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/C O R R E C T I O N -- DIME SAVINGS BANK/

 /C O R R E C T I O N -- DIME SAVINGS BANK/
 In NY092, Dime Savings Bank Reports 1991 Fourth Quarter Results,


moved earlier today, the third graph, second line should read "provision for loan losses, which compares with a 1990 provision of $195.4 million," rather than "provision of $195.4 million," as originally issued, also there have been corrected number changes in the tables, the following is the corrected release:
 DIME SAVINGS BANK REPORTS 1991 FOURTH QUARTER RESULTS
 NEW YORK, March 30 /PRNewswire/ -- The Dime Savings Bank of New York, FSB (NYSE: DME) today reported a fourth quarter 1991 loss of $197.3 million, or $8.54 per share compared with a 1990 fourth quarter loss of $12.6 million, or $0.55 per share.
 Four the year 1991, the Dime reported a loss of $237.4 million, or $10.27 per share, compared with a loss of $135.7 million, or $5.94 per share, for 1990.
 The 1991 loss was principally the result of a $306.7 million provision for loan losses, which compares with a 1990 provision of $195.4 million. As a result of the 1991 provision, the allowance for loan losses was $291.6 million at Dec. 31, 1991. The fourth quarter provision of $203.7 million resulted from a thorough management review, as part of the normal periodic analysis of the adequacy of the allowance for loan losses, of the impact of the deteriorating economic conditions in the Northeast during 1991 on the bank's entire loan portfolio. The bank's analysis and the resulting loan loss provision assumed no significant improvement for the next several years in the economy or in the real estate markets in which the bank operates.
 The bank's review was conducted in conjunction with regular periodic examinations of the bank by the Office of Thrift Supervision, the bank's primary regulator, and the Federal Deposit Insurance Corporation. The examinations have been completed as they relate to the bank's allowance for loan losses at year end.
 As a result of the 1991 loss, the bank's OTS risk-based capital ratio fell further below the regulatory minimum and the bank's leverage capital ratio was below the minimum regulatory requirement. The Dime remained in compliance with the OTS tangible capital requirement.
 In commenting on the bank's results, Richard D. Parsons, chairman and chief executive officer, said, "The continuing slide in the regional economy and real estate markets took a further toll on our residential and commercial real estate portfolios as the adverse impact of the deterioration in real estate values was greater than we, as well as most observers, anticipated."
 Parsons went on to state: "In making this large provision, we believe we have captured the full extent of potential losses in the bank's portfolio of non-performing and performing loans. Therefore, we expect significantly lower loan loss provisions going forward, Given that our losses in recent years have been primarily the result of making extraordinary provisions for loan losses with respect to these portfolios -- rather than from a lack of operating earnings -- this should enable the Dime to return to profitability in 1992."
 "It is significant that the bank's net interest margin improved sharply in 1991, rising to over 3 percent at year-end 1991, compared with 2.19 percent at year-end 1990. This margin, together with significant fee-based earnings, enabled the bank to generate strong operating earnings before the loan loss provision.
 The bank said that in addition to a lower loan loss provision, 1992 results would reflect savings in operating expenses from its recently announced staff reduction. The elimination of 400 positions, a 17 percent reduction in staffing levels, should result in annual savings in excess of $10 million. The bank said it is also working to reduce other costs, particularly occupancy costs, to generate additional savings in 1992.
 The bank also reported that non-performing assets declined in the fourth quarter of 1991. Parsons noted, "Non-performing assets, after increasing by $90 million to $100 million per quarter during 1990 and in the first quarter of 1991, showed significantly slower growth beginning in mid-year and there was actually a small decline in the fourth quarter. While it is difficult to accurately predict quarterly changes given the continued depressed real estate markets, I believe that we will see a further decline in problem loans by the end of 1992."
 The bank's OTS tangible capital ratio at year end was 2.27 percent compared with an OTS minimum of 1.5 percent. Its leverage capital ratio was 2.35 percent, compared with a minimum of 3.00 percent, and its risk- based capital ratio was 4.46 percent, compared with the OTS requirement of 7.20 percent. The bank said that it would shortly file with the OTS a capital plan to achieve required capital levels.
 At Dec. 31, 1991, the Dime had assets of $9.9 billion and deposits of $8.2 billion. The bank operates 46 banking offices in New York State and through its subsidiary, the Dime Savings Bank of New Jersey, eight banking offices in central New Jersey.
