Dime Community Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 27, 2012 at 02:54 am IST
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Dime Community Bancshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, total interest income was $50,434,000 against $53,524,000 a year ago. Net interest income was $34,127,000 against $35,134,000 a year ago. Net interest income after provision for loan losses was $32,586,000 against $31,872,000 a year ago. Income before taxes was $19,941,000 against $18,290,000 a year ago. Net income was $12,727,000 or $0.38 per basic and diluted share against $10,560,000 or $0.31 per diluted share a year ago. Return on average assets was 1.26% against 1.05% a year ago. Return on average stockholders' equity was 14.19% against 12.94% a year ago. Return on average tangible stockholders' equity was 16.42% against 15.29% a year ago. Stated book value per share was 10.28 against $9.50 a year ago. Tangible book value per share was $8.97 against $8.07 a year ago.
For the full year, total interest income was $209,216,000 against $214,794,000 a year ago. Net interest income was $139,502,000 against $135,381,000 a year ago. Provision for loan losses was $6,846,000 against $11,209,000 a year ago. Net interest income after provision for loan losses was $132,656,000 against $124,172,000 a year ago. Income before taxes was $78,897,000 against $70,250,000 a year ago. Net income was $47,309,000 or $1.40 per basic and diluted share against $41,389,000 or $1.24 per basic and diluted share a year ago. Return on average assets was 1.16% against 1.01% a year ago. Return on average stockholders' equity was 13.65% against 13.15% a year ago. Return on average tangible stockholders' equity was 15.93% against 15.68% a year ago. Stated book value per share was $10.28 against $9.50 a year ago. Tangible book value per share was $8.97 against $8.07 a year ago.
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.