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Very Taxing
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Business New Haven
8/10/98
By: Kristine Hansen
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Dime Financial Corp. (NASDAQ: DIBK) has announced net income for second quarter ended June 30 of $2.5 million (46 cents a share) vs. second quarter June 30, 1997 net income of $4.2 million (79 cents/share). For the first half of 1998, net income was $5.1 million (94 cents per share) vs. first half 1997 figures of $7.9 million ($1.51 per share). The resultant reduction in net income for the first half of 1998 was due to a change in the company's income-tax rate to 40 percent. Pre-tax income for the first half of 1998 was $8.8 million, an 11-percent hike over net income of $7.9 million for the first half of 1997. As of June 30, the company's total assets had reached $1.0 billion, a 17-percent increase over one year earlier. A quarterly dividend of 12 cents a share was declared by the board of directors, payable August 18, 1998 with a record date of July 31, 1998. A shareholder meeting is scheduled for August 18 regarding the proposed merger with Hubco Inc. Dime Financial Corp. is headquartered in Wallingford.
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