Dime Community Bancshares Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year of 2018
January 25, 2018 at 09:15 pm
Share
Dime Community Bancshares Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $54,594,000 compared to $51,790,000 a year ago. Net interest income was $38,732,000 compared to $37,898,000 a year ago. Net interest income after provision for loan losses was $39,732,000 compared to $37,369,000 a year ago. Income before taxes was $30,865,000 compared to $9,548,000 a year ago. Net income was $15,423,000 or $0.41 per basic and diluted share compared to $732,000 or $0.02 per basic and diluted share a year ago. Return on average assets was 0.96% against 0.05% a year ago. Return on average common equity was 10.41% against 0.52% a year ago. Return on average tangible common equity was 11.49% against 0.58% a year ago. Adjusted ("non-GAAP") net income was $12,834,000 against $12,051,000 a year ago. Diluted Adjusted EPS was $0.34 against $0.02 a year ago.
For the year, the company reported total interest income of $212,096,000 compared to $195,627,000 a year ago. Net interest income was $152,730,000 compared to $143,486,000 a year ago. Net interest income after provision for loan losses was $152,210,000 compared to $141,368,000 a year ago. Income before taxes was $88,738,000 compared to $133,471,000 a year ago. Net income was $51,882,000 or $1.38 per diluted share compared to $72,514,000 or $1.97 per basic and diluted share a year ago. Return on average assets was 0.84% against 1.31% a year ago. Return on average stockholders' equity was 8.94% against 13.40% a year ago. Return on average tangible stockholders' equity was 9.98% against 14.93% a year ago. Book value per share was $16.00 as on December 31, 2017 against $15.11 as on December 31, 2016. Tangible book value per share was $14.51 as on December 31, 2017 against $13.62 as on December 31, 2016. Adjusted ("non-GAAP") net income was $48,522,000 against $46,350,000 a year ago. Diluted Adjusted EPS was $1.29 against $1.26 a year ago.
For the year 2018, the Company estimates that its effective tax rate will approximate 25% due to the new tax legislation.
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, 2017; Provides Effective Tax Rate Guidance for the Year of 2018