Core Insights - Dime Community Bancshares, Inc. has announced the hiring of Shawn Gines as Executive Vice President, Corporate and Specialty Finance, as part of its growth strategy [1][2] - Gines will focus on expanding Dime's commercial lending business, particularly with corporate clients and private equity firms, and will oversee the newly launched Fund Finance vertical [2][3] - The company aims to diversify its balance sheet through the development of various specialty verticals [2] Company Overview - Dime Community Bancshares, Inc. is the parent company of Dime Community Bank, which has over $14 billion in assets and holds the number one deposit market share among community banks in Greater Long Island [5][6] - The bank is recognized for its strong market presence and is considered a preferred employer for talented bankers [3][4] Leadership and Experience - Shawn Gines brings extensive experience to Dime, having previously served as Regional President for the NYC and New Jersey Metro Markets at Webster Bank and as Senior Managing Director at Sterling National Bank [4] - His background includes roles at GE Capital and Bank of America, contributing to his strong track record in the banking industry [4] Strategic Goals - The hiring of Gines is seen as a cornerstone for Dime's growth plans, with expectations that his diverse experience will accelerate the bank's execution of its strategic initiatives [3] - The focus on corporate clients and private equity firms indicates a strategic shift towards enhancing Dime's commercial lending capabilities [2][3]

Core Points - Dime Community Bancshares, Inc. has received necessary approvals to open a new branch in Lakewood, New Jersey [1][2] - The branch will be located at 500 Boulevard of the Americas, with construction expected to begin in the second half of 2025 and opening planned for early 2026 [2] - Dime Community Bancshares, Inc. is the parent company of Dime Community Bank, which has over $14 billion in assets and holds the number one deposit market share among community banks in Greater Long Island [3]

Financial Performance - Net income available to common stockholders for the three months ended March 31, 2025, was $19.636 million, compared to $15.870 million for the same period in 2024, representing a 23.4% increase[39]. - Basic and diluted earnings per share (EPS) for the three months ended March 31, 2025, were both $0.45, up from $0.41 in the same period of 2024, indicating a 9.8% growth[39]. - The weighted-average common shares outstanding increased to 42,948,690 for the three months ended March 31, 2025, from 38,255,558 in 2024, reflecting a 12.5% rise[39]. Comprehensive Income - The accumulated other comprehensive income (loss) as of March 31, 2025, was $(39.045) million, an improvement from $(45.018) million as of January 1, 2025[34]. - The company reported a net other comprehensive income of $5.973 million for the three months ended March 31, 2025, compared to $6.113 million for the same period in 2024[36]. - The Company recorded a loss of $7.567 million in other comprehensive income for the three months ended March 31, 2025, compared to a gain of $2.145 million for the same period in 2024[88]. Securities and Investments - As of March 31, 2025, total securities available-for-sale amounted to $746.953 million, with a fair value of $710.579 million, reflecting unrealized losses of $38.605 million[44]. - The total fair value of held-to-maturity securities was $558.786 million as of March 31, 2025, with an amortized cost of $631.334 million[47]. - The fair value of available-for-sale securities was reported as $9,703 thousand for agency notes, $175,536 thousand for corporate securities, and $299,513 thousand for pass-through MBS issued by GSEs[104]. Loans and Credit Quality - Total loans held for investment, net of fair value hedge basis point adjustments, decreased slightly from $10.871943 billion on December 31, 2024, to $10.868735 billion on March 31, 2025[53]. - Business loans increased to $2.788201 billion as of March 31, 2025, compared to $2.725726 billion at the end of 2024[53]. - The allowance for credit losses on loans held for investment rose from $88.751 million on December 31, 2024, to $90.455 million on March 31, 2025[53]. - The total non-accrual loans amounted to $58,041,000 as of March 31, 2025, compared to $49,479,000 as of December 31, 2024, indicating an increase of about 17.5%[57]. - The company did not recognize any interest income on non-accrual loans held for investment during the three months ended March 31, 2025, and 2024[56]. Derivatives and Hedging - As of March 31, 2025, the notional amount of cash flow hedges for interest rate products was $150 million, with a fair value asset of $6.591 million, down from $8.318 million as of December 31, 2024[76]. - The notional amount of interest rate derivatives not designated as hedging instruments was $1.645 billion as of March 31, 2025, with a fair value asset of $92.149 million, compared to $1.666 billion and $108.178 million respectively as of December 31, 2024[76]. - The cumulative basis adjustment for fair value hedges was $1.933 million as of March 31, 2025, down from $2.615 million as of December 31, 2024[84]. Borrowings and Debt - The company had borrowings from the FHLBNY totaling $508.0 million as of March 31, 2025, down from $608.0 million at December 31, 2024[112]. - Total FHLBNY advances decreased from $608 million at December 31, 2024, to $508 million at March 31, 2025, with a weighted average interest rate of 4.40%[116]. - The Company issued $65 million in fixed-to-floating rate subordinated notes due 2034, with a fixed annual interest rate of 9.00% for the first five years[117]. Compensation and Employee Benefits - The Company recognized a total benefit cost of $7.017 million for retirement plans during the three months ended March 31, 2025[126]. - The 401(k) Plan held Company common stock valued at $6 million at March 31, 2025, up from $4.4 million at March 31, 2024[127]. - The Company has $8.5 million of total unrecognized compensation cost related to unvested restricted stock awards to be recognized over a weighted-average period of 2.1 years[132]. Tax and Regulatory Matters - The consolidated effective tax rate for the Company was 25.3% for the three months ended March 31, 2025, down from 27.1% in the same period of 2024[136]. - The Company has not experienced any significant unusual income tax items during the three months ended March 31, 2025[136]. - There were no changes in the Company's internal control over financial reporting that materially affected such controls during the quarter ended March 31, 2025[244].