 THE DIME SAVINGS BANK OF NEW YORK, FSB
 Selected Consolidated Financial Information
 Statement of Condition Data
 (Dollars in thousands)
 At Dec. 31 1991 1990
 Total assets $9,898,094 $10,841,836
 Money market investments 114,386 93,576
 United States Government and
 Federal agency securities 226,135 64,171
 Other investment securities,
 net 428,886 447,390
 Total loans, net 8,374,815 9,495,253
 Home mortgage loans 6,483,604 7,119,714
 Cooperative apartment loans 900,498 1,169,818
 Commercial real estate loans 709,192 781,785
 Multifamily property loans 472,213 509,533
 Consumer & business loans 100,946 112,374
 Allowance for loan losses 291,638 197,971
 Allowance for loan losses to
 total loans (in percents) 3.37 2.04
 Allowance for loan losses to
 non-performing loans
 (in percents) 34.65 25.61
 Total non-performing assets $1,101,388 $952,723
 Non-performing assets to
 total assets (in percents) 11.13 8.79
 Other real estate owned, net $258,182 $178,193
 Goodwill 32,825 35,055
 Total deposits 8,238,865 8,831,889
 Borrowed funds 1,306,364 1,448,764
 Stockholders' equity 256,928 486,950
 Book value per share $11.11 $21.12
 THE DIME SAVINGS BANK OF NEW YORK, FSB
 Selected Consolidated Financial Information
 Non-performing assets and key ratios
 (Dollars in thousands)
 Non-performing assets: 12/31/91 9/30/91 6/30/91 3/31/91
 Residential property:
 Non-performing loans $669,539 $681,532 $684,364 $661,110
 Other real estate
 owned, net 187,551 183,768 166,270 152,104
 Total residential property
 non-performing assets 857,090 865,300 850,634 813,214
 Commercial real estate
 and multifamily property:
 Non-performing loans 169,448 165,619 171,349 168,104
 Other real estate
 owned, net 70,631 77,991 54,909 56,280
 Total commercial real
 estate and multifamily
 property non-performing
 assets 240,079 243,610 226,258 224,384
 Other non-performing
 loans 2,694 5,155 5,163 4,744
 Investment securities
 in default 1,525 1,525 1,525 1,525
 Total non-performing
 assets 1,101,388 1,115,590 1,083,580 1,043,867
 Ratio of non-performing
 assets to total assets
 (in percents) 11.13 10.80 10.15 9.69
 12/31/90 12/31/89
 Residential property:
 Non-performing loans $631,836 $444,186
 Other real estate
 owned, net 121,649 45,284
 Total residential property
 non-performing assets 753,485 489,470
 Commercial real estate
 and multifamily property:
 Non-performing loans 136,649 41,546
 Other real estate owned, net 56,544 14,048
 Total commercial real
 estate and multifamily
 property non-performing assets 193,193 55,594
 Other non-performing loans 4,520 3,926
 Investment securities in default 1,525 1,569
 Total non-performing assets 952,723 550,559
 Ratio of non-performing
 assets to total assets (In percent) 8.79 4.72
 Period ended Three months Year
 Dec. 31 1991 1990 1991 1990
 (In percents)
 Interest-earning assets yield 8.84 9.58 9.20 9.71
 Cost of deposits and borrowings 6.09 7.52 6.67 7.65
 Interest rate margin during period 2.75 2.06 2.53 2.06
 Net yield on average interest-
 earning assets 2.68 2.11 2.49 2.21
 General and administrative expense
 as a percentage of:
 Average total assets 2.10 1.52 1.77 1.55
 Average total assets and loans
 serviced for others 1.46 1.18 1.29 1.22
 At Dec. 31 1991 1990
 (In percents)
 OTS tangible capital ratio 2.27 4.18
 OTS leverage capital ratio 2.35 4.25
 OTS risk-based capital ratio 4.46 7.04
 Stockholders' equity to total assets 2.60 4.49
 Selected Consolidated Financial Information
 Statement of Operations Data
 (Dollars in thousands, except per-share data)
 Periods ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Interest income $211,689 $256,306 $915,535 $1,075,828
 Interest expense 148,545 201,262 667,501 830,953
 Net interest income 63,144 55,044 248,034 244,875
 Provision for losses 203,714 16,000 306,714 195,400
 Other operating income:
 Net gains (losses) on sales
 of Dime-originated loans 7,364 (2,274) 28,171 (6,913)
 Net gains (losses) on sales
 of investment securities
 and purchased loans 15,644 (76) 17,010 (76)
 Gain on sale of branches -- 3,374 -- 3,374
 Loan servicing fees 3,854 3,790 13,889 14,908
 Banking service fees
 and other 4,413 3,575 17,979 15,659
 Total other oper. income 31,275 8,389 77,049 26,952
 Other operating expense:
 General and administrative 53,564 42,801 187,089 179,715
 Other real estate owned 26,737 14,642 56,531 25,049
 Amortization of goodwill 772 650 2,230 2,632
 Provision for restructuring 6,000 -- 6,000 --
 Total other oper. expense 87,073 58,093 251,850 207,396
 Loss before income taxes
 and extraordinary item (196,368) (10,600) (233,481) (130,969)
 Income tax provision 960 316 3,911 4,765
 Loss bef. extraord. item (197,328) (10,976) (237,392) (135,734)
 Extraordinary item - federal
 income tax charge relating
 to net operating loss
 carryforward -- (1,585) -- --
 Net loss (197,328) (12,581) (237,392) (135,734)
 Loss per share:
 Loss before extraord. item ($8.54) ($0.48) ($10.27) ($5.94)
 Extraordinary item -- (0.07) -- --
 Net loss (8.54) (0.55) (10.27) (5.94)
 -0- 3/30/92 C NY092
 /CONTACT: Kate Barker of the Dime Savings Bank of New York, FSB, 212-326-6170 or 800-548-3463/
 (DME) CO: Dime Savings Bank of New York, FSB ST: New York IN: FIN SU: ERN PS -- NY092A -- 3151 03/30/92 19:19 EST
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