Dime Community Bancshares, Inc. (DCOM) has reported a 4.52 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $10.54 million, or $0.29 a share in the quarter, compared with $10.08 million, or $0.28 a share for the same period last year.
Revenue during the quarter grew 8.87 percent to $36.25 million from $33.30 million in the previous year period. Net interest income for the quarter rose 11.11 percent over the prior year period to $35.35 million. Non-interest income for the quarter rose 9.06 percent over the last year period to $2.07 million.
Dime Community Bancshares, Inc. has made provision of $1.17 million for loan losses during the quarter, up 180.77 percent from $0.42 million in the same period last year.
Net interest margin contracted 25 basis points to 2.59 percent in the quarter from 2.84 percent in the last year period. Efficiency ratio for the quarter deteriorated to 48.82 percent from 47.63 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Vincent F. Palagiano, chairman and chief executive officer of the Company, commented, "The high rate of growth this quarter is gratifying, especially funded by the strong growth in deposits. We were able to grow loans significantly as we continue to execute on our strategy and remain on track to meet our balance sheet growth objective for 2016. This quarter, given the strong deposit growth, we were able to lower our loan-to-deposit ratio to 132%, the lowest level in nine years."
Liabilities outpace assets growth
Total assets stood at $5,821.79 million as on Sep. 30, 2016, up 20.47 percent compared with $4,832.49 million on Sep. 30, 2015. On the other hand, total liabilities stood at $5,266.50 million as on Sep. 30, 2016, up 21.11 percent from $4,348.61 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $5,470.12 million as on Sep. 30, 2016, up 22.29 percent compared with $4,473.13 million on Sep. 30, 2015. Deposits stood at $4,159.26 million as on Sep. 30, 2016, up 37.29 percent compared with $3,029.50 million on Sep. 30, 2015. Investments stood at $16.18 million as on Sep. 30, 2016, down 10.99 percent or $2 million from year-ago. Shareholders equity stood at $555.29 million as on Sep. 30, 2016, up 14.76 percent or $71.41 million from year-ago.
Return on average assets moved down 11 basis points to 0.75 percent in the quarter from 0.86 percent in the last year period. At the same time, return on average equity decreased 75 basis points to 7.63 percent in the quarter from 8.38 percent in the last year period.
Nonperforming assets moved up 73.86 percent or $2.19 million to $5.16 million on Sep. 30, 2016 from $2.96 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.09 percent in the quarter, up from 0.06 percent in the last year period.
Book value per share was $14.79 for the quarter, up 13.68 percent or $1.78 compared to $13.01 for the same period last year.
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