines were
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primarily due to a substantial reduction in residential loan production, which
was partially offset by increased originations of non-residential loans.
Specifically:
- Residential loan production was $3.9 billion in the 1999
fourth quarter, compared with $9.6 billion in the 1998 fourth
quarter and $5.0 billion in the 1999 third quarter. For the
year ended December 31, 1999, residential loan production was
$22.4 billion, compared with 1998's record $30.5 billion.
- Commercial real estate (including multifamily) loan
originations totaled $426 million in the 1999 fourth quarter,
up 14% from $372 million in the 1998 fourth quarter and 24%
from $342 million in the 1999 third quarter. For the year
ended December 31, 1999, commercial real estate loan
originations totaled $1.4 billion, up 23% from $1.1 billion in
1998.
- Consumer loan originations were $362 million in the 1999
fourth quarter, up 82% from $199 million in the 1998 fourth
quarter, but down 11% from $407 million in the 1999 third
quarter. The increase in the 1999 fourth quarter as compared
to the 1998 fourth quarter reflected the leveraging of Dime's
mortgage banking subsidiary's national distribution network as
well as the loans produced by the auto finance business
acquired in the 1999 third quarter. The decline in
originations between the 1999 third and fourth quarters
reflected the effects of the higher interest rate environment
on auto and home equity lending. In the year ended December
31, 1999, consumer loan originations totaled $1.3 billion, up
73% from $0.7 billion in 1998, with the improvement reflecting
a combination of internal growth and acquisitions.
- Business loan originations totaled $558 million in the 1999
fourth quarter, up 283% from $146 million in the 1998 fourth
quarter and 45% from $386 million in the 1999 third quarter.
Business loan originations for the year 1999 totaled $1.1
billion, up 217% from $357 million in 1998, reflecting
internal growth and the acquisition of KeyBank's Long Island
banking franchise.
At December 31, 1999, loans receivable totaled $15.2 billion, up 19%
from $12.7 billion at the end of 1998. During 1999, commercial real estate loans
increased 36% to $3.5 billion, consumer loans grew 156% to $2.5 billion, and
business loans rose 258% to $1.0 billion. Combined, these non-residential loan
portfolios represented 46% of total loans receivable at year-end 1999, up from
30% at December 31, 1998. The increases reflected a combination of internal
growth and the benefits from acquisitions. Dime's residential loan portfolio
declined 8% from $8.9 billion at December 31, 1998 to $8.2 billion at the end of
1999, reflecting Dime's focus on growing its non-residential loan portfolio.
RESIDENTIAL LOAN SERVICING
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At December 31, 1999, Dime serviced $37.1 billion of loans for others,
compared with $27.0 billion at year-end 1998 and $36.5 billion at September 30,
1999. The weighted average coupon rate of residential property loans serviced
for others was 7.25% at December 31, 1999, compared with 7.37% at the end of
1998 and 7.20% at September 30, 1999, with the increase in the 1999 fourth
quarter as compared with the third quarter reflecting rising interest rates. The
book value of mortgage servicing assets at December 31, 1999 was $981 million,
including $60 million associated with hedges, while the estimated fair value was
$1.03 billion.
NON-INTEREST EXPENSE
Non-interest expense for the 1999 fourth quarter was $181.0 million,
compared with $179.1 million in the year-earlier period and $178.3 million in
the 1999 third quarter. The increase in the 1999 fourth quarter as compared to
the immediately preceding quarter reflected a higher level of goodwill
amortization following the KeyBank branch acquisition and a higher level of
amortization of mortgage servicing assets associated with a larger servicing
portfolio, which was not entirely offset by a reduction in general and
administrative expense.
General and administrative expense declined in the 1999 fourth quarter
to $144.1 million from $145.3 million in the 1998 fourth quarter and $146.1
million in the 1999 third quarter. The reduction largely related to the
continued down-sizing of mortgage banking operations, offset by approximately $8
million of expenses associated with the purchase of KeyBank's 28 Long Island
banking branches early in the fourth quarter and the full effect of the purchase
of Citibank's auto finance business in August. In addition, general and
administrative expense in both the fourth and third quarters of 1999 included
approximately $1 million in severance payments made in connection with
down-sizing the mortgage bank.
The efficiency ratio in the 1999 fourth quarter was 50.3%, improved
from 52.9% in the 1998 fourth quarter and 51.6% in the 1999 third quarter.
