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 ...

Financial Data and Key Metrics Changes - The company reported its fourth-quarter earnings, with specific financial metrics to be discussed in detail during the call [5]. - Non-GAAP financial measures will be referenced as supplemental measures to assess operating performance, which are not intended to replace GAAP financial information [4]. Business Line Data and Key Metrics Changes - Specific details regarding the performance of various business lines will be provided by the management during the call [5]. Market Data and Key Metrics Changes - The company will discuss market conditions and relevant metrics affecting its performance in the upcoming segments of the call [5]. Company Strategy and Development Direction - The management will outline the company's strategic direction and competitive positioning within the industry during the presentation [5]. Management's Comments on Operating Environment and Future Outlook - Management will provide insights into the current operating environment and future outlook, including any challenges and opportunities [5]. Other Important Information - The call will include a question-and-answer session after the management's presentation, allowing for further clarification on discussed topics [5]. Q&A Session Summary Question: What are the expectations for future growth? - Management will address inquiries regarding growth expectations and strategic initiatives during the Q&A session [5].

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, ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of the company's financial performance, key operational achievements, and strategic initiatives during the quarter [Overall Financial Performance](index=1&type=section&id=Overall%20Financial%20Performance) Dime Community Bancshares, Inc. reported a net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for Q4 2024, a significant decline from prior periods. However, adjusted net income (non-GAAP) increased by 52% linked quarter and 16% year-over-year, reaching $17.4 million, or $0.42 per adjusted diluted common share, indicating improved underlying operational performance after accounting for one-time charges Net Income Available to Common Stockholders & EPS | Metric | Q4 2024 (millions) | Q3 2024 (millions) | Q4 2023 (millions) | FY 2024 (millions) | FY 2023 (millions) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Net Income (Loss) Available to Common Stockholders | $(22.2) | $11.5 | $14.5 | $21.8 | $88.8 | | Diluted EPS ($) | $(0.54) | $0.29 | $0.37 | $0.55 | $2.29 | | Adjusted Net Income (non-GAAP) | $17.4 (↑52% QoQ, ↑16% YoY) | $11.5 | $15.0 | $58.1 | $99.9 | | Adjusted EPS (non-GAAP) ($) | $0.42 (↑45% QoQ, ↑8% YoY) | $0.29 | $0.39 | $1.46 | $2.58 | - Fourth quarter 2024 results included significant pre-tax charges: **$42.8 million** loss-on-sale of securities, **$1.3 million** severance expense, and **$1.2 million** related to pension plan termination. Additionally, **$9.1 million** income tax expense was incurred from BOLI asset surrender[2](index=2&type=chunk) [Fourth Quarter 2024 Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Highlights) The fourth quarter of 2024 saw strong growth in deposits and capital ratios, alongside an expansion in net interest margin. The company successfully executed a common equity offering and repositioned its securities portfolio, contributing to a stronger balance sheet and enhanced earnings potential. The Bank also achieved an 'Outstanding' rating in its Community Reinvestment Act examination Key Financial and Operational Highlights (Q4 2024 vs. Q3 2024) | Metric | Q4 2024 | Q3 2024 | Change (QoQ) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | | Total deposits (millions) | ↑ $268.8 | | ↑ $268.8 | | Core deposits (excl. brokered & time) (millions) | ↑ $513.4 | | ↑ $513.4 | | Avg. non-interest-bearing deposits to avg. total deposits (%) | 30.0 | | Increase | | Cost of total deposits (basis points) | | | ↓ 37 | | Net Interest Margin (NIM) (%) | 2.79 | 2.50 | ↑ 29 basis points | | Loan to deposit ratio (%) | 93.0 | 95.4 | ↓ 2.4 percentage points | | Allowance for credit losses to total loans (%) | 0.82 | 0.78 | ↑ 4 basis points | | Common Equity Tier 1 Ratio (%) | 11.07 | | Increase | - The