SEC 8-K filings with transcript text
Jul 23, 2026
Apr 23, 2026
Jan 21, 2026
Oct 23, 2025
2 dcom-20251023xex99d1.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports 103% Year-Over-Year Increase in Earnings Per Share
Quarterly Net Interest Margin Surpasses 3% And Is Anticipated to Increase Further in the Fourth Quarter
Continued Strong Growth in Core Deposits and Business Loans
Hauppauge, NY, October 23, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $25.8 million for the quarter ended September 30, 2025, or $0.59 per diluted common share, compared to $27.9 million, or $0.64 per diluted common share, for the quarter ended June 30, 2025 and net income available to common stockholders of $11.5 million, or $0.29 per diluted common share, for the quarter ended September 30, 2024.
Adjusted net income available to common stockholders (non-GAAP) totaled $26.6 million (see “Non-GAAP Reconciliation” tables at the end of this news release) and adjusted EPS (non-GAAP) totaled $0.61 per share for the quarter ended September 30, 2025. Adjusted net income available to common stockholders totaled $11.5 million and adjusted EPS totaled $0.29 per share for the quarter ended September 30, 2024.
Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Third quarter results were marked by strong growth in core deposits and business loans, good progress in diversifying our balance sheet, and continued net interest margin expansion. Our earnings power continues to increase as demonstrated by third quarter pre-tax pre-provision net revenue of $53.4 million, an increase of 8% versus the prior quarter and an increase of 79% versus the quarter ended September 30, 2024. Finally, we continue to execute on our growth plan and take advantage of the target-rich environment to hire talented individuals.”
Third Quarter Recruiting and Expansion Update
●New hires in commercial lending included the following Senior Vice Presidents: Ryan Kent (Director of Commercial Strategic Initiatives; previously with Webster Bank), Elvis Grgurovic (Co-Head of Mid Corporate; previously with Webster Bank), Eric Pelletier (Head of Syndications; previously with Webster Bank), Matt Greene (Mid-Corporate and Specialty Finance vertical; previously with Webster Bank) and Barry Renow (Mid-Corporate and Specialty Finance Vertical; previously with BHI USA).
●New hires in branch network included the following branch managers: Lisa Reardon (previously with First National Bank of Long Island) and Liz Materia (previously with First National Bank of Long Island).
●Successfully opened a new branch location on Madison Avenue in Manhattan, and expect to open additional locations in Lakewood, NJ and the North Shore of Long Island in early 2026.
Highlights for the Third Quarter of 2025 included:
●Total deposits increased $644.3 million on a year-over-year basis;
●Core deposits (excluding brokered and time deposits) increased $971.9 million on a year-over-year basis;
●Average non-interest-bearing deposits to average total deposits for the third quarter increased to 29.9% compared to 29.6% for the prior quarter;
●The loan to deposit ratio declined to 88.9% at the end of the third quarter compared to 92.6% for the prior quarter;
●Business loans grew $160.5 million on a linked quarter basis and $409.1 million on a year-over-year basis;
●The net interest margin increased to 3.01% for the third quarter of 2025 compared to 2.98% for the prior quarter;
●The efficiency ratio decreased to 53.8% for the third quarter of 2025 compared to 55.0% for the prior quarter; and
●The Company’s Common Equity Tier 1 Ratio increased to 11.53% at the end of the third quarter.
Page 2
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the third quarter of 2025 was $103.4 million compared to $98.1 million for the second quarter of 2025 and $79.9 million for the third quarter of 2024. The Net Interest Margin for the third quarter of 2025 was 3.01% compared to 2.98% for the second quarter of 2025 and 2.50% for the third quarter of 2024.
Mr. Lubow commented, “Since the Federal Reserve rate cut in mid-September, the spread between the weighted average rate on loans and deposits has improved by approximately 10 basis points. We anticipate the full quarter impact of this spread improvement to drive continued NIM expansion in the fourth quarter. Additionally, we continue to have a significant loan repricing opportunity that will continue through 2027. Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive bankers.”
Loan Portfolio
The ending weighted average rate (“WAR”) on the total loan portfolio was 5.37% at September 30, 2025, a 3 basis point increase com
Jul 24, 2025
2 dcom-20250724xex99d1.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports Strong Second Quarter Results With Earnings Per Share Increasing by 49% on a Year-over-Year Basis
Continued Growth in Core Deposits and Business Loans on a Year-over-Year Basis
Quarterly Net Interest Margin Improves to 2.98%
Hauppauge, NY, July 24, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $27.9 million for the quarter ended June 30, 2025, or $0.64 per diluted common share, compared to $19.6 million, or $0.45 per diluted common share, for the quarter ended March 31, 2025 and net income available to common stockholders of $16.7 million for the quarter ended June 30, 2024, or $0.43 per diluted common share.
Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “As we continue to execute on our growth plan, we were pleased with the solid growth in core deposits, business loans, net interest margin and capital ratios. We had an active second quarter from a recruiting standpoint, which will aid us in the years ahead as we diversify our balance sheet and continue to take market share. Of note, and recognizing the progress we have made in creating a high quality balance sheet, Kroll Bond Rating Agency revised our outlook from “Stable” to “Positive” in the month of June.”
