Printer Friendly

DIME SAVINGS BANK REPORTS 1992 FIRST QUARTER PROFIT

 DIME SAVINGS BANK REPORTS 1992 FIRST QUARTER PROFIT
 NEW YORK, April 20 /PRNewswire/ -- The Dime Savings Bank of New


York, FSB (NYSE: DME) today reported net income of $8.1 million, or $0.35 per share, for the first quarter of 1992, compared with $1.6 million, or $0.07 per share, for the first quarter of 1991.
 Richard D. Parsons, chairman and chief executive officer of the Dime said, "We are pleased to report this level of profits for the quarter. The bank enjoyed continued strong margins, which led to improved net interest income. The need for a lower loan loss provision, higher fee income, particularly from our consumer financial services operations, and good control of general and administrative expense all contributed to the first quarter results."
 For the year 1991, the Dime recorded a provision for loan losses of $306.7 million and had a net loss of $237.4 million. Parsons had previously stated that the bank expected the need for additional loan loss provisions would be significantly reduced going forward. At March 31, 1992, the bank had an allowance for loan losses of $263.8 million, which was 32 percent of non-performing loans.
 Parsons further noted that the improving trends seen in the latter part of 1991 in non-performing assets continued in the first quarter of 1992. "The level of non-performing assets declined for the second straight quarter. Non-performing residential property loans declined by $14 million during the quarter -- the third consecutive quarterly decline.
 "While quarterly forecasts of non-performing assets are difficult to make with accuracy," noted Parsons, "we continue to expect the level of non-performing loans by year-end will be below the level at the beginning of the year, as we are now seeing a decline in the number of new residential foreclosure actions."
 The Dime Savings Bank continues to be in compliance with the Office of Thrift Supervision tangible capital requirement. The bank's tangible capital ratio at March 31, 1992, was 2.32 percent, compared with a minimum requirement of 1.5 percent. The bank continues to be below OTS regulatory requirements in two capital ratios. Its leverage capital ratio was 2.39 percent and its risk-based capital ratio was 4.56 percent, compared with the current minimum requirements of 3.0 percent and 7.20 percent, respectively. On April 16, 1992, the Dime became subject to the provisions of a capital directive from the OTS which provides, among other things, that the bank file a capital plan detailing its plans to return to full compliance with applicable capital requirements by Dec. 31, 1994. The Dime expects to file this plan by April 30, 1992.
 At March 31, 1992, the Dime had assets of $10.0 billion and deposits of $8.0 billion. The Dime was the largest thrift headquartered in New York and among the 10 largest in the United States. The bank, together with its wholly-owned subsidiary, the Dime Savings Bank of New Jersey, operates 54 banking offices in New York and New Jersey.
 THE DIME SAVINGS BANK OF NEW YORK, FSB
 Selected Consolidated Financial Information
 Statement of Operations Data
 (Dollars in Thousands Except Per Share Data)
 Three months ended March 31 1992 1991
 Interest income $196,991 $243,332
 Interest expense 127,602 183,966
 Net interest income 69,389 59,366
 Provision for losses 11,250 14,300
 Other operating income:
 Net losses on sales of Dime-originated loans (2,319) (104)
 Net gains on sales of investment securities
 and purchased loans 6 17
 Loan servicing fees 4,058 3,614
 Banking service fees and other 5,193 3,922
 Total other operating income 6,938 7,449
 Other operating expense:
 General and administrative 46,102 43,006
 Other real estate owned 9,490 6,557
 Amortization of goodwill 478 486
 Total other operating expense 56,070 50,049
 Income before income taxes 9,007 2,466
 Income tax provision 918 902
 Net income $8,089 $1,564
 Earnings per share $0.35 $0.07
 THE DIME SAVINGS BANK OF NEW YORK, FSB
 Selected Consolidated Financial lnformation
 Statement of Condition Data
 (Dollars in Thousands Except Per Share Data)
 At March 31 At Dec. 31
 1992 1991 1991
 Total assets $9,986,499 $10,771,339 $9,898,094
 Money market investments 378,613 113,419 114,386
 United States Government
 and Federal agency securities187,361 123,234 226,135
 Other investment securities,
 net 420,225 447,800 428,886
 Total loans, net 8,217,622 9,370,481 8,374,815
 Home mortgage loans 6,350,224 6,961,382 6,483,604
 Cooperative apartment loans 878,612 1,156,580 900,498
 Commercial real estate loans698,536 772,332 709,192
 Multifamily property loans 458,562 537,248 472,213
 Consumer and business loans 95,454 116,441 100,946
 Allowance for loan losses 263,766 173,502 291,638
 Allowance for loan losses
 to total loans 3.11 pct 1.82 pct 3.37 pct
 Allowance for loan losses
 to non-performing loans 32.06 pct 20.80 pct 34.65 pct
 Total non-performing assets$1,096,220 $1,043,867 $1,101,388
 Non-performing assets to total
 assets 10.98 pct 9.69 pct 11.13 pct
 Other real estate owned, net $271,994 $208,384 $258,182
 Goodwill 32,347 34,569 32,825
 Total deposits 8,015,397 8,657,695 8,238,865
 Borrowed funds 1,611,880 1,553,473 1,306,364
 Stockholders' equity 265,284 490,059 256,928
 Book value per share $11.46 $21.22 $11.11
 THE DIME SAVINGS BANK OF NEW YORK, FSB
 Selected Consolidated Financial Information
 Non-Performing Assets and Key Ratios
 (dollars in thousands)
 1992 1991 1990
 March 31 Dec. 31 Sept. 30 June 30 March 31 Dec. 31
 Residential property:
 Non-performing
 loans $655,640 $669,539 $681,532 $684,364 $661,110 $631,836
 Other real estate
 owned,net 199,797 187,551 183,768 166,270 152,104 121,649
 Total residential property non-performing
 assets 855,437 857,090 865,300 850,634 813,214 753,484
 Commercial real estate and multifamily property:
 Non-performing
 loans 163,153 169,448 165,619 171,349 168,104 136,649
 Other real estate owned,
 net 72,197 70,631 77,991 54,909 56,280 56,544
 Total commercial real estate and multifamily property non-performing
 assets 235,350 240,079 243,610 226,258 224,384 193,193
 Other non-performing
 loans 3,908 2,694 5,155 5,163 4,744 4,520
 Investment securities in
 default 1,525 1,525 1,525 1,525 1,525 1,525
 Total non-performing
 assets 1,096,220 1,101,388 1,115,590 1,083,580 1,043,867 952,723
 Ratio of non-performing assets to total assets
 (in pct) 10.98 11.13 10.80 10.15 9.69 8.79
 Key Ratios
 Three months ended
 3/31/92 3/31/91 12/31/91
 (in percent)
 Interest-earnings assets yield 8.62 9.49 8.84
 Cost of deposits and borrowings 5.48 7.26 6.09
 Interest rate margin during period 3.14 2.23 2.75
 Net yield on average interest-earning assets 3.01 2.23 2.68
 General and administrative expense as
 a percentage of:
 Average total assets 1.89 1.58 2.10
 Average total assets and loans serviced for
 others 1.28 1.20 1.46
 At March 31 At Dec. 31
 (in percent)
 1992 1991
 OTS tangible capital ratio 2.32 2.27
 OTS leverage capital ratio 2.39 2.35
 OTS risk-based capital ratio 4.56 4.46
 Stockholders' equity to total assets 2.66 2.60
 -0- 4/20/92
 /CONTACT: Kate Barker, 212-326-6170, or Richard H. Terzian, 212-326-6915, both of Dime Savings Bank of New York/
 (DME) CO: Dime Savings Bank of New York, FSB ST: New York IN: FIN SU: ERN


