Dime(US:DCOM)2025-10-23 10:45Financial Performance - Net income available to common stockholders for Q3 2025 was $25.8 million, or $0.59 per diluted share, compared to $11.5 million, or $0.29 per diluted share in Q3 2024, representing a 103% year-over-year increase in earnings per share [2][3]. - Adjusted net income for Q3 2025 was $26.6 million, with adjusted EPS of $0.61, compared to $11.5 million and $0.29 per share in Q3 2024 [3]. - Non-interest income for Q3 2025 was $12.2 million, compared to $7.6 million in Q3 2024, reflecting a strong increase [16]. - Net income for the three months ended September 30, 2025, was $27,671,000, a decrease from $29,697,000 in the same period of 2024, representing a decline of 6.8% [35]. - The diluted earnings per share (EPS) for the three months ended September 30, 2025, was $0.59, compared to $0.64 for the same period in 2024, reflecting a decrease of 7.8% [37]. - Adjusted net income available to common stockholders (non-GAAP) for Q3 2025 was $26,588,000, reflecting a slight decrease from $27,863,000 in Q2 2025 [48]. - Adjusted EPS (Diluted) for Q3 2025 was $0.61, down from $0.64 in Q2 2025 and up from $0.29 in Q3 2024 [48]. Asset and Liability Management - Total assets as of September 30, 2025, reached $14,538,943, an increase from $14,207,935 as of June 30, 2025, representing a growth of approximately 2.33% [32]. - Total liabilities rose to $13,086,601 as of September 30, 2025, compared to $12,776,929 as of June 30, 2025, an increase of approximately 2.43% [32]. - Stockholders' equity increased to $1.45 billion at the end of Q3 2025, with a book value per common share of $30.44 [23][24]. - Total interest-earning assets increased to $13,638,036, generating net interest income of $103,399, representing a net interest margin of 3.01% [41]. - Cash and due from banks increased to $1,715,044 as of September 30, 2025, up from $1,156,754 as of June 30, 2025, reflecting a significant growth of about 48.36% [32]. - The total amount of securities available-for-sale at fair value decreased to $662,667 as of September 30, 2025, from $703,461 as of June 30, 2025, a decline of approximately 5.79% [32]. Loan and Deposit Growth - Total deposits increased by $644.3 million year-over-year, reaching $12.06 billion at the end of Q3 2025 [14]. - Core deposits rose by $971.9 million year-over-year, with average non-interest-bearing deposits to average total deposits increasing to 29.9% [7]. - Business loans grew by $160.5 million quarter-over-quarter and $409.1 million year-over-year, totaling $3.06 billion at the end of Q3 2025 [7][10]. - Business loans increased to $3,062,674 as of September 30, 2025, from $2,902,170 as of June 30, 2025, showing a growth of about 5.52% [32]. - Non-interest-bearing checking deposits increased to $3,597,682 as of September 30, 2025, up from $3,432,667 as of June 30, 2025, reflecting a growth of approximately 4.81% [32]. Efficiency and Cost Management - The efficiency ratio improved to 53.8% in Q3 2025, down from 65.9% in Q3 2024, indicating better cost management [20]. - Total non-interest expense for the three months ended September 30, 2025, was $62,224,000, an increase from $57,729,000 in the same period of 2024, reflecting an increase of 7.2% [35]. - Adjusted efficiency ratio (non-GAAP) for Q3 2025 was 53.1%, an improvement from 54.7% in Q2 2025 and 65.6% in Q3 2024 [50]. Credit Quality and Provisions - A credit loss provision of $13.3 million was recorded in Q3 2025, up from $11.6 million in Q3 2024, indicating a cautious approach to credit quality [22]. - The provision for credit losses for the three months ended September 30, 2025, was $13,294,000, compared to $11,603,000 for the same period in 2024, indicating an increase of 14.6% [35]. - Non-performing loans (NPLs) rose to $72,054, with a ratio of NPAs and 90+ Delinquent to total assets at 0.50% [44]. - The allowance for credit losses stood at $94,061 as of September 30, 2025, compared to $93,189 as of June 30, 2025, indicating a slight increase of about 0.94% [32]. Interest Income and Margin - Net interest income for Q3 2025 was $103.4 million, up from $79.9 million in Q3 2024, with a net interest margin of 3.01%, an increase from 2.50% in Q3 2024 [8]. - Total interest income for the three months ended September 30, 2025, was $175,543,000, an increase from $164,239,000 for the same period in 2024, representing a growth of 6.5% [35]. - Net interest income after provision for credit losses for the three months ended September 30, 2025, was $90,105,000, compared to $68,321,000 for the same period in 2024, reflecting a significant increase of 32.0% [35]. - The company reported a net interest rate spread of 2.00% [41].