-- Real estate loan originations were $163.2 million at an average rate
of 6.03%, compared to $175.3 million at an average interest rate of 6.10%
during the quarter ended December 31, 2007.
-- The loan pipeline was $180.6 million at March 31, 2008.
-- The annualized loan amortization rate was 14%, compared to 15% during
the previous quarter.
-- Prepayment and late charge fees were $1.1 million, compared to $1.3
million in both the December 2007 and March 2007 quarters.
-- Average cost of deposits decreased from 3.55% in the December 2007
quarter to 3.35% in the March 2008 quarter.
-- Net interest margin was 2.32%, up from 2.27% in the previous quarter.
BALANCE SHEET
Total assets grew in the first quarter by approximately $139.1 million,
representing an annualized rate of 15.9%. The loan portfolio rose by $56.8
million, and investments in mortgage-backed securities available for sale
rose by $92.4 million.
On the liability side, deposits rose by $13.6 million, and total borrowings
(Federal Home Loan Bank of New York advances and Securities Sold Under
Agreement to Repurchase) rose by $85.0 million.
During the quarter, the Company added approximately $100 million in
investment and mortgage-backed securities that were primarily funded with
wholesale borrowings. The purpose of employing this strategy was, first,
to utilize some excess capital in order to create additional earnings,
second, to lengthen the duration of the Bank's liabilities using fixed rate
advances, and third, to take advantage of the opportunity to include
interest rate caps within the Company's $85.0 million of borrowings. These
interest rate caps were relatively inexpensive and provide a significant
benefit to funding costs in the event that short-term interest rates rise.
The average duration of the borrowings is 3.2 years.
As of March 31, 2008, the average yield on the securities purchased
exceeded the average contractual cost of the borrowings by 1.56%.
OPERATING RESULTS
For the quarter ended March 31, 2008, the Company's pre-tax income,
excluding gains and losses on sale of assets, was $9.0 million, compared to
$8.9 million earned in the linked-quarter December 2007, and $8.8 million
earned during the same quarter last year, March 2007. The linked-quarter
increase of $81,000 was mainly the net result of three items: higher net
interest income of $1.2 million, partially offset by lower non-interest
income of $128,000 plus higher non-interest expense of $942,000.
Looking at the components of net interest income during the linked-quarter,
the Company earned $1.0 million more in gross interest income on (1) a
larger real estate loan portfolio, even though the average yield on the
real estate loan portfolio dropped by 5 basis points to 5.95%, and (2) a
larger investment portfolio. The Company earned $1.1 million in prepayment
and late charge income during the March 2008 quarter compared to $1.3
million during the December 2007 quarter.
The Company paid $118,000 less in gross interest expense in the March 2008
quarter than the December 2007 quarter, as the average cost of
interest-bearing liabilities dropped by 22 basis points. Despite the
meaningful drop in the percentage cost of
interest-bearing liabilities, total dollars of interest expense only
declined slightly because of a $184.0 million increase in the average
balance of
interest-bearing liabilities.
For the quarter ended March 31, 2008, non-interest income was $128,000
below the linked-quarter of December 2007. Quarterly fluctuations in
mortgage servicing related fees account for the difference.
For the quarter ended March 31, 2008, total non-interest ("operating")
expense was $12.3 million. This was $942,000 above the linked-quarter of
December 2007, and $700,000 above the guidance provided in last quarter's
earnings release. Among the large items: salary, bonus and salary-related
benefit costs rose by $1.1 million due to (1) unscheduled increases in the
accrual for bonuses, (2) small increases in staffing for lending and
retail, and (3) base salary increases effective January 1st. These
increases were offset by reductions of $163,000 in direct mail costs,
$279,000 in equipment lease costs, and an increased reduction to operating
expenses of $205,000 related to salary expense that is capitalized related
to loan originations. Operating expenses in the second quarter are
expected to be approximately $12.3 million.
Comparing the current quarter to the same quarter last year, for the
quarter ended March 31, 2008, the Company's pre-tax income, excluding gains
and losses on sale of assets, was $9.0 million, compared to $8.8 million
earned during the quarter ended March 31, 2007. The $147,000
quarter-over-quarter increase was mainly the net result of three items:
higher net interest income of $1.3 million, partially offset by lower
non-interest income of $166,000 plus higher
non-interest expense of $1.0 million.
