Dime(US:DCOM)2025-04-22 11:15Financial 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].