-- Real estate loan originations were $123.3 million at an average rate
of 6.34%, compared to $123.8 million at an average interest rate of 6.50%
during the fourth quarter of 2006.
-- Loans in the pipeline approximated $109.9 million at quarter-end,
including commitments for sale to Fannie Mae of $21.3 million.
-- The annualized loan amortization rate was 11% compared to 9% during
the previous quarter. Prepayment fee income was $1.2 million, compared to
$561,000 in the December 2006 quarter and $768,000 in the March 2006
quarter.
-- Ending deposits increased by 32% annualized, and linked quarter
average cost of deposits rose from 3.35% to 3.54%.
-- Net interest margin was 2.33%, relatively flat sequentially.
-- The Company repurchased 425,458 shares of its common stock, compared
to 209,332 shares repurchased in the December 2006 quarter. The
consolidated tangible equity ratio fell to 7.24% at March 31, 2007 from
7.74% at December 31, 2006.
-- Quarterly non-interest expense increased 8% both sequentially and year-
over-year.
OPERATING RESULTS
For the quarter ended March 31, 2007, the Company's pre-tax income,
excluding gains and losses on the sale of assets, was $8.8 million,
compared to $12.2 million in the same quarter of the previous year. The
$3.4 million decrease was due to a decline of $2.6 million in net interest
income and an increase of $800,000 in non-interest expense experienced
primarily in salary and benefits.
The net interest margin contracted 43 basis points, from 2.76% during the
March 2006 quarter to 2.33% during the March 2007 quarter, due mainly to an
increase of 109 basis points in the average cost of deposits during the
period.
Pre-tax income, excluding gains and losses on the sale of assets was $8.8
million during the March 2007 quarter, compared to $9.4 million during the
December 2006 quarter. The $600,000 decline from the December 2006 quarter
was primarily due to an increase of $868,000 in non-interest expense that
was partially offset by an increase of $414,000 in net interest income.
The growth in non-interest expense resulted primarily from regular salary
and benefit increases. The increase in net interest income resulted from
both a $76.4 million increase in average interest earning assets and an
increase of $673,000 in prepayment fee and late charge income during the
comparative period. The net interest margin remained relatively flat
during the same period.
During the quarter ended December 31, 2006, the Company received returns of
approximately $500,000, or 27%, on its approximately $7.0 million in equity
investments, which helped the overall yield on interest earning assets
during the period. Excluding the effects of prepayment fee and late charge
income and the equity returns received in the December 2006 quarter, net
interest income would have increased $207,000 and the net interest margin
would have declined 2 basis points during the quarter ended March 31, 2007
compared to the quarter ended December 31, 2006.
The average yield on portfolio real estate loans, excluding the effects of
prepayment fee income, was 5.75% during the quarter ended March 31, 2007
and 5.72% during the quarter ended December 31, 2006. The interest rates on
newly originated real estate loans averaged 6.34% during the first quarter
of 2007, compared to an average rate on loans repaid of 6.23% during the
period.
Non-interest income, excluding gains or losses on the sale of assets,
totaled $2.2 million during the quarter ended March 31, 2007, relatively
constant from both the March and December 2006 quarters.
The Company sold loans to Fannie Mae totaling $20.2 million, $27.1 million
and $5.0 million, recording gains of $244,000, $399,000 and $84,000, during
the quarters ended March 31, 2007, March 31, 2006 and December 31, 2006,
respectively. Each of the loans sold during these periods was designated
for sale upon origination. The loans sold during the quarter ended March
31, 2007 had a weighted average term to the earlier of maturity or next
repricing of 10.9 years.
Non-interest expense totaled $11.2 million during the quarter ended March
31, 2007, up $800,000 from the March 2006 quarter and $868,000 from the
December 2006 quarter. The growth in non-interest expense from both
comparative periods reflected base salary and benefit increases and higher
marketing costs. Higher benefit costs are the result of increases to
payroll taxes and health insurance.
