Dime Community Bancshares Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The company reported consolidated net income of $8.3 million, or 25 cents per diluted share, for the quarter ended September 30, 2009, compared $8.4 million, or 25 cents per diluted share, for the quarter ended September 30, 2008. The company's earnings for the quarter ended September 30, 2009 reflect an after-tax other-than-temporary impairment ('OTTI') charge of approximately $305,000, as well as an after-tax charge of $277,000 related to the prepayment of a portion of Dime's Federal Home Loan Bank of New York borrowings. Each of these items reduced diluted earnings per share by approximately one cent. During the quarter ended June 30, 2009, the company's earnings reflected aggregate after-tax OTTI charges of $486,000, or 1 1/2 cents per diluted share. Core earnings approximated reported earnings during the quarter ended September 30, 2008. Core earnings per diluted share, which excluded OTTI charges and other significant items that are deemed non-recurring in nature, were $0.27, $0.23 and $0.25 for the quarters ended September 30, 2009, June 30, 2009 and September 30, 2008, respectively. Net interest income was $29.0 million during the September 2009 quarter, up $2.7 million from the June 2009 quarter. A decline of 43 basis points in the average cost of deposits, coupled with an increase of 4 basis points in the average yield on real estate loans, generated the increase in the linked quarter net interest income. Net interest income exceeded the September 2008 quarterly level by $3.8 million, driven by growth of $82 million in average interest earning assets and an increase in the net interest margin of 34 basis points from the quarter ended September 30, 2008 to the quarter ended September 30, 2009. Total interest income was $52.1 million against $52.5 million a year ago. Income before taxes was $13.7 million against $13.3 million a year ago. For the quarter ended September 30, 2009, the reported returns on average stockholders' equity and average tangible equity were 11.7% and 14.1%, respectively. The core returns on average stockholders' equity and average tangible equity were 12.5% and 15.1%, respectively. For the nine months period, the company reported net income of $18.1 million or $0.55 per basic and diluted share on net interest income of $79.4 million against net income of $22.7 million or $0.69 per basic and diluted share on net interest income of $67.5 million reported a year ago. Income before taxes was $79.4 million against $67.5 million a year ago. Total interest income was $156.2 million against $150.0 million a year ago. Core earnings were $21.8 million or $0.66 per diluted share against $22.3 million or $0.68 per diluted share a year ago. Returns on average stockholders' equity and average tangible equity were 8.6% and 10.3%, respectively. The core returns on average stockholders' equity and average tangible equity were 10.3% and 12.4%, respectively. The company reported impairment charge on securities for the third quarter 2009 of $0.5 million.

Dime Community Bancshares Inc. - Conference Presentation Calls

Dime Community Bancshares Inc. declared a quarterly cash dividend of $0.14 per share, payable on November 13, 2009, to all stockholders of record as of October 30, 2009. This dividend is the 50th consecutive quarterly cash dividend paid by the company.