Delaware
|
0-27782
|
11-3297463
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
99
|
Press release of the Registrant, dated October 23, 2014, containing a discussion of Registrant's results of operations and financial condition for the quarter ended September 30, 2014.
|
By:
|
/s/ MICHAEL PUCELLA
|
Michael Pucella
|
|
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|
(99)
|
Press release of the Registrant, dated October 23, 2014, containing a discussion of Registrant's results of operations and financial condition for the quarter ended September 30, 2014.
|
·
|
Net Interest Margin
|
·
|
Net Interest Income
|
·
|
Provision/Allowance For Loan Losses
|
·
|
Non-Interest Income
|
·
|
Non-Interest Expense
|
·
|
Income Tax Expense
|
·
|
Real Estate Loans
|
·
|
Credit Summary
|
·
|
Deposits and Borrowed Funds
|
·
|
Capital
|
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
|
||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
||||||||||||
(In thousands except share amounts)
|
||||||||||||
September 30,
|
June 30,
|
December 31,
|
||||||||||
2014
|
2014
|
2013
|
||||||||||
ASSETS:
|
||||||||||||
Cash and due from banks
|
$
|
58,977
|
$
|
57,213
|
$
|
45,777
|
||||||
Investment securities held to maturity
|
5,352
|
5,330
|
5,341
|
|||||||||
Investment securities available for sale
|
3,708
|
3,766
|
18,649
|
|||||||||
Trading securities
|
7,056
|
7,058
|
6,822
|
|||||||||
Mortgage-backed securities available for sale
|
27,721
|
29,015
|
31,543
|
|||||||||
Federal funds sold and other short-term investments
|
250
|
250
|
-
|
|||||||||
Real Estate Loans:
|
||||||||||||
One-to-four family and cooperative/condomnium apartment
|
75,576
|
74,442
|
73,956
|
|||||||||
Multifamily and loans underlying cooperatives (1)
|
3,214,225
|
3,156,599
|
2,917,380
|
|||||||||
Commercial real estate
|
755,979
|
736,129
|
700,606
|
|||||||||
Construction and land acquisition
|
-
|
-
|
268
|
|||||||||
Unearned discounts and net deferred loan fees
|
5,482
|
5,381
|
5,170
|
|||||||||
Total real estate loans
|
4,051,262
|
3,972,551
|
3,697,380
|
|||||||||
Other loans
|
1,913
|
2,440
|
2,139
|
|||||||||
Allowance for loan losses
|
(19,098
|
)
|
(19,633
|
)
|
(20,153
|
)
|
||||||
Total loans, net
|
4,034,077
|
3,955,358
|
3,679,366
|
|||||||||
Loans held for sale
|
1,481
|
-
|
-
|
|||||||||
Premises and fixed assets, net
|
25,607
|
25,875
|
29,701
|
|||||||||
Federal Home Loan Bank of New York capital stock
|
55,235
|
53,269
|
48,051
|
|||||||||
Other Real Estate Owned
|
18
|
18
|
18
|
|||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Other assets
|
109,285
|
108,904
|
107,284
|
|||||||||
TOTAL ASSETS
|
$
|
4,384,405
|
$
|
4,301,694
|
$
|
4,028,190
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||||||
Deposits:
|
||||||||||||
Non-interest bearing checking
|
$
|
176,328
|
$
|
172,876
|
$
|
174,457
|
||||||
Interest Bearing Checking
|
75,375
|
79,076
|
87,301
|
|||||||||
Savings
|
378,500
|
377,618
|
376,900
|
|||||||||
Money Market
|
1,145,248
|
1,156,494
|
1,040,079
|
|||||||||
Sub-total
|
1,775,451
|
1,786,064
|
1,678,737
|
|||||||||
Certificates of deposit
|
847,162
|
867,016
|
828,409
|
|||||||||
Total Due to Depositors
|
2,622,613
|
2,653,080
|
2,507,146
|
|||||||||
Escrow and other deposits
|
95,830
|
76,930
|
69,404
|
|||||||||
Federal Home Loan Bank of New York advances
