Dime Community Bancshares Reports Fourth Quarter Loss
Hauppauge, N.Y., March 9, 2023 -- Dime Community Bancshares, Inc. (DCOM) today announced a fourth quarter loss of $20.4 million, or 54 cents per share. Adjusted for non-recurring costs, earnings were 42 cents per share, below analysts' expectations of 43 cents per share.
Revenue for the quarter was $131.6 million, with net interest income of $100 million, exceeding Street forecasts.
For the full year, the company posted a profit of $29.1 million, or 55 cents per share, on revenue of $356.9 million.
Analysts attribute the loss primarily to non-interest expense, which increased by 22% year-over-year. Notably, revenue growth was driven by higher loan and deposit balances.
DCOM remains committed to improving its financial performance and expects to drive growth through its core banking operations and strategic initiatives.