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Dime Community Bancshares Q4 net income down

Dime Community Bancshares reported a net income of $5.3m

Dime Community Bancshares has reported a net income of $5.3 million, or $0.16 per diluted share, for the fourth quarter ended December 31, 2008, compared to $5.4 million, or $0.17 per diluted share, for the same quarter ended December 31, 2007.

Core earnings, which approximately reported earnings during the three months ended both September 30, 2008 and December 31, 2007, were $0.22 during the quarter ended December 31, 2008. Net interest margin for the quarter was 2.63%, up from 2.27% in the December 2007 quarter.

For the year ended December 31, 2008, the company’s earnings were $28 million, or $0.85 per diluted share, compared to $22.4 million, or $0.67 per diluted share during the year ended December 31, 2007.

Core earnings were $29.3 million or $0.89 per diluted share during the year ended December 31, 2008, compared to $21.9 million, or $0.65 per diluted share during the year ended December 31, 2007.

Total assets grew in the fourth quarter by approximately $227 million, representing an annualised growth rate of 24%. The loan portfolio rose by $97.2 million and cash and due from banks increased to $211 million.