Dime Community Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Net Charge-Offs for the First Quarter of 2018; Provides Tax Rate Guidance for the Fiscal Year 2018
April 26, 2018 at 09:15 pm
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Dime Community Bancshares Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest income of $55,033,000 against $51,455,000 last year. Net interest income was $38,015,000 against $37,487,000 last year. Income before taxes was $19,332,000 against $18,046,000 last year. Net income was $14,745,000 or $0.39 per diluted share, compared to $11,157,000 or $0.30 per diluted share a year ago. Adjusted net income was $13,723,000 or $0.36 per diluted share, compared to $11,157,000 or $0.30 per diluted share, for the quarter ended March 31, 2017. Return on average assets was 0.93% compared to 0.74% a year ago. Return on average stockholders' equity was 9.77% compared to 7.83% a year ago. Stated book value per share was $16.22 compared to $15.26 a year ago. Adjusted return on average assets was 0.86% compared to 0.74% a year ago. Adjusted return on average stockholders' equity was 9.09% compared to 7.83% a year ago. Adjusted return on average tangible stockholders' equity was 10.02% compared to 8.68% a year ago. Tangible book value per share was $14.73 against of $13.78 a year ago. Return on average tangible common equity was 10.76% against of 8.68% a year ago.
For the quarter, the company reported net charge-offs of $23,000.
For the fiscal year 2018, effective tax rate is expected to be between 24% and 25%.
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. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Net Charge-Offs for the First Quarter of 2018; Provides Tax Rate Guidance for the Fiscal Year 2018