Dime Community Bancshares Inc. in Brooklyn, N.Y., said fourth-quarter net income dropped 12% from a year earlier, to $9 million.
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To limit its exposure to interest rate risk amid rising rates, it slowed loan growth and let deposits run off, the $3.1 billion-asset company said Friday.
Credit quality remained solid. At yearend just 0.04% of total loans - $958,000 of them - was classified as nonperforming.
"Being a former loan officer, I take a lot of pride in the performance of our loan portfolio," said Vincent F. Palagiano, Dime's chairman and chief executive, on a conference call Friday. "I think it speaks well of the care and caution we use in underwriting loans."