Non-interest expense to average assets was 1.40% in the March 2007 quarter,
compared to 1.34% for the quarter ended March 31, 2006 and 1.32% for the
quarter ended December 31, 2006.
The effective tax rate was 35.9% for the quarter ended March 31, 2007,
35.8% for the quarter ended March 31, 2006, and 36.8% for the quarter ended
December 31, 2006. The effective tax rate is expected to approximate 36.0%
for the year ending December 31, 2007.
REAL ESTATE LENDING AND CREDIT QUALITY
Real estate loan originations totaled $123.3 million during the quarter
ended March 31, 2007. The average rate on total loan originations during
the quarter was 6.34%, compared to 6.14% during the quarter ended March 31,
2006 and 6.50% during the quarter ended December 31, 2006. The decline in
the average origination rate during the most recent quarter primarily
reflects an increase in the ratio of FNMA originations to total
originations, as the average FNMA loan origination rates consistently fell
below the portfolio real estate origination rates from October 2006 through
March 2007.
Real estate loan prepayments and amortization during the March 2007 quarter
approximated 11% of the real estate loan portfolio on an annualized basis,
compared to 10% during the March 2006 quarter and 9% during the December
2006 quarter. The weighted average interest rate on real estate loan
prepayments and amortization during the most recent quarter was 6.22%.
Non-performing loans were $2.9 million at March 31, 2007, representing only
0.11% of total loans, down slightly from $3.6 million at December 31, 2006.
DEPOSITS
As a result of promotional activities during the first quarter of 2007,
deposits increased $160.5 million, reflecting increases of $108.4 million
in core (non-certificate) deposits and $52.1 million in certificates of
deposit. The growth in core deposits was experienced primarily in money
market accounts.
Average deposits per branch approximated $103 million at March 31, 2007, up
from $93 million at March 31, 2006 and $96 million at December 31, 2006.
The loan-to-deposit ratio was 126% at March 31, 2007, compared to 136% at
March 31, 2006 and 135% at December 31, 2006. The increase in average
deposits per branch and the decrease in the loan-to-deposit ratio at March
31, 2007 compared to December 31, 2006 resulted from the $160.5 million
growth in deposits during the period. Core deposits comprised 49% of total
deposits at March 31, 2007, up slightly from 48% at March 31, 2006, and up
from 47% at December 31, 2006 (reflecting growth of $102.5 million in money
markets from December 31, 2006 through March 31, 2007).
Commenting on the Company's deposit growth, Mr. Palagiano remarked, "There
is a degree of seasonality to deposit flows, and the first quarter's
deposit gains reflect our program to capture a greater share of those
seasonal flows. Although our marketing programs continue throughout the
year, we do not anticipate such a similar robust rate of response until
later in the year."
STOCKHOLDERS' EQUITY AND SHARE REPURCHASE PROGRAM
The Company's total stockholders' equity at March 31, 2007 was $285.2
million, or 8.64% of total assets, compared to $290.6 million, or 9.16% of
total assets, at December 31, 2006. The majority of the decline during the
first quarter resulted from $5.6 million in treasury stock repurchases
during the period and a reduction in equity of $1.7 million related to the
adoption of Financial Accounting Standards Board Interpretation No. 48,
"Accounting for Uncertainty in Income Taxes." The majority of the
reduction in stockholders' equity as a percentage of total assets from
9.16% to 8.64% resulted from the growth of $126.1 million in total assets
during the quarter ended March 31, 2007.
After outlays for dividends paid to shareholders and share repurchases, by
the end of the first quarter of 2007 the Company's tangible equity had
declined to $235.8 million, compared to $241.8 million at December 31,
2006. The quarterly cash dividend paid in February 2007 represented a
payout ratio of 82% of first quarter 2007 earnings. At March 31, 2007,
tangible stockholders' equity was 7.24% of tangible assets and the tangible
book value per share was $6.54.
For the quarter ended March 31, 2007, the return on average stockholders'
equity was 8.12%, the return on average tangible equity was 9.80%, and the
cash return on average tangible equity was 10.35%.