Bank received an **'Outstanding'** overall rating and **'Outstanding'** ratings on all individual components (Lending, Investment, and Service tests) for its Community Reinvestment Act examination[6](index=6&type=chunk) [Management's Discussion of Quarterly Operating Results](index=3&type=section&id=Management's%20Discussion%20of%20Quarterly%20Operating%20Results) This section analyzes the company's financial performance across key operational areas, including net interest income, loan portfolio, deposits, non-interest income and expense, income tax, credit quality, and capital management [Net Interest Income](index=3&type=section&id=Net%20Interest%20Income) Net interest income for Q4 2024 significantly increased to $91.1 million, driven by strong core deposit growth and proactive deposit rate management, leading to a 29 basis point expansion in Net Interest Margin (NIM) to 2.79%. The company anticipates further positive impact on NIM in 2025 from the securities repositioning completed in November Net Interest Income and NIM Trends | Metric | Q4 2024 (thousands) | Q3 2024 (thousands) | Q4 2023 (thousands) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | | Net interest income | $91,098 | $79,924 | $74,121 | | Purchase accounting amortization (accretion) on loans (PAA) | $(1,268) | $(266) | $(55) | | Adjusted net interest income excluding PAA (non-GAAP) | $89,830 | $79,658 | $74,066 | | Average interest-earning assets | $12,974,958 | $12,734,246 | $12,828,060 | | NIM (%) | 2.79 | 2.50 | 2.29 | | Adjusted NIM excluding PAA (non-GAAP) (%) | 2.75 | 2.49 | 2.29 | - Management expects the full quarter impact of the securities repositioning to positively benefit **NIM** in 2025[8](index=8&type=chunk) [Loan Portfolio](index=3&type=section&id=Loan%20Portfolio) The total loan portfolio's weighted average rate (WAR) decreased by 14 basis points to 5.26% at December 31, 2024, primarily due to floating rate loans adjusting lower following Federal Reserve rate cuts. Business loans showed an increase in balance, while multifamily residential and non-owner-occupied commercial real estate loans experienced slight declines Loans Held for Investment Balances and Weighted Average Rates (WAR) | Loan Category | Dec 31, 2024 Balance (thousands) | Dec 31, 2024 WAR (%) | Sep 30, 2024 Balance (thousands) | Sep 30, 2024 WAR (%) | Dec 31, 2023 Balance (thousands) | Dec 31, 2023 WAR (%) | | :------------------------------------------ | :------------------------------- | :------------------- | :------------------------------- | :------------------- | :------------------------------- | :------------------- | | Business loans | $2,726,602 | 6.56 | $2,653,624 | 6.82 | $2,310,379 | 6.81 | | One-to-four family residential | $952,195 | 4.72 | $934,209 | 4.65 | $889,236 | 4.47 | | Multifamily residential & residential mixed-use | $3,820,492 | 4.49 | $3,866,931 | 4.60 | $4,017,703 | 4.53 | | Non-owner-occupied commercial real estate | $3,231,398 | 5.13 | $3,281,923 | 5.25 | $3,381,842 | 5.19 | | Acquisition, development, and construction | $136,172 | 7.95 | $149,299 | 8.46 | $168,513 | 8.71 | | Total Loans held for investment | $10,871,943 | 5.26 | $10,892,044 | 5.40 | $10,773,428 | 5.29 | Loan Originations | Metric | Q4 2024 (millions) | Q3 2024 (millions) | Q4 2023 (millions) | | :---------------- | :----------------- | :----------------- | :----------------- | | Loan originations | $187.5 | $122.7 | $195.9 | [Deposits and Borrowed Funds](index=4&type=section&id=Deposits%20and%20Borrowed%20Funds) Total deposits increased to $11.69 billion at December 31, 2024, reflecting significant progress in re-creating a core-deposit funded balance sheet. This growth allowed for a substantial reduction in Federal Home Loan Bank (FHLB) advances and brokered deposits on a year-over-year basis Deposits and Borrowed Funds | Metric | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | | Total deposits (incl. mortgage escrow) | $11.69 billion | $11.42 billion | $10.53 billion | | Total Federal Home Loan Bank advances | $608.0 million | $508.0 million | $1.31 billion | - The company reduced FHLB advances by approximately **$700 million** and brokered deposits by approximately **$475 million** on a year-over-year basis in 2024, driven by strong growth in core business