Dime Community Bancshares, Inc. (DCOM) announced a net loss of $22.23 million, or $0.54 per share, for the fourth quarter. This contrasts with a net income of $14.49 million, or $0.37 per share, from the same period the previous year. The decline was largely due to a $42.81 million loss on the sale of securities.
After adjusting for one-time items, the company's adjusted earnings were $17.4 million, or $0.42 per share. This fell slightly short of analysts' expectations, which averaged at $0.45 per share for the quarter.
The company's net interest income saw an increase, rising to $91.09 million from $74.1 million in the previous year.
Conversely, non-interest income reflected a loss of $33.9 million, a significant drop from the $8.9 million income recorded the year before.
The provision for credit losses also saw a notable increase, jumping to $13.7 million from $3.7 million in the previous year.