ASSET QUALITY
The allowance for loan losses was $140.3 million, or 202% of
non-accrual loans, at December 31, 1999, up from $105.1 million, or 191%, at
December 31, 1998, and $137.1 million, or 194%, at September 30, 1999. At
year-end 1999, the allowance for loan losses to loans receivable was 0.92%,
compared with 0.82% at year-end 1998 and 0.96% at the end of the 1999 third
quarter.
Non-performing assets (non-accrual loans and other real estate owned)
were $86 million at December 31, 1999, compared with $83 million at the end of
1998 and $91 million at September 30, 1999. The ratio of non-performing assets
to total assets was 0.36% at the end of 1999, compared with 0.37% at December
31, 1998 and 0.40% at September 30, 1999.
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Net charge-offs in the 1999 fourth quarter were $5.8 million, compared
with $14.9 million in the 1998 fourth quarter and $3.6 million in the 1999 third
quarter. Charge-offs in the 1998 fourth quarter included $9.1 million in
connection with a sale of residential non-performing loans.
PENDING MERGER
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 the bank holding company for DimeBank, a New Jersey
state-chartered commercial bank. The merger, which remains subject to regulatory
and shareholder approvals, is planned to be completed in the first quarter of
2000.
At December 31, 1999, Dime had assets of $23.9 billion and deposits of
$14.3 billion. Its principal subsidiary, The Dime Savings Bank of New York, FSB
(www.dime.com), is a regional bank 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.
-7-
<PAGE> 8
DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
<TABLE>
<CAPTION>
At or For the
At or For the Three Months Ended Year Ended
------------------------------------------------------------ December 31,
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, ---------------------
1999 1999 1999 1999 1998 1999 1998
-------- --------- -------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
AS REPORTED BASIS
Net income (in thousands) $ 62,331 $ 61,824 $ 60,817 $ 54,841 $ 61,679 $239,813 $237,086
Basic earnings per common share 0.56 0.55 0.54 0.49 0.55 2.15 2.09
Diluted earnings per common share 0.56 0.55 0.54 0.49 0.55 2.13 2.06
Return on average assets 1.07 % 1.13 % 1.15 % 1.01 % 1.15 % 1.09 % 1.11 %
Return on average stockholders' equity 16.67 16.75 16.73 15.66 18.17 16.46 17.84
OPERATING EARNINGS BASIS (1)
Net income (in thousands) $ 62,331 $ 61,824 $ 60,817 $ 58,968 $ 57,146 $243,940 $217,081
Basic earnings per common share 0.56 0.55 0.54 0.53 0.51 2.19 1.91
Diluted earnings per common share 0.56 0.55 0.54 0.52 0.51 2.17 1.89
Return on average assets 1.07 % 1.13 % 1.15 % 1.09 % 1.07 % 1.11 % 1.02 %
Return on average stockholders' equity 16.67 16.75 16.73 16.84 16.83 16.74 16.34
Interest rate spread 3.05 3.12 2.98 2.80 2.81 2.97 2.68
Net interest margin 2.98 3.07 2.94 2.75 2.78 2.91 2.68
Non-interest income to total revenues 46.29 47.29 52.16 52.41 52.06 49.55 49.41
Efficiency ratio 50.30 51.61 51.18 52.62 52.85 51.40 53.99
CASH OPERATING EARNINGS BASIS (2)
Net income (in thousands) $ 68,486 $ 65,744 $ 64,190 $ 61,747 $ 59,992 $260,167 $228,220
Basic earnings per common share 0.62 0.59 0.57 0.56 0.54 2.34 2.01
Diluted earnings per common share 0.62 0.58 0.57 0.55 0.53 2.31 1.98
Return on average tangible assets 1.21 % 1.22 % 1.23 % 1.15 % 1.13 % 1.20 % 1.08 %
Return on average tangible
stockholders' equity 27.27 22.47 21.43 21.00 21.20 22.88 20.76
