SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 8-K/A
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 26, 1996
Dime Community Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-27782 11-3297463
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
209 Havemeyer Street, Brooklyn, New York 11211
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (718) 782-6200
Not Applicable
(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits.
(b) PRO FORMA FINANCIAL INFORMATION
The following financial statement presents the unaudited consolidated
statement of condition of Dime Community Bancorp, Inc. and Subsidiary (the
"Company") as of June 30, 1996, which includes the assets and liabilities
acquired from Conestoga Bancorp, Inc. ("Conestoga"), and the audited
consolidated statement of condition of the Company as of June 30, 1995. Since
the acquisition of Conestoga occurred substantially at year end (June 26, 1996)
a Pro Forma Combined Statement of Condition is not presented.
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DIME COMMUNITY BANCORP, INC. AND SUBSIDIARY -
CONSOLIDATED STATEMENTS OF CONDITION
JUNE 30, 1996 AND 1995
(In Thousands)
(Unaudited)
1996 1995
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ASSETS:
Cash and due from banks ................................................. $ 17,055 $ 6,807
Investment securities held to maturity (estimated market value of
$43,428 and $51,254 at June 30, 1996 and June 30, 1995
respectively) ......................................................... 43,552 51,475
Investment securities available for sale:
Bonds and notes (amortized cost of $338,141 and $42,350 at
June 30, 1996 and June 30, 1995, respectively) ........................ 338,089 42,349
Marketable equity securities (historical cost of $2,977 and
$3,304 at June 30, 1996 and June 30, 1995, respectively) .............. 3,205 3,070
Mortgage-backed securities held to maturity (estimated market value
of $52,596 and $54,172 at June 30, 1996 and June 30, 1995
respectively) .......................................................... 52,580 53,815
Mortgage-backed securities available for sale (amortized cost of
$156,962 and $36,728 at June 30, 1996 and June 30, 1995,
respectively) .......................................................... 157,361 37,733
Federal funds sold ...................................................... 115,130 17,809
Loans
Real estate ........................................................... 577,663 425,965
Other loans ........................................................... 5,564 3,751
Less allowance for loan losses ........................................ (7,812) (5,174)
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Total loans, net ........................................................ 575,415 424,542
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Loans held for sale ..................................................... 459 138
Premises and fixed assets ............................................... 14,399 5,921
Federal Home Loan Bank of New York capital stock ........................ 7,604 4,801
Other real estate owned, net ............................................ 1,946 4,466
Goodwill ................................................................ 27,903 --
Other assets ............................................................ 17,123 9,813
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TOTAL ASSETS ............................................................ $ 1,371,821 $ 662,739
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LIABILITIES AND EQUITY
LIABILITIES:
Due to depositors ....................................................... $ 950,114 $ 554,841
Escrow and other deposits ............................................... 141,732 12,109
Securities sold under agreements to repurchase .......................... 11,998 2,110
Federal Home Loan Bank of New York advances ............................. 15,710 15,710
Payable for securities purchased ........................................ 33,994 --
Accrued postretirement benefit obligation ............................... 2,381 --
Other liabilities ....................................................... 2,821 902
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TOTAL LIABILITIES ....................................................... 1,158,750 585,672
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COMMITMENTS AND CONTINGENCIES
EQUITY:
Preferred Stock ($0.01 par, 9,000,000 shares authorized, none outstanding
at June 30, 1996 and 1995) ............................................ -- --
Common Stock ($0.01 par, 45,000,000 shares authorized, 14,547,500 shares
outstanding at June 30, 1996, none outstanding at June 30, 1995) ...... 145 --
Additional paid-in capital .............................................. 141,240 --
Employee Stock Ownership Plan ........................................... (11,541) --
Retained earnings ....................................................... 82,916 76,651
Unrealized gain on securities available for sale, net of deferred taxes . 311 416
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TOTAL EQUITY ............................................................ 213,071 77,067
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TOTAL LIABILITIES AND EQUITY ............................................ $ 1,371,821 $ 662,739
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UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS
The following Unaudited Pro Forma Combined Statement of Operations for the
year ended June 30, 1996 reflects the Acquisition of Conestoga by the Company.
Pro forma adjustments have been prepared assuming that the Acquisition was
consummated as of July 1, 1995.
The historical portion of the Unaudited Pro Forma Combined Statements of
Operations for the year ended June 30, 1996 has been derived from the unaudited
historical statement of operations of the Company for the year ended June 30,
1996 and the audited historical statement of operations of Conestoga for the
year ended March 31, 1996.
