Dime Community Bancshares Inc. (DCOM, Financial) filed Annual Report for the period ended 2010-12-31.
Dime Community Bancshares Inc. has a market cap of $504.37 million; its shares were traded at around $14.58 with a P/E ratio of 11.85 and P/S ratio of 2.26. The dividend yield of Dime Community Bancshares Inc. stocks is 3.84%. Dime Community Bancshares Inc. had an annual average earning growth of 10.6% over the past 10 years. GuruFocus rated Dime Community Bancshares Inc. the business predictability rank of 2-star.
Loan Portfolio Composition. At December 31, 2010, the Bank s loan portfolio totaled $3.47 billion, consisting primarily of mortgage loans secured by multifamily residential apartment buildings, including buildings organized under a cooperative form of ownership ("Underlying Cooperatives"); commercial properties; real estate construction and land acquisition; and one- to four-family residences and individual cooperative apartments. Within the loan portfolio, $2.50 billion, or 72.1%, were classified as multifamily residential loans; $833.2 million, or 24.0%, were classified as commercial real estate loans; $117.3 million, or 3.4%, were classified as one- to four-family residential, including condominium or cooperative apartments; $285,000, or 0.01%, were loans to finance multifamily residential and one- to four-family residential properties with full or partial credit guarantees provided by either the Federal Housing Administration (‘ FHA ) or the Veterans Administration (‘ VA ); and $15.2 million, or 0.4%, were loans to finance real estate construction and land acquisition within the NYC metropolitan area. Of the total mortgage loan portfolio outstanding on December 31, 2010, $2.86 billion, or 82.6%, were adjustable-rate loans (‘ ARMs ) and $604.5 million, or 17.4%, were fixed-rate loans. Of the Bank s multifamily residential and commercial real estate loans, over 80% were ARMs at December 31, 2010, the majority of which were contracted to reprice no later than 7 years from their origination date and carried a total amortization period of no longer than 30 years. At December 31, 2010, the Bank s loan portfolio additionally included $2.5 million in consumer loans, composed of passbook loans, consumer installment loans, overdraft loans and mortgagor advances. As of December 31, 2010, $2.90 billion, or 85.5% of the loan portfolio, was scheduled to mature or reprice within five years.
At December 31, 2010, the Bank had $72.9 million of loan commitments that were accepted by the borrowers. All of these commitments are expected to close during the year ending December 31, 2011. At December 31, 2009, the Bank had $89.0 million of loan commitments that were accepted by the borrower. All of these commitments closed during 2010.
At December 31, 2010, the Bank s portfolio of whole loans or loan participations that it originated and sold to other financial institutions with servicing retained, totaled $596.3 million. Of this total, $224.4 million were sold without recourse, while remaining $371.9 million represented whole loans sold to the Federal National Mortgage Association ("FNMA") that were subject to recourse exposure that totaled $16.8 million at December 31, 2010.
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Dime Community Bancshares Inc. has a market cap of $504.37 million; its shares were traded at around $14.58 with a P/E ratio of 11.85 and P/S ratio of 2.26. The dividend yield of Dime Community Bancshares Inc. stocks is 3.84%. Dime Community Bancshares Inc. had an annual average earning growth of 10.6% over the past 10 years. GuruFocus rated Dime Community Bancshares Inc. the business predictability rank of 2-star.
Highlight of Business Operations:
The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2010 was approximately $340 million based upon the $9.11 closing price on the NASDAQ National Market for a share of the registrant s common stock on June 30, 2010.Loan Portfolio Composition. At December 31, 2010, the Bank s loan portfolio totaled $3.47 billion, consisting primarily of mortgage loans secured by multifamily residential apartment buildings, including buildings organized under a cooperative form of ownership ("Underlying Cooperatives"); commercial properties; real estate construction and land acquisition; and one- to four-family residences and individual cooperative apartments. Within the loan portfolio, $2.50 billion, or 72.1%, were classified as multifamily residential loans; $833.2 million, or 24.0%, were classified as commercial real estate loans; $117.3 million, or 3.4%, were classified as one- to four-family residential, including condominium or cooperative apartments; $285,000, or 0.01%, were loans to finance multifamily residential and one- to four-family residential properties with full or partial credit guarantees provided by either the Federal Housing Administration (‘ FHA ) or the Veterans Administration (‘ VA ); and $15.2 million, or 0.4%, were loans to finance real estate construction and land acquisition within the NYC metropolitan area. Of the total mortgage loan portfolio outstanding on December 31, 2010, $2.86 billion, or 82.6%, were adjustable-rate loans (‘ ARMs ) and $604.5 million, or 17.4%, were fixed-rate loans. Of the Bank s multifamily residential and commercial real estate loans, over 80% were ARMs at December 31, 2010, the majority of which were contracted to reprice no later than 7 years from their origination date and carried a total amortization period of no longer than 30 years. At December 31, 2010, the Bank s loan portfolio additionally included $2.5 million in consumer loans, composed of passbook loans, consumer installment loans, overdraft loans and mortgagor advances. As of December 31, 2010, $2.90 billion, or 85.5% of the loan portfolio, was scheduled to mature or reprice within five years.
At December 31, 2010, the Bank had $72.9 million of loan commitments that were accepted by the borrowers. All of these commitments are expected to close during the year ending December 31, 2011. At December 31, 2009, the Bank had $89.0 million of loan commitments that were accepted by the borrower. All of these commitments closed during 2010.
At December 31, 2010, the Bank s portfolio of whole loans or loan participations that it originated and sold to other financial institutions with servicing retained, totaled $596.3 million. Of this total, $224.4 million were sold without recourse, while remaining $371.9 million represented whole loans sold to the Federal National Mortgage Association ("FNMA") that were subject to recourse exposure that totaled $16.8 million at December 31, 2010.
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