Dime(DCOM) - 2025 Q1 - Quarterly Report

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$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].