Second Quarter Recruiting Update
●Hired Shawn Gines as Executive Vice President of Corporate and Specialty Finance; Mr. Gines was previously the Regional President of the New York City and New Jersey metro markets for Webster Bank;
●Hired Jason Brenner and Zach Schwartz to lead the newly created Lender Finance vertical; Mr. Brenner and Mr. Schwartz were previously with Axos Bank and First Citizens Bank, respectively;
●Hired Michael Watts to lead the newly created Fund Finance vertical; Mr. Watts was previously with East West Bank;
●Hired Raffaella Palazzo as Director of Business Banking; Ms. Palazzo was previously Chief Operations Officer at Hanover Bank; and
●Hired Solomon Ponniah as Group Leader to grow metro NYC lending presence; Mr. Ponniah was previously Director of Business Banking at Popular Bank.
Geographic Expansion
●Received all requisite regulatory approvals to open a branch location at 500 Boulevard of the Americas in Lakewood, New Jersey. The branch opening is planned for early 2026.
●Expect to open a new branch location in Manhattan in the fourth quarter of 2025.
Highlights for the Second Quarter of 2025 included:
●Total deposits increased $711.7 million on a year-over-year basis;
●Core deposits (excluding brokered and time deposits) increased $1.21 billion on a year-over-year basis;
●The ratio of average non-interest-bearing deposits to average total deposits for the second quarter was 30%;
●Business loans grew $113.3 million on a linked quarter basis and $371.3 million on a year-over-year basis;
●The net interest margin increased to 2.98% for the second quarter of 2025 compared to 2.95% for the prior quarter; and
●The Company’s Common Equity Tier 1 Ratio increased to 11.25% at the end of the second quarter.
Page 2
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the second quarter of 2025 was $98.1 million compared to $94.2 million for the first quarter of 2025 and $75.5 million for the second quarter of 2024.
The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.
(Dollars in thousands)
Net interest income
$
98,097
$
94,213
$
75,502
Purchase accounting amortization (accretion) on loans ("PAA")
(225)
(124)
(101)
Adjusted net interest income excluding PAA on loans (non-GAAP)
$
97,872
$
94,089
$
75,401
Average interest-earning assets
$
13,195,116
$
12,963,320
$
12,624,556
2.98
%
2.95
%
2.41
%
Adjusted NIM excluding PAA on loans (non-GAAP) (2)
2.98
%
2.94
%
2.40
%
(1)NIM represents net interest income divided by average interest-earning assets.
(2)Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.
Mr. Lubow commented, “Dime has multiple levers to grow NIM over time.
●First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.
●Second, and as demonstrated in the most recent rate cutting cycle, sh
Apr 22, 2025
2 dcom-20250422xex99d1.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57
Continued Growth in Core Deposits and Business Loans On a Year-over-Year Basis
Net Interest Margin Expands by 16 basis points on a Linked Quarter Basis to 2.95%
Hauppauge, NY, April 22, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share, compared to net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for the quarter ended December 31, 2024 and net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share.
First quarter 2025 results included $7.2 million of pre-tax expenses related to the final settlements associated with the termination of the legacy Bridgehampton National Bank pension plan.
Adjusted net income available to common stockholders (non-GAAP) totaled $24.7 million for the quarter ended March 31, 2025, an increase of 42% versus the prior quarter and an increase of 67% versus the quarter ended March 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.57 per share for the quarter ended March 31, 2025, an increase of 36% versus the prior quarter and an increase of 50% versus the quarter ended March 31, 2024.
Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our first quarter results were marked by strong Net Interest Margin (“NIM”) expansion and continued progress in diversifying our balance sheet. Our enhanced earnings power and robust capital ratios position us well for future growth. As outlined below we have made a strong start to the year from a recruiting standpoint, and are poised to continue to add talented individuals and gain market share in the quarters ahead.”
Year-to-date Recruiting Update
●Hired Tom Geisel to Senior Executive Leadership Team. Mr. Geisel was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution;
●Hired Robert Rowe as incoming Chief Credit Officer (experience includes Chief Credit Officer at Sterling National Bank and Chief Risk Officer at CIT); incumbent Chief Credit Officer Brian Teplitz to retire at the end of May 2025;
●Hired Jim LoGatto as an Executive Vice President to build Dime’s presence in Manhattan; Mr. LoGatto was previously the Director of US Private Banking at Israel Discount Bank of New York;
●Hired Toni Badolato as Group Leader to grow lending presence on Long Island; Ms. Badolato was previously with M&T;
●Hired George Taitt as Group Director and Amy Grandy as Associate Group Director to strengthen deposit presence in Queens; the Group was previously with the former Signature Bank and its successor, Flagstar Bank.
Highlights for the First Quarter of 2025 included:
●Total deposits increased $717.0 million on a year-over-year basis;
●Core deposits (excluding brokered and time deposits) increased $1.35 billion on a year-over-year basis;
●The ratio of average non-interest-bearing deposits to average total deposits for the first quarter was 29.5%;
●The cost of total deposits declined by 19 basis points versus the prior quarter;
●The net interest margin increased to 2.95% for the first quarter of 2025 compared to 2.79% for the prior quarter;
●The Company’s Common Equity Tier 1 Ratio increased to 11.12% at the end of the first quarter.
Page 2
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the first quarter of 2025 was $94.2 million compared to $91.1 million for the fourth quarter of 2024 and $71.5 million for the first quarter of 2024.
The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.
(Dollars in thousands)
Net interest income
$
94,213
$
91,098
$
71,530
Purchase accounting amortization (accretion) on loans ("PAA")
(124)
(1,268)
(82)
Adjusted net interest income excluding PAA on loans (non-GAAP)
$
94,089
$
89,830
$
71,448
Average interest-earning assets
$
12,963,320
$
12,974,958
$
13,015,755
2.95
%
2.79
%
2.21
%
Adjusted NIM excluding PAA on loans (non-GAAP) (2)
2.94
%
2.75
%
2.21
%
(1)NIM represents net interest income divided by average interest-earning assets.
(2)Adjusted NIM excluding
Jan 23, 2025
2 dcom-20250123xex99d1.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports Fourth Quarter 2024 Results
Strong Growth in Deposits, Business Loans and Capital Ratios on a Year-Over-Year Basis
Net Interest Margin Expands by 29 basis points on a Linked Quarter Basis to 2.79%
Hauppauge, NY, January 23, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $21.8 million for the year ended December 31, 2024, or $0.55 per diluted common share, compared to net income available to common stockholders of $88.8 million, or $2.29 per diluted common share, for the year ended December 31, 2023.
Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our fourth quarter results were marked by continued core deposit growth and Net Interest Margin (“NIM”) expansion. In addition, we successfully executed on several important initiatives in the fourth quarter, including a follow-on common equity offering. The proceeds from the offering were utilized to re-position our available-for-sale securities portfolio and Bank Owned Life Insurance (“BOLI”) portfolio and supplement our capital base. These transactions will contribute towards a stronger balance sheet, enhanced earnings power and support future growth. I would like to thank all of our employees for their tremendous efforts throughout the year that led to substantial year-over-year growth in core deposits and business loans as well as the Bank achieving an “Outstanding” rating on our recent Community Reinvestment Act examination.”
For the quarter ended December 31, 2024, net loss available to common stockholders was $22.2 million, or $(0.54) per diluted common share, compared to net income available to common stockholders of $11.5 million, or $0.29 per diluted common share, for the quarter ended September 30, 2024, and net income available to common stockholders of $14.5 million, or $0.37 per diluted common share, for the quarter ended December 31, 2023. Fourth quarter 2024 results included: $42.8 million of pre-tax loss-on-sale of securities, $1.3 million of pre-tax severance expense and $1.2 million of pre-tax expense related to the termination of a legacy pension plan. In addition, the fourth quarter 2024 results included $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax (“MEC Tax”) on the surrender of legacy BOLI assets.
Adjusted net income available to common stockholders (non-GAAP) totaled $17.4 million for the quarter ended December 31, 2024, an increase of 52% versus the prior quarter and an increase of 16% versus the year ago quarter (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.42 per share for the quarter ended December 31, 2024, an increase of 45% versus the prior quarter and an increase of 8% versus the year ago quarter.
Highlights for the Fourth Quarter of 2024 Included:
●Total deposits increased $268.8 million compared to the third quarter of 2024;
●Core deposits (excluding brokered and time deposits) increased $513.4 million compared to the third quarter of 2024;
●The ratio of average non-interest-bearing deposits to average total deposits for the fourth quarter increased to 30.0%;
●The cost of total deposits declined by 37 basis points versus the prior quarter;
●The net interest margin increased to 2.79% for the fourth quarter of 2024 compared to 2.50% for the prior quarter;
●The loan to deposit ratio declined to 93.0% at the end of the fourth quarter compared to 95.4% for the prior quarter;
●The allowance for credit losses to total loans increased to 0.82% at the end of the fourth quarter compared to 0.78% for the prior quarter;
●The Company’s Common Equity Tier 1 Ratio increased to 11.07% at the end of the fourth quarter; and
●The Bank received an “Outstanding” overall rating as well as an “Outstanding” rating on each of the individual components (Lending, Investment and Service tests) for its recently concluded Community Reinvestment Act examination.
Page 2
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the fourth quarter of 2024 was $91.1 million compared to $79.9 million for the third quarter of 2024 and $74.1 million for the fourth quarter of 2023.
Mr. Lubow commented, “Strong growth in core deposits as well as proactive management of deposit rates led to strong linked quarter growth in our net interest margin. We anticipate the full quarter impact of the securities repositioning (which was completed towards the end of November) to positively benefit the NIM in 2025.”
The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounti
Oct 22, 2024
2 dcom-20241022xex99d1.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports Third Quarter 2024 Results
Acceleration in Core Deposit Growth Drives Increase in Quarterly Net Interest Margin to 2.50%
Balance Sheet Well Positioned to Benefit From Federal Reserve Rate Cuts
Hauppauge, NY, October 22, 2024 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $11.5 million for the quarter ended September 30, 2024, or $0.29 per diluted common share, compared to $16.7 million, or $0.43 per diluted common share, for the quarter ended June 30, 2024, and $13.2 million, or $0.34 per diluted common share for the quarter ended September 30, 2023.
Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Strong growth in low-cost core deposits drove a significant linked quarter expansion in the Net Interest Margin. Importantly, following the recent 50 basis point reduction in the Federal Funds rate, we lowered deposit costs and expect to benefit from these actions in the fourth quarter and beyond. Since the Federal Reserve rate cut in mid-September, the spread between the weighted average rate on loans and core deposits has improved by approximately 15 basis points. We anticipate the full quarter impact of this spread improvement to drive continued Net Interest Margin expansion in the fourth quarter.”
Mr. Lubow commented, “During the third quarter, our Business loan portfolio increased by over $120 million and we continue to have strong pipelines in our Middle Market and Healthcare verticals. Compared to the prior quarter, the level of net charge-offs and criticized and classified loans remained stable and we continued to prudently build our allowance for credit losses to total loans and risk-based capital levels. In conclusion, I am extremely proud of our employees for their unwavering focus on our customers and enabling us to be the premier business bank on Greater Long Island.”
Highlights for the Third Quarter of 2024 Included:
●Total deposits increased $389 million compared to the second quarter of 2024;
●Core deposits (excluding brokered and time deposits) increased $505 million compared to the second quarter of 2024;
●The ratio of average non-interest-bearing deposits to average total deposits for the third quarter was 29% compared to 28% for the second quarter of 2024;
●The cost of total deposits declined by 4 basis point versus the prior quarter;
●The net interest margin increased to 2.50% for the third quarter of 2024 compared to 2.41% for the prior quarter;
●The loan to deposit ratio declined to 95.4% at the end of the third quarter compared to 98.2% for the prior quarter;
●Net charge-offs to average loans was 0.15% for the third quarter of 2024 compared to 0.14% for prior quarter;
●The allowance for credit losses to total loans increased to 0.78% at the end of the third quarter compared to 0.72% for the prior quarter; and
●The Company’s total risk based capital ratio increased to 14.76% at the end of the third quarter compared to 14.46% for the prior quarter.
Page 2
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the third quarter of 2024 was $79.9 million compared to $75.5 million for the second quarter of 2024 and $76.5 million for the third quarter of 2023.
The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.
(Dollars in thousands)
Net interest income
$
79,924
$
75,502
$
76,479
Purchase accounting amortization (accretion) on loans ("PAA")
(266)
(101)
186
Adjusted net interest income excluding PAA on loans (non-GAAP)
$
79,658
$
75,401
$
76,665
Average interest-earning assets
$
12,734,246
$
12,624,556
$
12,984,061
2.50
%
2.41
%
2.34
%
Adjusted NIM excluding PAA on loans (non-GAAP) (2)
2.49
%
2.40
%
2.34
%
(1)NIM represents net interest income divided by average interest-earning assets.
(2)Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.
During the quarter ended June 30, 2024, there was a recovery of interest income from a loan that was previously on non-accrual status in the amount of $1.3 million. Excluding the impact of this item, the second quarter NIM was 2.37%.
Loan Portfolio
The ending WAR on the total loan portfolio was 5.40% at September 30, 2024, a 1 basis point increase compared to the endin
Jul 23, 2024
Apr 23, 2024
Jan 26, 2024
Oct 19, 2023
Jul 28, 2023
Apr 28, 2023
0000846617false0000846617us-gaap:SeriesAPreferredStockMember2023-04-282023-04-280000846617us-gaap:CommonStockMember2023-04-282023-04-2800008466172023-04-282023-04-28
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
Date of report (Date of earliest event reported): April 28, 2023
(Exact name of the registrant as specified in its charter)
New York
001-34096
11-2934195
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(IRS Employer
Identification No.)
898 Veterans Memorial Highway, Suite 560
Hauppauge, New York
11788
(Address of principal executive offices)
(Zip Code)
(631) 537-1000
(Registrant’s telephone number)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 Par Value
The Nasdaq Stock Market, LLC
Preferred Stock, Series A, $0.01 Par Value
The Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On April 28, 2023, Dime Community Bancshares, Inc. (the “Company”) issued a press release announcing its earnings for the quarter ended March 31, 2023. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Item 2.02, including the related information set forth in the Press Release attached hereto and incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
Item 9.01 Financial Statements and Exhibits.
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits.
Exhibit No.
Description
99.1
Press Release dated April 28, 2023, announcing the earnings of the Company for the quarter ended March 31, 2023.*
104
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
* Furnished electronically as an exhibit to this Current Report on Form 8-K. This exhibit is being “furnished” and not “filed” with this Current Report on Form 8-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
DATE: April 28, 2023
By:
/s/ Avinash Reddy
Avinash Reddy
Senior Executive Vice President & Chief Financial Officer
(Principal Financial Officer)
Jan 27, 2023
2 dcom-20230127xex99.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports Strong Fourth Quarter 2022 Results With Earnings Per Share Increasing By 19% On a Year-Over-Year Basis
Robust Loan Originations Drive Over $1.3 Billion in Loan Growth for Fiscal Year 2022
Fourth Quarter Results Highlighted by Strong Non Interest Income Growth, Prudent Expense Management and Improved Credit Quality
Hauppauge, NY, January 27, 2023 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $145.3 million for the year ended December 31, 2022, or $3.73 per diluted common share, compared to $96.7 million for the year ended December 31, 2021 or $2.45 per diluted common share.
Kevin M. O’Connor, Chief Executive Officer (“CEO”) of the Company, stated, “As we close the book on 2022, we can reflect on an extremely successful year for our Company. Reported net income available to common shareholders for the twelve months ended December 31, 2022 increased by 50% on a year-over-year basis. Importantly, we delivered consistent financial results throughout 2022 as demonstrated by an annual return on assets in excess of 1.20% and an efficiency ratio below 50%. We made numerous investments in our business and people over the year, including a buildout of our middle market commercial lending operations. Finally, we were very proud to achieve an overall “Outstanding” rating for our Community Reinvestment Act rating from the Federal Reserve Bank of New York.”
For the quarter ended December 31, 2022, net income available to common stockholders was $38.2 million, or $0.99 per diluted common share, compared to $37.7 million, or $0.98 per diluted common share, for the quarter ended September 30, 2022, and $33.5 million, or $0.83 per diluted common share, for the quarter ended December 31, 2021.
Highlights for the Fourth Quarter of 2022 Included:
●Total loans held for investment, net, increased by $450 million or 18% on an annualized basis versus the linked quarter;
●Total business loan balances increased by $215 million or 43% on an annualized basis versus the linked quarter;
●Non-interest income increased to $9.5 million during the fourth quarter of 2022. Excluding the impact of a $1.4 million gain on sale of a branch property in the third quarter, non-interest income during the third quarter of 2022 was $8.0 million. The increase in non-interest income was driven by customer-related loan swap revenue and SBA gain on sale revenue;
●Non-interest expense to average assets remained well controlled at 1.56% for the fourth quarter, compared to 1.54% for the prior quarter and 1.64% for the year-ago quarter; and
●Credit quality continues to be strong with non-performing assets and loans 90 days past due and accruing declining by 22% versus the linked quarter and representing only 0.26% of total assets as of December 31, 2022.
Page 2
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the fourth quarter of 2022 was $96.8 million compared to $100.4 million for the third quarter of 2022 and $91.7 million for the fourth quarter of 2021.
The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.
(Dollars in thousands)
Net interest income
$
96,804
$
100,438
$
91,686
Purchase accounting accretion on loans ("PAA")
(390)
(57)
625
Adjusted net interest income excluding PAA on loans (non-GAAP)
$
96,414
$
100,381
$
92,311
Average interest-earning assets
$
12,198,905
$
11,782,361
$
11,582,086
3.15
%
3.38
%
3.14
%
Adjusted NIM excluding PAA on loans (non-GAAP) (2)
3.14
%
3.38
%
3.16
%
(1)NIM represents net interest income divided by average interest-earning assets.
(2)Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes net interest income on PAA loans divided by average interest-earning assets.
Loan Portfolio
The ending weighted average rate (“WAR”)(1) on the total loan portfolio was 4.76% at December 31, 2022, a 43 basis point increase compared to the ending WAR on the total loan portfolio at September 30, 2022.
Outlined below are loan balances and WARs for the period ended as indicated.
December 31, 2022
September 30, 2022
December 31, 2021
($ in thousands)
Balance
WAR
Balance
WAR
Balance
WAR
Loans held for investment balances at period end:
Commercial and i
Oct 28, 2022
2 dcom-20221028xex99.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports Strong Third Quarter 2022 Results With Earnings Per Share Increasing By 10% On a Year-Over-Year Basis
Robust Quarterly Loan Originations and Net Interest Margin Expansion Drive Net Interest Income Growth
Deposit Costs Remain Well Controlled
Hauppauge, NY, October 28, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $37.7 million for the quarter ended September 30, 2022, or $0.98 per diluted common share, compared to $36.7 million, or $0.94 per diluted common share, for the quarter ended June 30, 2022, and $36.6 million, or $0.89 per diluted common share, for the quarter ended September 30, 2021.
Kevin M. O’Connor, Chief Executive Officer (“CEO”) of the Company, stated, “During the third quarter, we had robust loan originations resulting in another quarter of record loan growth of over $450 million. The high level of non-interest-bearing deposits on our balance sheet allowed us to keep our deposit costs well contained. Strong growth in average earning assets and net interest margin expansion resulted in quarterly net interest income surpassing $100 million. We continue to prioritize prudent expense management as demonstrated by a core efficiency ratio of 47% on a year-to-date basis.”
Highlights for the Third Quarter of 2022 Included:
●Total loans held for investment, net, excluding Paycheck Protection Program (“PPP”) loans, increased by 19% on an annualized basis versus the linked quarter;
●The net interest margin expanded by 9 basis points versus the linked quarter;
●The cost of deposits remained well-controlled; on a linked quarter basis, the cost of deposits increased by only 23 basis points compared to the 150 basis points change in the Federal Funds rate between July and September;
●Credit quality continues to be strong with non-performing assets and loans 90 days past due and accruing remaining stable and representing only 0.34% of total assets as of September 30, 2022; and
●The Company repurchased 200,346 shares of its common stock, which represented approximately 0.5% of shares outstanding at the beginning of the period, at a weighted-average price of $30.97 per share.
Page 2
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the third quarter of 2022 was $100.4 million compared to $93.5 million for the second quarter of 2022 and $94.8 million for the third quarter of 2021.
The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.
(Dollars in thousands)
Net interest income
$
100,438
$
93,512
$
94,828
Purchase accounting accretion on loans ("PAA")
(57)
117
(2,541)
Adjusted net interest income excluding PAA on loans (non-GAAP)
$
100,381
$
93,629
$
92,287
Average interest-earning assets
$
11,782,361
$
11,412,350
$
11,765,298
3.38
%
3.29
%
3.20
%
Adjusted NIM excluding PAA on loans (non-GAAP) (2)
3.38
%
3.29
%
3.11
%
(1)NIM represents net interest income divided by average interest-earning assets.
(2)Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes net interest income on PAA loans divided by average interest-earning assets.
Loan Portfolio
The ending weighted average rate (“WAR”)(1) on the total loan portfolio was 4.33% at September 30, 2022, a 39 basis point increase compared to the ending WAR on the total loan portfolio at June 30, 2022.
Outlined below are loan balances and WARs for the period ended as indicated.
September 30, 2022
June 30, 2022
September 30, 2021
($ in thousands)
Balance
WAR
Balance
WAR
Balance
WAR
Loans held for investment balances at period end:
Commercial and industrial ("C&I")
$
900,768
5.90
%
$
941,944
4.97
%
$
878,332
4.10
%
Owner-occupied commercial real estate
1,090,417
4.69
1,043,184
4.20
966,895
4.11
Business loans
1,991,185
5.24
1,985,128
4.57
1,845,227
4.11
One-to-four family residential, including condominium and cooperative apartment
722,081
3.77
691,586
3.60
683,665
3.68
Multifamily residential and residential mixed-use (2)(3)
3,968,244
3.83
3,654,164
3.62
3,468,262
3.57
Non-owner-occupied commercial real estate
3
Jul 29, 2022
2 dcom-20220729xex99.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports Strong Second Quarter 2022 Results With Net Income Available to Common Stockholders Increasing By 12% Versus the Prior Quarter
Robust Quarterly Loan Originations of $902 Million Drive Broad-Based Loan Growth Across All Major Loan Categories
Net Interest Margin Expands by 10 Basis Points Versus the Prior Quarter
Hauppauge, NY, July 29, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $36.7 million for the quarter ended June 30, 2022, or $0.94 per diluted common share, compared to $32.7 million, or $0.82 per diluted common share, for the quarter ended March 31, 2022, and $49.5 million or $1.19 per diluted common share, for the quarter ended June 30, 2021.
