Dime Community Bancshares, Inc. Reports Fourth Quarter 2024 Results
Dime Community Bancshares (NASDAQ: DCOM) reported a net loss of $22.2 million ($0.54 per diluted share) for Q4 2024, compared to net income of $11.5 million in Q3 2024. The full year 2024 net income was $21.8 million ($0.55 per share), down from $88.8 million in 2023.
Q4 2024 results were impacted by a $42.8 million pre-tax loss on securities sales, $1.3 million in severance expenses, and $1.2 million related to pension plan termination. The quarter showed positive trends with total deposits increasing by $268.8 million and core deposits growing by $513.4 million compared to Q3 2024.
Key metrics improved with net interest margin expanding to 2.79% from 2.50% in Q3, and the Common Equity Tier 1 Ratio increasing to 11.07%. The bank successfully completed a common equity offering, raising $135.8 million in net proceeds to strengthen its capital base and reposition its securities portfolio.
Dime Community Bancshares (NASDAQ: DCOM) ha riportato una perdita netta di 22,2 milioni di dollari (0,54 dollari per azione diluita) per il quarto trimestre del 2024, rispetto a un utile netto di 11,5 milioni di dollari nel terzo trimestre del 2024. L'utile netto per l'intero anno 2024 è stato di 21,8 milioni di dollari (0,55 dollari per azione), in calo rispetto agli 88,8 milioni di dollari del 2023.
I risultati del Q4 2024 sono stati influenzati da una perdita fiscale di 42,8 milioni di dollari sulle vendite di titoli, 1,3 milioni di dollari in spese di licenziamento e 1,2 milioni di dollari legati alla cessazione del piano pensionistico. Il trimestre ha mostrato tendenze positive con un aumento totale dei depositi di 268,8 milioni di dollari e una crescita dei depositi core di 513,4 milioni di dollari rispetto al Q3 2024.
I principali indicatori sono migliorati con il margine di interesse netto che si è espanso al 2,79% rispetto al 2,50% del Q3, e il Common Equity Tier 1 Ratio che è aumentato all'11,07%. La banca ha completato con successo un'offerta di capitale comune, raccogliendo 135,8 milioni di dollari in proventi netti per rafforzare la propria base di capitale e riposizionare il proprio portafoglio titoli.
Dime Community Bancshares (NASDAQ: DCOM) reportó una pérdida neta de 22,2 millones de dólares (0,54 dólares por acción diluida) para el cuarto trimestre de 2024, en comparación con una ganancia neta de 11,5 millones de dólares en el tercer trimestre de 2024. La ganancia neta de todo el año 2024 fue de 21,8 millones de dólares (0,55 dólares por acción), una disminución desde los 88,8 millones de dólares en 2023.
Los resultados del Q4 2024 se vieron afectados por una pérdida previa a impuestos de 42,8 millones de dólares en ventas de valores, 1,3 millones de dólares en gastos de despido y 1,2 millones de dólares relacionados con la terminación del plan de pensiones. El trimestre mostró tendencias positivas con un aumento total de depósitos de 268,8 millones de dólares y un crecimiento de depósitos básicos de 513,4 millones de dólares en comparación con el Q3 2024.
Los indicadores clave mejoraron con el margen de interés neto expandiéndose al 2,79% desde el 2,50% en el Q3, y el Common Equity Tier 1 Ratio aumentando al 11,07%. El banco completó con éxito una oferta de capital común, recaudando 135,8 millones de dólares en ingresos netos para fortalecer su base de capital y reposicionar su cartera de valores.
다임 커뮤니티 뱅크쉐어스 (NASDAQ: DCOM)는 2024년 4분기에 2,220만 달러(희석 주당 0.54 달러)의 순손실을 보고했으며, 이는 2024년 3분기에 1,150만 달러의 순이익에 비해 감소한 수치입니다. 2024년 전체 순이익은 2,180만 달러(주당 0.55 달러)로, 2023년의 8,880만 달러에서 감소했습니다.
2024년 4분기 결과는 유가 증권 매각으로 인한 세전 손실 4,280만 달러, 이직 수당으로 130만 달러, 연금 계획 종료와 관련된 120만 달러의 비용에 영향을 받았습니다. 이 분기는 총 예금이 2억 6,880만 달러 증가하고 기본 예금이 5억 1,340만 달러 증가하여 2024년 3분기에 비해 긍정적인 트렌드를 보였습니다.
주요 지표가 개선되었으며, 순이자 마진은 3분기 2.50%에서 2.79%로 확대되었고, 핵심 자본 비율(Common Equity Tier 1 Ratio)은 11.07%로 증가했습니다. 은행은 1억 3,580만 달러의 순수를 모금을 완료하여 자본 기반을 강화하고 유가 증권 포트폴리오를 재조정했습니다.
Dime Community Bancshares (NASDAQ: DCOM) a enregistré une perte nette de 22,2 millions de dollars (0,54 dollar par action diluée) pour le quatrième trimestre de 2024, contre un revenu net de 11,5 millions de dollars au troisième trimestre de 2024. Le revenu net pour l'année complète 2024 était de 21,8 millions de dollars (0,55 dollar par action), en baisse par rapport à 88,8 millions de dollars en 2023.
Les résultats du Q4 2024 ont été affectés par une perte avant impôts de 42,8 millions de dollars sur les ventes de titres, 1,3 million de dollars en frais de licenciement et 1,2 million de dollars liés à la cessation du plan de pension. Le trimestre a montré des tendances positives, avec un total de dépôts augmentant de 268,8 millions de dollars et des dépôts de base augmentant de 513,4 millions de dollars par rapport au Q3 2024.
