-- Real estate loan originations were $111.0 million at an average rate
of 6.59%, compared to $123.3 million at an average interest rate of 6.34%
during the first quarter of 2007.
-- Loans in the pipeline approximated $127.6 million at quarter-end,
including commitments for sale to Fannie Mae of $20.5 million.
-- The annualized loan amortization rate was 10% compared to 11% during
the previous quarter. Prepayment fee income was $934,000, compared to $1.2
million in the March 2007 quarter and $2.1 million in the June 2006
quarter.
-- Ending deposits increased by 5% annualized, and linked quarter average
cost of deposits rose from 3.54% to 3.62%. Core deposits increased by 22%
annualized.
-- Net interest margin was 2.27%, down from 2.33% sequentially.
-- The Company repurchased 819,526 shares of its common stock, compared
to 425,458 shares repurchased in the March 2007 quarter. The consolidated
tangible stockholders' equity ratio fell to 7.06% at June 30, 2007 from
7.24% at March 31, 2007.
-- Quarterly non-interest expense was flat sequentially and up 6% year-
over-year.
OPERATING RESULTS
For the quarter ended June 30, 2007, the Company's pre-tax income,
excluding gains and losses on the sale of assets, was $8.6 million,
compared to $12.6 million in the same quarter of the previous year. The
$4.0 million decrease was due to a decline of $3.2 million in net interest
income and an increase of $671,000 in non-interest expense experienced
primarily in salary and benefits.
The net interest margin contracted 52 basis points, from 2.79% during the
June 2006 quarter to 2.27% during the June 2007 quarter, due mainly to an
increase of 82 basis points in the average cost of deposits during the
comparative period.
Pre-tax income, excluding gains and losses on the sale of assets was $8.8
million during the March 2007 quarter. The $200,000 decline from the March
2007 quarter was primarily due to a decrease of $217,000 in net interest
income. The decline in net interest income resulted principally from a
decrease of $339,000 in prepayment fee and late charge income during the
comparative period. The net interest margin remained relatively flat
during the same period.
Excluding the effects of prepayment fee and late charge income, net
interest income would have increased $122,000 and the net interest margin
would have declined 2 basis points during the quarter ended June 30, 2007
compared to the quarter ended March 31, 2007.
Mr. Palagiano commented, "It now appears, barring any further significant
rise in deposit interest rates, that the Bank's net interest margin has
stabilized, and that our current deposit rate offerings are priced in a way
that should enable us to retain much of the new deposits we acquired so far
this year."
The average yield on portfolio real estate loans, excluding the effects of
prepayment and late fee income, was 5.78% during the quarter ended June 30,
2007 and 5.75% during the quarter ended March 31, 2007. The interest rates
on newly originated real estate loans averaged 6.59% during the second
quarter of 2007, compared to a weighted average rate on loans repaid of
6.04% during the period.
Non-interest income, excluding gains or losses on the sale of assets,
totaled $2.2 million during the quarter ended June 30, 2007, relatively
constant from the March 2007 quarter and down $212,000 from the June 2006
quarter due to declines in both retail banking and loan servicing income
during the comparative period.
The Company sold loans to Fannie Mae totaling $17.0 million, $21.0 million
and $20.2 million, recording gains of $223,000, $253,000 and $244,000,
during the quarters ended June 30, 2007, June 30, 2006 and March 31, 2007,
respectively. Each of the loans sold during these periods was designated
for sale upon origination. The loans sold during the quarter ended June
30, 2007 had a weighted average term to the earlier of maturity or next
repricing of 11.2 years.
Non-interest expense totaled $11.2 million during the quarter ended June
30, 2007, up $671,000 from the June 2006 quarter and relatively unchanged
from the March 2007 quarter. The growth in non-interest expense from the
June 2006 quarter resulted primarily from salary and benefit increases.
Non-interest expense to average assets was 1.37% in the June 2007 quarter,
compared to 1.34% for the quarter ended June 30, 2006 and 1.40% for the
quarter ended March 31, 2007.
The effective tax rate was 35.8% for the quarter ended June 30, 2007, 35.1%
for the quarter ended June 30, 2006, and 35.9% for the quarter ended March
31, 2007. 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 $111.0 million during the quarter
ended June 30, 2007. The average rate on real estate loan originations
during the quarter was 6.59%, compared to 6.44% during the quarter ended
June 30, 2006 and 6.34% during the quarter ended March 31, 2007.