Examining the components of net interest income quarter-over-quarter, the
Company earned $3.5 million more in gross interest income on significantly
larger loan and investment portfolios. The average yield on the total loan
portfolio for both quarters was 5.95%. The Company earned $1.1 million in
prepayment and late charge income during the quarter ended March 2008
compared to $1.3 million during the March 2007 quarter. The average yield
on investments rose by 89 basis points due to a significant amount of
higher-yielding mortgage-backed securities purchased in the March 2008
quarter. The cost of interest-bearing liabilities declined from 3.97% in
the March 2007 quarter to 3.80% in the March 2008 quarter, however, average
interest-bearing liabilities were $318.6 million higher in the March 2008
quarter, accounting for the increase in interest expense during the
comparative period.
For the quarter ended March 31, 2008, non-interest income was $166,000
below the quarter ended March 31, 2007. This decline resulted primarily
from fluctuations in certain mortgage related fees that are seasonal in
nature.
Finally, for the quarter ended March 31, 2008, non-interest expense was
$1.0 million higher than the same quarter last year. Salary and benefit
expense was the largest component of the variance, and included $238,000
related to expenses associated with stock options granted on May 1, 2007.
There was no stock option expense in the March 2007 quarter.
GAINS AND LOSSES ON SALE OF ASSETS AND INCOME TAX EXPENSE
The Company completed loan sales of $7.0 million, for a gain of $87,000,
during the March 2008 quarter. This compares with gains of $204,000 and
$244,000, respectively, on loan sales of $30.4 million and $20.2 million
during the quarters ended December 31, 2007 and March 31, 2007.
The effective tax rate was 34.2% for the quarter ended March 31, 2008. The
effective tax rate is expected to approximate 37% for the year ending
December 31, 2008. The effective tax rate during the first quarter of 2008
fell below the expected 37% rate due to adjustments associated with the
completion of prior period tax returns.
REAL ESTATE LENDING AND CREDIT QUALITY
Real estate loan originations totaled $163.2 million during the quarter
ended March 31, 2008. The average rate on real estate loan originations
during the quarter ended March 31, 2008 was 6.03%, compared to 6.34% during
the quarter ended March 31, 2007 and 6.10% during the quarter ended
December 31, 2007.
Real estate loan amortization during the March 2008 quarter approximated
14% of the real estate loan portfolio on an annualized basis, compared to
11% during the March 2007 quarter and 15% during the December 2007 quarter.
Non-performing assets were $4.0 million at March 31, 2008, representing
only 0.11% of total assets. The Bank assumed ownership of two
non-performing loans totaling $1.0 million during the quarter ended March
31, 2008, and recorded a charge-off to its allowance for loan losses of
$144,000 related to the reduction in fair value of the collateral
properties. These properties are expected to be sold during the quarter
ending June 30, 2008 at an amount approximating their fair value at March
31, 2008. In addition, one loan approximating $1.0 million was added to
non-performing status during the quarter.
The metropolitan New York City multifamily and commercial real estate
markets continue to hold up well. Management's quarterly evaluation of the
loan loss reserves takes into account not only the performance of the
current loan portfolio, but also general credit conditions and volume of
new business, in determining the timing and amount of any future loan loss
provisions.
DEPOSITS
Deposits increased $13.6 million from December 31, 2007 to March 31, 2008.
Core (non-certificate) deposits increased $56.1 million and were partially
offset by a decline of $42.5 million in certificates of deposit. Within
core deposits, interest-bearing relationship checking accounts increased
$16.8 million, or 29%, on the success of the "Prime Dime" checking account
program launched in the second half of 2007. Money market balances
increased during the quarter as the Bank elected to lag the decline in
benchmark short-term interest rates on its offering rate for money market
accounts.
Mr. Palagiano noted, "Management is pleased that deposit growth has been
concentrated in core money market and checking accounts, as Dime continues
to move its deposit base toward what management believes will be a more
cost effective and stable source of funding."
Despite lagging the decline in benchmark short-term interest rates during
the quarter, average deposit cost declined 20 basis points from 3.55%
during the quarter ended December 31, 2007 to 3.35% during the quarter
ended March 31, 2008.