PERIOD END BALANCE SHEET ITEMS
(IN MILLIONS)
Total assets $ 23,921 $ 22,601 $ 21,430 $ 21,550 $ 22,321 $ 23,921 $ 22,321
Total interest-earning assets 21,314 20,386 19,281 19,593 20,365 21,314 20,365
Securities available for sale 3,850 3,837 3,498 3,308 3,329 3,850 3,329
Loans held for sale 1,734 1,716 2,513 3,083 3,885 1,734 3,885
Loans receivable 15,207 14,257 12,711 12,592 12,748 15,207 12,748
Total interest-bearing liabilities 22,007 20,752 19,536 19,703 20,424 22,007 20,424
Deposits 14,261 13,294 13,415 13,166 13,651 14,261 13,651
Borrowed funds 7,746 7,458 6,121 6,537 6,773 7,746 6,773
Stockholders' equity 1,516 1,475 1,493 1,417 1,386 1,516 1,386
AVERAGE BALANCES (IN MILLIONS)
Total assets $ 23,201 $ 21,814 $ 21,202 $ 21,619 $ 21,453 $ 21,963 $ 21,384
Total interest-earning assets 20,975 19,733 19,127 19,596 19,544 19,861 19,668
Securities available for sale 3,955 3,613 3,303 3,300 3,087 3,545 3,344
Loans held for sale 1,596 1,993 2,672 3,129 3,588 2,342 2,898
Loans receivable 14,897 13,562 12,580 12,802 12,496 13,466 12,984
Total interest-bearing liabilities 21,332 19,944 19,340 19,814 19,685 20,112 19,706
Deposits 14,121 13,326 13,270 13,371 13,668 13,524 13,838
Borrowed funds 7,211 6,618 6,070 6,443 6,017 6,588 5,868
Stockholders' equity 1,496 1,477 1,454 1,401 1,358 1,457 1,329
</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.
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DIME BANCORP, INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
<TABLE>
<CAPTION>
At or For the
At or For the Three Months Ended Year Ended
--------------------------------------------------------- December 31,
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, ---------------------
1999 1999 1999 1999 1998 1999 1998
-------- --------- -------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSET QUALITY (DOLLARS IN THOUSANDS)
Non-performing assets:
Non-accrual loans $ 69,362 $ 70,815 $ 67,884 $ 60,604 $ 55,111 $ 69,362 $ 55,111
Other real estate owned, net 16,691 19,997 20,591 23,902 28,232 16,691 28,232
-------- -------- -------- -------- -------- -------- --------
Total non-performing assets $ 86,053 $ 90,812 $ 88,475 $ 84,506 $ 83,343 $ 86,053 $ 83,343
======== ======== ======== ======== ======== ======== ========
Non-performing assets to total assets 0.36% 0.40% 0.41% 0.39% 0.37% 0.36% 0.37%
Non-accrual loans to loans receivable 0.46 0.50 0.53 0.48 0.43 0.46 0.43
Allowance for loan losses $140,296 $137,077 $121,381 $112,369 $105,081 $140,296 $105,081
Allowance for loan losses to:
Loans receivable 0.92% 0.96% 0.95% 0.89% 0.82% 0.92% 0.82%
Non-accrual loans 202.27 193.57 178.81 185.42 190.67 202.27 190.67
CAPITAL RATIOS
Stockholders' equity to total assets 6.34% 6.52% 6.97% 6.57% 6.21% 6.34% 6.21%
The Dime Savings Bank of New York, FSB:
Tangible and core 5.90(3) 6.85 6.92 6.25 5.82 5.90(3) 5.82
Tier 1 risk-based 8.58(3) 10.23 11.07 10.18 9.58 8.58(3) 9.58
Total risk-based 10.07(3) 11.15 11.99 11.04 10.37 10.07(3) 10.37
OTHER PERIOD END DATA
Common shares outstanding (in thousands) 110,895 110,755 113,539 111,346 111,570 110,895 111,570
Book value per common share $ 13.67 $ 13.31 $ 13.15 $ 12.72 $ 12.42 $ 13.67 $ 12.42
Tangible book value per common share 8.84 10.39 10.48 10.65 10.35 8.84 10.35
Market value per common share 15.13 17.50 20.13 23.19 26.25 15.13 26.25
Loans serviced for others (in millions)(4) 37,110 36,477 32,522 32,451 27,010 37,110 27,010
</TABLE>
(3) Preliminary.
(4) Excludes loans being subserviced.