Les indicateurs clés se sont améliorés, le taux de marge d'intérêt net passant de 2,50 % à 2,79 % par rapport au Q3, et le ratio Common Equity Tier 1 augmentant à 11,07 %. La banque a réussi à compléter une offre de capital commun, levant 135,8 millions de dollars en produits nets pour renforcer sa base de capital et repositionner son portefeuille de titres.
Dime Community Bancshares (NASDAQ: DCOM) meldete einen Nettoverlust von 22,2 Millionen US-Dollar (0,54 US-Dollar pro verwässerter Aktie) für das 4. Quartal 2024, im Vergleich zu einem Nettogewinn von 11,5 Millionen US-Dollar im 3. Quartal 2024. Der Nettogewinn für das Gesamtjahr 2024 betrug 21,8 Millionen US-Dollar (0,55 US-Dollar pro Aktie) im Vergleich zu 88,8 Millionen US-Dollar im Jahr 2023.
Die Ergebnisse des 4. Quartals 2024 wurden von einem steuerlichen Verlust von 42,8 Millionen US-Dollar aus dem Verkauf von Wertpapieren, 1,3 Millionen US-Dollar in Abfindungskosten und 1,2 Millionen US-Dollar, die mit der Beendigung des Pensionsplans verbunden sind, beeinträchtigt. Das Quartal zeigte positive Trends mit einem Anstieg der Gesamteinlagen um 268,8 Millionen US-Dollar und einem Anstieg der Kern-Einlagen um 513,4 Millionen US-Dollar im Vergleich zum 3. Quartal 2024.
Die wichtigsten Kennzahlen verbesserten sich, wobei die Nettozinsspanne auf 2,79 % von 2,50 % im 3. Quartal anstieg und das Common Equity Tier 1 Ratio auf 11,07 % stieg. Die Bank hat erfolgreich ein Angebot für Stammaktien abgeschlossen und 135,8 Millionen US-Dollar an Nettomitteln gesammelt, um ihre Kapitalbasis zu stärken und ihr Wertpapierportfolio neu auszurichten.
- Net interest margin expanded significantly to 2.79% from 2.50% quarter-over-quarter
- Core deposits increased by $513.4 million in Q4
- Common Equity Tier 1 Ratio improved to 11.07%
- Successfully raised $135.8 million through common equity offering
- Total deposits grew by $268.8 million compared to Q3 2024
- Q4 2024 net loss of $22.2 million compared to Q3 2024 profit of $11.5 million
- Full year 2024 net income decreased to $21.8 million from $88.8 million in 2023
- $42.8 million pre-tax loss on securities sales in Q4
- Non-performing loans increased to $49.5 million from $29.1 million year-over-year
Insights
The Q4 2024 results reflect a strategic transformation at Dime Community Bancshares, with short-term earnings impact masked by significant balance sheet optimization moves. The
Three key developments warrant investor attention:
- The dramatic improvement in funding mix, with core deposits up
$513.4 million QoQ and non-interest bearing deposits reaching30% of total deposits, represents a structural enhancement to the bank's cost structure. - NIM expansion to
2.79% (+29bps QoQ) reflects both improved funding costs and asset yields, with further upside expected from the securities repositioning in 2025. - Capital levels strengthened significantly post the common equity raise, with CET1 ratio at
11.07% providing strategic flexibility and a buffer against potential credit stress.
The achievement of an "Outstanding" CRA rating across all categories is particularly notable as it provides competitive advantages in pursuing municipal deposits and regulatory approvals for potential strategic actions. The
The
Strong Growth in Deposits, Business Loans and Capital Ratios on a Year-Over-Year Basis
Net Interest Margin Expands by 29 basis points on a Linked Quarter Basis to
HAUPPAUGE, N.Y., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of
Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our fourth quarter results were marked by continued core deposit growth and Net Interest Margin (“NIM”) expansion. In addition, we successfully executed on several important initiatives in the fourth quarter, including a follow-on common equity offering. The proceeds from the offering were utilized to re-position our available-for-sale securities portfolio and Bank Owned Life Insurance (“BOLI”) portfolio and supplement our capital base. These transactions will contribute towards a stronger balance sheet, enhanced earnings power and support future growth. I would like to thank all of our employees for their tremendous efforts throughout the year that led to substantial year-over-year growth in core deposits and business loans as well as the Bank achieving an “Outstanding” rating on our recent Community Reinvestment Act examination.”
For the quarter ended December 31, 2024, net loss available to common stockholders was
Adjusted net income available to common stockholders (non-GAAP) totaled
Highlights for the Fourth Quarter of 2024 Included:
- Total deposits increased
$268.8 million compared to the third quarter of 2024; - Core deposits (excluding brokered and time deposits) increased
$513.4 million compared to the third quarter of 2024; - The ratio of average non-interest-bearing deposits to average total deposits for the fourth quarter increased to
30.0% ; - The cost of total deposits declined by 37 basis points versus the prior quarter;
- The net interest margin increased to
2.79% for the fourth quarter of 2024 compared to2.50% for the prior quarter; - The loan to deposit ratio declined to
93.0% at the end of the fourth quarter compared to95.4% for the prior quarter; - The allowance for credit losses to total loans increased to
0.82% at the end of the fourth quarter compared to0.78% for the prior quarter; - The Company’s Common Equity Tier 1 Ratio increased to
11.07% at the end of the fourth quarter; and - The Bank received an “Outstanding” overall rating as well as an “Outstanding” rating on each of the individual components (Lending, Investment and Service tests) for its recently concluded Community Reinvestment Act examination.
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the fourth quarter of 2024 was
Mr. Lubow commented, “Strong growth in core deposits as well as proactive management of deposit rates led to strong linked quarter growth in our net interest margin. We anticipate the full quarter impact of the securities repositioning (which was completed towards the end of November) to positively benefit the NIM in 2025.”