Real estate loan prepayments and amortization during the June 2007 quarter
approximated 10% of the real estate loan portfolio on an annualized basis,
compared to 16% during the June 2006 quarter and 11% during the March 2007
quarter.
Non-performing loans were $2.9 million at June 30, 2007, representing only
0.11% of total loans, relatively unchanged from March 31, 2007.
DEPOSITS
As a result of ongoing promotional activities, deposits increased $26.7
million during the second quarter of 2007. Core (non-certificate) deposits
increased $57.3 million, or 22% annualized. The growth in core deposits
was experienced primarily in money market accounts. Certificates of
deposit declined by $30.6 million.
Average deposits per branch approximated $105 million at June 30, 2007, up
from $92 million at June 30, 2006 and $103 million at March 31, 2007. The
loan-to-deposit ratio was 126% at June 30, 2007, compared to 138% at June
30, 2006 and 126% at March 31, 2007. The increase in average deposits per
branch at June 30, 2007 compared to March 31, 2007 resulted from the $26.7
million growth in deposits during the period. Core deposits comprised 51%
of total deposits at June 30, 2007, up from both 47% at June 30, 2006 and
49% at March 31, 2007 (reflecting growth of $61.3 million in money markets
during the quarter ended June 30, 2007).
STOCKHOLDERS' EQUITY AND SHARE REPURCHASE PROGRAM
The Company's total stockholders' equity at June 30, 2007 was $275.2
million, or 8.47% of total assets, compared to $285.2 million, or 8.64% of
total assets, at March 31, 2007. The decline during the second quarter
resulted from $11.0 million in treasury stock repurchases during the
period.
During the second quarter of 2007, the Company repurchased into treasury
819,526 shares, or 2.3%, of its common stock outstanding at March 31, 2007.
As of June 30, 2007, the Company had an additional 441,626 shares remaining
eligible for repurchase under its eleventh stock repurchase program,
approved in December 2005. On June 21, 2007, the Company announced its
Twelfth Stock Repurchase Program, which authorizes the purchase, at the
discretion of management, of up to 1,787,665 shares of its common stock.
After outlays for dividends paid to shareholders and share repurchases, by
the end of the second quarter of 2007 the Company's tangible stockholders'
equity had declined to $226.4 million, compared to $235.8 million at March
31, 2007. The quarterly cash dividend paid in May 2007 represented a
payout ratio of 82% of second quarter 2007 earnings. At June 30, 2007,
tangible stockholders' equity was 7.06% of tangible assets and the tangible
book value per share was $6.42.
For the quarter ended June 30, 2007, the return on average stockholders'
equity was 8.06%, the return on average tangible equity was 9.77%, and the
cash return on average tangible equity was 10.58%.
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 and late fee income, rose on a linked quarter basis,
from 5.65% to 5.69%. This trend appears likely to continue, as over $433
million in portfolio mortgage loans with a "below current market" weighted
average coupon of 5.42% contractually reprice or mature between July 1,
2007 and December 31, 2008. During the year ending December 31, 2009, an
additional $805 million in mortgage loans with a weighted average coupon of
5.40% are scheduled to reprice. These loan repricings and maturities
provide a potentially significant boost to overall portfolio yields.
The average cost of deposits rose slightly from 3.54% during the March 31,
2007 quarter to 3.62% during the June 2007 quarter. This trend is likely
to diminish during the remainder of 2007, as inflows from promotional
activity are expected to decline from the first six months of 2007, and a
large portion of the promotional deposits added during the first six months
of 2007 are expected to reprice below their current promotional cost.
Prepayment and amortization rates, which approximated 10.4% during the
first six months of 2007, are expected to remain in the 10% to 12% range
during the remainder of 2007. At June 30, 2007, the real estate loan
commitment pipeline approximated $127.6 million, including $20.5 million of
loan commitments intended for sale to Fannie Mae. The portfolio loan
pipeline had a weighted average interest rate of 6.35%.
Operating expenses are expected to approximate $11.6 million in the third
quarter of 2007. The Company is positioned, to be opportunistic in the
purchase of its own shares should conditions warrant. Based on this
outlook, the Company expects third quarter 2007 earnings per diluted share
to again be in the range of $0.15 to $0.17.
