Dime's Earnings Up 110%

Dime Bancorp Inc., New York, has reported net income of $58.3 million ($0.50 per share) for the second quarter, up 110% from $27.8 million ($0.26 per share) a year ago.(The results for the second quarter of 1997 included a $14.6 million pretax charge associated with a bulk sale of nonperforming assets.) "Sharply higher non-interest income from our North American Mortgage Co. operation, coupled with double-digit growth in fees and commissions from increased sales of consumer financial services and products, drove non-interest income to $128.0 million, or 49.5% of total revenues," said Lawrence J. Toal, chairman and chief executive officer of Dime Bancorp, the parent of The Dime Savings Bank of New York FSB. He said the company's mortgage banking and commercial real estate operations registered record loan production in the second quarter. As a result of the company's previous restructuring of its balance sheet by reducing lower-yielding mortgage-backed securities, its net interest margin improved to 2.66% in the second quarter, Mr. Toal said.