Average deposits per branch approximated $104 million at both March 31,
2008 and December 31, 2007, up slightly from $103 million at March 31,
2007. Core deposits comprised 53% of total deposits at March 31, 2008, up
from 51% at December 31, 2007 and 49% at March 31, 2007. The
loan-to-deposit ratio was 134% at March 31, 2008, compared to 126% at March
31, 2007 and 132% at December 31, 2007.
STOCKHOLDERS' EQUITY AND SHARE REPURCHASE PROGRAM
The Company's total stockholders' equity at March 31, 2008 was $270.0
million, or 7.42% of total assets, compared to $268.8 million, or 7.68% of
total assets, at December 31, 2007. The decline in stockholders' equity as
a percentage of assets resulted from an increase of $139.1 million in
period-end assets, as the Company elected to grow its balance sheet while
interest rate spreads became more favorable.
During the first quarter of 2008, the Company acquired 51,000 shares into
treasury. As of March 31, 2008, the Company had an additional 1,124,549
shares remaining eligible for repurchase under its twelfth stock repurchase
program, approved in June 2007.
After outlays for dividends paid to shareholders and share repurchases, the
Company's tangible stockholders' equity increased to $218.8 million at
March 31, 2008, compared to $217.2 million at December 31, 2007. The
quarterly cash dividend paid in February 2008 represented a payout ratio of
77.8% of first quarter 2008 earnings. At March 31, 2008, the consolidated
tangible stockholders' equity ratio was 6.09% of tangible assets and the
tangible book value per share was $6.46.
For the quarter ended March 31, 2008, the return on average stockholders'
equity was 8.87%, the return on average tangible equity was 11.00%, and the
cash return on average tangible equity was 12.04%.
OUTLOOK
Mr. Palagiano stated, "Earnings per share are expected to continue to trend
upward. The significant reductions in short-term interest rates
experienced during the March 2008 quarter will help margin and earnings in
the ensuing quarters."
The average cost of deposits decreased from 3.55% during the December 2007
quarter to 3.35% during the March 2008 quarter. While the Company elected
to lag the reduction in short-term rates resulting from the actions of the
Federal Open Market Committee during the March 2008 quarter, it has taken
more aggressive action in lowering deposit rates in recent weeks.
Approximately $500 million of certificates of deposit with an average cost
of 4.48% are scheduled to mature during the second quarter, and an
additional $215 million of certificates of deposit at an average cost of
3.58% are scheduled to mature during the third quarter of 2008. Rates on
new and renewed certificates of deposit should generally be below 3%. As a
result, the net interest margin is expected to substantially improve during
the second quarter of 2008, as the recent drop in short-term interest rates
should favorably impact the cost of funds.
In addition, approximately $271 million in portfolio mortgage loans with a
weighted average coupon of 5.21% are scheduled to contractually reprice or
mature during the remainder of 2008. During the year ending December 31,
2009, an additional $354 million in mortgage loans with a weighted average
coupon of 5.38% are scheduled to reprice.
Amortization rates (including prepayments), which approximated 14% during
the first quarter of 2008 (inclusive of loan refinancing activity), are
expected to increase to the 20% to 25% range during 2008, due primarily to
increased loan refinancing activity as loans approach their contractual
repricing. Prepayment fees generally decline as loans move closer to
contractual repricing. Prepayment fee income is thus not expected to
increase proportionally with the overall increase in prepayment levels.
At March 31, 2008, the real estate loan commitment pipeline approximated
$180.6 million, including $9.4 million of commitments on loans intended for
sale. The real estate loan pipeline had a weighted average interest rate
approximating 5.77% at March 31, 2008.
Asset growth is expected to level off during the remainder of 2008, as the
Company intends to focus on retaining loans that are approaching their
contractual interest rate repricing.
Operating expenses for the June 2008 quarter are expected to approximate
the $12.3 million level experienced during the March 2008 quarter. The
Company will continue to repurchase its common stock, and has sufficient
capital to remain opportunistic, if conditions warrant. The Company
currently expects second quarter 2008 earnings per diluted share to be in
the range of $0.24 to $0.26.