deposits[17](index=17&type=chunk) [Non-Interest Income](index=4&type=section&id=Non-Interest%20Income) Non-interest income recorded a loss of $33.9 million in Q4 2024, primarily due to a $42.8 million pre-tax loss on the sale of securities as part of a portfolio repositioning strategy. This contrasts with positive non-interest income in prior quarters Non-Interest Income (in millions) | Metric | Q4 2024 (millions) | Q3 2024 (millions) | Q4 2023 (millions) | | :------------------ | :----------------- | :----------------- | :----------------- | | Non-interest income | $(33.9) | $7.6 | $8.9 | | Pre-tax loss-on-sale of securities | $42.8 | — | — | [Non-Interest Expense](index=4&type=section&id=Non-Interest%20Expense) Total non-interest expense increased to $60.6 million in Q4 2024. However, adjusted non-interest expense remained relatively flat linked quarter at $57.7 million, aligning with previous guidance. The efficiency ratio significantly increased to 105.9% due to the non-interest income loss, but the adjusted efficiency ratio improved to 58.0% from 65.6% in the prior quarter Non-Interest Expense and Ratios | Metric | Q4 2024 (millions) | Q3 2024 (millions) | Q4 2023 (millions) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | | Total non-interest expense | $60.6 | $57.7 | $53.9 | | Adjusted non-interest expense (non-GAAP) | $57.7 | $57.4 | $52.6 | | Non-interest expense to average assets (%) | 1.76 | 1.71 | 1.58 | | Adjusted non-interest expense to average assets (non-GAAP) (%) | 1.68 | 1.70 | 1.54 | | Efficiency ratio (%) | 105.9 | 65.9 | 65.0 | | Adjusted efficiency ratio (non-GAAP) (%) | 58.0 | 65.6 | 63.6 | [Income Tax Expense](index=4&type=section&id=Income%20Tax%20Expense) Income tax expense for Q4 2024 was $3.3 million, which included a $9.1 million expense related to the taxable gain and Modified Endowment Contract Tax (MEC Tax) on the surrender of legacy Bank Owned Life Insurance (BOLI) assets. Excluding this BOLI impact, the effective tax rate for the quarter was a benefit of 33.5% Income Tax Expense and Effective Tax Rate | Metric | Q4 2024 (millions) | Q3 2024 (millions) | Q4 2023 (millions) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | | Income tax expense | $3.3 | $4.9 | $9.0 | | Income tax expense from BOLI surrender | $9.1 | — | — | | Effective tax rate (excl. BOLI surrender) (%) | (33.5) benefit | | | | Reported effective tax rate (%) | (19.44) | 26.87 | 35.62 | [Credit Quality](index=4&type=section&id=Credit%20Quality) Non-performing loans remained stable quarter-over-quarter at $49.5 million but increased significantly year-over-year. The provision for credit losses also increased to $13.7 million in Q4 2024, reflecting a more conservative stance on potential credit risks Credit Quality Metrics | Metric | Dec 31, 2024 (millions) | Sep 30, 2024 (millions) | Dec 31, 2023 (millions) | | :----------------------------------------- | :---------------------- | :---------------------- | :---------------------- | | Non-performing loans (NPLs) | $49.5 | $49.5 | $29.1 | | Credit loss provision | $13.7 | $11.6 | $3.7 | | NPLs / Total assets (%) | 0.34 | 0.36 | 0.21 | | Net charge-offs (NCOs) (thousands) | $10,611 | $4,199 | $4,555 | | NCOs / Average loans (%) | 0.39 | 0.15 | 0.17 | [Capital Management](index=4&type=section&id=Capital%20Management) Stockholders' equity increased by $170.3 million to $1.40 billion at December 31, 2024, primarily due to retained earnings and $135.8 million in net proceeds from a common equity offering. All risk-based regulatory capital ratios improved in Q4 2024 and remain in excess of regulatory requirements, positioning the company with 'best-in-class' capital ratios among its peers Capital Metrics | Metric | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | | Stockholders' equity (billions) | $1.40 | $1.26 | $1.23 | | Net proceeds from common equity offering (millions) | $135.8 | | | | Common Equity Tier 1 Ratio (%) | 11.07 | 10.16 | 9.84 | | Tier 1 risk-based capital ratio (%) | 12.17 | 11.28 | 10.94 | | Total risk-based capital ratio (%) | 15.65 | 14.76 | 13.54 | | Tier 1 leverage ratio (%) | 9.39 | 8.76 | 8.51 | | Book value per common share ($) | $29.34 | $29.31 | $28.58 | | Tangible common book value per share (non-GAAP) ($) | $25.68 | $25.22 | $24.44 | | Dividends per common