Core Viewpoint - Dime Community Bancshares, Inc. is launching a new fund finance vertical to enhance its offerings in the private equity sector, led by Michael Watts, aiming to capitalize on growth opportunities in this space [1][2][3]. Group 1: Company Expansion - The new fund finance vertical is part of Dime's growth strategy, which has already seen a significant increase in business loans, growing by over $450 million in the twelve months ending March 31, 2025 [2]. - Dime has previously established successful verticals in Healthcare and Not-for-Profit, indicating a strategic focus on industry-specific expertise [2][3]. - The company aims to recruit talented individuals from various financial institutions to bolster its capabilities and coverage [2]. Group 2: Leadership and Strategy - Michael Watts, previously a Senior Vice President at East West Bank, has been appointed to lead the new fund finance vertical, which is expected to provide customized financing solutions to private equity firms [1][3]. - The expansion into fund finance is seen as a way to diversify Dime's business lines and enhance its competitive position in the market [3]. Group 3: Company Profile - Dime Community Bancshares, Inc. holds over $14 billion in assets and has the number one deposit market share among community banks in Greater Long Island [4].

Core Insights - Dime Community Bancshares, Inc. is focused on executing its growth plan and expanding its presence in the NYC metro area by hiring experienced professionals [1][2]. Group 1: Company Developments - Dime Community Bancshares has appointed Solomon Ponniah as Senior Vice President and Group Leader, who brings over 15 years of experience in Commercial Lending [1]. - Solomon Ponniah's previous role was Director of Business Banking at Popular Bank, indicating a strong background in the banking sector [1]. - The hiring aligns with Dime's goal of enhancing its commercial lending division and increasing its market presence in the NYC metro area [2]. Group 2: Company Profile - Dime Community Bancshares, Inc. is the parent company of Dime Community Bank, which has over $14 billion in assets [3]. - The bank holds the number one deposit market share among community banks in Greater Long Island, specifically in Kings, Queens, Nassau, and Suffolk counties [3].

Financial Data and Key Metrics Changes - Core deposits increased by $1.3 billion year-over-year, with deposit teams growing their portfolios to $1.9 billion [5][6] - Cost of deposits reduced to 2.09% in Q1 2025, while net interest margin (NIM) increased to approximately 2.9% for the fourth consecutive quarter [6][15] - Core pre-tax provision income rose to $46 million in Q1 2025 from $28 million a year ago, resulting in a core return on assets (ROA) of 77 basis points [10][14] - Adjusted EPS was $0.57 per share, reflecting a 36% linked-quarter increase and a 50% year-over-year increase [14] Business Line Data and Key Metrics Changes - Business loans grew by over $60 million in Q1 2025 and over $400 million year-over-year, with a loan pipeline currently at approximately $1.1 billion and an average yield of 7.22% [8][9] - Non-brokered deposits increased by approximately $65 million compared to year-end levels, with a core deposit growth of around $250 million when excluding title company-related deposits [16][36] Market Data and Key Metrics Changes - The company has a strong capital position, with a common equity Tier 1 ratio of 11.1% and a total capital ratio of 15.7% [18] - The company is managing expenses prudently, with core cash operating expenses for Q1 at $57.9 million, excluding non-core items [17] Company Strategy and Development Direction - The company plans to expand into the Lakewood, New Jersey market, indicating a strategic move to tap into new customer bases [12][85] - Hiring efforts are focused on both sides of the balance sheet, with a significant emphasis on growing business loans and core deposits [11][72] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about NIM improvement despite the uncertain rate environment, citing significant back book loan repricing opportunities [7][22] - The company expects net loans to remain relatively flat in Q2 2025, with growth anticipated in the latter half of the year [23][80] Other Important Information - The company has made several new hires to enhance its loan and deposit capabilities, with a focus on maintaining profitability and growth [11][72] - The company is cautious about the current economic environment, particularly regarding potential impacts from tariffs and competition [105][92] Q&A Session Summary Question: Inquiry about loan pipeline mix - The loan pipeline consists of approximately $350 million in commercial and industrial (C&I) loans, $185 million in owner-occupied commercial real estate (CRE), and $250 million in healthcare loans [31] Question: Update on deposit growth and costs - The cost of deposits is around 2.10%, with a healthy mix of demand deposits [34] Question: Credit front and reserve build guidance - The reserve build was less than expected, with a target provision of 90 basis points to 1% over time [40] Question: Cash balance and margin opportunities - The company is managing its cash balance strategically, aiming to maintain a balance between floating rate assets and cash [48] Question: Non-owner-occupied CRE uptick - The uptick was due to one specific credit exit, with no systemic issues identified [58] Question: Fee income guidance for the year - The fee income guidance remains at $40 million to $42 million for the full year [111]