The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.
| (Dollars in thousands) | Q4 2024 | Q3 2024 | Q4 2023 | ||||||||||
| Net interest income | $ | 91,098 | $ | 79,924 | $ | 74,121 | |||||||
| Purchase accounting amortization (accretion) on loans ("PAA") | (1,268 | ) | (266 | ) | (55 | ) | |||||||
| Adjusted net interest income excluding PAA on loans (non-GAAP) | $ | 89,830 | $ | 79,658 | $ | 74,066 | |||||||
| Average interest-earning assets | $ | 12,974,958 | $ | 12,734,246 | $ | 12,828,060 | |||||||
| NIM (1) | 2.79 | % | 2.50 | % | 2.29 | % | |||||||
| Adjusted NIM excluding PAA on loans (non-GAAP) (2) | 2.75 | % | 2.49 | % | 2.29 | % | |||||||
(1) NIM represents net interest income divided by average interest-earning assets.
(2) Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.
Loan Portfolio
The ending weighted average rate (“WAR”) on the total loan portfolio was
Outlined below are loan balances and WARs for the quarter ended as indicated.
| December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||
| (Dollars in thousands) | Balance | WAR (1) | Balance | WAR (1) | Balance | WAR (1) | ||||||||||
| Loans held for investment balances at period end: | ||||||||||||||||
| Business loans (2) | $ | 2,726,602 | 6.56 | % | $ | 2,653,624 | 6.82 | % | $ | 2,310,379 | 6.81 | % | ||||
| One-to-four family residential, including condominium and cooperative apartment | 952,195 | 4.72 | 934,209 | 4.65 | 889,236 | 4.47 | ||||||||||
| Multifamily residential and residential mixed-use (3)(4) | 3,820,492 | 4.49 | 3,866,931 | 4.60 | 4,017,703 | 4.53 | ||||||||||
| Non-owner-occupied commercial real estate | 3,231,398 | 5.13 | 3,281,923 | 5.25 | 3,381,842 | 5.19 | ||||||||||
| Acquisition, development, and construction | 136,172 | 7.95 | 149,299 | 8.46 | 168,513 | 8.71 | ||||||||||
| Other loans | 5,084 | 10.51 | 6,058 | 10.71 | 5,755 | 6.75 | ||||||||||
| Loans held for investment | $ | 10,871,943 | 5.26 | % | $ | 10,892,044 | 5.40 | % | $ | 10,773,428 | 5.29 | % | ||||
(1) WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
(2) Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
(3) Includes loans underlying multifamily cooperatives.
(4) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
Outlined below are the loan originations, for the quarter ended as indicated.
| (Dollars in millions) | Q4 2024 | Q3 2024 | Q4 2023 | ||||||
| Loan originations | $ | 187.5 | $ | 122.7 | $ | 195.9 | |||
Deposits and Borrowed Funds
Period end total deposits (including mortgage escrow deposits) at December 31, 2024 were
Total Federal Home Loan Bank advances were
Mr. Lubow commented, “Over the course of 2024, we made significant progress in re-creating a core-deposit funded balance sheet. Strong growth in core business deposits allowed us to reduce our FHLB advance position by approximately
Non-Interest Income
Non-interest income was a loss of
Non-Interest Expense
Total non-interest expense was
Mr. Lubow commented, “In line with our previous guidance, our adjusted non-interest expense base was relatively flat in the fourth quarter of 2024 compared to the prior quarter.”
The ratio of non-interest expense to average assets was
The efficiency ratio was
Income Tax Expense
The fourth quarter of 2024 income tax expense was
Credit Quality
Non-performing loans were
A credit loss provision of
Capital Management
Stockholders’ equity increased
The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the fourth quarter of 2024.
Mr. Lubow commented, “During the fourth quarter we raised
Dividends per common share were
Book value per common share was
Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was
Earnings Call Information
The Company will conduct a conference call at 8:30 a.m. (ET) on Thursday, January 23, 2025, during which CEO Lubow will discuss the Company’s fourth quarter 2024 financial performance, with a question-and-answer session to follow.
Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/sjcchcex. To participate via telephone, please register in advance using this link: https://register.vevent.com/register/BIe30c4b35e36b49dfa2d4bdc94b8528b3. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.
A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/sjcchcex.
ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than
This news release 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," “likely,” "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 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 are 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 results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general socio-economic conditions, 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 may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
| Contact: Avinash Reddy |
| Senior Executive Vice President – Chief Financial Officer |
| 718-782-6200 extension 5909 |
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| 2024 | 2024 | 2023 | ||||||||||
| Assets: | ||||||||||||
| Cash and due from banks | $ | 1,283,571 | $ | 626,056 | $ | 457,547 | ||||||
| Securities available-for-sale, at fair value | 690,693 | 774,608 | 886,240 | |||||||||
| Securities held-to-maturity | 637,339 | 592,414 | 594,639 | |||||||||
| Loans held for sale | 22,625 | 13,098 | 10,159 | |||||||||
| Loans held for investment, net: | ||||||||||||
| Business loans (1) | 2,726,602 | 2,653,624 | 2,310,379 | |||||||||
| One-to-four family and cooperative/condominium apartment | 952,195 | 934,209 | 889,236 | |||||||||
| Multifamily residential and residential mixed-use (2)(3) | 3,820,492 | 3,866,931 | 4,017,703 | |||||||||
| Non-owner-occupied commercial real estate | 3,231,398 | 3,281,923 | 3,381,842 | |||||||||
| Acquisition, development and construction | 136,172 | 149,299 | 168,513 | |||||||||
| Other loans | 5,084 | 6,058 | 5,755 | |||||||||
| Allowance for credit losses | (88,751 | ) | (85,221 | ) | (71,743 | ) | ||||||
| Total loans held for investment, net | 10,783,192 | 10,806,823 | 10,701,685 | |||||||||
| Premises and fixed assets, net | 34,858 | 35,066 | 44,868 | |||||||||
| Premises held for sale | — | — | 905 | |||||||||
| Restricted stock | 69,106 | 64,235 | 98,750 | |||||||||
| BOLI | 290,665 | 372,367 | 349,816 | |||||||||
| Goodwill | 155,797 | 155,797 | 155,797 | |||||||||
| Other intangible assets | 3,896 | 4,181 | 5,059 | |||||||||
| Operating lease assets | 46,193 | 48,537 | 52,729 | |||||||||
| Derivative assets | 116,496 | 105,636 | 122,132 | |||||||||
| Accrued interest receivable | 55,970 | 54,578 | 55,666 | |||||||||
| Other assets | 162,857 | 93,133 | 100,013 | |||||||||
| Total assets | $ | 14,353,258 | $ | 13,746,529 | $ | 13,636,005 | ||||||
| Liabilities: | ||||||||||||
| Non-interest-bearing checking (excluding mortgage escrow deposits) | $ | 3,355,829 | $ | 3,231,160 | $ | 2,884,378 | ||||||
| Interest-bearing checking | 1,079,823 | 938,070 | 515,987 | |||||||||
| Savings (excluding mortgage escrow deposits) | 1,927,903 | 1,845,266 | 2,335,354 | |||||||||
| Money market | 4,198,784 | 3,898,509 | 3,125,996 | |||||||||
| Certificates of deposit | 1,069,081 | 1,416,467 | 1,607,683 | |||||||||
| Deposits (excluding mortgage escrow deposits) | 11,631,420 | 11,329,472 | 10,469,398 | |||||||||
| Non-interest-bearing mortgage escrow deposits | 54,715 | 87,841 | 61,121 | |||||||||
| Interest-bearing mortgage escrow deposits | 6 | 5 | 136 | |||||||||
| Total mortgage escrow deposits | 54,721 | 87,846 | 61,257 | |||||||||
| FHLBNY advances | 608,000 | 508,000 | 1,313,000 | |||||||||
| Other short-term borrowings | 50,000 | — | — | |||||||||
| Subordinated debt, net | 272,325 | 272,300 | 200,196 | |||||||||
| Derivative cash collateral | 112,420 | 68,960 | 108,100 | |||||||||
| Operating lease liabilities | 48,993 | 51,362 | 55,454 | |||||||||
| Derivative liabilities | 108,347 | 98,108 | 121,265 | |||||||||
| Other liabilities | 70,515 | 66,552 | 81,110 | |||||||||
| Total liabilities | 12,956,741 | 12,482,600 | 12,409,780 | |||||||||
| Stockholders' equity: | ||||||||||||
| Preferred stock, Series A | 116,569 | 116,569 | 116,569 | |||||||||
| Common stock | 461 | 416 | 416 | |||||||||
| Additional paid-in capital | 624,822 | 488,607 | 494,454 | |||||||||
| Retained earnings | 794,526 | 827,690 | 813,007 | |||||||||
| Accumulated other comprehensive loss ("AOCI"), net of deferred taxes | (45,018 | ) | (72,970 | ) | (91,579 | ) | ||||||
| Unearned equity awards | (7,640 | ) | (10,111 | ) | (8,622 | ) | ||||||
| Treasury stock, at cost | (87,203 | ) | (86,272 | ) | (98,020 | ) | ||||||
| Total stockholders' equity | 1,396,517 | 1,263,929 | 1,226,225 | |||||||||
| Total liabilities and stockholders' equity | $ | 14,353,258 | $ | 13,746,529 | $ | 13,636,005 | ||||||
(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
(2) Includes loans underlying multifamily cooperatives.
(3) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except share and per share amounts) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Loans | $ | 148,000 | $ | 151,828 | $ | 144,744 | $ | 590,492 | $ | 554,488 | ||||||||||
| Securities | 10,010 | 7,766 | 7,918 | 33,563 | 32,179 | |||||||||||||||
| Other short-term investments | 7,473 | 4,645 | 6,094 | 26,094 | 22,693 | |||||||||||||||
