CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2014

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS [Abstract]

CONDENSED STATEMENTS OF FINANCIAL CONDITION

The following statements of condition as of December 31, 2014 and 2013, and the related statements of operations and cash flows for the years ended December 31, 2014, 2013 and 2012, 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,
	2014	2013
ASSETS:
Cash and due from banks	$58,112	$61,665
Investment securities available-for-sale	3,736	3,558
Trading securities	8,559	6,822
MBS available-for-sale	496	573
ESOP loan to subsidiary	3,222	3,401
Investment in subsidiaries	454,095	427,083
Other assets	3,798	3,435
Total assets	$532,018	$506,537
LIABILITIES AND STOCKHOLDERS' EQUITY:
Trust Preferred securities payable	$70,680	$70,680
Other liabilities	1,613	351
Stockholders' equity	459,725	435,506
Total liabilities and stockholders' equity	$532,018	$506,537

CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME(1)

	Year Ended December 31,
	2014	2013	2012
Net interest loss	$(4,748)	$(4,851)	$(4,830)
Dividends received from Bank	18,050	54,500	20,000
Non-interest income	1,376	812	1,493
Non-interest expense	(643)	(636)	(635)
Income before income taxes and equity in    undistributed earnings of direct subsidiaries	14,035	49,825	16,028
Income tax credit	1,803	2,183	1,823
Income before equity in undistributed earnings    of direct subsidiaries	15,838	52,008	17,851
Equity in (over-distributed) undistributed earnings of subsidiaries	28,408	(8,460)	22,457
Net income	$44,246	$43,548	$40,308

(1) Other comprehensive income for the Holding Company approximated other comprehensive income for the consolidated Company during the years ended December 31, 2014, 2013 and 2012.

CONDENSED STATEMENTS OF CASH FLOWS

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2014	2013	2012
Cash flows from Operating Activities:
Net income	$44,246	$43,548	$40,308
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in over-distributed (undistributed) earnings of direct subsidiaries	(28,408)	8,460	(22,457)
Net gain on the sale of investment securities available for sale	(997)	(110)	(941)
Net (gain) loss on trading securities	45	(265)	(103)
Decrease (Increase) in other assets	(489)	355	1,866
(Decrease) Increase in other liabilities	1,680	(595)	(149)
Net cash provided by operating activities	16,077	51,393	18,524
Cash flows from Investing Activities:
Proceeds from sale of investment securities available-for-sale	3,780	366	2,418
Proceeds from the sale of trading securities	7,056	131	-
Purchases of investment securities available-for-sale	(3,884)	(458)	(403)
Reimbursement from subsidiary for purchases of investment securities available-for-sale	1,620	642	2,917
Net purchases of trading securities	(8,839)	(202)	(2,997)
Principal collected on MBS available-for-sale	72	138	72
Principal repayments on ESOP loan	179	166	154
Net cash (used in) provided by investing activities	(16)	783	2,161
Cash flows from Financing Activities:
Common stock issued for exercise of stock options	278	11,228	5,608
Equity award distribution	202	293	145
Cash dividends paid to stockholders	(20,094)	(19,716)	(19,208)
Net cash used in financing activities	(19,614)	(8,195)	(13,455)
Net increase (decrease) in cash and due from banks	(3,553)	43,981	7,230
Cash and due from banks, beginning of period	61,665	17,684	10,454
Cash and due from banks, end of period	$58,112	$61,665	$17,684