Financial Data and Key Metrics Changes - Core deposits increased by $1.3 billion year-over-year [5] - Cost of deposits reduced to 2.09% in the first quarter [6] - Net Interest Margin (NIM) increased to 2.9%, marking the fourth consecutive quarter of growth [6][13] - Adjusted EPS was $0.57, representing a 36% linked quarter increase and a 50% year-over-year increase [13] Business Line Data and Key Metrics Changes - Business loans grew by over $60 million in the first quarter and over $400 million year-over-year [7] - Loan pipeline currently stands at approximately $1.1 billion with an average yield of 7.22% [8] - Core pre-tax provision income was $46 million in the first quarter compared to $28 million a year ago [9] Market Data and Key Metrics Changes - Non-brokered deposits increased by approximately $65 million at March 31 versus year-end levels [14] - Excluding title company deposits, non-brokered deposits grew by approximately $250 million this quarter [14] Company Strategy and Development Direction - The company plans to expand into the Lakewood, New Jersey marketplace [11] - Focus on growing business loans while reducing commercial real estate (CRE) concentration [7] - Hiring efforts are aimed at enhancing both sides of the balance sheet [10] Management's Comments on Operating Environment and Future Outlook - Management remains bullish on continued NIM improvement despite uncertain rate environment [6] - Expectation of margin expansion in the second half of 2025 due to significant back book loan repricing opportunities [17][18] - Anticipated loan growth to pick up in the latter half of 2025 [19] Other Important Information - Core cash operating expenses for the first quarter were $57.9 million, excluding intangible amortization [15] - Common equity Tier one ratio increased to 11.1% and total capital ratio grew to 15.7% [16] Q&A Session Summary Question: Inquiry about loan pipeline mix - The loan pipeline consists of approximately $350 million in commercial and industrial (C&I), $185 million in owner-occupied CRE, and $250 million in healthcare [25] Question: Update on deposit growth and costs - The cost of deposits is around $2.10, with a healthy mix of demand deposits [26] Question: Credit reserve build guidance - The medium to long-term target for reserves is between 90 basis points to 1% [32] Question: Cash balance and margin opportunities - The company is managing its balance sheet for the medium to long term, with plans to utilize cash as loan growth picks up [35] Question: Non-owner occupied commercial real estate uptick - The uptick was due to one specific credit exit, with no systemic issues expected [41] Question: Competition and pricing in the region - The pricing environment is rational, with some competitors moderating their deposit pricing [68] Question: Fee income guidance for the year - The fee income guidance remains at $40 million to $42 million for the full year [83]