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DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
DECEMBER 31,
-------------------------------
1999 1998
------------ ------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 414,289 $ 279,490
Money market investments 18,166 78,287
Securities available for sale 3,849,676 3,329,444
Federal Home Loan Bank of New York stock 328,732 324,106
Loans held for sale 1,733,667 3,884,886
Loans receivable, net:
Residential real estate loans 8,200,120 8,919,817
Commercial real estate loans 3,482,857 2,567,750
Consumer loans 2,495,321 973,230
Business loans 1,028,756 287,271
Allowance for loan losses (140,296) (105,081)
------------ ------------
Total loans receivable, net 15,066,758 12,642,987
------------ ------------
Premises and equipment, net 207,373 170,879
Mortgage servicing assets 980,934 692,473
Goodwill 531,415 225,222
Other assets 790,315 693,076
------------ ------------
Total assets $ 23,921,325 $ 22,320,850
============ ============
LIABILITIES
Deposits $ 14,261,449 $ 13,651,460
Federal funds purchased and securities sold under
agreements to repurchase 1,106,067 2,245,218
Other short-term borrowings 5,321,838 3,756,733
Long-term debt 1,165,868 608,892
Guaranteed preferred beneficial interests in Dime Bancorp, Inc.'s
junior subordinated deferrable interest debentures 152,219 162,005
Other liabilities 397,779 510,877
------------ ------------
Total liabilities 22,405,220 20,935,185
------------ ------------
STOCKHOLDERS' EQUITY
Common stock 1,203 1,203
Additional paid-in capital 1,166,530 1,165,251
Retained earnings 670,343 463,907
Treasury stock, at cost (230,035) (233,965)
Accumulated other comprehensive loss (87,257) (3,285)
Unearned compensation (4,679) (7,446)
------------ ------------
Total stockholders' equity 1,516,105 1,385,665
------------ ------------
Total liabilities and stockholders' equity $ 23,921,325 $ 22,320,850
============ ============
</TABLE>
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DIME BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
--------------------------------------------------------------------
DEC. 31, SEPT. 30, JUNE 30, MARCH 31, DEC. 31,
1999 1999 1999 1999 1998
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INTEREST INCOME
Residential real estate loans $ 176,044 $ 178,268 $ 187,254 $ 202,816 $ 213,084
Commercial real estate loans 63,389 61,507 53,921 49,754 50,677
Consumer loans 51,147 39,370 22,042 19,654 18,951
Business loans 18,658 9,028 6,290 5,764 4,805
Mortgage-backed securities 63,515 57,427 52,545 48,898 46,339
Other securities 12,721 12,658 12,696 12,221 12,725
Money market investments 239 496 270 506 405
----------- ----------- ----------- ----------- -----------
Total interest income 385,713 358,754 335,018 339,613 346,986
----------- ----------- ----------- ----------- -----------
INTEREST EXPENSE
Deposits 127,895 117,758 116,511 119,842 129,617
Borrowed funds 103,964 91,753 78,617 84,273 84,205
----------- ----------- ----------- ----------- -----------
Total interest expense 231,859 209,511 195,128 204,115 213,822
----------- ----------- ----------- ----------- -----------
Net interest income 153,854 149,243 139,890 135,498 133,164
Provision for loan losses 7,000 7,000 7,500 8,000 8,000
----------- ----------- ----------- ----------- -----------
Net interest income after provision
for loan losses 146,854 142,243 132,390 127,498 125,164
----------- ----------- ----------- ----------- -----------
NON-INTEREST INCOME
Loan servicing and production fees 68,474 67,402 69,716 61,928 60,604
Banking service fees 14,884 13,060 12,587 11,267 11,172
Securities and insurance brokerage fees 9,129 8,925 10,052 8,604 7,565
Net gains on sales activities 36,310 42,114 57,696 64,307 63,941
Other 3,821 2,391 2,452 3,124 1,343
----------- ----------- ----------- ----------- -----------
Total non-interest income 132,618 133,892 152,503 149,230 144,625
----------- ----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 74,555 77,521 75,201 76,473 69,444
Occupancy and equipment 27,077 25,897 25,901 24,786 24,935
Other 42,465 42,698 48,559 48,337 50,945
----------- ----------- ----------- ----------- -----------
Total general and administrative expense 144,097 146,116 149,661 149,596 145,324
Amortization of mortgage servicing assets 28,989 27,940 35,200 30,657 30,826