| Total interest income | 165,483 | 164,239 | 158,756 | 650,149 | 609,360 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits and escrow | 64,773 | 74,025 | 66,650 | 284,745 | 219,045 | |||||||||||||||
| Borrowed funds | 8,542 | 8,764 | 15,617 | 41,036 | 66,472 | |||||||||||||||
| Derivative cash collateral | 1,070 | 1,526 | 2,368 | 6,314 | 7,272 | |||||||||||||||
| Total interest expense | 74,385 | 84,315 | 84,635 | 332,095 | 292,789 | |||||||||||||||
| Net interest income | 91,098 | 79,924 | 74,121 | 318,054 | 316,571 | |||||||||||||||
| Provision for credit losses | 13,715 | 11,603 | 3,720 | 36,113 | 2,770 | |||||||||||||||
| Net interest income after provision | 77,383 | 68,321 | 70,401 | 281,941 | 313,801 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Service charges and other fees | 3,942 | 4,267 | 3,804 | 16,725 | 16,437 | |||||||||||||||
| Title fees | 226 | 190 | 466 | 843 | 1,295 | |||||||||||||||
| Loan level derivative income | 491 | 132 | 728 | 2,114 | 7,081 | |||||||||||||||
| BOLI income | 2,825 | 2,606 | 2,416 | 10,376 | 9,748 | |||||||||||||||
| Gain on sale of Small Business Administration ("SBA") loans | 22 | 19 | 531 | 407 | 1,592 | |||||||||||||||
| Gain on sale of residential loans | 83 | 38 | 12 | 225 | 115 | |||||||||||||||
| Fair value change in equity securities and loans held for sale | 15 | 39 | 321 | (1,204 | ) | (758 | ) | |||||||||||||
| Net loss on sale of securities | (42,810 | ) | — | — | (42,810 | ) | (1,447 | ) | ||||||||||||
| Gain (loss) on sale of other assets | 554 | 2 | — | 7,219 | (22 | ) | ||||||||||||||
| Other | 791 | 338 | 594 | 2,150 | 2,165 | |||||||||||||||
| Total non-interest (loss) income | (33,861 | ) | 7,631 | 8,872 | (3,955 | ) | 36,206 | |||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 35,761 | 36,132 | 30,383 | 136,114 | 117,437 | |||||||||||||||
| Severance | 1,254 | — | 25 | 1,296 | 9,093 | |||||||||||||||
| Occupancy and equipment | 7,569 | 7,448 | 7,261 | 29,794 | 29,055 | |||||||||||||||
| Data processing costs | 4,483 | 4,544 | 3,730 | 17,745 | 16,474 | |||||||||||||||
| Marketing | 1,897 | 1,629 | 1,765 | 6,660 | 6,781 | |||||||||||||||
| Professional services | 2,345 | 2,036 | 1,279 | 8,614 | 6,155 | |||||||||||||||
| Federal deposit insurance premiums (1) | 2,116 | 2,105 | 3,240 | 8,710 | 8,853 | |||||||||||||||
| Loss on extinguishment of debt | — | 1 | — | 454 | — | |||||||||||||||
| Loss due to pension settlement | 1,215 | — | — | 1,215 | — | |||||||||||||||
| Amortization of other intangible assets | 285 | 286 | 350 | 1,163 | 1,425 | |||||||||||||||
| Other | 3,688 | 3,548 | 5,911 | 14,782 | 17,855 | |||||||||||||||
| Total non-interest expense | 60,613 | 57,729 | 53,944 | 226,547 | 213,128 | |||||||||||||||
| (Loss) income before taxes | (17,091 | ) | 18,223 | 25,329 | 51,439 | 136,879 | ||||||||||||||
| Income tax expense (2) | 3,322 | 4,896 | 9,021 | 22,355 | 40,785 | |||||||||||||||
| Net (loss) income | (20,413 | ) | 13,327 | 16,308 | 29,084 | 96,094 | ||||||||||||||
| Preferred stock dividends | 1,821 | 1,822 | 1,821 | 7,286 | 7,286 | |||||||||||||||
| Net (loss) income available to common stockholders | $ | (22,234 | ) | $ | 11,505 | $ | 14,487 | $ | 21,798 | $ | 88,808 | |||||||||
| Earnings per common share ("EPS"): | ||||||||||||||||||||
| Basic | $ | (0.54 | ) | $ | 0.29 | $ | 0.37 | $ | 0.55 | $ | 2.29 | |||||||||
| Diluted | $ | (0.54 | ) | $ | 0.29 | $ | 0.37 | $ | 0.55 | $ | 2.29 | |||||||||
| Average common shares outstanding for diluted EPS | 40,767,161 | 38,366,619 | 38,216,476 | 38,933,054 | 38,187,477 | |||||||||||||||
(1) Fourth quarter of 2024 and 2023 included
(2) Fourth quarter of 2024 includes
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SELECTED FINANCIAL HIGHLIGHTS (Dollars in thousands except per share amounts) | |||||||||||||||||||||
| At or For the Three Months Ended | At or For the Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Per Share Data: | |||||||||||||||||||||
| Reported EPS (Diluted) | $ | (0.54 | ) | $ | 0.29 | $ | 0.37 | $ | 0.55 | $ | 2.29 | ||||||||||
| Cash dividends paid per common share | 0.25 | 0.25 | 0.25 | 1.00 | 0.99 | ||||||||||||||||
| Book value per common share | 29.34 | 29.31 | 28.58 | 29.34 | 28.58 | ||||||||||||||||
| Tangible common book value per share (1) | 25.68 | 25.22 | 24.44 | 25.68 | 24.44 | ||||||||||||||||
| Common shares outstanding | 43,622 | 39,152 | 38,823 | 43,622 | 38,823 | ||||||||||||||||
| Dividend payout ratio | (46.30 | ) | % | 86.21 | % | 67.57 | % | 181.82 | % | 43.23 | % | ||||||||||
| Performance Ratios (Based upon Reported Net Income): | |||||||||||||||||||||
| Return on average assets | (0.59 | ) | % | 0.39 | % | 0.48 | % | 0.21 | % | 0.71 | % | ||||||||||
| Return on average equity | (6.02 | ) | 4.19 | 5.32 | 2.27 | 7.91 | |||||||||||||||
| Return on average tangible common equity (1) | (8.16 | ) | 4.70 | 6.20 | 2.24 | 9.59 | |||||||||||||||
| Net interest margin | 2.79 | 2.50 | 2.29 | 2.48 | 2.46 | ||||||||||||||||