ABOUT DIME COMMUNITY BANCSHARES
The Company (
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands except share amounts)
March 31,
2008 December 31,
(Unaudited) 2007
----------- -----------
ASSETS:
Cash and due from banks $ 123,412 $ 101,708
Investment securities held to maturity 80 80
Investment securities available for sale 35,142 34,095
Mortgage-backed securities available for sale 255,169 162,764
Federal funds sold and other short-term
investments 91,502 128,014
Real Estate Loans:
One-to-four family and cooperative apartment 144,152 145,592
Multifamily and underlying cooperative 2,000,153 1,949,025
Commercial real estate 741,072 728,129
Construction and land acquisition 42,694 49,387
Unearned discounts and net deferred loan fees 2,461 1,833
----------- -----------
Total real estate loans 2,930,532 2,873,966
----------- -----------
Other loans 2,019 2,169
Allowance for loan losses (15,665) (15,387)
----------- -----------
Total loans, net 2,916,886 2,860,748
----------- -----------
Loans held for sale 1,547 890
Premises and fixed assets, net 24,830 23,878
Federal Home Loan Bank of New York capital stock 39,479 39,029
Other real estate owned 895 -
Goodwill 55,638 55,638
Other assets 95,721 94,331
----------- -----------
TOTAL ASSETS $ 3,640,301 $ 3,501,175
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits:
Non-interest bearing checking $ 90,113 $ 91,671
Interest Bearing Checking 75,229 58,414
Savings 270,607 274,067
Money Market 723,061 678,759
----------- -----------
Sub-total $ 1,159,010 $ 1,102,911
----------- -----------
Certificates of deposit 1,034,626 1,077,087
----------- -----------
Total Due to Depositors 2,193,636 2,179,998
----------- -----------
Escrow and other deposits 84,273 52,209
Securities sold under agreements to repurchase 230,080 155,080
Federal Home Loan Bank of New York advances 716,500 706,500
Subordinated Notes Sold 25,000 25,000
Trust Preferred Notes Payable 72,165 72,165
Other liabilities 48,636 41,371
----------- -----------
TOTAL LIABILITIES 3,370,290 3,232,323
----------- -----------
STOCKHOLDERS' EQUITY:
Common stock ($0.01 par, 125,000,000 shares
authorized, 50,920,141 shares and 50,906,278
shares issued at March 31, 2008 and December
31, 2007, respectively, and 33,872,765 shares
and 33,909,902 shares outstanding at March
31, 2008 and December 31, 2007, respectively) 509 509
Additional paid-in capital 209,037 208,369
Retained earnings 289,499 288,112
Unallocated common stock of Employee Stock
Ownership Plan (4,106) (4,164)
Unearned common stock of Recognition and
Retention Plan (527) (634)
Common stock held by the Benefit Maintenance Plan (7,941) (7,941)
Treasury stock (17,047,376 shares and 16,996,376
shares at March 31, 2008 and December 31, 2007,
respectively) (211,775) (211,121)
Accumulated other comprehensive loss, net (4,685) (4,278)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 270,011 268,852
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,640,301 $ 3,501,175
=========== ===========
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars In thousands except per share amounts)
For the Three Months Ended
--------------------------------------
March 31, December 31, March 31,
2008 2007 2007
(Unaudited) (Unaudited) (Unaudited)
------------ ------------ ------------
Interest income:
Loans secured by real estate $ 43,066 $ 42,854 $ 40,250
Other loans 44 46 45
Mortgage-backed securities 2,216 1,809 1,512
Investment securities 708 818 442
Federal funds sold and other
short-term investments 2,196 1,670 2,469
------------ ------------ ------------
Total interest income 48,230 47,197 44,718
------------ ------------ ------------
Interest expense:
Deposits and escrow 17,968 19,105 18,161
Borrowed funds 11,031 10,012 8,671
------------ ------------ ------------
Total interest expense 28,999 29,117 26,832
------------ ------------ ------------
Net interest income 19,231 18,080 17,886
Provision for loan losses 60 60 60
------------ ------------ ------------
Net interest income after
provision for loan losses 19,171 18,020 17,826
------------ ------------ ------------
Non-interest income:
Service charges and other fees 1,248 1,295 1,355
