Dime Community Bancshares Inc. (DCOM, Financial) filed Amended Quarterly Report for the period ended 2012-11-15.
Dime Community Bancshares, Inc. has a market cap of $476.9 million; its shares were traded at around $13 with a P/E ratio of 9.9 and P/S ratio of 2.2. The dividend yield of Dime Community Bancshares, Inc. stocks is 4.2%. Dime Community Bancshares, Inc. had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Dime Community Bancshares, Inc. the business predictability rank of 2-star.
General. Net income was $11.8 million during the three months ended September 30, 2012, an increase of $631,000 from net income of $11.2 million during the three months ended September 30, 2011. During the comparative period, the provision for loan losses declined $2.1 million and non-interest income increased $425,000. Partially offsetting these additions to pre-tax income was a reduction of $776,000 in net interest income and an increase of $807,000 in non-interest expense. Income tax expense increased $304,000 during the comparative period due to the growth of $935,000 in pre-tax earnings.
Income Tax Expense. Income tax expense increased $304,000 during the three months ended September 30, 2012 compared to the three months ended September 30, 2011, due to the growth of $935,000 in pre-tax earnings. The Company's consolidated tax rate approximated its normalized 41% during the three months ended September 30, 2012 and 2011.
General. Net income was $33.6 million during the nine months ended September 30, 2012, a reduction of $1.0 million from net income of $34.6 million during the nine months ended September 30, 2011. During the comparative period, net interest income declined $4.1 million, and non-interest expense increased $948,000, which were partially offset by an increase of $1.6 million in non-interest income and a reduction of $1.4 million in the provision for loan losses, resulting in a net reduction in pre-tax income of $2.0 million. Income tax expense declined $1.0 million during the comparative period due to the reduction in pre-tax earnings.
Income Tax Expense. Income tax expense declined $1.0 million during the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011, due primarily to the reduction of $2.0 million in pre-tax earnings. The Company's consolidated tax rate approximated its normalized 41% during the nine months ended September 30, 2012 and 2011.
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Dime Community Bancshares, Inc. has a market cap of $476.9 million; its shares were traded at around $13 with a P/E ratio of 9.9 and P/S ratio of 2.2. The dividend yield of Dime Community Bancshares, Inc. stocks is 4.2%. Dime Community Bancshares, Inc. had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Dime Community Bancshares, Inc. the business predictability rank of 2-star.
Highlight of Business Operations:
The Bank services a pool of multifamily loans sold to FNMA that had an outstanding principal balance of $279.8 million at September 30, 2012. Pursuant to the sale agreement with FNMA, the Bank retained the First Loss Position, which totaled $16.4 million at September 30, 2012. Against this contingent liability, the Bank has charged through earnings a recorded liability (reserve for First Loss Position) of $1.5 million as of September 30, 2012, leaving approximately $14.9 million of potential charges to earnings for future losses (if any). At September 30, 2012, within the pool of multifamily loans sold to FNMA, three loans totaling $2.0 million were 90 days or more delinquent, and no loans were delinquent between 30 and 89 days. At December 31, 2011, within the pool of multifamily loans sold to FNMA, one $1.3 million loan was delinquent between 30 and 89 days, and one $757,000 loan was 90 days or more delinquent. The Bank manages the collection of these loans in the same manner as it does for portfolio loans. Under the terms of the servicing agreement with FNMA, the Bank is obligated to fund FNMA all monthly principal and interest payments under the original terms of the loans, and to indemnify FNMA for any further losses (as defined in the sale agreement) until the earlier of the following events: (i) the Bank re-acquires the loan from FNMA or it enters OREO status; or (ii) the entire pool of loans sold to FNMA have either been fully satisfied or enter OREO status. However, the aggregate losses incurred by the Bank on this pool of serviced loans cannot exceed the total First Loss Position.General. Net income was $11.8 million during the three months ended September 30, 2012, an increase of $631,000 from net income of $11.2 million during the three months ended September 30, 2011. During the comparative period, the provision for loan losses declined $2.1 million and non-interest income increased $425,000. Partially offsetting these additions to pre-tax income was a reduction of $776,000 in net interest income and an increase of $807,000 in non-interest expense. Income tax expense increased $304,000 during the comparative period due to the growth of $935,000 in pre-tax earnings.
Income Tax Expense. Income tax expense increased $304,000 during the three months ended September 30, 2012 compared to the three months ended September 30, 2011, due to the growth of $935,000 in pre-tax earnings. The Company's consolidated tax rate approximated its normalized 41% during the three months ended September 30, 2012 and 2011.
General. Net income was $33.6 million during the nine months ended September 30, 2012, a reduction of $1.0 million from net income of $34.6 million during the nine months ended September 30, 2011. During the comparative period, net interest income declined $4.1 million, and non-interest expense increased $948,000, which were partially offset by an increase of $1.6 million in non-interest income and a reduction of $1.4 million in the provision for loan losses, resulting in a net reduction in pre-tax income of $2.0 million. Income tax expense declined $1.0 million during the comparative period due to the reduction in pre-tax earnings.
Income Tax Expense. Income tax expense declined $1.0 million during the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011, due primarily to the reduction of $2.0 million in pre-tax earnings. The Company's consolidated tax rate approximated its normalized 41% during the nine months ended September 30, 2012 and 2011.
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