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DIME SAVINGS BANK REPORTS 1992 SECOND QUARTER PROFIT

 DIME SAVINGS BANK REPORTS 1992 SECOND QUARTER PROFIT
 NEW YORK, July 27 /PRNewswire/ -- The Dime Savings Bank of New York,


FSB (NYSE: DME), today reported net income of $8.6 million, or 37 cents per share, for the second quarter of 1992, compared with a loss of $37.1 million, or $1.61 per share, for the second quarter of 1991.
 For the first six months of 1992, net earnings were $16.6 million, or 72 cents per share, compared with a loss of $35.5 million, or $1.54 per share, for the first half of 1991.
 "The bank's results reflected strong operating earnings, driven by a high level of net interest income, continued control of general and administrative costs, improved fee income, and gains from asset sales both for the second quarter and the first half of the year," said Richard D. Parsons, chairman and chef executive officer of The Dime. "Further, the level of the Bank's non-performing assets declined for the third consecutive quarter, resulting in a balance at June 30, 1992 which was the lowest since the second quarter of 1991."
 At June 30, 1992, non-performing assets were $1.07 billion, which represents a decline of almost $25 million during the second quarter. Total non-performing loans were down $61 million during the second quarter to $761.4 million, which was the lowest level since the fourth quarter of 1990, while the level of real estate owned increased by $36.3 million during the second quarter.
 The Dime recorded a provision for loan losses of $20.6 million during the second quarter, which raised the total provision for loan losses for the first half of 1992 to $31.9 million. In 1991, The Dime recorded a $55.0 million provision for loan losses in the second quarter and a $69.3 million provision for the first six months.
 Net interest income during the quarter was $72.9 million, a 14.2 percent increase over the $63.9 million earned during the same period of 1991. For the first six months of 1992, net interest income grew to $142.3 million compared with $123.2 million during the first half of 1991. "These improvements in the Bank's net interest income were achieved despite a lower level of interest-earning assets and resulted in large part from lower funding costs," stated Parsons.
 Interest rate margins for the second quarter and first six month periods of 1992 were 3.38 percent and 3.26 percent, respectively, compared with 2.52 percent and 2.37 percent for the comparable periods of 1991.
 "While we are currently recognizing the benefits of low interest rates on our cost of funds, we are also developing our fee-based businesses to help provide additional earnings through our operations," noted Parsons. Fee income grew to $9.7 million in the second quarter of 1992, up from $8 million in the second quarter of 1991, representing a 21.7 percent increase. "We will continue to emphasize this source of income in the future, particularly those fees generated from the sale of insurance and investment products through our subsidiary, Dime Securities of New York, Inc.," he added.
 The Dime's capital ratios at June 30, 1992 were 2.40 percent tangible, 2.47 percent leverage, and 4.83 percent risk-based. The current leverage and risk-based ratios continued to be below the minimum requirements established by the Office of Thrift Supervision, and The Dime noted that during the second quarter it had filed a capital plan with the Office of Thrift Supervision detailing its plans to return to full compliance by Dec. 31, 1994 with all then-applicable capital requirements. The plan is currently under review.
 At June 30, 1992, The Dime had assets of $9.9 billion and deposits of $7.8 billion and was the largest thrift headquartered in New York. 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 Condition Data
 (Dollars in thousands, except per-share data)
 6/30/92 12/31/91 6/30/91
 Total assets $9,947,293 $9,898,094 $10,678,113
 Money market investments 411,253 114,386 151,866
 Real estate loans and mortgage-
 backed securities held for sale 605,603 405,489 11,515
 U.S. government and federal
 agency securities 201,322 226,135 197,841
 Other investment securities, net 413,964 428,886 435,593
 Total loans, net 7,488,867 7,969,326 9,154,384
 Home mortgage loans 3,859,663 4,628,864 5,609,265
 Mortgage-backed certificates 1,802,810 1,449,251 1,398,181