KD -- NY080 -- 0268 04/20/92 17:38 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1992
Words:1320
Previous Article:SAHARA RESORTS AND SAHARA CASINO PARTNERS, L.P., ANNOUNCE NO DISTRIBUTION FOR THE SECOND QUARTER
Next Article:JAMES F. BERRY NAMED VP-GENERAL MANAGER OF C-17 PROGRAM AT DOUGLAS AIRCRAFT


Related Articles
DIME STREAMLINES MANAGEMENT STRUCTURE, REDUCES STAFF TO CUT COSTS
/C O R R E C T I O N -- DIME SAVINGS BANK/
DIME SAVINGS BANK REPORTS 1991 FOURTH QUARTER RESULTS
/C O R R E C T I O N -- DIME SAVINGS BANK/
FLORIDA FIRST FEDERAL ANNOUNCES PROFIT FOR FIRST QUARTER 1992
DIME SAVINGS BANK REPORTS 1992 SECOND QUARTER PROFIT
DIME SAVINGS BANK TO FILE REVISED CAPITAL PLAN
DIME SAVINGS BANK REPORTS THIRD QUARTER EARNINGS
OFFICE OF THRIFT SUPERVISION APPROVES DIME SAVINGS BANK CAPITAL PLAN
FIRST FIDELITY $150 MIL. 6.8 PERCENT SUB. NOTES RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters