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ff

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-34096

DIME COMMUNITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

N/A

(Former name or former address, if changed since last report)

New York

    

11-2934195

(State or other jurisdiction of incorporation or organization)

(I.R.S. employer identification number)

898 Veterans Memorial Highway, Suite 560, Hauppauge, NY

11788

 (Address of principal executive offices)

(Zip Code)

(631) 537-1000

(Registrant’s telephone number, including area code)

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 Par Value

DCOM

The NASDAQ Stock Market

Preferred Stock, Series A, $0.01 Par Value

DCOMP

The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all the reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer" "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES   NO

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Classes of Common Stock

Number of shares outstanding at April 30, 2024

$0.01 Par Value

38,970,051

PART I – FINANCIAL INFORMATION

Page

Item 1.

Unaudited Condensed Consolidated Financial Statements

Consolidated Statements of Financial Condition at March 31, 2024 and December 31, 2023

4

Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023

5

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023

6

Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023

7

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

8

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

49

Item 4.

Controls and Procedures

51

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

52

Item 3.

Defaults Upon Senior Securities

52

Item 4.

Mine Safety Disclosures

52

Item 5.

Other Information

52

Item 6.

Exhibits

53

Signatures

54

2

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by Dime Community Bancshares, Inc. (together with its direct and indirect subsidiaries, the “Company”), in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual conditions or results to differ materially from those expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. These factors include, without limitation, the following:

increases in competitive pressure among financial institutions or from non-financial institutions;
inflation and fluctuation in market interest rates, which may affect demand for our products, interest margins and the fair value of financial instruments;
changes in deposit flows or composition, loan demand or real estate values;
changes in the quality and composition of our loan or investment portfolios or unanticipated or significant increases in loan losses;
changes in accounting principles, policies or guidelines;
changes in corporate and/or individual income tax laws or policies;
general socio-economic conditions, including conditions caused by COVID-19 pandemic, other public health emergencies, international conflict, inflation and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry;
legislative, regulatory or policy changes;
technological changes;
breaches or failures of the Company’s information technology security systems;
difficulties or unanticipated expenses incurred in the consummation of new business initiatives or the integration of any acquired entities;
litigation or matters before regulatory agencies; and
the risks referred to in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.

3

Item 1.   Condensed Consolidated Financial Statements

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(Dollars in thousands except share amounts)

March 31, 

December 31, 

    

2024

    

2023

Assets:

 

 

  

Cash and due from banks

$

370,852

$

457,547

Securities available-for-sale, at fair value

859,216

886,240

Securities held-to-maturity

589,331

594,639

Loans held for sale

 

8,973

 

10,159

Loans held for investment, net of fees and costs

10,764,583

10,773,428

Allowance for credit losses

 

(76,068)

 

(71,743)

Total loans held for investment, net

 

10,688,515

 

10,701,685

Premises and fixed assets, net

 

44,501

 

44,868

Premises held for sale

905

Restricted stock

 

74,346

 

98,750

Bank Owned Life Insurance ("BOLI")

 

352,277

 

349,816

Goodwill

 

155,797

 

155,797

Other intangible assets

4,753

5,059

Operating lease assets

 

51,988

 

52,729

Derivative assets

135,162

122,132

Accrued interest receivable

55,369

55,666

Other assets

 

110,012

 

100,013

Total assets

$

13,501,092

$

13,636,005

Liabilities:

 

  

 

  

Interest-bearing deposits

$

7,977,994

$

7,585,020

Non-interest-bearing deposits

 

2,819,481

 

2,884,378

Deposits (excluding mortgage escrow deposits)

 

10,797,475

 

10,469,398

Non-interest-bearing mortgage escrow deposits

101,229

61,121

Interest-bearing mortgage escrow deposits

173

136

Mortgage escrow deposits

101,402

61,257

Federal Home Loan Bank of New York ("FHLBNY") advances

 

773,000

 

1,313,000

Subordinated debt, net

 

200,174

 

200,196

Derivative cash collateral

132,900

108,100

Operating lease liabilities

 

54,727

 

55,454

Derivative liabilities

122,112

121,265

Other liabilities

 

79,931

 

81,110

Total liabilities

 

12,261,721

 

12,409,780

 

  

 

  

Commitments and contingencies

 

 

Stockholders' equity:

 

  

 

  

Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 10,000,000 shares authorized and 5,299,200 shares issued and outstanding at March 31, 2024 and December 31, 2023)

 

116,569

 

116,569

Common stock ($0.01 par, 80,000,000 shares authorized, 41,637,256 shares issued at March 31, 2024 and December 31, 2023, and 38,931,833 shares and 38,822,654 shares outstanding at March 31, 2024 and December 31, 2023, respectively)

 

416

 

416

Additional paid-in capital

 

492,834

 

494,454

Retained earnings

 

819,130

 

813,007

Accumulated other comprehensive loss, net of deferred taxes

 

(85,466)

 

(91,579)

Unearned equity awards

 

(10,191)

 

(8,622)

Treasury stock, at cost (2,705,423 shares and 2,814,602 shares at March 31, 2024 and December 31, 2023, respectively)

 

(93,921)

 

(98,020)

Total stockholders' equity

 

1,239,371

 

1,226,225

Total liabilities and stockholders' equity

$

13,501,092

$

13,636,005

See Notes to unaudited condensed Consolidated Financial Statements.

4

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands except per share amounts)

March 31, 

    

2024

    

2023

Interest income:

 

  

 

  

Loans

$

143,565

$

128,439

Securities

7,880

 

8,431

Other short-term investments

 

9,564

 

3,802

Total interest income

 

161,009

 

140,672

Interest expense:

 

  

 

  

Deposits and escrow

 

73,069

 

37,272

Borrowed funds

 

14,697

 

16,171

Derivative cash collateral

1,713

1,477

Total interest expense

 

89,479

 

54,920

Net interest income

 

71,530

 

85,752

Provision (recovery) for credit losses

 

5,210

 

(3,648)

Net interest income after provision (recovery) for credit losses

 

66,320

 

89,400

Non-interest income:

 

  

 

  

Service charges and other fees

 

4,544

 

3,814

Title fees

133

292

Loan level derivative income

 

406

 

3,133

BOLI income

 

2,461

 

2,163

Gain on sale of SBA loans

253

516

Gain on sale of residential loans

 

77

 

48

Fair value change in equity securities and loans held for sale

(842)

Net loss on sale of securities

(1,447)

Gain on sale of other assets

 

2,968

 

Other

 

467

 

482

Total non-interest income

 

10,467

 

9,001

Non-interest expense:

 

  

 

  

Salaries and employee benefits

 

32,037

 

26,634

Severance

42

25

Occupancy and equipment

 

7,368

 

7,373

Data processing costs

 

4,313

 

4,238

Marketing

 

1,497

 

1,449

Professional services

1,467

1,923

Federal deposit insurance premiums

 

2,239

 

1,873

Loss from extinguishment of debt for FHLBNY advances

 

453

 

Amortization of other intangible assets

307

377

Other

 

2,788

 

3,583

Total non-interest expense

 

52,511

 

47,475

Income before income taxes

 

24,276

 

50,926

Income tax expense

 

6,585

 

13,623

Net income

17,691

37,303

Preferred stock dividends

1,821

1,821

Net income available to common stockholders

$

15,870

$

35,482

Earnings per common share:

 

  

 

  

Basic

$

0.41

$

0.92

Diluted

$

0.41

$

0.92

See Notes to unaudited condensed Consolidated Financial Statements.

5

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands)

Three Months Ended

March 31, 

    

2024

    

2023

Net income

$

17,691

$

37,303

Other comprehensive income (loss):

 

  

 

  

Change in unrealized gain (loss) on securities:

Change in net unrealized gain (loss) during the period

 

3,344

 

(2,302)

Reclassification adjustment for net losses included in net loss on sale of securities and other assets

1,447

Accretion of net unrealized loss on securities transferred to held-to-maturity

718

757

Change in pension and other postretirement obligations:

Reclassification adjustment for expense included in other expense

 

(317)

 

(370)

Change in the net actuarial gain

520

221

Change in unrealized gain (loss) on derivatives:

Change in net unrealized gain (loss) during the period

 

2,145

 

(2,111)

Reclassification adjustment for expense included in interest expense

2,435

(313)

Other comprehensive income (loss) before income taxes

 

8,845

 

(2,671)

Deferred tax expense

 

2,732

 

1,588

Total other comprehensive income (loss), net of tax

 

6,113

 

(4,259)

Total comprehensive income

$

23,804

$

33,044

See Notes to unaudited condensed Consolidated Financial Statements.

