HAUPPAUGE, N.Y., Feb. 26, 2024 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ:DCOM) (the "Company" or "Dime"), the parent company of Dime Community Bank (the "Bank") announced that it will continue to participate in the FHLBNY Small Business Recovery Grant Program, created to support qualifying small businesses and non-profit organizations in New York facing difficulties due to economic conditions. ABOUT DIME COMMUNITY BANCSHARES, INC. Dime Community Bancshares, Inc. is the holding company for ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Year Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT Commission file number 001-34096 Dime Community Bancshares, Inc. (Exact name of registrant as specified in its charter) | New York | 11-2934195 | | --- | --- | | (State or other jurisdiction of incorporati ...

HAUPPAUGE, N.Y., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ:DCOM) (the "Company") announced that it will continue its role as a partner with Island Harvest for the 3rd consecutive year. Island Harvest is Long Island's leading hunger-relief organization. ABOUT DIME COMMUNITY BANCSHARES, INC. Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.6 billion in assets and the number one deposit market ...

HAUPPAUGE, N.Y., Jan. 26, 2024 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ:DCOM) (the "Company") announced that its Board of Directors declared a quarterly cash dividend of $0.34375 per share on the Company's 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on February 15, 2024 to holders of record as of February 8, 2024. ABOUT DIME COMMUNITY BANCSHARES, INC. Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered ...

Dime Community Bancshares, Inc. (NASDAQ:DCOM) Q4 2023 Earnings Conference Call January 26, 2024 8:00 AM ET Company Participants Stuart Lubow - President and Chief Executive Officer Avinash Reddy - Senior Vice President and Chief Financial Officer Conference Call Participants Stephen Moss - Raymond James Mark Fitzgibbon - Piper Sandler Manuel Navas - D.A. Davidson & Company Christopher O'Connell - KBW Matthew Breese - Stephens, Inc. Operator Good day, and thank you for standing by. Welcome to the Dime Commun ...

For the quarter ended December 2023, Dime Community (DCOM) reported revenue of $82.99 million, down 21.9% over the same period last year. EPS came in at $0.39, compared to $0.99 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $81.01 million, representing a surprise of +2.45%. The company delivered an EPS surprise of -18.75%, with the consensus EPS estimate being $0.48.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

In its upcoming report, Dime Community (DCOM) is predicted by Wall Street analysts to post quarterly earnings of $0.48 per share, reflecting a decline of 51.5% compared to the same period last year. Revenues are forecasted to be $81.01 million, representing a year-over-year decrease of 23.8%.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 5.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections du ...

Financial Performance - The company reported a net income of $13.163 million for the three months ended September 30, 2023, compared to $37.659 million for the same period in 2022, reflecting a decrease of approximately 65.0%[38] - Basic earnings per share (EPS) for the three months ended September 30, 2023, was $0.34, down from $0.98 in the same period of 2022, representing a decline of 65.3%[38] - The effective tax rate for the three months ended September 30, 2023, was 35.1%, up from 28.1% in the same period of 2022, primarily due to non-deductible severance expenses[132] - Net income for the three months ended September 30, 2023, was $15.0 million, a decrease from $39.5 million for the same period in 2022[202] - Net income for the nine months ended September 30, 2023, was $79.8 million, down from $112.5 million in the same period of 2022[218] Earnings and Dividends - Reported diluted EPS for Q3 2023 was $0.34, down from $0.98 in Q3 2022, while year-to-date EPS decreased to $1.92 from $2.74[136] - Cash dividends paid per common share increased to $0.25 in Q3 2023 from $0.24 in Q3 2022, with a year-to-date total of $0.74 compared to $0.72[136] - The Company expects to pay dividends on its preferred stock at a fixed rate of 5.50% per annum, payable quarterly, starting February 15, 2023[42] Asset and Loan Performance - Total loans held for investment, net increased to $10,778,048 thousand as of September 30, 2023, up from $10,483,324 thousand at December 31, 2022, representing a growth of 2.8%[53] - The total loans portfolio as of September 30, 2023, was $10,844,344, with a pass rate of 92.5%[71] - Total past due loans amounted to $58,331 thousand as of September 30, 2023, compared to $58,496 thousand at December 31, 2022, indicating a slight improvement[57] - Non-performing loans stood at $23.32 million as of September 30, 2023, down from $41.08 million a year earlier, reflecting improved asset quality[136] - The total allowance for credit losses decreased to $72.6 million at September 30, 2023, from $81.9 million at December 31, 2022, representing 0.67% of total loans[196] Interest Income and Expense - Net interest income for the three months ended September 30, 2023, was $76.5 million, a decrease of $23.9 million from $100.4 million in the same period of 2022[209] - Interest income rose to $157.8 million, an increase of $43.3 million compared to $114.5 million in the same quarter of 2022[210] - Interest expense surged to $81.4 million, up $67.3 million from $14.1 million in the same period last year[212] - Net interest margin decreased to 2.34% from 3.38% in the prior year[209] Securities and Investments - As of September 30, 2023, total securities available-for-sale amounted to $1,007.67 million, with a fair value of $869.88 million, reflecting unrealized losses of $137.81 million[43] - The total carrying amount of securities held-to-maturity was $600.29 million, with a fair value of $495.99 million, indicating unrealized losses of $104.31 million[43] - The company did not record any allowance for credit losses on its available-for-sale or held-to-maturity portfolios as of September 30, 2023, due to the high-quality composition of the securities[48] Deposits and Borrowings - Total deposits increased by $382.1 million during the nine months ended September 30, 2023, compared to an increase of $29.7 million for the same period in 2022[158] - The Bank had an additional unused borrowing capacity of $1.49 billion through the FHLBNY as of September 30, 2023[160] - The Bank's borrowings from FHLBNY Advances totaled $1.12 billion as of September 30, 2023, with an additional borrowing capacity of $4.09 billion[109] Credit Quality and Risk Management - The allowance for credit losses to total loans ratio was 0.67% as of September 30, 2023, down from 0.81% a year prior, indicating a reduction in expected credit losses[136] - The company categorizes loans into risk categories based on borrowers' ability to service their debt, which includes special mention, substandard, and doubtful classifications[67][69] - The company applies loan refinancing and restructuring guidance to determine the impact of modifications on existing loans, enhancing its credit risk assessment[60] Operational Efficiency - The efficiency ratio increased to 70.5% in Q3 2023 from 44.0% in Q3 2022, suggesting higher operational costs relative to income[136] - Non-interest expense increased to $59.5 million, up $11.2 million from $48.3 million in the same quarter of 2022[216] Regulatory Compliance - The Company and the Bank were in compliance with all applicable regulatory capital requirements as of September 30, 2023, with the Bank considered "well capitalized" for regulatory purposes[165]

Financial Data and Key Metrics Changes - Core EPS for the third quarter was $0.56 per share, with stable asset quality and prudent non-interest expense management [5][62] - Risk-based capital ratios increased by approximately 25 basis points, and non-performing assets were reduced by 16% [2][106] - Non-interest income for the third quarter was $7.9 million, reflecting a decline due to lower swap revenue [45] Business Line Data and Key Metrics Changes - Core deposits grew by approximately $200 million on a spot basis, with non-interest-bearing deposits increasing for the first time since the current rate tightening cycle began [5][41] - The loan pipeline is approximately $985 million, with a weighted average rate of 7.9%, and 60% of the pipeline is in business loans [17][64] - The company has a strong focus on owner-occupied and commercial & industrial (C&I) loans, with expectations of a pickup in C&I business [20][64] Market Data and Key Metrics Changes - The company’s Manhattan investor office portfolio is only $200 million, representing less than 1.5% of total assets, with a low loan-to-value (LTV) ratio of 50% [63] - The non-interest-bearing deposit percentage stands at 29% of average total deposits, which is a differentiator compared to other community banks [43] Company Strategy and Development Direction - The company aims to manage expenses prudently while focusing on efficiency and growth in business loans [3][16] - The addition of a healthcare vertical aligns with the strategy of expanding business loans [64] - The company is actively recruiting high-caliber bankers to enhance its service offerings and client relationships [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging revenue environment but remains confident in outperforming during potential recessionary conditions due to a strong multi-family portfolio [2][4] - The company expects net interest margin (NIM) to stabilize by the end of the year and sees potential for expansion in 2024 [66] - Management is focused on building capital methodically to support clients and navigate the current economic landscape [46][58] Other Important Information - The company has no delinquencies greater than 60 days in its investor office portfolio, indicating strong asset quality [35][40] - The company has outsourced its data center to save on personnel costs and improve efficiency [101] Q&A Session Summary Question: What are the expectations for deposit growth moving into the fourth quarter? - Management noted that the decline in non-interest-bearing deposits has stabilized, and they expect overall deposits to remain stable to up moving forward [48] Question: Can you provide an update on expenses and guidance for the fourth quarter? - Management indicated they are running below previous expense guidance and are focused on keeping expenses low while exploring opportunities for new hires [49][71] Question: What is the current state of loan yields and expectations for the future? - Management expects loan yields to gradually increase as the environment stabilizes, with a focus on business loans driving growth [51][53] Question: How is the company managing its loan-to-deposit ratio? - The loan-to-deposit ratio has decreased to 102%, and management aims to bring it down to 100% as deposits continue to grow [90] Question: What progress has been made on technology rollouts for new business-focused accounts? - The company has successfully rolled out online banking and digital account opening processes, enhancing its digital capabilities [91]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34096 DIME COMMUNITY BANCSHARES, INC. (Exact name of registrant as specified in its charter) N/A (Former name or former ad ...