| Non-interest expense to average assets | 1.76 | 1.71 | 1.58 | 1.66 | 1.56 | ||||||||||||||||
| Efficiency ratio | 105.9 | 65.9 | 65.0 | 72.1 | 60.4 | ||||||||||||||||
| Effective tax rate | (19.44 | ) | 26.87 | 35.62 | 43.46 | 29.80 | |||||||||||||||
| Balance Sheet Data: | |||||||||||||||||||||
| Average assets | $ | 13,759,002 | $ | 13,502,753 | $ | 13,630,096 | $ | 13,618,789 | $ | 13,625,215 | |||||||||||
| Average interest-earning assets | 12,974,958 | 12,734,246 | 12,828,060 | 12,837,416 | 12,847,238 | ||||||||||||||||
| Average tangible common equity (1) | 1,080,177 | 996,578 | 948,024 | 1,006,390 | 936,840 | ||||||||||||||||
| Loan-to-deposit ratio at end of period (2) | 93.0 | 95.4 | 102.3 | 93.0 | 102.3 | ||||||||||||||||
| Capital Ratios and Reserves - Consolidated: (3) | |||||||||||||||||||||
| Tangible common equity to tangible assets (1) | 7.89 | % | 7.27 | % | 7.04 | % | |||||||||||||||
| Tangible equity to tangible assets (1) | 8.71 | 8.13 | 7.91 | ||||||||||||||||||
| Tier 1 common equity ratio | 11.07 | 10.16 | 9.84 | ||||||||||||||||||
| Tier 1 risk-based capital ratio | 12.17 | 11.28 | 10.94 | ||||||||||||||||||
| Total risk-based capital ratio | 15.65 | 14.76 | 13.54 | ||||||||||||||||||
| Tier 1 leverage ratio | 9.39 | 8.76 | 8.51 | ||||||||||||||||||
| Consolidated CRE concentration ratio (4) | 447 | 487 | 538 | ||||||||||||||||||
| Allowance for credit losses/ Total loans | 0.82 | 0.78 | 0.67 | ||||||||||||||||||
| Allowance for credit losses/ Non-performing loans | 179.37 | 172.29 | 246.55 | ||||||||||||||||||
(1) See "Non-GAAP Reconciliation" tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
(2) Total deposits include mortgage escrow deposits, which fluctuate seasonally.
(3) December 31, 2024 ratios are preliminary pending completion and filing of the Company’s regulatory reports.
(4) The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The December 31, 2024 ratio is preliminary pending completion and filing of the Company’s regulatory reports.
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME (Dollars in thousands) | |||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||||||||||
| Average | Average | Average | |||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||
| Balance | Interest | Cost | Balance | Interest | Cost | Balance | Interest | Cost | |||||||||||||||||
| Assets: | |||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||
| Business loans (1) | $ | 2,681,953 | $ | 46,791 | 6.94 | % | $ | 2,609,934 | $ | 46,656 | 7.11 | % | $ | 2,264,401 | $ | 38,740 | 6.79 | % | |||||||
| One-to-four family residential, including condo and coop | 943,319 | 11,061 | 4.66 | 924,150 | 11,024 | 4.75 | 893,008 | 9,706 | 4.31 | ||||||||||||||||
| Multifamily residential and residential mixed-use | 3,848,579 | 44,152 | 4.56 | 3,902,220 | 45,790 | 4.67 | 4,070,327 | 46,715 | 4.55 | ||||||||||||||||
| Non-owner-occupied commercial real estate | 3,265,906 | 42,865 | 5.22 | 3,297,760 | 44,804 | 5.40 | 3,376,581 | 45,037 | 5.29 | ||||||||||||||||
| Acquisition, development, and construction | 139,440 | 3,101 | 8.85 | 147,875 | 3,505 | 9.43 | 188,022 | 4,459 | 9.41 | ||||||||||||||||
| Other loans | 4,781 | 30 | 2.50 | 4,891 | 49 | 3.99 | 5,837 | 87 | 5.91 | ||||||||||||||||
| Securities | 1,455,449 | 10,010 | 2.74 | 1,493,492 | 7,766 | 2.07 | 1,599,724 | 7,918 | 1.96 | ||||||||||||||||
| Other short-term investments | 635,531 | 7,473 | 4.68 | 353,924 | 4,645 | 5.22 | 430,160 | 6,094 | 5.62 | ||||||||||||||||
| Total interest-earning assets | 12,974,958 | 165,483 | 5.07 | % | 12,734,246 | 164,239 | 5.13 | % | 12,828,060 | 158,756 | 4.91 | % | |||||||||||||
| Non-interest-earning assets | 784,044 | 768,507 | 802,036 | ||||||||||||||||||||||
| Total assets | $ | 13,759,002 | $ | 13,502,753 | $ | 13,630,096 | |||||||||||||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Interest-bearing checking (2) | $ | 912,645 | $ | 5,115 | 2.23 | % | $ | 798,024 | $ | 4,635 | 2.31 | % | $ | 524,573 | $ | 1,063 | 0.80 | % | |||||||
| Money market | 3,968,793 | 33,695 | 3.38 | 3,771,562 | 36,841 | 3.89 | 3,136,891 | 27,541 | 3.48 | ||||||||||||||||
| Savings (2) | 1,905,866 | 14,828 | 3.10 | 2,102,282 | 19,492 | 3.69 | 2,295,882 | 20,979 | 3.63 | ||||||||||||||||
| Certificates of deposit | 1,126,859 | 11,135 | 3.93 | 1,232,984 | 13,057 | 4.21 | 1,564,817 | 17,067 | 4.33 | ||||||||||||||||
| Total interest-bearing deposits | 7,914,163 | 64,773 | 3.26 | 7,904,852 | 74,025 | 3.73 | 7,522,163 | 66,650 | 3.52 | ||||||||||||||||
| FHLBNY advances | 509,630 | 4,241 | 3.31 | 528,652 | 4,455 | 3.35 | 1,174,848 | 13,064 | 4.41 | ||||||||||||||||
| Subordinated debt, net | 272,311 | 4,301 | 6.28 | 271,450 | 4,307 | 6.31 | 200,210 | 2,553 | 5.06 | ||||||||||||||||
| Other short-term borrowings | 543 | — | — | 131 | 2 | 6.07 | — | — | — | ||||||||||||||||
| Total borrowings | 782,484 | 8,542 | 4.34 | 800,233 | 8,764 | 4.36 | 1,375,058 | 15,617 | 4.51 | ||||||||||||||||