share ($) | $0.25 | $0.25 | $0.25 | [Company Information](index=6&type=section&id=Company%20Information) This section provides details regarding the company's earnings call, corporate profile, forward-looking statement disclaimers, and investor contact information [Earnings Call Information](index=6&type=section&id=Earnings%20Call%20Information) Dime Community Bancshares, Inc. scheduled a conference call for January 23, 2025, at 8:30 a.m. ET to discuss its fourth quarter 2024 financial performance. Participants can access the call via webcast or telephone, with a replay available on-demand for 12 months - Conference call scheduled for **January 23, 2025**, at **8:30 a.m. ET**, with webcast and telephone access available[27](index=27&type=chunk)[28](index=28&type=chunk) - A replay of the conference call and webcast will be available on-demand for **12 months**[29](index=29&type=chunk) [About Dime Community Bancshares, Inc.](index=6&type=section&id=About%20Dime%20Community%20Bancshares%2C%20Inc.) Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14.4 billion in assets. It holds the leading deposit market share among community banks on Greater Long Island - **Dime Community Bancshares, Inc.** is the holding company for **Dime Community Bank**[30](index=30&type=chunk) - Dime Community Bank has over **$14.4 billion** in assets[30](index=30&type=chunk) - The Bank holds the **number one deposit market share** among community banks on **Greater Long Island** (Kings, Queens, Nassau & Suffolk counties for banks with less than $20 billion in assets)[30](index=30&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements, which are based on management's assumptions and perceptions of future developments. These statements are not guarantees of future performance and are subject to various risks, uncertainties, and factors beyond the Company's control that could cause actual results to differ materially. Investors are cautioned not to place undue reliance on such statements and are advised to refer to the Company's SEC filings for a discussion of risks - Statements identified by words such as **'anticipate,' 'believe,' 'expect,' 'intend,' 'may,' 'plan,' 'should,' 'will'**, and similar terms are forward-looking[31](index=31&type=chunk) - Forward-looking statements are based on management's assumptions and are **not guarantees of future performance**, subject to **risks and uncertainties**[32](index=32&type=chunk) - Factors affecting results include **competitive pressure, interest rate changes, deposit flows, loan demand, real estate values, credit quality, accounting changes, tax laws, socio-economic conditions, regulatory changes, technological changes, and litigation**[32](index=32&type=chunk)[33](index=33&type=chunk) [Contact Information](index=8&type=section&id=Contact%20Information) Contact information for investor relations is provided for Avinash Reddy, Senior Executive Vice President – Chief Financial Officer - Contact: **Avinash Reddy**, **Senior Executive Vice President – Chief Financial Officer**, **718-782-6200 extension 5909**[34](index=34&type=chunk) [Financial Statements & Reconciliations](index=9&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section presents the company's unaudited consolidated financial statements, including the balance sheet, income statement, selected financial highlights, average balances, non-performing assets, and non-GAAP reconciliations [Unaudited Consolidated Statements of Financial Condition](index=9&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Financial%20Condition) The consolidated balance sheet shows total assets increased to $14.35 billion at December 31, 2024, from $13.75 billion at September 30, 2024. This growth was primarily driven by an increase in cash and due from banks, while total loans held for investment remained relatively stable. Total liabilities also increased, with deposits showing growth, and stockholders' equity saw a notable increase Key Balance Sheet Items (in thousands) | Metric | Dec 31, 2024 (thousands) | Sep 30, 2024 (thousands) | Dec 31, 2023 (thousands) | | :----------------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Total assets | $14,353,258 | $13,746,529 | $13,636,005 | | Cash and due from banks | $1,283,571 | $626,056 | $457,547 | | Loans held