During the first quarter of 2007, the Company repurchased into treasury
425,458 shares, or 1.2%, of its common stock outstanding at December 31,
2006. As of March 31, 2007, the Company had an additional 1,261,152
shares remaining eligible for repurchase under its eleventh stock
repurchase program, approved in December 2005.
OUTLOOK
At present, the overall yield on the Company's interest-earning assets is
rising. The average yield on interest earning assets, excluding the
effects of prepayment fee income and fourth quarter 2006 equity returns,
rose on a linked quarter basis, from 5.61% to 5.65%.
The average cost of deposits rose from 3.35% during the December 31, 2006
quarter to 3.54% during the March 2007 quarter. This trend is likely to
diminish during the second quarter of 2007, as inflows from promotional
activity are expected to decline from the first quarter level, and a large
portion of the promotional deposits added during the first quarter are
expected to reprice below their current promotional cost.
Prepayment and amortization rates, which approximated 12% during 2006, are
expected to remain in the 10% to 12% range during 2007. At March 31, 2007,
the real estate loan commitment pipeline approximated $109.9 million, with
a weighted average interest rate of 6.3%, including $21.3 million of loan
commitments intended for sale to Fannie Mae.
Operating expenses are expected to approximate $10.7 million in the second
quarter of 2007. Share repurchases, which were somewhat accelerated in the
first quarter, are likely to recede to the 2006 quarterly levels. The
Company is positioned, however, to be opportunistic in the purchase of its
own shares should conditions warrant. Based on this outlook, the Company
expects second quarter 2007 earnings per diluted share to again be in the
range of $0.15 to $0.17.
Mr. Palagiano stated, "It appears that deposit costs are leveling off,
barring any additional Fed tightening. With a strong capital base and a
low level of nonperforming assets, we believe we have been able to sustain
our profitability while positioning the balance sheet for growth and
without accepting undue risk to our asset quality."
ABOUT DIME COMMUNITY BANCSHARES
Dime Community Bancshares, Inc. (
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands except share amounts)
March 31,
2007 December 31,
(Unaudited) 2006
------------- -------------
ASSETS:
Cash and due from banks $ 26,154 $ 26,264
Investment securities held to maturity 235 235
Investment securities available for sale 28,506 29,548
Mortgage-backed securities available for sale 147,544 154,437
Federal funds sold and other short-term assets 183,128 78,752
Real Estate Loans:
One-to-four family and cooperative
apartment 149,517 153,847
Multifamily and underlying cooperative 1,861,869 1,855,106
Commercial real estate 691,799 666,927
Construction 26,839 23,340
Unearned discounts and net deferred loan
fees 1,208 1,048
------------- -------------
Total real estate loans 2,731,232 2,700,268
------------- -------------
Other loans 2,058 2,205
Allowance for loan losses (15,558) (15,514)
------------- -------------
Total loans, net 2,717,732 2,686,959
------------- -------------
Loans held for sale 2,134 1,200
Premises and fixed assets, net 22,962 22,886
Federal Home Loan Bank of New York capital
stock 28,370 31,295
Goodwill 55,638 55,638
Other assets 87,141 86,163
------------- -------------
TOTAL ASSETS $ 3,299,544 $ 3,173,377
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits:
Checking, NOW and Super NOW $ 138,404 $ 130,734
Savings 296,716 298,522
Money Market 617,127 514,607
------------- -------------
Sub-total 1,052,247 943,863
------------- -------------
Certificates of deposit 1,116,743 1,064,669
------------- -------------
Total Due to Depositors 2,168,990 2,008,532
------------- -------------
Escrow and other deposits 80,017 46,373
Securities sold under agreements to
repurchase 120,235 120,235
Federal Home Loan Bank of New York advances 506,500 571,500
Subordinated Notes Sold 25,000 25,000
Trust Preferred Notes Payable 72,165 72,165
Other liabilities 41,459 38,941
------------- -------------
TOTAL LIABILITIES 3,014,366 2,882,746
