Core Insights - Dime Community Bancshares, Inc. has appointed Thomas X. Geisel as Senior Executive Vice President of Commercial Lending to enhance its commercial lending business [1][2] - The company has experienced significant growth in core deposits and business loans over the past two years, leveraging market disruptions and talent acquisition [2] - 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] Company Strategy - The recruitment of Mr. Geisel is seen as a strategic move to execute the company's business plan and further its mission of becoming the best business bank in New York [2] - Mr. Geisel brings over twenty years of leadership experience in growing regional banks, including a successful tenure at Sterling National Bank, which grew into a $30 billion institution [2] Market Position - Dime Community Bank is recognized as a New York State-chartered trust company with a strong balance sheet and capital strength, providing a solid foundation for commercial banking [2][3] - The company has a significant presence in the New York Metropolitan market, which is expected to benefit from Mr. Geisel's expertise and reputation [2]

Group 1 - Dime Community Bancshares, Inc. announced the appointment of Thomas X. Geisel as Senior Executive Vice President of Commercial Lending to enhance its commercial lending business [1][2] - The company has successfully grown core deposits and business loans over the past two years, leveraging market disruptions and talent acquisition [2] - Geisel has a strong background in financial services, having previously led the growth of Sterling National Bank into a $30 billion institution and held leadership roles at Webster Bank and Sun Bancorp [2] Group 2 - Dime Community Bancshares, Inc. operates 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] - The bank's aggregate deposit market share includes Kings, Queens, Nassau, and Suffolk counties for community banks with less than $20 billion in assets [3]

Financial Performance - Net income for 2024 was $29.1 million, a significant decrease from $96.1 million in 2023 and $152.6 million in 2022[160]. - Non-interest income decreased by $40.2 million in 2024, while provision for credit losses increased by $33.3 million and non-interest expense rose by $13.4 million[160]. - Net interest income increased by $1.5 million in 2024, contrasting with a decrease of $63.3 million in 2023[160]. - Non-interest income recorded a loss of $4.0 million in 2024, a decrease of $40.2 million from 2023, mainly due to a $41.4 million net loss on the sale of securities[172]. - Net income for 2023 was $96,094,000, a significant decrease of 37% compared to $152,556,000 in 2022[280]. - Total comprehensive income for 2023 was $75,645,000, compared to $98,894,000 in 2022, indicating a decrease of 24%[280]. - Net income for 2024 was $29,084 thousand, a decrease of 69.8% compared to $96,094 thousand in 2023 and a decrease of 81.0% from $152,556 thousand in 2022[286]. Credit Losses and Risk Management - The allowance for credit losses is established through a provision based on expected losses inherent in the loan portfolio, with management evaluating its adequacy quarterly[151]. - If the four-quarter national unemployment rate forecast had increased by 100 basis points, the quantitative allowance for credit losses (ACL) reserve would have increased by 11.8%[154]. - Management's estimates regarding credit losses are subject to significant judgment and may result in material changes to the allowance based on economic conditions[155]. - Regulatory agencies periodically review the allowance for credit losses and may require adjustments based on their assessments[159]. - Provision for credit losses was $36.1 million in 2024, significantly higher than $2.8 million in 2023, reflecting additional provisioning for multifamily, C&I, and criticized loan portfolios[171]. - The provision for credit losses increased to $36,113,000 in 2023 from $2,770,000 in 2022, marking a significant rise[278]. - The allowance for credit losses to total loans ratio rose to 0.82% at December 31, 2024, from 0.67% at December 31, 2023, indicating a more conservative approach to credit risk management[228]. - Non-accrual loans totaled $49.5 million at December 31, 2024, up from $29.1 million at December 31, 2023, indicating a significant increase in loan delinquencies[215]. - Loans delinquent between 60 to 89 days surged to $31.3 million at December 31, 2024, compared to only $1.3 million at December 31, 2023, reflecting a concerning trend in credit quality[222]. Interest Income and Expenses - Net interest income for 2024 was $318.1 million, slightly up from $316.6 million in 2023, but down from $379.9 million in 2022[167]. - Interest income increased to $650.1 million in 2024, up $40.7 million from 2023, driven by a $254.5 million increase in average business loan balances and a 45-basis point increase in yield[168]. - Interest expense rose to $332.1 million in 2024, an increase of $39.3 million from 2023, primarily due to a $767.4 million increase in average balances of money market accounts and a 77-basis point increase in rates[170]. - The weighted average yield of securities available-for-sale was 3.99% as of December 31, 2024, reflecting the company's investment strategy in a changing interest rate environment[230]. Assets and Liabilities - Total assets were $13.62 billion in 2024, slightly down from $13.63 billion in 2023[1]. - Total assets reached $14.35 billion at December 31, 2024, an increase of $717.3 million from the previous year, driven by a $826.0 million increase in cash and due from banks[177]. - Total liabilities increased to $12.96 billion at December 31, 2024, up $547.0 million, mainly due to a $1.16 billion increase in deposits[182]. - Total loans outstanding at the end of the period were $10.87 billion as of December 31, 2024, compared to $10.77 billion at December 31, 2023[228]. Deposits and Funding - Total deposits increased by $1.16 billion during the year ended December 31, 2024, compared to an increase of $276.2 million during the year ended December 31, 2023[245]. - Core deposits increased by $1.74 billion during the year ended December 31, 2024, while they decreased by $216.1 million during the year ended December 31, 2023[245]. - Brokered deposits decreased to $422.8 million at December 31, 2024, from $898.7 million at December 31, 2023[237]. - The weighted average interest rate on total deposits decreased to 2.09% at December 31, 2024, from 2.56% at December 31, 2023[234]. Equity and Stockholder Information - Stockholders' equity increased to $1.28 billion in 2024 from $1.22 billion in 2023[1]. - The ending balance of stockholders' equity as of December 31, 2024, was $1,396,517 thousand, an increase from $1,226,225 thousand in 2023[284]. - Cash dividends paid to common stockholders in 2024 totaled $38,036 thousand, compared to $37,302 thousand in 2023 and $36,791 thousand in 2022, reflecting a consistent dividend policy[286]. Loan Portfolio and Underwriting Standards - The loan portfolio composition showed business loans at $2.73 billion (25.1% of total loans) as of December 31, 2024, up from $2.31 billion (21.4%) in 2023[186]. - The Bank's underwriting standards for multifamily residential loans require a maximum loan-to-value ratio of 75% and a minimum debt service ratio of 1.20x[315]. - Non-owner-occupied commercial real estate loans also have a maximum loan-to-value ratio of 75% and require a minimum debt service ratio of 1.25x[316]. - The maximum loan-to-value ratio for land acquisition loans is set at 50% of the appraised value of the property[317]. Operational and Compliance Information - The company’s consolidated financial statements are prepared in accordance with U.S. GAAP, ensuring compliance and accuracy in financial reporting[293]. - The Company has established a Credit Risk Management Committee that meets quarterly to review lending exposures and emerging trends[196]. - The Company employs heightened risk management practices, including strategic planning and portfolio management, to address risks associated with its lending activities[194].