for investment, net | $10,783,192 | $10,806,823 | $10,701,685 | | Total liabilities | $12,956,741 | $12,482,600 | $12,409,780 | | Deposits (excluding mortgage escrow) | $11,631,420 | $11,329,472 | $10,469,398 | | FHLBNY advances | $608,000 | $508,000 | $1,313,000 | | Total stockholders' equity | $1,396,517 | $1,263,929 | $1,226,225 | [Unaudited Consolidated Statements of Operations](index=10&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) The consolidated income statement for Q4 2024 shows a net loss of $20.4 million, primarily influenced by a significant net loss on sale of securities and increased provision for credit losses. Despite this, net interest income improved quarter-over-quarter, driven by higher interest income and lower interest expense on deposits Key Income Statement Items (in thousands) | Metric | Q4 2024 (thousands) | Q3 2024 (thousands) | Q4 2023 (thousands) | FY 2024 (thousands) | FY 2023 (thousands) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Total interest income | $165,483 | $164,239 | $158,756 | $650,149 | $609,360 | | Total interest expense | $74,385 | $84,315 | $84,635 | $332,095 | $292,789 | | Net interest income | $91,098 | $79,924 | $74,121 | $318,054 | $316,571 | | Provision for credit losses | $13,715 | $11,603 | $3,720 | $36,113 | $2,770 | | Total non-interest (loss) income | $(33,861) | $7,631 | $8,872 | $(3,955) | $36,206 | | Total non-interest expense | $60,613 | $57,729 | $53,944 | $226,547 | $213,128 | | Net (loss) income | $(20,413) | $13,327 | $16,308 | $29,084 | $96,094 | | Net (loss) income available to common stockholders | $(22,234) | $11,505 | $14,487 | $21,798 | $88,808 | [Unaudited Selected Financial Highlights](index=11&type=section&id=Unaudited%20Selected%20Financial%20Highlights) This section provides a summary of key per share data, performance ratios, and balance sheet data. It highlights the reported diluted EPS of $(0.54) for Q4 2024, a negative return on average assets and equity, but also an improved net interest margin and capital ratios. The loan-to-deposit ratio declined, indicating improved liquidity Per Share Data | Metric | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | FY 2024 | FY 2023 | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Reported EPS (Diluted) ($) | $(0.54) | $0.29 | $0.37 | $0.55 | $2.29 | | Cash dividends paid per common share ($) | $0.25 | $0.25 | $0.25 | $1.00 | $0.99 | | Book value per common share ($) | $29.34 | $29.31 | $28.58 | $29.34 | $28.58 | | Tangible common book value per share (non-GAAP) ($) | $25.68 | $25.22 | $24.44 | $25.68 | $24.44 | | Common shares outstanding (thousands) | 43,622 | 39,152 | 38,823 | 43,622 | 38,823 | Performance Ratios | Metric | Q4 2024 (%) | Q3 2024 (%) | Q4 2023 (%) | FY 2024 (%) | FY 2023 (%) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Return on average assets | (0.59) | 0.39 | 0.48 | 0.21 | 0.71 | | Return on average equity | (6.02) | 4.19 | 5.32 | 2.27 | 7.91 | | Net interest margin | 2.79 | 2.50 | 2.29 | 2.48 | 2.46 | | Efficiency ratio | 105.9 | 65.9 | 65.0 | 72.1 | 60.4 | | Effective tax rate | (19.44) | 26.87 | 35.62 | 43.46 | 29.80 | Capital Ratios and Reserves - Consolidated (Preliminary for Dec 31, 2024) | Metric | Dec 31, 2024 (%) | Sep 30, 2024 (%) | Dec 31, 2023 (%) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | | Tangible common equity to tangible assets (non-GAAP) | 7.89 | 7.27 | 7.04 | | Tier 1 common equity ratio | 11.07 | 10.16 | 9.84 | | Total risk-based capital ratio | 15.65 | 14.76 | 13.54 | | Allowance for credit losses/Total loans | 0.82 | 0.78 | 0.67 | [Unaudited Average Balances and Net Interest Income](index=12&type=section&id=Unaudited%20Average%20Balances%20and%20Net%20Interest%20Income) This schedule provides a detailed breakdown of average interest-earning assets and interest-bearing liabilities, along with their corresponding interest income/expense and yields/costs. It shows an increase in average interest-earning assets and a decrease in the cost of total interest-bearing deposits, contributing to the expanded net interest margin Average Balances and Yields/Costs (Q4 2024) | Category | Average Balance (Q4 2024, thousands) | Interest (Q4 2024, thousands) | Yield/Cost (Q4 