Amortization of goodwill 7,917 4,230 3,497 2,876 2,933
----------- ----------- ----------- ----------- -----------
Total non-interest expense 181,003 178,286 188,358 183,129 179,083
----------- ----------- ----------- ----------- -----------
Income before income tax expense and
extraordinary items 98,469 97,849 96,535 93,599 90,706
Income tax expense 36,138 36,025 35,718 34,631 29,027
----------- ----------- ----------- ----------- -----------
Income before extraordinary items 62,331 61,824 60,817 58,968 61,679
Extraordinary items - losses on early extinguishment
of debt, net of tax benefits -- -- -- (4,127) --
----------- ----------- ----------- ----------- -----------
Net income $ 62,331 $ 61,824 $ 60,817 $ 54,841 $ 61,679
=========== =========== =========== =========== ===========
PER COMMON SHARE
Basic earnings:
Income before extraordinary items $ 0.56 $ 0.55 $ 0.54 $ 0.53 $ 0.55
Extraordinary items -- -- -- (0.04) --
----------- ----------- ----------- ----------- -----------
Net income $ 0.56 $ 0.55 $ 0.54 $ 0.49 $ 0.55
=========== =========== =========== =========== ===========
Diluted earnings:
Income before extraordinary items $ 0.56 $ 0.55 $ 0.54 $ 0.52 $ 0.55
Extraordinary items -- -- -- (0.03) --
----------- ----------- ----------- ----------- -----------
Net income $ 0.56 $ 0.55 $ 0.54 $ 0.49 $ 0.55
=========== =========== =========== =========== ===========
Cash dividends declared $ 0.06 $ 0.06 $ 0.06 $ 0.05 $ 0.05
AVERAGE COMMON SHARES OUTSTANDING
Basic 110,440 112,046 111,958 110,976 111,386
Diluted 111,332 113,127 113,239 112,439 112,857
</TABLE>
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
DECEMBER 31,
--------------------------
1999 1998
----------- -----------
<S> <C> <C>
INTEREST INCOME
Residential real estate loans $ 744,382 $ 874,402
Commercial real estate loans 228,571 200,015
Consumer loans 132,213 71,003
Business loans 39,740 13,944
Mortgage-backed securities 222,385 214,922
Other securities 50,296 40,797
Money market investments 1,511 5,802
----------- -----------
Total interest income 1,419,098 1,420,885
----------- -----------
INTEREST EXPENSE
Deposits 482,006 545,827
Borrowed funds 358,607 347,825
----------- -----------
Total interest expense 840,613 893,652
----------- -----------
Net interest income 578,485 527,233
Provision for loan losses 29,500 32,000
----------- -----------
Net interest income after provision
for loan losses 548,985 495,233
----------- -----------
NON-INTEREST INCOME
Loan servicing and production fees 267,520 199,504
Banking service fees 51,798 41,428
Securities and insurance brokerage fees 36,710 32,736
Net gains on sales activities 200,427 244,451
Other 11,788 6,911
----------- -----------
Total non-interest income 568,243 525,030
----------- -----------
NON-INTEREST EXPENSE
General and administrative expense:
Compensation and employee benefits 303,750 270,062
Occupancy and equipment 103,661 92,452
Other 182,059 199,349
----------- -----------
Total general and administrative expense 589,470 561,863
Amortization of mortgage servicing assets 122,786 92,291
Amortization of goodwill 18,520 11,487
----------- -----------
Total non-interest expense 730,776 665,641
----------- -----------
Income before income tax expense and
extraordinary items 386,452 354,622
Income tax expense 142,512 113,479
----------- -----------
Income before extraordinary items 243,940 241,143
Extraordinary items - losses on early extinguishment
of debt, net of tax benefits (4,127) (4,057)
----------- -----------
Net income $ 239,813 $ 237,086
=========== ===========
PER COMMON SHARE
Basic earnings:
Income before extraordinary items $ 2.19 $ 2.13
Extraordinary items (0.04) (0.04)
----------- -----------
Net income $ 2.15 $ 2.09
=========== ===========
Diluted earnings:
Income before extraordinary items $ 2.17 $ 2.09
Extraordinary items (0.04) (0.03)
----------- -----------
Net income $ 2.13 $ 2.06
=========== ===========
Cash dividends declared $ 0.23 $ 0.19
AVERAGE COMMON SHARES OUTSTANDING
Basic 111,355 113,452
Diluted 112,533 115,153
</TABLE>
-11-
<PAGE> 12
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) - (b) Not applicable.
(c) Exhibits Required by Item 601 of Regulation S-K
None
-12-
<PAGE> 13
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: January 20, 2000