| Derivative cash collateral | 99,560 | 1,070 | 4.28 | 91,305 | 1,526 | 6.65 | 161,535 | 2,368 | 5.82 | ||||||||||||||||
| Total interest-bearing liabilities | 8,796,207 | 74,385 | 3.36 | % | 8,796,390 | 84,315 | 3.81 | % | 9,058,756 | 84,635 | 3.71 | % | |||||||||||||
| Non-interest-bearing checking (2) | 3,396,457 | 3,209,502 | 3,059,289 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 209,712 | 223,546 | 286,373 | ||||||||||||||||||||||
| Total liabilities | 12,402,376 | 12,229,438 | 12,404,418 | ||||||||||||||||||||||
| Stockholders' equity | 1,356,626 | 1,273,315 | 1,225,678 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 13,759,002 | $ | 13,502,753 | $ | 13,630,096 | |||||||||||||||||||
| Net interest income | $ | 91,098 | $ | 79,924 | $ | 74,121 | |||||||||||||||||||
| Net interest rate spread | 1.71 | % | 1.32 | % | 1.20 | % | |||||||||||||||||||
| Net interest margin | 2.79 | % | 2.50 | % | 2.29 | % | |||||||||||||||||||
| Deposits (including non-interest-bearing checking accounts) (2) | $ | 11,310,620 | $ | 64,773 | 2.28 | % | $ | 11,114,354 | $ | 74,025 | 2.65 | % | $ | 10,581,452 | $ | 66,650 | 2.50 | % | |||||||
(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
(2) Includes mortgage escrow deposits.
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS (Dollars in thousands) | ||||||||||||
| At or For the Three Months Ended | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| Asset Quality Detail | 2024 | 2024 | 2023 | |||||||||
| Non-performing loans ("NPLs") | ||||||||||||
| Business loans (1) | $ | 22,624 | $ | 25,411 | $ | 18,574 | ||||||
| One-to-four family residential, including condominium and cooperative apartment | 3,213 | 3,880 | 3,248 | |||||||||
| Multifamily residential and residential mixed-use | — | — | — | |||||||||
| Non-owner-occupied commercial real estate | 22,960 | 19,509 | 6,620 | |||||||||
| Acquisition, development, and construction | 657 | 657 | 657 | |||||||||
| Other loans | 25 | 6 | — | |||||||||
| Total Non-accrual loans | $ | 49,479 | $ | 49,463 | $ | 29,099 | ||||||
| Total Non-performing assets ("NPAs") | $ | 49,479 | $ | 49,463 | $ | 29,099 | ||||||
| Total loans 90 days delinquent and accruing ("90+ Delinquent") | $ | — | $ | — | $ | — | ||||||
| NPAs and 90+ Delinquent | $ | 49,479 | $ | 49,463 | $ | 29,099 | ||||||
| NPAs and 90+ Delinquent / Total assets | 0.34 | % | 0.36 | % | 0.21 | % | ||||||
| Net charge-offs ("NCOs") | $ | 10,611 | $ | 4,199 | $ | 4,555 | ||||||
| NCOs / Average loans (2) | 0.39 | % | 0.15 | % | 0.17 | % | ||||||
(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
(2) Calculated based on annualized NCOs to average loans, excluding loans held for sale.
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION (Dollars in thousands except per share amounts) |
The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.
The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets.
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Reconciliation of Reported and Adjusted (non-GAAP) Net (Loss) Income Available to Common Stockholders | |||||||||||||||||||||
| Reported net (loss) income available to common stockholders | $ | (22,234 | ) | $ | 11,505 | $ | 14,487 | $ | 21,798 | $ | 88,808 | ||||||||||
| Adjustments to net income (1): | |||||||||||||||||||||
| Fair value change in equity securities and loans held for sale | (15 | ) | (39 | ) | (321 | ) | 1,204 | 758 | |||||||||||||
| Net loss (gain) on sale of securities and other assets | 42,256 | (2 | ) | — | 35,591 | 1,469 | |||||||||||||||
| Severance | 1,254 | — | 25 | 1,296 | 9,093 | ||||||||||||||||
| FDIC special assessment | 126 | — | 999 | 126 | 999 | ||||||||||||||||
| Loss on extinguishment of debt | — | 1 | — | 454 | — | ||||||||||||||||
| Loss due to pension settlement | 1,215 | — | — | 1,215 | — | ||||||||||||||||
| Income tax effect of adjustments noted above (1) | (14,258 | ) | 13 | (208 | ) | (12,684 | ) | (1,193 | ) | ||||||||||||
| BOLI tax adjustment (2): | 9,073 | — | — | 9,073 | — | ||||||||||||||||
| Adjusted net income available to common stockholders (non-GAAP) | $ | 17,417 | $ | 11,478 | $ | 14,982 | $ | 58,073 | $ | 99,934 | |||||||||||
| Adjusted Ratios (Based upon Adjusted (non-GAAP) Net (Loss) Income as calculated above) | |||||||||||||||||||||
| Adjusted EPS (Diluted) | $ | 0.42 | $ | 0.29 | $ | 0.39 | $ | 1.46 | $ | 2.58 | |||||||||||
| Adjusted return on average assets | 0.56 | % | 0.39 | % | 0.49 | % | 0.48 | % | 0.79 | % | |||||||||||
| Adjusted return on average equity | 5.67 | 4.18 | 5.48 | 5.09 | 8.82 | ||||||||||||||||
| Adjusted return on average tangible common equity | 6.52 | 4.69 | 6.41 | 5.85 | 10.77 | ||||||||||||||||
| Adjusted non-interest expense to average assets | 1.68 | 1.70 | 1.54 | 1.63 | 1.48 | ||||||||||||||||
| Adjusted efficiency ratio | 58.0 | 65.6 | 63.6 | 63.4 | 56.8 | ||||||||||||||||
(1) Adjustments to net (loss) income are taxed at the Company's approximate statutory tax rate.