ABOUT DIME COMMUNITY BANCSHARES
Dime Community Bancshares, Inc. (
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands except share amounts)
June 30,
2007 December 31,
(Unaudited) 2006
------------- -------------
ASSETS:
Cash and due from banks $ 52,605 $ 26,264
Investment securities held to maturity 160 235
Investment securities available for sale 25,573 29,548
Mortgage-backed securities available for sale 137,361 154,437
Federal funds sold and other short-term
investments 94,650 78,752
Real Estate Loans:
One-to-four family and cooperative apartment 149,467 153,847
Multifamily and underlying cooperative 1,869,261 1,855,106
Commercial real estate 703,349 666,927
Construction 34,285 23,340
Unearned discounts and net deferred loan
fees 1,266 1,048
------------- -------------
Total real estate loans 2,757,628 2,700,268
------------- -------------
Other loans 2,620 2,205
Allowance for loan losses (15,405) (15,514)
------------- -------------
Total loans, net 2,744,843 2,686,959
------------- -------------
Loans held for sale 250 1,200
Premises and fixed assets, net 23,471 22,886
Federal Home Loan Bank of New York capital
stock 26,429 31,295
Goodwill 55,638 55,638
Other assets 89,392 86,163
------------- -------------
TOTAL ASSETS $ 3,250,372 $ 3,173,377
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits:
Checking, NOW and Super NOW $ 141,681 $ 130,734
Savings 289,408 298,522
Money Market 678,457 514,607
------------- -------------
Sub-total 1,109,546 943,863
------------- -------------
Certificates of deposit 1,086,190 1,064,669
------------- -------------
Total Due to Depositors 2,195,736 2,008,532
------------- -------------
Escrow and other deposits 56,653 46,373
Securities sold under agreements to
repurchase 120,160 120,235
Federal Home Loan Bank of New York advances 461,500 571,500
Subordinated Notes Sold 25,000 25,000
Trust Preferred Notes Payable 72,165 72,165
Other liabilities 43,961 38,941
------------- -------------
TOTAL LIABILITIES 2,975,175 2,882,746
------------- -------------
STOCKHOLDERS' EQUITY:
Common stock ($0.01 par, 125,000,000 shares
authorized, 50,897,016 shares and 50,862,867
shares issued at June 30, 2007 and December
31, 2006, respectively, and 35,257,519 shares
and 36,456,354 shares outstanding at June 30,
2007 and December 31, 2006, respectively) 509 509
Additional paid-in capital 207,355 206,601
Retained earnings 285,458 285,420
Unallocated common stock of Employee Stock
Ownership Plan (4,280) (4,395)
Unearned common stock of Recognition and
Retention Plan (3,458) (3,452)
Common stock held by the Benefit Maintenance
Plan (7,941) (7,941)
Treasury stock (15,639,497 shares and
14,406,513 shares at June 30, 2007
and December 31, 2006, respectively) (195,392) (179,011)
Accumulated other comprehensive loss, net (7,054) (7,100)
------------- -------------
TOTAL STOCKHOLDERS' EQUITY 275,197 290,631
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,250,372 $ 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
June 30, March 31, June 30,
---------- ---------- ----------
2007 2007 2006
---------- ---------- ----------
Interest income:
Loans secured by real estate $ 40,697 $ 40,250 $ 39,844
Other loans 42 45 45
Mortgage-backed securities 1,435 1,512 1,753
Investment securities 377 442 469
Federal funds sold and other
short-term investments 2,793 2,469 1,522
---------- ---------- ----------
Total interest income 45,344 44,718 43,633
---------- ---------- ----------
Interest expense:
Deposits and escrow 19,576 18,161 13,554
Borrowed funds 8,099 8,671 9,228
---------- ---------- ----------
Total interest expense 27,675 26,832 22,782
---------- ---------- ----------
Net interest income 17,669 17,886 20,851
Provision for loan losses 60 60 60
---------- ---------- ----------
Net interest income after provision
for loan losses 17,609 17,826 20,791
---------- ---------- ----------
Non-interest income:
Service charges and other fees 1,282 1,355 1,457
Net gain on sales and redemptions
of assets 223 244 1,317
Other 882 891 919
---------- ---------- ----------
Total non-interest income 2,387 2,490 3,693
---------- ---------- ----------
Non-interest expense:
Compensation and benefits 6,198 6,450 5,804
Occupancy and equipment 1,512 1,495 1,379
Other 3,489 3,303 3,345
---------- ---------- ----------
Total non-interest expense 11,199 11,248 10,528
---------- ---------- ----------
Income before taxes 8,797 9,068 13,956
Income tax expense 3,152 3,251 4,896
---------- ---------- ----------
Net Income $ 5,645 $ 5,817 $ 9,060
========== ========== ==========
Earnings per Share:
Basic $ 0.17 $ 0.17 $ 0.26
========== ========== ==========
Diluted $ 0.17 $ 0.17 $ 0.26
========== ========== ==========
Average common shares
outstanding for Diluted EPS 34,123,887 34,625,905 35,202,812
For the Six Months Ended
June 30, June 30,
---------- ----------
2007 2006
---------- ----------
Interest income:
Loans secured by real estate $ 80,947 $ 77,683
Other loans 87 94
Mortgage-backed securities 2,947 3,598
Investment securities 819 951
Federal funds sold and other
short-term investments 5,262 2,678
---------- ----------
Total interest income 90,062 85,004
---------- ----------
Interest expense:
Deposits and escrow 37,737 25,050
Borrowed funds 16,770 18,662
---------- ----------
Total interest expense 54,507 43,712
---------- ----------
Net interest income 35,555 41,292
Provision for loan losses 120 120
---------- ----------
Net interest income after provision
for loan losses 35,435 41,172
---------- ----------
Non-interest income:
Service charges and other fees 2,637 2,954
Net gain on sales and redemptions
of assets 467 2,194
Other 1,773 1,705
---------- ----------
Total non-interest income 4,877 6,853
---------- ----------
Non-interest expense:
Compensation and benefits 12,648 11,672
Occupancy and equipment 3,007 2,791
Other 6,792 6,513
---------- ----------
Total non-interest expense 22,447 20,976
---------- ----------
Income before taxes 17,865 27,049
Income tax expense 6,403 9,581
---------- ----------
Net Income $ 11,462 $ 17,468
========== ==========
Earnings per Share:
Basic $ 0.33 $ 0.50
========== ==========
Diluted $ 0.33 $ 0.50
========== ==========
Average common shares
outstanding for Diluted EPS 34,373,520 35,287,490
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
stockholders' 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 stockholders'
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
stockholders' 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
-------------------------------
June 30, March 31, June 30,
2007 2007 2006
--------- --------- ---------
Net income as reported $ 5,645 $ 5,817 $ 9,060
Pre-tax net (gain) loss on sale of
securities and other assets - - (1,064)
Pre-tax income from borrowings
restructuring - - -
Tax effect of adjustments - - 378
--------- --------- ---------
Core Earnings $ 5,645 $ 5,817 $ 8,374
--------- --------- ---------
Cash Earnings Additions:
Non-cash stock benefit plan expense 466 325 358
--------- --------- ---------
Core Cash Earnings $ 6,111 $ 6,142 $ 8,732
--------- --------- ---------
Performance Ratios (Based upon Core Cash
Earnings):
Core Cash EPS (Diluted) $ 0.18 $ 0.18 $ 0.25
Core Cash Return on Average Assets 0.75% 0.76% 1.11%
Core Cash Return on Average Tangible
Stockholders' Equity 10.58% 10.35% 14.46%
For the Six Months Ended
------------------------
June 30, June 30,
2007 2006
--------- ---------
Net income as reported $ 11,462 $ 17,468
Pre-tax net (gain) loss on sale of
securities and other assets - (1,542)
Pre-tax income from borrowings
restructuring - (43)
Tax effect of adjustments - 568
--------- ---------
Core Earnings $ 11,462 $ 16,451
--------- ---------
Cash Earnings Additions:
Non-cash stock benefit plan expense 791 725
--------- ---------