|
1,103,225
|
1,018,150
|
910,000
|
|||||||||
Trust Preferred Notes Payable
|
70,680
|
70,680
|
70,680
|
|||||||||
Other liabilities
|
35,854
|
34,330
|
35,454
|
|||||||||
TOTAL LIABILITIES
|
3,928,202
|
3,853,170
|
3,592,684
|
|||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 52,871,443 shares, 52,871,443 shares
|
||||||||||||
and 52,854,483 shares issued at September 30, 2014, June 30, 2014 and December 31, 2013,
|
||||||||||||
respectively, and 36,858,556 shares, 36,858,556 shares and 35,712,951 shares outstanding
|
||||||||||||
at September 30, 2014, June 30, 2014 and December 31, 2013, respectively)
|
529
|
529
|
528
|
|||||||||
Additional paid-in capital
|
254,103
|
253,840
|
252,253
|
|||||||||
Retained earnings
|
420,170
|
413,437
|
402,986
|
|||||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(4,284
|
)
|
(4,408
|
)
|
(4,759
|
)
|
||||||
Unallocated common stock of Employee Stock Ownership Plan
|
(2,603
|
)
|
(2,660
|
)
|
(2,776
|
)
|
||||||
Unearned Restricted Stock Award common stock
|
(3,626
|
)
|
(4,128
|
)
|
(3,193
|
)
|
||||||
Common stock held by the Benefit Maintenance Plan
|
(9,164
|
)
|
(9,164
|
)
|
(9,013
|
)
|
||||||
Treasury stock (16,012,887 shares, 16,012,887 shares and 16,141,532 shares
|
||||||||||||
at September 30, 2014, June 30, 2014 and December 31, 2013, respectively)
|
(198,922
|
)
|
(198,922
|
)
|
(200,520
|
)
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
456,203
|
448,524
|
435,506
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
4,384,405
|
$
|
4,301,694
|
$
|
4,028,190
|
||||||
(1) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately
from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
|
||||||||||||
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||||||
(Dollars In thousands except share and per share amounts)
|
||||||||||||||||||||
For the Three Months Ended
|
For the Nine Months Ended | |||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Interest income:
|
||||||||||||||||||||
Loans secured by real estate
|
$
|
43,477
|
$
|
41,973
|
$
|
42,451
|
$
|
126,311
|
$
|
130,291
|
||||||||||
Other loans
|
26
|
29
|
25
|
80
|
74
|
|||||||||||||||
Mortgage-backed securities
|
223
|
236
|
310
|
707
|
1,123
|
|||||||||||||||
Investment securities
|
68
|
136
|
84
|
274
|
316
|
|||||||||||||||
Federal funds sold and
|
||||||||||||||||||||
other short-term investments
|
551
|
536
|
416
|
1,609
|
1,423
|
|||||||||||||||
Total interest income
|
44,345
|
42,910
|
43,286
|
128,981
|
133,227
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits and escrow
|
4,976
|
4,992
|
4,908
|
14,590
|
15,240
|
|||||||||||||||
Borrowed funds
|
7,410
|
7,324
|
6,725
|
21,583
|
20,267
|
|||||||||||||||
Total interest expense
|
12,386
|
12,316
|
11,633
|
36,173
|
35,507
|
|||||||||||||||
Net interest income
|
31,959
|
30,594
|
31,653
|
92,808
|
97,720
|
|||||||||||||||
Provision for (recapture of) loan losses
|
(501
|
)
|
(1,130
|
)
|
240
|
(1,350
|
)
|
425
|
||||||||||||
Net interest income after provision for
|
||||||||||||||||||||
(recapture of) loan losses
|
32,460
|
31,724
|
31,413
|
94,158
|
97,295
|
|||||||||||||||
Non-interest income:
|
||||||||||||||||||||
Service charges and other fees
|
1,084
|
769
|
1,015
|
2,507
|
2,554
|
|||||||||||||||
Mortgage banking income, net
|
71
|
82
|
76
|