The financial statements have been prepared under the purchase method of
accounting. Under purchase accounting, the acquired assets and liabilities of
Conestoga are recognized at their fair value as of the date of the acquisition.
The Pro Forma Combined Statement of Operations for the year ended June 30,
1996 does not purport to be indicative of the financial position or operating
results which would have been achieved had the Acquisition been consummated as
of July 1, 1995 and should not be construed as representative of future
operating results. The pro forma adjustments are based upon available
information and assumptions the Bank believes are reasonable under the
circumstances.
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Unaudited Pro Forma Combined Statement of Operations
For the Year Ended June 30, 1996
Dime
Community Conestoga Purchase Pro Forma Note
Bancorp,Inc. Bancorp, Inc. Adjustments Combined Reference
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(In thousands)
Interest income:
Loans............................. $39,654 $ 9,069 $ 58 $48,781 (1)
Investment securities............. 5,738 8,761 49 14,548 (1)
Mortgage backed securities........ 5,927 12,383 (22) 18,288 (1)
Federal funds sold................ 1,300 2,189 - 3,489
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Total interest income............. 52,619 32,402 85 85,106
Interest expense:
Deposits and escrow............... 22,508 17,084 168 39,760 (1)
Borrowed funds.................... 1,008 1,209 - 2,217
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Total interest expense............ 23,516 18,293 168 41,977
Net interest income............... 29,103 14,109 (83) 43,129
Provision for loan losses 2,979 104 - 3,083
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Net interest income after
provision for loan losses......... 26,124 14,005 (83) 40,046
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Non-interest income:
Service charges and other fees.... 911 568 - 1,479
Gain (loss) on sales of securities
and other assets.................. (30) 1,771 - 1,741
Net gain (loss) on sales of loans. 12 - - 12
Other............................. 482 251 - 733
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Total non-interest income......... 1,375 2,590 - 3,965
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Non-interest expense:
Salaries and employee benefits.... 7,359 3,792 (1,497) 9,654 (2)
ESOP and RRP benefits............. 114 1,045 1,045) 114 (3)
Occupancy and equipment........... 1,775 1,454 (107) 3,122 (1)
Federal deposit insurance
premiums.......................... 109 938 - 1,047
Data Processing................... 557 460 - 1,017
Amortization of goodwill.......... 25 - 2,325 2,350 (4)
Merger related expenses............ - 842 (842) - (6)
Provision for losses on Other
real estate owned................. 586 - - 586
Other............................. 3,496 1,735 (231) 5,000 (5)
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Total non-interest expense........ 14,021 10,266 (1,397) 22,890
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Income before income tax expense
and cumulative effect of
changes in accounting
principles........................ 13,478 6,329 1,314 21,121
Income tax expense................ 6,181 3,119 1,674 10,974 (7)
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Income before cumulative effect of
changes in accounting
principles........................ $ 7,297 $ 3,210 $ (360) $10,147
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(Notes on following page)
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Notes to Unaudited Pro Forma Combined Statement of Operations
Amounts in Thousands
(1) Represents the amortization of the following adjustments to Conestoga's
loan, investment securities, mortgage-backed securities, deposits and
premises and equipment to new cost basis in purchase accounting.
Total Purchase
Accounting Annual
Item Adjustment Amortization
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Loans............................. $ 463 $ 58
Investment securities............. 249 50
Mortgage-backed
securities...................... (112) (23)
Deposits.......................... 839 168
Premises and equipment............ 4,288 107
(2) To record reduction in employee salaries and benefits expense resulting
from reductions in Conestoga staffing levels.
(3) To reflect the decrease in ESOP and RRP expense resulting from the
termination of Conestoga plans.
(4) Represents amortization of goodwill of $27,903 acquired in the Acquisition
over a period of 12 years.
(5) To record the reductions in the following operating expenses:
Directors' fees.............. $204
Automobile Expense........... 27
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$231
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(6) To reflect the elimination of attorney, consulting and accounting expenses
incurred by Conestoga related to the merger transaction.
(7) To reflect the income tax effect of the adjustments described in Notes (1)
through (6).
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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 hereunto duly authorized.
Dime Community Bancorp, Inc.
By: /s/ Kenneth J. Mahon
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Kenneth J. Mahon
Senior Vice President and
Chief Financial Officer
Dated: September 9, 1996
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