2024, %) | | :----------------------------------------- | :----------------------------------- | :---------------------------- | :---------------------- | | Total interest earning assets | $12,974,958 | $165,483 | 5.07 | | Business loans | $2,681,953 | $46,791 | 6.94 | | Multifamily residential & residential mixed-use | $3,848,579 | $44,152 | 4.56 | | Total interest bearing deposits | $7,914,163 | $64,773 | 3.26 | | Money market | $3,968,793 | $33,695 | 3.38 | | FHLBNY advances | $509,630 | $4,241 | 3.31 | | Net interest income | | $91,098 | | | Net interest margin (%) | | | 2.79 | [Unaudited Schedule of Non-Performing Assets](index=14&type=section&id=Unaudited%20Schedule%20of%20Non-Performing%20Assets) The schedule details non-performing loans (NPLs) and non-performing assets (NPAs). Total NPLs remained stable quarter-over-quarter at $49.5 million but increased significantly from $29.1 million year-over-year. Non-owner-occupied commercial real estate NPLs saw a notable increase Non-Performing Assets (in thousands) | Metric | Dec 31, 2024 (thousands) | Sep 30, 2024 (thousands) | Dec 31, 2023 (thousands) | | :----------------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Business loans NPLs | $22,624 | $25,411 | $18,574 | | Non-owner-occupied commercial real estate NPLs | $22,960 | $19,509 | $6,620 | | Total Non-accrual loans | $49,479 | $49,463 | $29,099 | | Total Non-performing assets (NPAs) | $49,479 | $49,463 | $29,099 | | NPAs and 90+ Delinquent / Total assets (%) | 0.34 | 0.36 | 0.21 | [Non-GAAP Reconciliation](index=15&type=section&id=Non-GAAP%20Reconciliation) This section provides reconciliations of GAAP to non-GAAP financial measures, which management believes offer a clearer understanding of the Company's operating results by excluding certain non-recurring or non-operational items. Key adjustments include fair value changes, loss/gain on asset sales, severance, FDIC special assessment, pension settlement loss, and BOLI tax adjustments. These adjustments significantly improve reported net income and efficiency ratios - Non-GAAP measures exclude pre-tax income/expenses from **fair value changes, asset sales, severance, FDIC special assessment, debt extinguishment loss, and pension settlement loss**, and include **BOLI tax adjustments**[53](index=53&type=chunk) Reconciliation of Reported and Adjusted Net (Loss) Income Available to Common Stockholders (in thousands) | Metric | Q4 2024 (thousands) | Q3 2024 (thousands) | Q4 2023 (thousands) | FY 2024 (thousands) | FY 2023 (thousands) | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Reported net (loss) income available to common stockholders | $(22,234) | $11,505 | $14,487 | $21,798 | $88,808 | | Adjustments (pre-tax) | $42,256 (Net loss on sale of securities and other assets) + $1,254 (Severance) + $126 (FDIC special assessment) + $1,215 (Pension settlement loss) | $(2) (Net loss on sale of securities and other assets) + $1 (Loss on extinguishment of debt) | $25 (Severance) + $999 (FDIC special assessment) | $35,591 (Net loss on sale of securities and other assets) + $1,296 (Severance) + $126 (FDIC special assessment) + $454 (Loss on extinguishment of debt) + $1,215 (Pension settlement loss) | $1,469 (Net loss on sale of securities and other assets) + $9,093 (Severance) + $999 (FDIC special assessment) | | BOLI tax adjustment | $9,073 | — | — | $9,073 | — | | Adjusted net income available to common stockholders (non-GAAP) | $17,417 | $11,478 | $14,982 | $58,073 | $99,934 | Adjusted Ratios (non-GAAP) | Metric | Q4 2024 | Q3 2024 | Q4 2023 | FY 2024 | FY 2023 | | :----------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | :------------------ | | Adjusted EPS (Diluted) ($) | $0.42 | $0.29 | $0.39 | $1.46 | $2.58 | | Adjusted return on average assets (%) | 0.56 | 0.39 | 0.49 | 0.48 | 0.79 | | Adjusted efficiency ratio (%) | 58.0 | 65.6 | 63.6 | 63.4 | 56.8 |

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, N.Y., Jan. 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 n ...

Wall Street analysts forecast that Dime Community (DCOM) will report quarterly earnings of $0.43 per share in its upcoming release, pointing to a year-over-year increase of 10.3%. It is anticipated that revenues will amount to $96.71 million, exhibiting an increase of 16.5% compared to the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timefram ...