Core Cash Earnings $ 12,253 $ 17,176
--------- ---------
Performance Ratios (Based upon Core Cash
Earnings):
Core Cash EPS (Diluted) $ 0.36 $ 0.49
Core Cash Return on Average Assets 0.76% 1.10%
Core Cash Return on Average Tangible
Stockholders' Equity 10.46% 14.30%
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share amounts)
For the Three Months Ended
-------------------------------------
June 30, March 31, June 30,
2007 2007 2006
----------- ----------- -----------
Performance Ratios (Based upon
Reported Earnings):
Reported EPS (Diluted) $ 0.17 $ 0.17 $ 0.26
Return on Average Assets 0.69% 0.72% 1.16%
Return on Average Stockholders'
Equity 8.06% 8.12% 12.37%
Return on Average Tangible
Stockholders' Equity 9.77% 9.80% 15.00%
Net Interest Spread 1.81% 1.86% 2.36%
Net Interest Margin 2.27% 2.33% 2.79%
Non-interest Expense to Average Assets 1.37% 1.40% 1.34%
Efficiency Ratio 56.47% 55.87% 45.33%
Effective Tax Rate 35.83% 35.85% 35.08%
Performance Ratios (Based upon Core
Earnings):
Core EPS (Diluted) $ 0.17 $ 0.17 $ 0.24
Core Return on Average Assets 0.69% 0.72% 1.07%
Core Return on Average Stockholders'
Equity 8.06% 8.12% 11.44%
Core Return on Average Tangible
Stockholders' Equity 9.77% 9.80% 13.87%
Book Value and Tangible Book Value
Per Share:
Stated Book Value Per Share $ 7.81 $ 7.91 $ 7.97
Tangible Book Value Per Share 6.42 6.54 6.58
Average Balance Data:
Average Assets $ 3,267,736 $ 3,214,322 $ 3,134,815
Average Interest Earning Assets 3,117,578 3,069,158 2,992,772
Average Stockholders' Equity 280,282 286,411 292,882
Average Tangible Stockholders'
Equity 231,127 237,363 241,554
Average Loans 2,752,200 2,708,758 2,658,556
Average Deposits 2,166,907 2,083,491 1,942,554
Asset Quality Summary:
Net charge-offs (recoveries) $ (1) $ (2) $ 8
Nonperforming Loans 2,937 2,878 2,885
Nonperforming Loans/ Total Loans 0.11% 0.11% 0.11%
Nonperforming Assets/Total Assets 0.09% 0.09% 0.09%
Allowance for Loan Loss/Total Loans 0.56% 0.57% 0.60%
Allowance for Loan
Loss/Nonperforming Loans 524.51% 540.58% 555.74%
Regulatory Capital Ratios:
Consolidated Tangible Stockholders'
Equity to Tangible Assets at period end 7.06% 7.24% 7.87%
Tangible Capital Ratio (Bank Only) 9.13% 8.81% 9.39%
Leverage Capital Ratio (Bank Only) 9.13% 8.81% 9.39%
Risk Based Capital Ratio (Bank Only) 12.83% 12.41% 13.38%
For the Six Months Ended
------------------------
June 30, June 30,
2007 2006
----------- -----------
Performance Ratios (Based upon
Reported Earnings):
Reported EPS (Diluted) $ 0.33 $ 0.50
Return on Average Assets 0.71% 1.12%
Return on Average Stockholders'
Equity 8.09% 11.96%
Return on Average Tangible
Stockholders' Equity 9.79% 14.55%
Net Interest Spread 1.83% 2.36%
Net Interest Margin 2.30% 2.77%
Non-interest Expense to Average Assets 1.39% 1.34%
Efficiency Ratio 56.17% 45.65%
Effective Tax Rate 35.84% 35.42%
Performance Ratios (Based upon Core
Earnings):
Core EPS (Diluted) $ 0.33 $ 0.47
Core Return on Average Assets 0.71% 1.05%
Core Return on Average Stockholders'
Equity 8.09% 11.27%
Core Return on Average Tangible
Stockholders' Equity 9.79% 13.70%
Book Value and Tangible Book Value
Per Share:
Stated Book Value Per Share $ 7.81 $ 7.97
Tangible Book Value Per Share 6.42 6.58
Average Balance Data:
Average Assets $ 3,241,029 $ 3,126,816
Average Interest Earning Assets 3,093,368 2,979,675
Average Stockholders' Equity 283,347 292,054
Average Tangible Stockholders'
Equity 234,265 240,182
Average Loans 2,730,479 2,643,946
Average Deposits 2,125,199 1,921,407
Asset Quality Summary:
Net charge-offs (recoveries) $ (3) $ 19
Nonperforming Loans 2,937 2,885
Nonperforming Loans/ Total Loans 0.11% 0.11%
Nonperforming Assets/Total Assets 0.09% 0.09%
Allowance for Loan Loss/Total Loans 0.56% 0.60%
Allowance for Loan
Loss/Nonperforming Loans 524.51% 555.74%
Regulatory Capital Ratios:
Consolidated Tangible Stockholders'
Equity to Tangible Assets at
period end 7.06% 7.87%