 Cooperative apartment loans 849,193 900,498 944,149
 Commercial real estate loans 675,691 709,192 751,719
 Multifamily property loans 449,822 472,213 523,869
 Consumer and business loans 87,838 100,946 108,339
 Allowance for loan losses 236,150 291,638 181,138
 Allowance for loan losses to
 total loans (pct.) 2.83 3.37 1.94
 Allowance for loan losses to
 non-performing loans (pct.) 31.01 34.65 21.04
 Total non-performing assets $1,071,294 $1,101,388 $1,083,580
 Non-performing assets to
 total assets (pct.) 10.77 11.13 10.15
 Total non-performing loans $761,435 $841,681 $860,876
 Residential property loans 611,349 669,539 684,364
 Commercial real estate and
 multifamily loans 146,212 169,448 171,349
 Other non-performing loans 3,874 2,694 5,163
 Other real estate owned, net 308,334 258,182 221,179
 Goodwill 31,869 32,825 34,083
 Total deposits 7,805,126 8,238,865 8,534,949
 Borrowed funds 1,744,520 1,306,364 1,596,376
 Stockholders' equity 274,022 256,928 453,838
 Book value per share $11.83 $11.11 $19.63
 THE DIME SAVINGS BANK OF NEW YORK, FSB
 Selected Consolidated Financial Information
 Statement of Operations Data
 (Dollars in thousands except per share data)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Interest income $191,314 $236,885 $388,305 $480,217
 Interest expense 118,420 173,029 246,022 356,995
 Net interest income 72,894 63,856 142,283 123,222
 Provision for losses 20,600 55,000 31,850 69,300
 Other operating income:
 Net gains (losses) on
 sales of Dime-
 originated loans 5,498 (1,009) 3,179 (1,113)
 Net gains on sales of
 investment securities
 and purchased loans -- 1,331 6 1,348
 Loan servicing fees 3,738 3,021 7,796 6,635
 Securities & insurance
 brokerage fee income 2,967 1,650 5,515 3,281
 Banking service fees
 and other 3,034 3,334 5,679 5,625
 Total other operating
 income 15,237 8,327 22,175 15,776
 Other operating expense:
 General & administrative
 Salaries & benefits 20,356 20,033 41,440 39,436
 Occupancy 10,741 11,596 23,065 23,087
 Federal deposit
 insurance 4,704 4,366 9,408 8,731
 Other general and
 administrative 11,216 8,578 19,206 16,325
 Total general &
 administrative 47,017 44,573 93,119 87,579
 Other real estate
 owned 10,538 8,148 20,028 14,705
 Amortiz. of goodwill 478 486 956 972
 Total other operating
 expense 58,033 53,207 114,103 103,256
 Income (loss) before
 income taxes 9,498 (36,024) 18,505 (33,558)
 Income tax provision 946 1,088 1,864 1,990
 Net income (loss) 8,552 (37,112) 16,641 (35,548)
 Earnings (loss)
 per share 0.37 (1.61) 0.72 (1.54)
 THE DIME SAVINGS BANK OF NEW YORK, FSB
 Selected Consolidated Financial Information
 Non-performing Assets and Key Ratios
 (Dollars in thousands)
 NON-PERFORMING ASSETS:
 6/30/92 3/31/92
 Residential property:
 Non-performing loans $611,349 $655,640
 Other real estate owned, net 233,278 199,797
 Total residential property non-performing assets 844,627 855,437
 Commercial real estate and multifamily property:
 Non-performing loans 146,212 163,153
 Other real estate owned, net 75,056 72,197
 Total commercial real estate and multifamily
 property non-performing asset 221,268 235,350
 Other non-performing loans 3,874 3,908
 Investment securities in default 1,525 1,525
 Total non-performing assets 1,071,294 1,096,220
 Ratio of non-performing assets
 to total assets (pct.) 10.77 10.98
 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 asset 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 (pct.) 11.13 10.80 10.15 9.69
 KEY RATIOS (in pct):
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Interest-earning assets yield 8.46 9.37 8.54 9.43
 Cost of deposits and borrowings 5.08 6.85 5.28 7.06
 Interest rate margin during period 3.38 2.52 3.26 2.37
 Net yield on average
 interest-earning assets 3.20 2.51 3.10 2.37
 General and administrative expense
 as a percentage of:
 Average total assets 1.93 1.66 1.91 1.62
 Average total assets and loans
 serviced for others 1.29 1.23 1.29 1.21
 June 1992 December 1991
 Regulatory capital ratios (pct.):
 Tangible capital ratio 2.40 2.27
 Leverage capital ratio 2.47 2.35
 Risk-based capital ratio 4.83 4.46
 Stockholders' equity to total assets 2.75 2.60
 -0- 7/27/92 R
 /CONTACT: David J. Totaro, 212-326-6965, or Richard H. Terzian, 212-326-6915, both of The Dime/
 (DME) CO: The Dime Savings Bank of New York FSB ST: New York IN: FIN SU: ERN


KD-TK -- NY050 -- 3500 07/27/92 11:55 EDT
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