1,153
|
350
|
|||||||||||||||
Gain (loss) on sale of securities and other assets
|
-
|
-
|
(21
|
)
|
-
|
89
|
||||||||||||||
Gain (loss) on trading securities
|
(43
|
)
|
63
|
104
|
684
|
187
|
||||||||||||||
Other
|
705
|
651
|
834
|
2,098
|
2,446
|
|||||||||||||||
Total non-interest income
|
1,817
|
1,565
|
2,008
|
6,442
|
5,626
|
|||||||||||||||
Non-interest expense:
|
||||||||||||||||||||
Compensation and benefits
|
8,760
|
9,115
|
9,466
|
27,384
|
28,715
|
|||||||||||||||
Occupancy and equipment
|
2,513
|
2,392
|
2,697
|
7,656
|
7,735
|
|||||||||||||||
Federal deposit insurance premiums
|
547
|
524
|
515
|
1,576
|
1,470
|
|||||||||||||||
Other
|
2,904
|
3,267
|
2,897
|
9,229
|
9,311
|
|||||||||||||||
Total non-interest expense
|
14,724
|
15,298
|
15,575
|
45,845
|
47,231
|
|||||||||||||||
Income before taxes
|
19,553
|
17,991
|
17,846
|
54,755
|
55,690
|
|||||||||||||||
Income tax expense
|
7,788
|
7,531
|
7,215
|
22,496
|
22,450
|
|||||||||||||||
Net Income
|
$
|
11,765
|
$
|
10,460
|
$
|
10,631
|
$
|
32,259
|
$
|
33,240
|
||||||||||
Earnings per Share ("EPS"):
|
||||||||||||||||||||
Basic
|
$
|
0.33
|
$
|
0.29
|
$
|
0.30
|
$
|
0.90
|
$
|
0.95
|
||||||||||
Diluted
|
$
|
0.33
|
$
|
0.29
|
$
|
0.30
|
$
|
0.90
|
$
|
0.95
|
||||||||||
Average common shares outstanding for Diluted EPS
|
35,974,339
|
35,957,291
|
35,527,503
|
35,940,745
|
35,157,647
|
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||
(Dollars In thousands except per share amounts)
|
||||||||||||||||||||
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Performance Ratios (Based upon Reported Earnings):
|
||||||||||||||||||||
Reported EPS (Diluted)
|
$
|
0.33
|
$
|
0.29
|
$
|
0.30
|
$
|
0.90
|
$
|
0.95
|
||||||||||
Return on Average Assets
|
1.09
|
%
|
0.97
|
%
|
1.07
|
%
|
1.01
|
%
|
1.11
|
%
|
||||||||||
Return on Average Stockholders' Equity
|
10.37
|
%
|
9.36
|
%
|
10.19
|
%
|
9.62
|
%
|
10.91
|
%
|
||||||||||
Return on Average Tangible Stockholders' Equity
|
11.74
|
%
|
10.62
|
%
|
11.49
|
%
|
10.95
|
%
|
12.35
|
%
|
||||||||||
Net Interest Spread
|
2.92
|
%
|
2.77
|
%
|
3.17
|
%
|
2.84
|
%
|
3.24
|
%
|
||||||||||
Net Interest Margin
|
3.09
|
%
|
2.96
|
%
|
3.35
|
%
|
3.04
|
%
|
3.45
|
%
|
||||||||||
Non-interest Expense to Average Assets
|
1.36
|
%
|
1.42
|
%
|
1.56
|
%
|
1.44
|
%
|
1.58
|
%
|
||||||||||
Efficiency Ratio
|
43.54
|
%
|
47.66
|
%
|
46.38
|
%
|
46.51
|
%
|
45.82
|
%
|
||||||||||
Effective Tax Rate
|
39.83
|
%
|
41.86
|
%
|
40.43
|
%
|
41.08
|
%
|
40.31
|
%
|
||||||||||
Book Value and Tangible Book Value Per Share:
|
||||||||||||||||||||
Stated Book Value Per Share
|
$
|
12.38
|
$
|
12.17
|
$
|
11.57
|
$
|
12.38
|
$
|
11.57
|
||||||||||
Tangible Book Value Per Share
|
10.98
|
10.78
|
10.30
|
10.98
|
10.30
|
|||||||||||||||
Average Balance Data:
|
||||||||||||||||||||
Average Assets
|
$
|
4,321,228
|
$
|
4,311,701
|
$
|
3,980,840
|
$
|
4,258,512
|
$
|
3,978,466
|
||||||||||
Average Interest Earning Assets
|
4,138,802
|
4,127,883
|
3,782,043
|
4,071,994
|
3,781,782
|
|||||||||||||||
Average Stockholders' Equity
|
453,813
|
446,785
|
417,459
|
446,962
|
406,219
|
|||||||||||||||
Average Tangible Stockholders' Equity
|
400,822
|
393,820
|
369,982
|
392,921
|
358,740
|
|||||||||||||||
Average Loans
|
4,017,867
|
3,945,287
|
3,646,845
|
3,928,115
|
3,585,641
|
|||||||||||||||
Average Deposits
|
2,636,593
|
2,623,386
|
2,623,840
|
2,596,830
|
2,603,607
|
|||||||||||||||
Asset Quality Summary:
|
||||||||||||||||||||
Net (recoveries) charge-offs
|
$
|
34
|
$
|
(335
|
)
|
$
|
202
|
$
|
(295
|
)
|
$
|
435
|
||||||||
Non-performing Loans (excluding loans held for sale)
|
11,527
|
12,305
|
8,838
|
11,527
|
8,838
|
|||||||||||||||
Non-performing Loans/ Total Loans
|
0.28
|
%
|
0.31
|
%
|
0.24
|
%
|
0.28
|
%
|
0.24
|
%
|
||||||||||
Nonperforming Assets (1)
|
$
|
13,929
|
$
|
13,224
|
$
|
9,735
|
$
|
12,448
|
$
|
9,735
|
||||||||||
Nonperforming Assets/Total Assets
|
0.32
|
%
|
0.31
|
%
|
0.24
|
%
|
0.32
|
%
|
0.24
|
%
|
||||||||||
Allowance for Loan Loss/Total Loans
|
0.47
|
%
|
0.49
|
%
|
0.56
|
%
|
0.47
|
%
|
0.56
|
%
|
||||||||||
Allowance for Loan Loss/Non-performing Loans
|
165.69
|
%
|
159.55
|
%
|
232.41
|
%
|
165.69
|
%
|
232.41
|
%
|
||||||||||
Loans Delinquent 30 to 89 Days at period end
|
$
|
1,113
|
$
|
2,274
|
$
|
3,763
|
$
|
1,113
|
$
|
3,763
|
||||||||||
Consolidated Tangible Stockholders' Equity to
|
||||||||||||||||||||
Tangible Assets at period end
|
9.35
|
%
|
9.36
|
%
|
9.51
|
%
|
9.35
|
%
|
9.51
|
%
|
||||||||||
Regulatory Capital Ratios (Bank Only):
|
||||||||||||||||||||
Tier One Core Leverage Ratio (Tangible Common Equity)
|
9.25
|
%
|
9.20
|
%
|
10.24
|
%
|
9.25
|
%
|
10.24
|
%
|
||||||||||
Tier One Risk Based Capital Ratio
|
12.25
|
%
|
12.23
|
%
|
13.35
|
%
|
12.25
|
%
|
13.35
|
%
|
||||||||||
Total Risk Based Capital Ratio
|
12.84
|
%
|
12.85
|
%
|
14.07
|
%
|
12.84
|
%
|
14.07
|
%
|
||||||||||
(1) Amount comprised of total non-accrual loans (including loans held for sale) and the recorded balance of pooled bank trust preferred security investments for which the
Bank had not received any contractual payments of interest or principal in over 90 days.
|
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||||||
UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
|
||||||||||||||||||||||||||||||||||||
(Dollars In thousands)
|
||||||||||||||||||||||||||||||||||||
For the Three Months Ended
|
||||||||||||||||||||||||||||||||||||
September 30, 2014
|
June 30, 2014
|
September 30, 2013
|
||||||||||||||||||||||||||||||||||
Average
|
Average
|
Average
|
||||||||||||||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Real estate loans
|
$
|
4,015,816
|
$
|
43,477
|
4.33
|
%
|
$
|
3,943,414
|
$
|
41,973
|
4.26
|
%
|
$
|
3,644,557
|
$
|
42,451
|
4.66
|
%
|
||||||||||||||||||
Other loans
|
2,051
|
26
|
5.07
|
1,873
|
29
|
6.19
|
2,288
|
25
|
4.37
|
|||||||||||||||||||||||||||
Mortgage-backed securities
|
27,011
|
223
|
3.30
|
28,487
|
236
|
3.31
|
35,219
|
310
|
3.52
|
|||||||||||||||||||||||||||
Investment securities
|
15,827
|
68
|
1.72
|
15,585
|
136
|
3.49
|
29,122
|
84
|
1.15
|
|||||||||||||||||||||||||||
Other short-term investments
|
78,097
|
551
|
2.82
|
138,524
|
536
|
1.55
|
70,857
|
416
|
2.35
|
|||||||||||||||||||||||||||
Total interest earning assets
|
4,138,802
|
$
|
44,345
|
4.29
|
%
|
4,127,883
|
$
|
42,910
|
4.16
|
%
|
3,782,043
|
$
|
43,286
|
4.58
|
%
|
|||||||||||||||||||||
Non-interest earning assets
|
182,426
|
183,818
|
198,797
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
4,321,228
|
$
|
4,311,701
|
$
|
3,980,840
|
||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Interest Bearing Checking
accounts
|
$
|
76,623
|
$
|
51
|
0.26
|
%
|
$
|
79,490
|
$
|
60
|
0.30
|
%
|
$
|
88,471
|
$
|
49
|
0.22
|
%
|
||||||||||||||||||
Money Market accounts
|
1,153,517
|
1,692
|
0.58
|
1,114,169
|
1,548
|
0.56
|
1,122,644
|
1,413
|
0.50
|
|||||||||||||||||||||||||||
Savings accounts
|
378,527
|
47
|
0.05
|
379,819
|
47
|
0.05
|
380,088
|
48
|
0.05
|
|||||||||||||||||||||||||||
Certificates of deposit
|
852,188
|
3,186
|
1.48
|
873,733
|
3,337
|
1.53
|
862,792
|
3,398
|
1.56
|
|||||||||||||||||||||||||||
Total interest bearing deposits
|
2,460,855
|
4,976
|
0.80
|
2,447,211
|
4,992
|
0.83
|
2,453,995
|
4,908
|
0.79
|
|||||||||||||||||||||||||||
Borrowed Funds
|
1,119,859
|
7,410
|
2.63
|
1,096,742
|
7,324
|
2.68
|
810,191
|
6,725
|
3.29
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
3,580,714
|
$
|
12,386
|
1.37
|
%
|
3,543,953
|
$
|
12,316
|
1.39
|
%
|
3,264,186
|
$
|
11,633
|
1.41
|
%
|
|||||||||||||||||||||
Non-interest bearing checking
accounts
|
175,738
|
176,175
|
169,845
|
|||||||||||||||||||||||||||||||||
Other non-interest-bearing
liabilities
|
110,962
|
144,788
|
129,350
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
3,867,414
|
3,864,916
|
3,563,381
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
453,814
|
446,785
|
417,459
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders'
equity
|
$
|
4,321,228
|
$
|
4,311,701
|
$
|
3,980,840
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
31,959
|
$
|
30,594
|
$
|
31,653
|
||||||||||||||||||||||||||||||
Net interest spread
|
2.92
|
%
|
2.77
|
%
|
3.17
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets
|
$
|
558,088
|
$
|
583,930
|
$
|
517,857
|
||||||||||||||||||||||||||||||
Net interest margin
|
3.09
|
%
|
2.96
|
%
|
3.35
|
%
|
||||||||||||||||||||||||||||||
Ratio of interest-earning assets
|
||||||||||||||||||||||||||||||||||||
to interest-bearing liabilities
|
115.59
|
%
|
116.48
|
%
|
115.86
|
%
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Deposits (including non-interest
bearing checking accounts)
|
$
|
2,636,593
|
$
|
4,976
|
0.75
|
%
|
$
|
2,623,386
|
$
|
4,992
|
0.76
|
%
|
$
|
2,623,840
|
$
|
4,908
|
0.74
|
%
|
||||||||||||||||||
SUPPLEMENTAL INFORMATION
|
||||||||||||||||||||||||||||||||||||
Loan prepayment and late payment fee income,
net of accelerated premium amortization
|
$
|
3,943
|
$
|
2,175
|
$
|
3,467
|
||||||||||||||||||||||||||||||
Real estate loans (excluding net prepayment and late payment
fee income)
|
3.94
|
%
|
4.04
|
%
|
4.28
|
%
|
||||||||||||||||||||||||||||||
Interest earning assets (excluding net prepayment and late
payment fee income)
|
3.90
|
%
|
3.95
|
%
|
4.21
|
%
|
||||||||||||||||||||||||||||||
Net Interest income (excluding net prepayment
and late payment fee income)
|
$
|
28,016
|
$
|
28,419
|
$
|
28,186
|
||||||||||||||||||||||||||||||
Net Interest margin (excluding net prepayment and late
payment fee income)
|
2.71
|
%
|
2.75
|
%
|
2.98
|
%
|
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
|
||||||||||||
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS AND TROUBLED DEBT RESTRUCTURINGS ("TDRs")
|
||||||||||||
(Dollars In thousands)
|
||||||||||||
At September 30,
|
At June 30,
|
At September 30,
|
||||||||||
Non-Performing Loans
|
2014
|
2014
|
2013
|
|||||||||
One- to four-family and cooperative/condominium apartment