------------- -------------
STOCKHOLDERS' EQUITY:
Common stock ($0.01 par, 125,000,000 shares
authorized, 50,894,891 shares and 50,862,867
shares issued at March 31, 2007 and December
31, 2006, respectively, and 36,062,920 shares
and 36,456,354 shares outstanding at March 31,
2007 and December 31, 2006, respectively) 509 509
Additional paid-in capital 206,792 206,601
Retained earnings 284,643 285,420
Unallocated common stock of Employee Stock
Ownership Plan (4,338) (4,395)
Unearned common stock of Recognition and
Retention Plan (3,386) (3,452)
Common stock held by the Benefit Maintenance
Plan (7,941) (7,941)
Treasury stock (14,831,971 shares and
14,406,513 shares at March 31, 2007 and
December 31, 2006, respectively) (184,576) (179,011)
Accumulated other comprehensive loss, net (6,525) (7,100)
------------- -------------
TOTAL STOCKHOLDERS' EQUITY 285,178 290,631
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,299,544 $ 3,173,377
============= =============
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars In thousands except per share amounts)
For the Three Months Ended
March 31, December 31, March 31,
---------- ------------ ----------
2007 2006 2006
---------- ------------ ----------
Interest income:
Loans secured by real estate $ 40,250 $ 38,705 $ 37,839
Other loans 45 49 49
Mortgage-backed securities 1,512 1,586 1,845
Investment securities 442 872 482
Other 2,469 1,921 1,156
---------- ------------ ----------
Total interest income 44,718 43,133 41,371
---------- ------------ ----------
Interest expense:
Deposits and escrow 18,161 16,590 11,496
Borrowed funds 8,671 9,071 9,434
---------- ------------ ----------
Total interest expense 26,832 25,661 20,930
---------- ------------ ----------
Net interest income 17,886 17,472 20,441
Provision for loan losses 60 60 60
---------- ------------ ----------
Net interest income after provision for
loan losses 17,826 17,412 20,381
---------- ------------ ----------
Non-interest income:
Service charges and other fees 1,355 1,525 1,497
Net gain on sales and redemptions
of assets 244 84 877
Other 891 793 786
---------- ------------ ----------
Total non-interest income 2,490 2,402 3,160
---------- ------------ ----------
Non-interest expense:
Compensation and benefits 6,450 5,753 5,868
Occupancy and equipment 1,495 1,466 1,412
Other 3,303 3,161 3,168
---------- ------------ ----------
Total non-interest expense 11,248 10,380 10,448
---------- ------------ ----------
Income before taxes 9,068 9,434 13,093
Income tax expense 3,251 3,469 4,685
---------- ------------ ----------
Net Income $ 5,817 $ 5,965 $ 8,408
========== ============ ==========
Earnings per Share:
Basic $ 0.17 $ 0.17 $ 0.24
========== ============ ==========
Diluted $ 0.17 $ 0.17 $ 0.24
========== ============ ==========
Average common shares outstanding for
Diluted EPS 34,625,905 34,873,327 35,373,046
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
Core Earnings and Core Cash Earnings Reconciliations
(Dollars In thousands except per share amounts)
Core earnings and related data are "Non-GAAP Disclosures." These
disclosures present information which management considers useful to the
readers of this report since they present a measure of the results of the
Company's ongoing operations (exclusive of significant non-recurring items
such as gains or losses on sales of investment or mortgage-backed
securities) during the period.
Core cash earnings and related data are also "Non-GAAP Disclosures." These
disclosures present information which management considers useful to the
readers of this report since they present a measure of the tangible equity
generated from operations during each period presented. Tangible equity is
derived from stockholders' equity, with various adjustment items that are
based upon standards of the Company's primary regulator, the Office of
Thrift Supervision. Tangible equity generation is a significant financial
measure since banks are subject to regulatory requirements involving the
maintenance of minimum tangible capital levels. A reconciliation between
GAAP and tangible equity can be found in the Company's audited financial
statements for the year ended December 31, 2006.