Adjusted net income available to common stockholders (non-GAAP) totaled $39.3 million for the quarter ended June 30, 2022, or $1.01 per diluted share. Adjusted net income available to common stockholders for the quarter ended June 30, 2022 included $2.9 million of aggregate pre-tax adjustments related to loss on extinguishment of debt and severance expense (see “Non-GAAP Reconciliation” tables at the end of this news release).
Kevin M. O’Connor, Chief Executive Officer (“CEO”) of the Company, stated, “During the second quarter, we experienced record core loan growth of over $400 million driven by robust originations. The high level of non-interest-bearing deposits on our balance sheet allowed us to keep our deposit costs at low levels, and contributed to net interest margin expansion. In addition, we saw a rebound in non-interest income as customer-related loan swap revenue picked up. We continue to prioritize prudent expense management as demonstrated by a core efficiency ratio of 48% on a year-to-date basis.”
“In addition to producing strong financial returns with year-to-date return on assets of approximately 1.2%, I am extremely proud of our employee base for their unwavering focus on being the premier community-based business bank on Greater Long Island. In this regard, I am extremely proud that we recently received an overall Outstanding Community Reinvestment Act (“CRA”) rating from the Federal Reserve Bank of New York.”
Highlights for the Second Quarter of 2022 Included:
●Total loans held for investment, net, excluding Paycheck Protection Program (“PPP”) loans, increased by 18% on an annualized basis versus the linked quarter;
●The net interest margin expanded by 10 basis points versus the linked quarter;
●The cost of deposits remained well-controlled, increasing by only 5 basis points versus the linked quarter;
●Non-interest income increased to $12.1 million in the second quarter, compared to $7.2 million for the first quarter. The increase in non-interest income was due to an increase in customer-related loan swap income, SBA gain on sale revenue and BOLI income;
●Credit quality continues to be strong with non-performing assets and loans 90 days past due and accruing remaining stable and representing only 0.30% of total assets as of June 30, 2022;
●The Company repurchased 717,644 shares of its common stock, which represented approximately 1.8% of shares outstanding at the beginning of the period, at a weighted average price of $31.91 per share; and
●The Company completed an issuance of $160.0 million of fixed-to-floating rate subordinated notes in the second quarter. Proceeds were used to redeem two legacy tranches of subordinated debt totaling $155.0 million.
Page 2
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the second quarter of 2022 was $93.5 million compared to $89.1 million for the first quarter of 2022 and $93.3 million for the second quarter of 2021.
The table below provides a reconciliation of the reported net interest margin (“NIM”) and the adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.
(Dollars in thousands)
Net interest income
$
93,512
$
89,109
$
93,254
Less: Purchase accounting accretion on loans ("PAA")
117
(50)
(1,925)
Adjusted net interest income excluding PAA on loans (non-GAAP)
$
93,629
$
89,059
$
91,329
Average interest-earning assets
$
11,412,350
$
11,333,805
$
11,990,108
3.29
%
3.19
%
3.12
%
Adjusted NIM excluding PAA on loans (non-GAAP) (2)
3.29
%
3.19
%
3.06
%
(1)NIM represents net interest income divided by average interest-earning assets.
(2)Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes net interest i
Apr 29, 2022
2 dcom-20220429ex991f0d9fc.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Reports First Quarter 2022 Results
Quarterly Net Income to Common Stockholders Increases by $55.6 Million on a Year-Over-Year Basis
Non-Interest-Bearing Deposits Increase to 38% of Total Deposits
Positioning the Company Well for a Rising Interest Rate Scenario
Net Interest Margin Expands by 5 Basis Points Versus the Prior Quarter
Hauppauge, NY, April 29, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $32.7 million for the quarter ended March 31, 2022, or $0.82 per diluted common share, compared to net income available to common stockholders of $33.5 million for the quarter ended December 31, 2021, or $0.83 per diluted common share. For the quarter ended March 31, 2021, net loss available to common stockholders was $22.9 million, or $0.66 per diluted common share.
Kevin M. O’Connor, Chief Executive Officer (“CEO”) of the Company, stated, “During the first quarter, we executed well on each of our strategic plan priorities – growing non-interest-bearing deposits, managing our cost of funds appropriately and prioritizing net interest margin expansion, prudent expense discipline, and maintaining solid asset quality. Importantly, we recently announced several key hires in our lending division by capitalizing on merger-related disruption in our marketplace. As the year progresses, we expect loan growth and non-interest income to pick-up. Our high level of non-interest-bearing deposits, coupled with a balance sheet that does not rely on wholesale leverage, positions us well for a rising interest rate scenario.”
Highlights for the First Quarter of 2022 Included:
●The non-interest-bearing deposits to total deposits ratio increased to 37.9% at March 31, 2022;
●The cost of deposits declined to 0.10% during the first quarter of 2022;
●The net interest margin expanded by 5 basis points versus the linked quarter;
●Total loans held for investment, net, excluding Paycheck Protection Program (“PPP”) loans increased by 2% on an annualized basis versus the linked quarter;
●Non-interest expenses for the first quarter of 2022 were down 2% versus the linked quarter;
●The Company repurchased 505,005 shares of its common stock, which represented approximately 1.3% of shares outstanding at the beginning of the period, at a weighted average price of $34.44 per share; and
●Non-performing assets and loans 90 days past due and accruing declined by 14% versus the linked quarter and represented only 0.31% of total assets as of March 31, 2022.
