Dime Community Bancshares Inc. reported unaudited consolidated financial results for the fourth quarter and fiscal year ended December 31, 2012. For the quarter, consolidated net income was $6.7 million, or 19 cents per diluted share, compared to $11.8 million, or 34 cents per diluted share, for the quarter ended September 30, 2012, and $12.7 million, or 38 cents per diluted share, for the quarter ended December 31, 2011. Net interest income was $8.6 million, down $24.8 million from the September 2012 quarter and down $25.6 million from the $34.1 million reported in the December 2011 quarter. These reductions resulted primarily from the $25.6 million pre-tax charge on the borrowing prepayment. Total interest income was $46.749 million, compared to $50.434 million for the last year. Income before taxes was $10.269 million, compared to $19.941 million for the last year. Adjusted net income was $12.751 million, compared to $11.657 million for the last year. Return on average assets was 0.69%, compared to 1.26% for the last year. Return on average stockholders' equity was 7.06%, compared to 14.19% for the last year.

For the year, net income was $40.3 million or $1.17 per diluted share, compared to $47.309 million or $1.40 per diluted share for the year ended December 31, 2011. Excluding the significant financial transactions that occurred during the fourth quarter, net income would have been $46.4 million, or $1.35 per diluted share. Total interest income was $195.954 million, compared to $209.216 million for the last year. Net interest income was $109.842 million, compared to $139.502 million for the last year. Income before taxes was $67.198 million, compared to $78.897 million for the last year. Adjusted net income was $46.399 million, compared to $46.674 million for the last year. Return on average assets was 1.02%, compared to 1.16% for the last year. Return on average stockholders' equity was 10.73%, compared to 13.65% for the last year. Book value per share was $10.96 as on December 31, 2012, compared to $10.28 as on December 31, 2011.

The company recognized net charge-offs of $207,000 on real estate loans during the December 2012 quarter, compared to $2.863 million for the same period last year.

The company provided consolidated tax rate guidance for the first quarter ended March 2013. The company projects that the consolidated effective tax rate will approximate 41.0%.