The following tables present a reconciliation of GAAP net income and both
core earnings and core cash earnings, as well as financial performance
ratios determined based upon core earnings and core cash earnings, for each
of the periods presented:
For the Three Months Ended
---------------------------------------
March 31, December 31, March 31,
2007 2006 2006
----------- ------------ ------------
Net income as reported $ 5,817 $ 5,965 $ 8,408
Pre-tax net (gain) loss on sale of
securities and other assets (478)
Pre-tax income from borrowings
restructuring - - (43)
Tax effect of adjustments - - 190
----------- ------------ ------------
Core Earnings $ 5,817 $ 5,965 $ 8,077
----------- ------------ ------------
Cash Earnings Additions :
Core Deposit Intangible
Amortization - - -
Non-cash stock benefit plan
expense 325 183 367
----------- ------------ ------------
Core Cash Earnings $ 6,142 $ 6,148 $ 8,444
----------- ------------ ------------
Performance Ratios (Based upon
Core Cash Earnings):
Core Cash EPS (Diluted) $ 0.18 $ 0.18 $ 0.24
Core Cash Return on Average Assets 0.76% 0.78% 1.08%
Core Cash Return on Average
Tangible Stockholders' Equity 10.35% 10.13% 14.13%
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,
2007 2006 2006
----------- ----------- -----------
Performance Ratios (Based upon
Reported Earnings):
Reported EPS (Diluted) $ 0.17 $ 0.17 $ 0.24
Return on Average Assets 0.72% 0.76% 1.08%
Return on Average Stockholders'
Equity 8.12% 8.11% 11.55%
Return on Average Tangible
Stockholders' Equity 9.80% 9.83% 14.07%
Net Interest Spread 1.86% 1.91% 2.35%
Net Interest Margin 2.33% 2.34% 2.76%
Non-interest Expense to Average
Assets 1.40% 1.32% 1.34%
Efficiency Ratio 55.87% 52.45% 45.98%
Effective Tax Rate 35.85% 36.77% 35.78%
Performance Ratios (Based upon Core
Earnings):
Core EPS (Diluted) $ 0.17 $ 0.17 $ 0.23
Core Return on Average Assets 0.72% 0.76% 1.04%
Core Return on Average Stockholders'
Equity 8.12% 8.11% 11.09%
Core Return on Average Tangible
Stockholders' Equity 9.80% 9.83% 13.52%
Book Value and Tangible Book Value
Per Share:
Stated Book Value Per Share $ 7.91 $ 7.97 $ 7.92
Tangible Book Value Per Share 6.54 6.63 6.52
Average Balance Data:
Average Assets $ 3,214,322 $ 3,145,446 $ 3,118,817
Average Interest Earning Assets 3,069,158 2,992,771 2,966,577
Average Stockholders' Equity 286,411 294,385 291,227
Average Tangible Stockholders'
Equity 237,363 242,652 238,972
Average Loans 2,708,758 2,662,497 2,629,336
Average Deposits 2,083,491 1,963,369 1,900,259
Asset Quality Summary:
Net charge-offs (recoveries) ($2) $ 8 $ 11
Nonperforming Loans 2,878 3,606 365
Nonperforming Loans/ Total Loans 0.11% 0.13% 0.01%
Nonperforming Assets/Total Assets 0.09% 0.11% 0.01%
Allowance for Loan Loss/Total Loans 0.57% 0.57% 0.59%
Allowance for Loan
Loss/Nonperforming Loans 540.58% 430.23% 4309.04%
Regulatory Capital Ratios:
Consolidated Tangible Equity to
Tangible Assets at period end 7.24% 7.74% 7.79%
Tangible Capital Ratio (Bank Only) 8.81% 9.05% 9.04%
Leverage Capital Ratio (Bank Only) 8.81% 9.05% 9.04%
Risk Based Capital Ratio (Bank Only) 12.41% 12.61% 12.90%
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars In thousands)
For the Three Months Ended
-----------------------------------
March 31, 2007
-----------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ----------- ----------
(Dollars In Thousands)
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:
NOW, Super NOW accounts $ 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%
----------- -----------
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%
==========
Average deposits (including non-interest
bearing checking accounts) $ 2,083,491 $ 18,161 3.54%
For the Three Months Ended
-----------------------------------
December 31, 2006
-----------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ----------- ----------
