CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2011

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS [Abstract]

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

21.   CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

The following statements of condition as of December 31, 2011 and 2010, and the related statements of operations and cash flows for the years ended December 31, 2011, 2010 and 2009, reflect the Holding Company's investment in its wholly-owned subsidiaries, the Bank and 842 Manhattan Avenue Corp., and its unconsolidated subsidiary, Dime Community Capital Trust I, using, as deemed appropriate, the equity method of accounting:

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF FINANCIAL CONDITION

	At December 31,		At December 31,
	2011		2010
ASSETS:
Cash and due from banks	$	10,454	$	8,398
Investment securities available-for-sale		4,559		4,490
Trading securities		1,774		1,490
MBS available-for-sale		788		857
ESOP loan to subsidiary		3,721		3,863
Investment in subsidiaries		406,045		376,175
Other assets		5,530		5,235
Total assets	$	432,871	$	400,508
LIABILITIES AND STOCKHOLDERS' EQUITY:
Trust Preferred securities payable	$	70,680	$	70,680
Other liabilities		1,157		1,094
Stockholders' equity		361,034		328,734
Total liabilities and stockholders' equity	$	432,871	$	400,508

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2011			2010			2009
Net interest loss	$	(4,831	)	$	(5,651	)	$	(7,337	)
Dividends received from Bank		20,000			24,000			45,500
Non-interest (loss) income		453			1,388			(2,078	)
Non-interest expense		(516	)		(411	)		(454	)
Income before income taxes and equity in undistributed earnings of direct subsidiaries		15,106			19,326			35,631
Income tax credit		2,277			1,826			4,241
Income before equity in undistributed earnings of direct subsidiaries		17,383			21,152			39,872
Equity in (overdistributed) undistributed earnings of subsidiaries		29,926			20,237			(13,683	)
Net income	$	47,309		$	41,389		$	26,189

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2011			2010			2009
Cash flows from Operating Activities:
Net income	$	47,309		$	41,389		$	26,189
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in (undistributed) overdistributed earnings of direct subsidiaries		(29,926	)		(20,237	)		13,683
Credit component of OTTI		-			-			3,063
Net gain on the re-acquisition of trust preferred securities payable		-			-			(505	)
Net gain on the sale of investment securities available for sale		(22	)		(609	)		-
Net gain on the transfer of securities into trading		-			(242	)		-
Net loss (gain) on trading securities		34			(75	)		-
Net (amortization) and accretion		-			(66	)		(112	)
(Increase) Decrease in other assets		(296	)		694			(353	)
Increase (Decrease) in other liabilities		71			(268	)		(2,291	)
Net cash provided by operating activities		17,170			20,586			39,674
Cash flows from Investing Activities:
Proceeds from sale of investment securities available-for-sale		226			2,527			-
Purchases of investment securities available-for-sale		(291	)		(1,433	)		-
Reimbursement from subsidiary for purchases of investment securities available-for-sale		275			-			-
Net purchases of trading securities		(318	)		(24	)		-
Principal collected on MBS available-for-sale		70			85			139
Principal repayments on ESOP loan		142			132			330
Net cash provided by investing activities		104			1,287			469
Cash flows from Financing Activities:
Common stock issued for exercise of stock options		3,669			1,012			44
Cash dividends paid to stockholders		(18,887	)		(18,628	)		(18,485	)
Proceeds disbursed for the repayment of subordinated note		-			(25,000	)		-
Proceeds disbursed for the re-acquisition of trust preferred securities payable		-			-			(980	)
Net cash used in financing activities		(15,218	)		(42,616	)		(19,421	)
Net increase (decrease) in cash and due from banks		2,056			(20,743	)		20,722
Cash and due from banks, beginning of period		8,398			29,141			8,419
Cash and due from banks, end of period	$	10,454		$	8,398		$	29,141