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.