Management’s Discussion of Quarterly Operating Results
The Company’s results of operations for the first quarter of 2022 and fourth quarter of 2021 include income for the full quarter from the merger with Bridge Bancorp, Inc. (“Bridge”), compared to two months for the first quarter of 2021 following the completion of the merger on February 1, 2021.
Net Interest Income
Net interest income for the first quarter of 2022 was $89.1 million compared to $91.7 million for the fourth quarter of 2021 and $77.8 million for the first quarter of 2021.
Page 2
The table below provides a reconciliation of the reported net interest margin (“NIM”), the adjusted NIM excluding the impact of PPP loans, and the adjusted NIM excluding the combined impact of PPP loans and purchase accounting accretion on the loan portfolio.
(Dollars in thousands)
Net interest income
$
89,109
$
91,686
$
77,841
Less: Net interest income on PPP loans
(396)
(539)
(4,092)
Adjusted net interest income excluding PPP loans (non-GAAP)
$
88,713
$
91,147
$
73,749
Average interest-earning assets
$
11,333,805
$
11,582,086
$
10,057,682
Average PPP loan balances
(46,807)
(96,065)
(1,020,910)
Adjusted average interest-earning assets excluding PPP loans (non-GAAP)
$
11,286,998
$
11,486,021
$
9,036,772
3.19
%
3.14
%
3.14
%
Adjusted NIM excluding PPP loans (non-GAAP) (2)
3.19
%
3.15
%
3.31
%
Adjusted net interest income excluding PPP loans (non-GAAP)
$
88,713
$
91,147
$
73,749
Less: Purchase accounting accretion on loans ("PAA")
(50)
625
(1,333)
Adjusted net interest income excluding PPP loans and PAA on loans (non-GAAP)
$
88,663
$
91,772
$
72,416
Adjusted NIM excluding PPP loans and PAA on loans (non-GAAP) (3)
3.19
%
3.17
%
3.26
%
(1)NIM represents net interest income divided by average interest-earning ass
Jan 28, 2022
2 dcom-20220128ex991eb0ce8.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Increases Fourth Quarter Net Income Available to Common Stockholders By 925% Year-Over-Year
Continued Increase in Non-Interest-Bearing Deposits Positions the Company Well for A Rising Interest Rate Scenario
Robust Quarterly Loan Originations in Excess of $500 Million
Hauppauge, NY, January 28, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $96.7 million for the year ended December 31, 2021, or $2.45 per diluted common share.
For the quarter ended December 31, 2021, net income available to common stockholders was $33.5 million, or $0.83 per diluted common share, compared to net income available to common stockholders of $3.3 million for the quarter ended December 31, 2020, or $0.16 per diluted common share. Adjusted net income available to common stockholders (non-GAAP) totaled $33.8 million for the quarter ended December 31, 2021, or $0.84 per diluted share. Adjusted net income available to common stockholders includes $0.5 million of aggregate pre-tax adjustments related to merger expenses and transaction costs, branch restructuring, and net gain on sale of securities and other assets (see “Non-GAAP Reconciliation” table at the end of this news release).
Kevin M. O’Connor, Chief Executive Officer (“CEO”) of the Company, stated, “As we close the book on 2021, we can reflect on a successful year for our Company. We integrated our merger transaction seamlessly and delivered on our financial goals as it relates to return on assets and efficiency. During the fourth quarter of 2021, our loan originations increased to $505 million (representing a linked quarter increase of approximately 9%). In addition, we grew our non-interest-bearing deposits to total deposits ratio to 37.5% and have positioned our balance sheet favorably for a rising rate scenario.”
Highlights for the Fourth Quarter of 2021 Included:
●The non-interest-bearing deposits to total deposits ratio increased to 37.5% at December 31, 2021;
●The cost of deposits for the fourth quarter of 2021 declined to 0.11%;
●Total loans held for investment, net, excluding Paycheck Protection Program (“PPP”) loans increased by 1% on an annualized basis versus the linked quarter;
●The reported efficiency ratio for the fourth quarter of 2021 was 49.9%; excluding the impact of merger expenses and transaction costs, branch restructuring, and amortization of other intangible assets, the adjusted efficiency ratio was 48.2%;
●The Company repurchased 850,901 shares of its common stock, which represented approximately 2% of shares outstanding at the beginning of the period, at a weighted average price of $34.44; and
●Non-performing assets represented only 0.33% of total assets as of December 31, 2021.
Management’s Discussion of Quarterly Operating Results
The Company’s results of operations for the third and fourth quarters of 2021 include income for the full quarter from the merger with Bridge Bancorp, Inc. (“Bridge”). The Company’s historical information for the fourth quarter of 2020 does not include the historical GAAP results of Bridge.
Page 2
Net Interest Income
Net interest income for the fourth quarter of 2021 was $91.7 million compared to $94.8 million for the third quarter of 2021 and $48.7 million for the fourth quarter of 2020.
The table below provides a reconciliation of the reported Net Interest Margin (“NIM”), the adjusted NIM excluding the impact of PPP loans, and the adjusted NIM excluding the combined impact of PPP loans and purchasing accounting accretion on the loan portfolio.
