UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to
Commission file number 0-27782
DIME COMMUNITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 11-3297463
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
209 HAVEMEYER STREET, BROOKLYN, NEW YORK 11211
(Address of principal executive offices) (Zip Code)
(718) 782-6200
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all the reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
(1) YES X NO ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
CLASSES OF COMMON STOCK NUMBER OF SHARES OUTSTANDING, APRIL 30, 2000
$.01 Par Value 11,984,674
-2-
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE DATA)
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED MARCH 31, ENDED MARCH 31,
2000 1999 2000 1999
-------- -------- -------- --------
INTEREST INCOME:
Loans secured by real estate $30,489 $24,764 $86,585 $65,579
OTHER LOANS 158 156 468 409
INVESTMENT SECURITIES 2,231 2,870 7,375 7,727
MORTGAGE-BACKED SECURITIES 7,569 7,621 23,278 21,681
FEDERAL FUNDS SOLD 782 406 2,784 1,079
-------- -------- -------- --------
TOTAL INTEREST INCOME 41,229 35,817 120,490 96,475
-------- -------- -------- --------
INTEREST EXPENSE:
Deposits and escrow 11,194 11,393 33,548 32,735
Borrowed funds 13,985 8,935 38,849 23,165
-------- -------- -------- --------
TOTAL INTEREST EXPENSE 25,179 20,328 72,397 55,900
NET INTEREST INCOME 16,050 15,489 48,093 40,575
PROVISION FOR LOAN LOSSES 60 60 180 180
-------- -------- -------- --------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 15,990 15,429 47,913 40,395
-------- -------- -------- --------
NON-INTEREST INCOME:
Service charges and other fees 939 719 3,040 1,880
Net gain (loss) on sales and redemptions of
securities and other assets (40) 45 (54) 799
Net gain (loss) on sales of loans (2) 35 (10) 62
Other 1,241 1,107 4,008 2,826
-------- -------- -------- --------
TOTAL NON-INTEREST INCOME 2,138 1,906 6,984 5,567
-------- -------- -------- --------
NON-INTEREST EXPENSE:
Salaries and employee benefits 3,601 3,281 10,557 9,079
ESOP and RRP compensation expense 936 1,108 3,125 3,398
Occupancy and equipment 941 847 2,823 2,069
Federal deposit insurance premiums 65 113 297 287
Data processing costs 424 334 1,264 955
Goodwill amortization 1,154 1,021 3,462 2,224
Core deposit intangible amortization 206 158 618 158
Other 1,484 1,310 4,560 3,768
-------- -------- -------- --------
TOTAL NON-INTEREST EXPENSE 8,811 8,172 26,706 21,938
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES 9,317 9,163 28,191 24,024
INCOME TAX EXPENSE 3,555 3,614 11,453 9,807
-------- -------- -------- --------
NET INCOME $5,762 $5,549 $16,738 $14,217
======== ======== ======== ========
EARNINGS PER SHARE:
BASIC $0.51 $0.49 $1.46 $1.33
======== ======== ======== ========
DILUTED $0.49 $0.45 $1.40 $1.23
======== ======== ======== ========
STATEMENTS OF COMPREHENSIVE INCOME:
Net Income $5,762 $5,549 $16,738 $14,217
Other Comprehensive income (loss), net of tax
Net unrealized holding gains (losses)
arising during the year (2,031) (228) (5,127) (1,183)
Reclassification adjustment for (gains)
losses arising during the year 33 (14) 708 (309)
-------- -------- -------- --------
Comprehensive income $3,764 $5,307 $12,319 $12,725
======== ======== ======== ========
See notes to consolidated financial statements
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dime Community Bancshares, Inc.
Dated: June 26, 2000 By: /S/ VINCENT F. PALAGIANO
----------------------------------------------
Vincent F. Palagiano
Chairman of the Board and Chief Executive
Officer
Dated: June 26, 2000 By: /S/ KENNETH J. MAHON
----------------------------------------------
Kenneth J. Mahon
Executive Vice President and Chief
Financial Officer