Net gain on sales of assets 87 204 244
Other 832 913 891
------------ ------------ ------------
Total non-interest income 2,167 2,412 2,490
------------ ------------ ------------
Non-interest expense:
Compensation and benefits 7,234 6,101 6,450
Occupancy and equipment 1,570 1,859 1,495
Other 3,476 3,378 3,303
------------ ------------ ------------
Total non-interest expense 12,280 11,338 11,248
------------ ------------ ------------
Income before taxes 9,058 9,094 9,068
Income tax expense 3,101 3,657 3,251
------------ ------------ ------------
Net Income $ 5,957 $ 5,437 $ 5,817
============ ============ ============
Earnings per Share:
Basic $ 0.18 $ 0.17 $ 0.17
============ ============ ============
Diluted $ 0.18 $ 0.17 $ 0.17
============ ============ ============
Average common shares
outstanding for Diluted EPS 32,683,161 32,737,939 34,625,905
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
(Dollars In thousands except per share amounts)
For the Three Months Ended
-------------------------------------
March 31, December 31, March 31,
2008 2007 2007
----------- ----------- -----------
Performance Ratios (Based upon
Reported Earnings):
Reported EPS (Diluted) $ 0.18 $ 0.17 $ 0.17
Return on Average Assets 0.68% 0.65% 0.72%
Return on Average Stockholders'
Equity 8.87% 8.11% 8.12%
Return on Average Tangible
Stockholders' Equity 11.00% 10.00% 9.80%
Net Interest Spread 2.01% 1.92% 1.86%
Net Interest Margin 2.32% 2.27% 2.33%
Non-interest Expense to Average
Assets 1.40% 1.36% 1.40%
Efficiency Ratio 57.62% 55.89% 55.87%
Effective Tax Rate 34.23% 40.21% 35.85%
Performance Ratios (Based upon Core
Earnings):
Core EPS (Diluted) $ 0.18 $ 0.17 $ 0.17
Core Return on Average Assets 0.68% 0.65% 0.72%
Core Return on Average Stockholders'
Equity 8.87% 8.11% 8.12%
Core Return on Average Tangible
Stockholders' Equity 11.00% 10.00% 9.80%
Book Value and Tangible Book Value
Per Share:
Stated Book Value Per Share $ 7.97 $ 7.93 $ 7.91
Tangible Book Value Per Share 6.46 6.41 6.54
Average Balance Data:
Average Assets $ 3,512,724 $ 3,345,437 $ 3,214,322
Average Interest Earning Assets 3,320,124 3,180,603 3,069,158
Average Stockholders' Equity 268,512 268,177 286,411
Average Tangible Stockholders'
Equity 216,623 217,501 237,363
Average Loans 2,896,081 2,861,060 2,708,758
Average Deposits 2,153,031 2,132,528 2,083,491
Asset Quality Summary:
Net charge-offs $ 144 $ 5 $ (2)
Nonperforming Loans 3,090 2,856 2,878
Nonperforming Loans/Total Loans 0.11% 0.10% 0.11%
Other real estate owned $ 895 - -
Nonperforming Assets $ 3,985 $ 2,856 $ 2,878
Nonperforming Assets/Total Assets 0.11% 0.08% 0.09%
Allowance for Loan Loss/Total Loans 0.53% 0.53% 0.57%
Allowance for Loan Loss/
Nonperforming Loans 506.96% 538.76% 540.58%
Regulatory Capital Ratios:
Consolidated Tangible Stockholders'
Equity to Tangible Assets at period end 6.09% 6.29% 7.24%
Tangible Capital Ratio (Bank Only) 7.77% 7.88% 8.81%
Leverage Capital Ratio (Bank Only) 7.77% 7.88% 8.81%
Risk Based Capital Ratio (Bank Only) 11.78% 11.92% 12.41%
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars In thousands)
For the Three Months Ended
-----------------------------------
March 31, 2008
----------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ---------- ----------
Assets:
Interest-earning assets:
Real estate loans $ 2,894,264 $ 43,066 5.95%
Other loans 1,817 44 9.69
Mortgage-backed securities 192,771 2,216 4.60
Investment securities 35,655 708 7.94
Other short-term investments 195,616 2,196 4.49
----------- ---------- ----------
Total interest earning assets 3,320,124 $ 48,230 5.81%
----------- ----------
Non-interest earning assets 192,600
-----------
Total assets $ 3,512,724
===========
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest Bearing Checking $ 63,834 $ 410 2.58%
Money Market accounts 670,662 5,956 3.56
Savings accounts 271,839 367 0.54
Certificates of deposit 1,057,803 11,235 4.26
----------- ---------- ----------
Total interest bearing
deposits 2,064,138 17,968 3.49
Borrowed Funds 995,888 11,031 4.44
----------- ---------- ----------
Total interest-bearing
liabilities 3,060,026 28,999 3.80%
----------- ----------
