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Dime(DCOM) - 2025 Q1 - Quarterly Results
DCOMDime(DCOM)2025-04-22 11:15
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Financial Performance - First quarter 2025 net income available to common stockholders was 19.6million,or19.6 million, or 0.45 per diluted common share, compared to a net loss of 22.2million,or22.2 million, or (0.54) per diluted common share in the previous quarter[1]. - Adjusted net income available to common stockholders for Q1 2025 was 24.7million,a4224.7 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 33.9millioninthepreviousquarter[20].−ReportednetincomeavailabletocommonstockholdersforQ12025was33.9 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 22,234thousandinQ42024[56].−Adjustednetincomeavailabletocommonstockholders(non−GAAP)roseto22,234 thousand in Q4 2024[56]. - Adjusted net income available to common stockholders (non-GAAP) rose to 24,688 thousand for Q1 2025, up from 17,417thousandinQ42024,representinga42.017,417 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 14,353,258onDecember31,2024[38].−Totalliabilitiesdecreasedto14,353,258 on December 31, 2024[38]. - Total liabilities decreased to 12,685,669 as of March 31, 2025, down from 12,956,741onDecember31,2024,adeclineof2.0912,956,741 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 1,396,517onDecember31,2024,reflectingagrowthof1.111,396,517 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 717.0millionyear−over−year,withcoredepositsrisingby717.0 million year-over-year, with core deposits rising by 1.35 billion[7]. - Non-interest-bearing checking deposits decreased to 3,245,409asofMarch31,2025,downfrom3,245,409 as of March 31, 2025, down from 3,355,829 on December 31, 2024, representing a decline of 3.27%[38]. - Business loans reached 2,788,848asofMarch31,2025,upfrom2,788,848 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 0.25forQ12025,consistentwithQ42024[45].CreditQualityandRiskManagement−Non−performingloansincreasedto0.25 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 49.5millionatDecember31,2024[25].−Theallowanceforcreditlossesstoodat49.5 million at December 31, 2024[25]. - The allowance for credit losses stood at 90,455 as of March 31, 2025, compared to 88,751onDecember31,2024,indicatingaslightincreaseinprovisions[38].−Netcharge−offs(NCOs)forQ12025were88,751 on December 31, 2024, indicating a slight increase in provisions[38]. - Net charge-offs (NCOs) for Q1 2025 were 7,058 thousand, down from 10,611thousandinQ42024,reflectingadecreaseof33.510,611 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].