6

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands)

Three Months Ended March 31, 2024

Accumulated

Other

Comprehensive

Number of

Additional

Loss,

Unearned

Treasury

Total

Shares of

Preferred

Common

Paid-in

Retained

Net of Deferred

Equity

Stock,

Stockholders’

    

Common Stock

    

Stock

    

Stock

    

Capital

    

Earnings

    

Taxes

    

Awards

    

at cost

    

Equity

Beginning balance as of January 1, 2024

 

38,822,654

$

116,569

$

416

$

494,454

$

813,007

$

(91,579)

$

(8,622)

$

(98,020)

$

1,226,225

Net income

17,691

17,691

Other comprehensive income, net of tax

6,113

6,113

Release of shares, net of forfeitures

155,782

(1,619)

(3,299)

5,128

210

Stock-based compensation

1,730

1,730

Shares received related to tax withholding

(46,603)

(1)

(1,029)

(1,030)

Cash dividends declared to preferred stockholders

(1,821)

(1,821)

Cash dividends declared to common stockholders

(9,747)

(9,747)

Ending balance as of March 31, 2024

38,931,833

$

116,569

$

416

$

492,834

$

819,130

$

(85,466)

$

(10,191)

$

(93,921)

$

1,239,371

Three Months Ended March 31, 2023

Accumulated

Other

Comprehensive

Number of

Additional

Loss,

Unearned

Treasury

Total

Shares of

Preferred

Common

Paid-in

Retained

Net of Deferred

Equity

Stock,

Stockholders’

    

Common Stock

    

Stock

    

Stock

    

Capital

    

Earnings

    

Taxes

    

Awards

    

at cost

    

Equity

Beginning balance as of January 1, 2023

 

38,573,000

$

116,569

$

416

$

495,410

$

762,762

$

(94,379)

$

(8,078)

$

(103,117)

$

1,169,583

Net income

37,303

 

37,303

Other comprehensive loss, net of tax

(4,259)

 

(4,259)

Release of shares, net of forfeitures

293,106

(1,608)

(6,692)

8,507

 

207

Stock-based compensation

1,302

 

1,302

Shares received related to tax withholding

(36,932)

(1)

(1,112)

 

(1,113)

Cash dividends declared to preferred stockholders

(1,821)

 

(1,821)

Cash dividends declared to common stockholders

(9,234)

(9,234)

Purchase of treasury stock

(24,813)

(715)

 

(715)

Ending balance as of March 31, 2023

 

38,804,361

$

116,569

$

416

$

493,801

$

789,010

$

(98,638)

$

(13,468)

$

(96,437)

$

1,191,253

See Notes to unaudited condensed Consolidated Financial Statements.

7

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

Three Months Ended March 31, 

    

2024

    

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

  

  

Net income

$

17,691

$

37,303

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Net loss on sale of securities available-for-sale

 

 

1,447

Gain on sale of other assets

(2,968)

Fair value change in equity securities and loans held for sale

 

842

 

Net gain on sale of loans held for sale

 

(330)

 

(564)

Net depreciation, amortization and accretion

 

1,574

 

1,602

Amortization of fair value hedge basis point adjustments

628

Amortization of other intangible assets

307

377

Loss on extinguishment of debt

453

Stock-based compensation

 

1,730

 

1,302

Provision (recovery) for credit losses

 

5,210

 

(3,648)

Originations of loans held for sale

 

(2,432)

 

(2,220)

Proceeds from sale of loans originated for sale

 

6,439

 

8,940

Increase in cash surrender value of BOLI

 

(2,461)

 

(2,163)

(Increase) decrease in other assets

 

(10,955)

 

2,837

Increase (decrease) in other liabilities

 

15,009

 

(31,796)

Net cash provided by operating activities

 

30,737

 

13,417

CASH FLOWS FROM INVESTING ACTIVITIES:

 

  

 

  

Proceeds from sales of securities available-for-sale

 

 

77,804

Purchases of securities available-for-sale

 

 

(78,157)

Purchases of securities held-to-maturity

 

(23,739)

Proceeds from calls and principal repayments of securities available-for-sale

 

29,679

 

21,000

Proceeds from calls and principal repayments of securities held-to-maturity

6,112

4,714

Loans purchased

 

(3,915)

 

Decrease (increase) in loans

 

7,644

 

(175,002)

(Purchases) of fixed assets, net

 

(1,378)

 

(787)

Proceeds from the sale of fixed assets and premises held for sale

3,879

Purchases of restricted stock, net

 

24,404

 

(16,513)

Net cash provided by (used in) investing activities

 

66,425

 

(190,680)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

  

 

  

Increase in deposits

 

368,250

 

315,884

(Repayments) proceeds from FHLBNY advances, short-term, net

 

(540,000)

 

205,000

Proceeds from FHLBNY advances, long-term

162,000