-- 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