Non-interest bearing checking
accounts 88,893
Other non-interest-bearing
liabilities 95,293
-----------
Total liabilities 3,244,212
Stockholders' equity 268,512
-----------
Total liabilities and stockholders'
equity $ 3,512,724
===========
Net interest income $ 19,231
==========
Net interest spread 2.01%
==========
Net interest-earning assets $ 260,098
===========
Net interest margin 2.32%
==========
Ratio of interest-earning assets
to interest-bearing liabilities 108.50%
==========
Deposits (including non-interest
bearing checking accounts) $ 2,153,031 $ 17,968 3.35%
Interest earning assets (excluding
prepayment fees and late charges) 5.68%
For the Three Months Ended
----------------------------------
December 31, 2007
----------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ---------- ----------
Assets:
Interest-earning assets:
Real estate loans $ 2,859,240 $ 42,854 6.00%
Other loans 1,820 46 10.11
Mortgage-backed securities 167,273 1,809 4.33
Investment securities 28,217 818 11.60
Other short-term investments 124,052 1,670 5.38
----------- ---------- ----------
Total interest earning assets 3,180,602 $ 47,197 5.94%
----------- ----------
Non-interest earning assets 164,835
-----------
Total assets $ 3,345,437
===========
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest Bearing Checking $ 53,231 $ 306 2.28%
Money Market accounts 663,395 6,663 3.98
Savings accounts 275,606 372 0.54
Certificates of deposit 1,049,843 11,764 4.45
----------- ---------- ----------
Total interest bearing
deposits 2,042,075 19,105 3.71
Borrowed Funds 833,973 10,012 4.76
----------- ---------- ----------
Total interest-bearing
liabilities 2,876,048 29,117 4.02%
----------- ----------
Non-interest bearing checking
accounts 90,453
Other non-interest-bearing
liabilities 110,759
-----------
Total liabilities 3,077,260
Stockholders' equity 268,177
-----------
Total liabilities and stockholders'
equity $ 3,345,437
===========
Net interest income $ 18,080
==========
Net interest spread 1.92%
==========
Net interest-earning assets $ 304,554
===========
Net interest margin 2.27%
==========
Ratio of interest-earning assets
to interest-bearing liabilities 110.59%
==========
Deposits (including non-interest
bearing checking accounts) $ 2,132,528 $ 19,105 3.55%
Interest earning assets (excluding
prepayment fees and late charges) 5.73%
For the Three Months Ended
----------------------------------
March 31, 2007
----------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ---------- ----------
Assets:
Interest-earning assets:
Real estate loans $ 2,706,863 $ 40,250 5.95%
Other loans 1,895 45 9.50
Mortgage-backed securities 154,655 1,512 3.91
Investment securities 30,062 442 5.88
Other short-term investments 175,683 2,469 5.62
----------- ---------- ----------
Total interest earning assets 3,069,158 $ 44,718 5.83%
----------- ----------
Non-interest earning assets 145,164
-----------
Total assets $ 3,214,322
===========
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest Bearing Checking $ 36,080 $ 120 1.35%
Money Market accounts 567,020 5,123 3.66
Savings accounts 295,950 425 0.58
Certificates of deposit 1,089,761 12,493 4.65
----------- ---------- ----------
Total interest bearing
deposits 1,988,811 18,161 3.70
Borrowed Funds 752,622 8,671 4.67
----------- ---------- ----------
Total interest-bearing
liabilities 2,741,433 26,832 3.97%
----------- ----------
Non-interest bearing checking
accounts 94,680
Other non-interest-bearing
liabilities 91,798
-----------
Total liabilities 2,927,911
Stockholders' equity 286,411
-----------
Total liabilities and stockholders'
equity $ 3,214,322
===========
Net interest income $ 17,886
==========
Net interest spread 1.86%
==========
Net interest-earning assets $ 327,725
===========
Net interest margin 2.33%
==========
Ratio of interest-earning assets
to interest-bearing liabilities 111.95%
==========
Deposits (including non-interest
bearing checking accounts) $ 2,083,491 $ 18,161 3.54%
Interest earning assets (excluding
prepayment fees and late charges) 5.65%
Contact Information: Contact: Kenneth Ceonzo Director of Investor Relations 718-782-6200 extension 8279