|
$
|
1,363
|
$
|
1,422
|
$
|
1,136
|
||||||
Multifamily residential and mixed use residential real estate (1)(2)
|
1,039
|
1,431
|
1,993
|
|||||||||
Mixed use commercial real estate (2)
|
4,400
|
4,400
|
-
|
|||||||||
Commercial real estate
|
4,717
|
5,047
|
5,707
|
|||||||||
Other
|
8
|
5
|
2
|
|||||||||
Total Non-Performing Loans (3)
|
$
|
11,527
|
$
|
12,305
|
$
|
8,838
|
||||||
Other Non-Performing Assets
|
||||||||||||
Non-performing loans held for sale
|
1,481
|
-
|
-
|
|||||||||
Other real estate owned
|
18
|
18
|
-
|
|||||||||
Pooled bank trust preferred securities (4)
|
903
|
901
|
897
|
|||||||||
Total Non-Performing Assets
|
$
|
13,929
|
$
|
13,224
|
$
|
9,735
|
||||||
TDRs not included in non-performing loans (3)
|
||||||||||||
One- to four-family and cooperative/condominium apartment
|
607
|
609
|
938
|
|||||||||
Multifamily residential and mixed use residential real estate (1)(2)
|
1,115
|
1,126
|
1,899
|
|||||||||
Mixed use commercial real estate (2)
|
-
|
-
|
711
|
|||||||||
Commercial real estate
|
9,025
|
7,033
|
29,570
|
|||||||||
Total Performing TDRs
|
$
|
10,747
|
$
|
8,768
|
$
|
33,118
|
||||||
(1) Includes loans underlying cooperatives.
|
||||||||||||
(2) While the loans within these categories are often considered "commercial real estate" in nature, they are classified separately in the table above to provide further
emphasis of the discrete composition of their underlying real estate collateral.
|
||||||||||||
(3) Total non-performing loans include some loans that were modified in a manner that met the criteria for a TDR. These non-accruing TDRs, which totaled $9,117 at
September 30, 2014, $9,447 at June 30, 2014 and $5,707 at September 30, 2013, are included in the non-performing loan table, but excluded from the TDR amount shown
above.
|
||||||||||||
(4) These assets were deemed non-performing since the Company had, as of the dates indicated, not received any payments of principal or interest on them for a period of at
least 90 days.
|
||||||||||||
PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE CAPITAL AND RESERVES
|
||||||||||||
At September 30,
|
At June 30,
|
At September 30,
|
||||||||||
2014
|
2014
|
2013
|
||||||||||
Total Non-Performing Assets
|
$
|
13,929
|
$
|
13,224
|
$
|
9,735
|
||||||
Loans 90 days or more past due on accrual status (5)
|
2,400
|
2,604
|
1,398
|
|||||||||
TOTAL PROBLEM ASSETS
|
$
|
16,329
|
$
|
15,828
|
$
|
11,133
|
||||||
Tier One Capital - The Dime Savings Bank of Williamsburgh
|
$
|
399,062
|
$
|
389,369
|
$
|
404,022
|
||||||
Allowance for loan losses
|
19,098
|
19,633
|
20,540
|
|||||||||
TANGIBLE CAPITAL PLUS RESERVES
|
$
|
418,160
|
$
|
409,002
|
$
|
424,562
|
||||||
PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE CAPITAL AND RESERVES
|
3.9
|
%
|
3.9
|
%
|
2.6
|
%
|
||||||
(5) These loans were, as of the respective dates indicated, expected to be either satisfied, made current or re-financed within the following twelve months, and were not
expected to result in any loss of contractual principal or interest. These loans are not included in non-performing loans.
|
*?^?:#_O\`"C_A4WBG_GV@_P"_PKV/KN'_
M`)U]YX?U#$_\^W]QP-?4_P`*/^1`TC_KE_6O%O\`A4WBG_GV@_[_``KW;P#I
MESH_A/3[&^4+<0IM<`Y`.:\G-\12JTDH23U/:R/#5J-:3J1:5NOJ>,?'K2OL
M?BJ*]1<)=Q`G_>'!KS*OIGXN>%;KQ/HMNFG(C7D$NY0S;