Tangible Capital Ratio (Bank Only) 9.13% 9.39%
Leverage Capital Ratio (Bank Only) 9.13% 9.39%
Risk Based Capital Ratio (Bank Only) 12.83% 13.38%
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars in thousands)
For the Three Months Ended
--------------------------------
June 30, 2007
--------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ---------- ---------
(Dollars In Thousands)
Assets:
Interest-earning assets:
Real estate loans $ 2,750,429 $ 40,697 5.92%
Other loans 1,771 42 9.49
Mortgage-backed securities 146,181 1,435 3.93
Investment securities 25,534 377 5.91
Other short-term investments 193,663 2,793 5.77
----------- ---------- ---------
Total interest earning assets 3,117,578 $ 45,344 5.82%
----------- ----------
Non-interest earning assets 150,158
-----------
Total assets $ 3,267,736
===========
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
NOW, Super Now accounts $ 42,705 $ 186 1.75%
Money Market accounts 636,893 6,103 3.84
Savings accounts 293,759 449 0.61
Certificates of deposit 1,097,137 12,838 4.69
----------- ---------- ---------
Total interest bearing deposits 2,070,494 19,576 3.79
Borrowed Funds 698,765 8,099 4.65
----------- ---------- ---------
Total interest-bearing liabilities 2,769,259 27,675 4.01%
----------- ----------
Checking accounts 96,413
Other non-interest-bearing liabilities 121,782
-----------
Total liabilities 2,987,454
Stockholders' equity 280,282
-----------
Total liabilities and stockholders'
equity $ 3,267,736
===========
Net interest income $ 17,669
==========
Net interest spread 1.81%
=========
Net interest-earning assets $ 348,319
===========
Net interest margin 2.27%
=========
Ratio of interest-earning assets to
interest-bearing liabilities 112.58%
=========
Average deposits (including non-interest
bearing checking accounts) $ 2,166,907 $ 19,576 3.62%
Interest earning assets (excluding
prepayment fees and late charges) 5.69%
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%
Interest earning assets (excluding
prepayment fees and late charges) 5.65%
For the Three Months Ended
--------------------------------
June 30, 2006
--------------------------------
Average
Average Yield/
Balance Interest Cost
----------- ---------- ---------
(Dollars In Thousands)
Assets:
Interest-earning assets:
Real estate loans $ 2,656,658 $ 39,844 6.00%
Other loans 1,898 45 9.48
Mortgage-backed securities 182,101 1,753 3.85
Investment securities 31,023 469 6.05
Other short-term investments 121,092 1,522 5.03
----------- ---------- ---------
Total interest earning assets 2,992,772 $ 43,633 5.84%
----------- ----------
Non-interest earning assets 142,043
-----------
Total assets $ 3,134,815
===========
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
NOW, Super Now accounts $ 36,778 $ 91 0.99%
Money Market accounts 452,288 2,578 2.29
Savings accounts 325,403 476 0.59
Certificates of deposit 1,030,354 10,409 4.05
----------- ---------- ---------
Total interest bearing deposits 1,844,823 13,554 2.95
Borrowed Funds 783,544 9,228 4.72
----------- ---------- ---------
Total interest-bearing liabilities 2,628,367 22,782 3.48%
----------- ----------
Checking accounts 97,731
Other non-interest-bearing liabilities 115,835
-----------
Total liabilities 2,841,933
Stockholders' equity 292,882
-----------
Total liabilities and stockholders'
equity $ 3,134,815
===========
Net interest income $ 20,851
==========
Net interest spread 2.36%
=========
Net interest-earning assets $ 364,405
===========
Net interest margin 2.79%
=========
Ratio of interest-earning assets
to interest-bearing liabilities 113.86%
=========
Average deposits (including non-interest
bearing checking accounts) $ 1,942,554 $ 13,554 2.80%
Interest earning assets (excluding
prepayment fees and late charges) 5.54%
Contact Information: Contact: Kenneth Ceonzo Director of Investor Relations 718-782-6200 extension 8279