(2) Reflects income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets.
The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Operating expense as a % of average assets - as reported | 1.76 | % | 1.71 | % | 1.58 | % | 1.66 | % | 1.56 | % | |||||||||||
| Severance | (0.04 | ) | — | — | (0.01 | ) | (0.06 | ) | |||||||||||||
| FDIC special assessment | — | — | (0.03 | ) | — | (0.01 | ) | ||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | — | ||||||||||||||||
| Loss due to pension settlement | (0.04 | ) | — | — | (0.01 | ) | — | ||||||||||||||
| Amortization of other intangible assets | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||
| Adjusted operating expense as a % of average assets (non-GAAP) | 1.68 | % | 1.70 | % | 1.54 | % | 1.63 | % | 1.48 | % | |||||||||||
The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Efficiency ratio - as reported (non-GAAP) (1) | 105.9 | % | 65.9 | % | 65.0 | % | 72.1 | % | 60.4 | % | |||||||||||
| Non-interest expense - as reported | $ | 60,613 | $ | 57,729 | $ | 53,944 | $ | 226,547 | $ | 213,128 | |||||||||||
| Severance | (1,254 | ) | — | (25 | ) | (1,296 | ) | (9,093 | ) | ||||||||||||
| FDIC special assessment | (126 | ) | — | (999 | ) | (126 | ) | (999 | ) | ||||||||||||
| Loss on extinguishment of debt | — | (1 | ) | — | (454 | ) | — | ||||||||||||||
| Loss due to pension settlement | (1,215 | ) | — | — | (1,215 | ) | — | ||||||||||||||
| Amortization of other intangible assets | (285 | ) | (286 | ) | (350 | ) | (1,163 | ) | (1,425 | ) | |||||||||||
| Adjusted non-interest expense (non-GAAP) | $ | 57,733 | $ | 57,442 | $ | 52,570 | $ | 222,293 | $ | 201,611 | |||||||||||
| Net interest income - as reported | $ | 91,098 | $ | 79,924 | $ | 74,121 | $ | 318,054 | $ | 316,571 | |||||||||||
| Non-interest (loss) income - as reported | $ | (33,861 | ) | $ | 7,631 | $ | 8,872 | $ | (3,955 | ) | $ | 36,206 | |||||||||
| Fair value change in equity securities and loans held for sale | (15 | ) | (39 | ) | (321 | ) | 1,204 | 758 | |||||||||||||
| Net loss (gain) on sale of securities and other assets | 42,256 | (2 | ) | — | 35,591 | 1,469 | |||||||||||||||
| Adjusted non-interest income (non-GAAP) | $ | 8,380 | $ | 7,590 | $ | 8,551 | $ | 32,840 | $ | 38,433 | |||||||||||
| Adjusted total revenues for adjusted efficiency ratio (non-GAAP) | $ | 99,478 | $ | 87,514 | $ | 82,672 | $ | 350,894 | $ | 355,004 | |||||||||||
| Adjusted efficiency ratio (non-GAAP) (2) | 58.0 | % | 65.6 | % | 63.6 | % | 63.4 | % | 56.8 | % | |||||||||||
(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
(2) The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.
The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):
| December 31, | September 30, | December 31, | |||||||||||
| 2024 | 2024 | 2023 | |||||||||||
| Reconciliation of Tangible Assets: | |||||||||||||
| Total assets | $ | 14,353,258 | $ | 13,746,529 | $ | 13,636,005 | |||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | |||||||
| Other intangible assets | (3,896 | ) | (4,181 | ) | (5,059 | ) | |||||||
| Tangible assets (non-GAAP) | $ | 14,193,565 | $ | 13,586,551 | $ | 13,475,149 | |||||||
| Reconciliation of Tangible Common Equity - Consolidated: | |||||||||||||
| Total stockholders' equity | $ | 1,396,517 | $ | 1,263,929 | $ | 1,226,225 | |||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | |||||||
| Other intangible assets | (3,896 | ) | (4,181 | ) | (5,059 | ) | |||||||
| Tangible equity (non-GAAP) | 1,236,824 | 1,103,951 | 1,065,369 | ||||||||||
| Preferred stock, net | (116,569 | ) | (116,569 | ) | (116,569 | ) | |||||||
| Tangible common equity (non-GAAP) | $ | 1,120,255 | $ | 987,382 | $ | 948,800 | |||||||
| Common shares outstanding | 43,622 | 39,152 | 38,823 | ||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 7.89 | % | 7.27 | % | 7.04 | % | |||||||
| Tangible equity to tangible assets (non-GAAP) | 8.71 | 8.13 | 7.91 | ||||||||||
| Book value per common share | $ | 29.34 | $ | 29.31 | $ | 28.58 | |||||||
| Tangible common book value per share (non-GAAP) | 25.68 | 25.22 | 24.44 | ||||||||||
FAQ
What caused DCOM's Q4 2024 net loss of $22.2 million?
How much did DCOM's deposits grow in Q4 2024?
What was DCOM's net interest margin in Q4 2024?
How much capital did DCOM raise in its Q4 2024 equity offering?
What was DCOM's Common Equity Tier 1 Ratio at the end of Q4 2024?
