Dime Community Bancshares, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014; Provides Earnings Guidance for the Quarter Ending March 31, 2015
January 27, 2015 at 09:15 pm
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Dime Community Bancshares Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. Consolidated net income was $44.2 million, or $1.23 per diluted share, for the year ended December 31, 2014, compared to $43.5 million, or $1.23 per diluted share, for the year ended December 31, 2013. Net interest income was down $4.0 million, or 3.1% for the year ended December 31, 2014 compared to the year ended December 31, 2013, reflecting both a $2.5 million decline in interest income and an increase of $1.5 million in interest expense. Income before taxes was $74.370 million against $72.889 million a year ago. Return on average assets was 1.03% against 1.09% a year ago. Return on average stockholders' equity was 9.83% against 10.58% a year ago. Return on average tangible stockholders' equity was 11.13% against 11.93% a year ago.
Consolidated net income for the quarter ended December 31, 2014 was $12.0 million, or $0.33 per diluted share, compared to $11.8 million, or $0.33 per diluted share, for the quarter ended September 30, 2014, and $10.3 million, or $0.29 per diluted share, for the quarter ended December 31, 2013. Net interest income (NII) was $31.7 million in the quarter ended December 31, 2014, down $231,000 from $32.0 million reported in the September 2014 quarter, and $961,000 higher than the $30.8 million reported in the December 2013 quarter. The reduction from the September 2014 quarter primarily reflected $248,000 of lower prepayment related income. The increase in NII from the December 2013 quarter resulted from $479,000 of higher prepayment fee income coupled with the growth of $396.6 million in average interest earnings assets. Income before taxes was $19.615 million against $17.199 million a year ago. Return on average assets was 1.09% against 1.03% a year ago. Return on average stockholders' equity was 10.45% against 9.62% a year ago. Return on average tangible stockholders' equity was 11.74% against 10.84% a year ago. Stated book value per share was $12.47 against $11.86 per share a year ago.
For the quarter, the company reported net charge-offs of $83,000 against $331,000 a year ago.
The company provided earnings guidance for the quarter ending March 31, 2015. At December 31, 2014, the company had outstanding loan commitments totaling $237.5 million, all of which are likely to close during the quarter ending March 31, 2015, at an average interest rate approximating 3.25%. Loan prepayments and amortization are currently projected to run in the 15% - 20% range during 2015. Non-interest expense is therefore expected to range between $15.5 million and $16.0 million during the March 2015 quarter. The Company projects that the consolidated effective tax rate will approximate 40.0% in the March 2015 quarter.
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, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014; Provides Earnings Guidance for the Quarter Ending March 31, 2015