Dime Community (DCOM) closed the last trading session at $32.01, gaining 4.9% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $41 indicates a 28.1% upside potential.The average comprises five short-term price targets ranging from a low of $38 to a high of $44, with a standard deviation of $2.24. While the lowest estimate indicates an increase of 18.7% from the current price level, ...

Dime Community (DCOM) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individual investors often f ...

Dime Community Bancshares (NASDAQ: DCOM ), a regional bank headquartered in New York state, is one of the few banks in the stock market that offers both a preferred share (NASDAQ: DCOMP ) and baby bond (About My Writing: I am currently focused on income investing through either common shares, preferred shares, or bonds. I will occasionally break away and write about the economy at large or a special situation involving a company I've been researching in. I target two articles per week for publication on Mon ...

HAUPPAUGE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ:DCOM) (the "Company" or "Dime"), the parent company of Dime Community Bank (the "Bank") today announced that it will continue its role as a partner with Island Harvest for the 4th 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 comp ...

Dime Community Bancshares, Inc. (NASDAQ:DCOM) Q4 2024 Earnings Conference Call January 23, 2025 8:30 AM ET Company Participants Stuart Lubow - President & Chief Executive Officer Avi Reddy - Chief Financial Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Steve Moss - Raymond James Chris O'Connell - KBW Manuel Navas - D.A. Davidson Matthew Breese - Stephens Inc. Operator Good day. Thank you for standing by. Welcome to Dime Community Bancshares Inc. Fourth Quarter Earnings Conference Call ...

Dime Community (DCOM) came out with quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.33%. A quarter ago, it was expected that this bank holding company would post earnings of $0.41 per share when it actually produced earnings of $0.29, delivering a surprise of -29.27%.Over the last four quarters, ...

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 ...