Dime Community Bancshares Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015; Provides Effective Tax Rate Guidance for the First Quarter Ending March 31, 2016
January 27, 2016 at 04:25 pm
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Dime Community Bancshares Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $44,885,000 compared to $43,971,000 a year ago. Net interest income was $33,586,000 compared to $31,728,000 a year ago. Net interest income after provision for loan losses was $34,025,000 compared to $32,250,000 a year ago. Income before taxes was $19,625,000 compared to $19,615,000 a year ago. Net income was $11,384,000 or $0.31 per basic and diluted share compared to $11,987,000 or $0.33 per basic and diluted share a year ago. Return on average assets was 0.93% against 1.09% a year ago. Return on average stockholders' equity was 9.32% against 10.45% a year ago. Return on average tangible stockholders' equity was 10.30% against 11.74% a year ago. Stated book value per share was $13.22 against $12.47 per share a year ago. Tangible book value per share was $11.96 against $11.20 per share a year ago. The growth in interest income was attributable to $339.5 million of additional interest earning assets during 2015 compared to 2014, which more than offset a reduction of 28 basis points in their average yield year-over-year.
For the year, the company reported total interest income of $174,791,000 compared to $172,952,000 a year ago. Net interest income was $128,564,000 compared to $124,536,000 a year ago. Net interest income after provision for loan losses was $129,894,000 compared to $126,408,000 a year ago. Income before taxes was $76,017,000 compared to $74,370,000 a year ago. Net income was $44,772,000 or $1.23 per diluted share compared to $44,246,000 or $1.23 per basic and diluted share a year ago. Return on average assets was 0.96% against 1.03% a year ago. Return on average stockholders' equity was 9.40% against 9.83% a year ago. Return on average tangible stockholders' equity was 10.42% against 11.13% a year ago.
For the quarter, the company reported net charge-offs of $6,000 against $83,000 a year ago.
For the first quarter ending March 31, 2016, the company projected that the consolidated effective tax rate will approximate 40.0%.
Dime Community Bancshares, Inc. is a bank holding company. The Company is engaged in providing commercial banking and financial services through its wholly owned subsidiary, Dime Community Bank (the Bank). It is engaged in providing full-service commercial and consumer banking services, including accepting time, savings and demand deposits from the businesses, consumers, and local municipalities. It also offers the Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS) programs. In addition, it offers merchant credit and debit card processing, automated teller machines, cash management services, lockbox processing, online banking services, remote deposit capture, safe deposit boxes, and individual retirement accounts as well as investment services through Dime Financial Services LLC. Through its title insurance subsidiary, the Bank acts as a broker for title insurance services. It operates 60 branch locations throughout Long Island and the New York City.
Dime Community Bancshares Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015; Provides Effective Tax Rate Guidance for the First Quarter Ending March 31, 2016