(Dollars In Thousands)
Assets:
Interest-earning assets:
Real estate loans $ 2,660,517 $ 38,705 5.82%
Other loans 1,980 49 9.90
Mortgage-backed securities 163,072 1,586 3.89
Investment securities 29,678 872 11.75
Other short-term investments 137,524 1,921 5.59
----------- ----------- ----------
Total interest earning assets 2,992,771 $ 43,133 5.76%
----------- -----------
Non-interest earning assets 152,675
-----------
Total assets $ 3,145,446
===========
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
NOW, Super NOW accounts $ 34,069 $ 92 1.07%
Money Market accounts 491,946 4,152 3.35
Savings accounts 301,348 442 0.58
Certificates of deposit 1,042,809 11,904 4.53
----------- ----------- ----------
Total interest bearing
deposits 1,870,172 16,590 3.52
Borrowed Funds 771,152 9,071 4.67
----------- ----------- ----------
Total interest-bearing
liabilities 2,641,324 25,661 3.85%
----------- -----------
Checking accounts 93,197
Other non-interest-bearing
liabilities 116,540
-----------
Total liabilities 2,851,061
Stockholders' equity 294,385
-----------
Total liabilities and stockholders'
equity $ 3,145,446
===========
Net interest income $ 17,472
===========
Net interest spread 1.91%
==========
Net interest-earning assets $ 351,447
===========
Net interest margin 2.34%
==========
Ratio of interest-earning assets
to interest-bearing liabilities 113.31%
==========
Average deposits (including non-interest
bearing checking accounts) $ 1,963,369 $ 16,590 3.35%
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars In thousands)
For the Three Months Ended
-----------------------------------
March 31, 2007
-----------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ----------- ----------
(Dollars In Thousands)
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:
NOW, Super NOW accounts $ 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%
----------- -----------
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%
==========
Average deposits (including non-interest
bearing checking accounts) $ 2,083,491 $ 18,161 3.54%
For the Three Months Ended
-----------------------------------
March 31, 2006
-----------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ----------- ----------
(Dollars In Thousands)
Assets:
Interest-earning assets:
Real Estate Loans $ 2,627,262 $ 37,839 5.76%
Other loans 2,074 49 9.45
Mortgage-backed securities 192,672 1,845 3.83
Investment securities 38,329 482 5.03
Other short-term investments 106,240 1,156 4.35
----------- ----------- ----------
Total interest earning assets 2,966,577 $ 41,371 5.58%
----------- -----------
Non-interest earning assets 152,240
-----------
Total assets $ 3,118,817
===========
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
NOW, Super NOW accounts $ 37,239 $ 91 0.99%
Money Market accounts 455,676 2,079 1.85
Savings accounts 330,646 455 0.56
Certificates of deposit 981,346 8,871 3.67
----------- ----------- ----------
Total interest bearing
deposits 1,804,907 11,496 2.58
Borrowed Funds 826,298 9,434 4.63
----------- ----------- ----------
Total interest-bearing
liabilities 2,631,205 20,930 3.23%
----------- -----------
Checking accounts 95,352
Other non-interest-bearing
liabilities 101,033
-----------
Total liabilities 2,827,590
Stockholders' equity 291,227
-----------
Total liabilities and stockholders'
equity $ 3,118,817
===========
Net interest income $ 20,441
===========
Net interest spread 2.35%
==========
Net interest-earning assets $ 335,372
===========
Net interest margin 2.76%
==========
Ratio of interest-earning assets
to interest-bearing liabilities 112.75%
==========
Average deposits (including non-interest
bearing checking accounts) $ 1,900,259 $ 11,496 2.45%
Contact Information: Contact: Kenneth Ceonzo Director of Investor Relations 718-782-6200 extension 8279