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.