Financial Performance - First quarter 2025 net income available to common stockholders was $19.6 million, or $0.45 per diluted common share, compared to a net loss of $22.2 million, or $(0.54) per diluted common share in the previous quarter[1]. - Adjusted net income available to common stockholders for Q1 2025 was $24.7 million, a 42% increase from the prior quarter and a 67% increase from Q1 2024[3]. - Non-interest income for Q1 2025 was $9.6 million, a significant recovery from a loss of $33.9 million in the previous quarter[20]. - Reported net income available to common stockholders for Q1 2025 was $19,636 thousand, a significant recovery from a loss of $22,234 thousand in Q4 2024[56]. - Adjusted net income available to common stockholders (non-GAAP) rose to $24,688 thousand for Q1 2025, up from $17,417 thousand in Q4 2024, representing a 42.0% increase[56]. Asset and Liability Management - Total assets as of March 31, 2025, were $14,097,682, a decrease of 1.77% from $14,353,258 on December 31, 2024[38]. - Total liabilities decreased to $12,685,669 as of March 31, 2025, down from $12,956,741 on December 31, 2024, a decline of 2.09%[38]. - Total stockholders' equity increased to $1,412,013 as of March 31, 2025, compared to $1,396,517 on December 31, 2024, reflecting a growth of 1.11%[38]. - The company reported a total asset value of $13,759,002[49]. Loan and Deposit Trends - Total deposits increased by $717.0 million year-over-year, with core deposits rising by $1.35 billion[7]. - Non-interest-bearing checking deposits decreased to $3,245,409 as of March 31, 2025, down from $3,355,829 on December 31, 2024, representing a decline of 3.27%[38]. - Business loans reached $2,788,848 as of March 31, 2025, up from $2,726,602 on December 31, 2024, marking a growth of 2.29%[38]. - The loan-to-deposit ratio at the end of Q1 2025 was 93.6%, up from 93.0% in Q4 2024[45]. Efficiency and Profitability Metrics - The efficiency ratio improved to 63.1% in Q1 2025, compared to 105.9% in the previous quarter[23]. - The adjusted return on average assets improved to 0.77% in Q1 2025, compared to 0.56% in Q4 2024[56]. - The efficiency ratio (non-GAAP) improved to 55.8% in Q1 2025 from 58.0% in Q4 2024, indicating enhanced operational efficiency[58]. - Cash dividends paid per common share remained stable at $0.25 for Q1 2025, consistent with Q4 2024[45]. Credit Quality and Risk Management - Non-performing loans increased to $58.0 million at March 31, 2025, compared to $49.5 million at December 31, 2024[25]. - The allowance for credit losses stood at $90,455 as of March 31, 2025, compared to $88,751 on December 31, 2024, indicating a slight increase in provisions[38]. - Net charge-offs (NCOs) for Q1 2025 were $7,058 thousand, down from $10,611 thousand in Q4 2024, reflecting a decrease of 33.5%[52]. - The company anticipates potential risks including changes in interest rates and competitive pressures that may affect future performance[36]. Market Position and Leadership - Dime Community Bancshares, Inc. has over $14 billion in assets and holds the number one deposit market share among community banks on Greater Long Island[34]. - The company hired several key executives to strengthen its leadership team and market presence, including Tom Geisel and Robert Rowe[7].

Core Financial Performance - The company reported net income available to common stockholders of $19.6 million for Q1 2025, a significant recovery from a net loss of $22.2 million in Q4 2024 and an increase from $15.9 million in Q1 2024 [1][3] - Adjusted net income available to common stockholders (non-GAAP) was $24.7 million for Q1 2025, reflecting a 42% increase from the previous quarter and a 67% increase year-over-year [3] - The net interest margin (NIM) expanded by 16 basis points to 2.95% in Q1 2025 compared to 2.79% in Q4 2024 [1][9] Revenue and Expenses - Net interest income for Q1 2025 was $94.2 million, up from $91.1 million in Q4 2024 and $71.5 million in Q1 2024 [6] - Non-interest income was $9.6 million in Q1 2025, a recovery from a loss of $33.9 million in Q4 2024 [20] - Total non-interest expense increased to $65.5 million in Q1 2025 from $60.6 million in Q4 2024, with adjusted non-interest expense at $58.0 million [21][22] Loan and Deposit Growth - Total deposits increased by $717.0 million year-over-year, with core deposits rising by $1.35 billion [8] - The company’s loan portfolio stood at $10.87 billion, with business loans at $2.79 billion and a weighted average rate of 6.55% [11][12] - Loan originations for Q1 2025 were $71.5 million, a decrease from $187.5 million in Q4 2024 [15] Capital and Credit Quality - Stockholders' equity increased to $1.41 billion at the end of Q1 2025, with a Common Equity Tier 1 Ratio of 11.12% [26][44] - Non-performing loans rose to $58.0 million, up from $49.5 million in Q4 2024, with a credit loss provision of $9.6 million recorded in Q1 2025 [25] Management and Strategic Initiatives - The company has made significant hires to strengthen its executive leadership team, including Tom Geisel and Robert Rowe [8] - The CEO highlighted the company's strong start to the year in recruiting and plans to continue adding talent to gain market share [4][8]

Core Points - Dime Community Bancshares, Inc. has announced plans to expand into Lakewood, New Jersey, with the Board of Directors approving this initiative [1] - A full-service, free-standing branch location has been identified, with construction expected in the second half of 2025 and a planned opening in early 2026 [2] - The expansion aims to strengthen Dime's commitment to the Orthodox Jewish community and support the growth of its Private and Commercial Bank services [3] - Dime Community Bancshares, Inc. holds over $14 billion in assets and has the highest deposit market share among community banks in Greater Long Island [3][4]