($ in thousands)
Net interest income
$
91,686
$
94,828
$
48,680
Less: Net interest income on PPP loans
(539)
(2,502)
(1,678)
Adjusted net interest income excluding PPP loans, (non-GAAP)
$
91,147
$
92,326
$
47,002
Average interest-earning assets
$
11,582,086
$
11,765,298
$
6,281,488
Average PPP loan balances
(96,065)
(266,472)
(318,793)
Adjusted average interest-earning assets excluding PPP loans, (non-GAAP)
$
11,486,021
$
11,498,826
$
5,962,695
3.14
%
3.20
%
3.10
%
Adjusted NIM excluding PPP loans (non-GAAP) (2)
3.15
%
3.19
%
3.15
%
Adjusted net interest income excluding PPP loans, (non-GAAP)
$
91,147
$
92,326
$
47,002
Less: Purchase Accounting Accretion on loans ("PAA")
625
(2,541)
—
Adjusted net interest income excluding PPP loans and PAA on loans, (non-GAAP)
$
91,772
$
8
Oct 29, 2021
2 dcom-20211029ex9911bc791.htm
Page 1
Exhibit 99.1
Dime Community Bancshares, Inc. Increases Net Income Available to Common Stockholders By 160% Year-Over-Year
Non-Interest-Bearing Deposits Increase to 36%, Positioning the Company Well for A Rising Interest Rate Scenario
Hauppauge, NY, October 29, 2021 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime” or “its”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $36.6 million for the quarter ended September 30, 2021, or $0.89 per diluted common share, compared with net income available to common stockholders of $14.0 million for the quarter ended September 30, 2020, or $0.65 per diluted common share. For the quarter ended June 30, 2021, net income available to common stockholders was $49.5 million, or $1.19 per diluted common share.
Adjusted net income to common stockholders (non-GAAP) totaled $41.4 million for the quarter ended September 30, 2021, or $1.01 per diluted share1. Adjusted net income to common stockholders includes the following primary adjustments:
●Branch restructuring costs: As previously disclosed, the Company combined five branch locations into other existing branches in October 2021; associated branch restructuring costs were $4.5 million during the quarter, pre-tax; and
●Merger expenses and transaction costs: The Company recorded merger expenses and transaction costs, associated with its February 2021 merger of equals transaction, of $2.5 million, pre-tax, during the quarter.
Kevin M. O’Connor, Chief Executive Officer (“CEO”) of the Company, stated, “We continue to improve the quality of our deposit base, as evidenced by non-interest-bearing accounts growing to 36% of total deposits. Our high level of non-interest-bearing deposits, coupled with a balance sheet that does not rely on wholesale leverage, positions us well for the time when the Federal Reserve begins raising interest rates. In the third quarter, we saw a resumption of loan growth (excluding Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans) and we continue to maintain healthy pipelines. Finally, we continue to focus on prudent expense management as demonstrated by a core efficiency ratio of 47% for the third quarter.”
Highlights for the Third Quarter of 2021 Included:
●The non-interest-bearing deposits to total deposits ratio increased to 35.8% at September 30, 2021;
●The cost of deposits for the third quarter of 2021 declined to 0.13%;
●Total loans held for investment, net, excluding PPP loans increased by 4% on an annualized basis versus the linked quarter;
●The Company purchased 480,039 shares of its common stock, at a weighted average price of $32.15 per share;
●Non-performing assets represent only 0.28% of total assets as of September 30, 2021; and
●The Company’s Adjusted Pre-tax Pre-provision Net Revenue (“PPNR”) for the third quarter was $54.8 million compared to $52.7 million for the second quarter.1
1 See reconciliation of this non-GAAP financial measure provided elsewhere herein.
Management’s Discussion of Quarterly Operating Results
The Company’s results of operations for the second and third quarters of 2021 include income for the full quarter from the merger with Bridge Bancorp, Inc. (“Bridge”). The Company’s historical information for the third quarter of 2020 does not include the historical GAAP results of Bridge.
Page 2
Net Interest Income
Net interest income for the third quarter of 2021 was $94.8 million compared to $93.3 million for the second quarter of 2021 and $44.9 million for the third quarter of 2020.
The table below provides a reconciliation of the reported Net Interest Margin (“NIM”), the adjusted NIM excluding the impact of PPP loans, and the adjusted NIM excluding the combined impact of PPP loans and purchasing accounting accretion on the loan portfolio.
($ in thousands)
Net interest income
$
94,828
$
93,254
$
44,944
Less: Net interest income on PPP loans
(2,502)
(5,375)
(1,471)
Adjusted net interest income excluding PPP loans, (non-GAAP)
$
92,326
$
87,879
$
43,473
Average interest-earning assets
$
11,765,298
$
11,990,107
$
6,164,452
Average PPP loan balances
(266,472)
(1,282,347)
(316,747)
Adjusted average interest-earning assets excluding PPP loans, (non-GAAP)
$
11,498,826
$
10,707,760
$
5,847,705
3.20
%
3.12
%
2.92
%
Adjusted NIM excluding PPP loans (non-GAAP) (2)
3.19
%
3.29
%
2.95
%
Adjusted net interest income excluding PPP loans, (non-GAAP)
$
92,326
$
87,879
$
43,473
Less: Pu
This page provides Dime Commercial Bancshares Inc. 9.000% Junior Subordinated Notes (DCBG) earnings call transcripts from SEC 8-K filings along with AI-powered predictions for post-earnings price movements. Our machine learning models analyze historical earnings data, pre-earnings price patterns, volume changes, and volatility to predict 1-day, 5-day, and 20-day returns after each earnings release.
Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on DCBG's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.