Dime Community Bancshares, Inc. Reports Third Quarter 2024 Results
Dime Community Bancshares, Inc. (NASDAQ: DCOM) reported net income of $11.5 million for Q3 2024, or $0.29 per diluted share. Key highlights include:
- Total deposits increased by $389 million compared to Q2 2024
- Core deposits grew by $505 million
- Net interest margin expanded to 2.50% from 2.41% in Q2
- Loan-to-deposit ratio improved to 95.4% from 98.2%
- Net charge-offs to average loans was 0.15%
- Allowance for credit losses to total loans increased to 0.78%
- Total risk-based capital ratio rose to 14.76%
The company experienced strong growth in low-cost core deposits and expects to benefit from recent Federal Reserve rate cuts. Business loan portfolio increased by over $120 million, with strong pipelines in Middle Market and Healthcare verticals.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) ha riportato un utile netto di 11.5 milioni di dollari per il terzo trimestre del 2024, ovvero 0.29 dollari per azione diluita. I punti salienti includono:
- I depositi totali sono aumentati di 389 milioni di dollari rispetto al secondo trimestre del 2024
- I depositi core sono cresciuti di 505 milioni di dollari
- Il margine di interesse netto è aumentato al 2.50% rispetto al 2.41% del secondo trimestre
- Il rapporto prestiti-depositi è migliorato al 95.4% dal 98.2%
- Le cancellazioni nette sui prestiti medi sono state dello 0.15%
- La provvista per perdite su crediti rispetto ai prestiti totali è aumentata allo 0.78%
- Il rapporto totale di capitale a rischio è salito al 14.76%
L'azienda ha registrato una forte crescita nei depositi core a basso costo e si aspetta di beneficiare dai recenti tagli ai tassi della Federal Reserve. Il portafoglio di prestiti commerciali è aumentato di oltre 120 milioni di dollari, con forti pipeline nei settori del mercato medio e della salute.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) reportó un ingreso neto de 11.5 millones de dólares para el tercer trimestre de 2024, o 0.29 dólares por acción diluida. Los puntos destacados incluyen:
- Los depósitos totales aumentaron en 389 millones de dólares en comparación con el segundo trimestre de 2024
- Los depósitos principales crecieron en 505 millones de dólares
- El margen de interés neto se expandió al 2.50% desde el 2.41% en el segundo trimestre
- La relación préstamos-depósitos mejoró al 95.4% desde el 98.2%
- Las cancelaciones netas en préstamos promediaron el 0.15%
- La provisión para pérdidas crediticias respecto a los préstamos totales aumentó al 0.78%
- La ratio total de capital basada en riesgos subió al 14.76%
La empresa experimentó un fuerte crecimiento en depósitos principales de bajo costo y espera beneficiarse de los recientes recortes en las tasas de la Reserva Federal. La cartera de préstamos comerciales se incrementó en más de 120 millones de dólares, con sólidos flujos en los sectores de Mercado Medio y Salud.
Dime Community Bancshares, Inc. (NASDAQ: DCOM)는 2024년 3분기에 1,150만 달러의 순이익을 보고했으며, 희석 주당 0.29 달러입니다. 주요 내용은 다음과 같습니다:
- 총 예금은 2024년 2분기 대비 3억 8,900만 달러 증가했습니다.
- 핵심 예금은 5억 500만 달러 증가했습니다.
- 순이자 마진은 2분기 2.41%에서 2.50%로 확대되었습니다.
- 대출 대 예금 비율은 98.2%에서 95.4%로 개선되었습니다.
- 평균 대출에 대한 순 차감액 비율은 0.15%였습니다.
- 전체 대출에 대한 신용 손실에 대한 적립금은 0.78%로 증가했습니다.
- 총 위험 기반 자본 비율은 14.76%로 상승했습니다.
회사는 저비용 핵심 예금에서 강력한 성장을 경험했으며, 최근 연방준비제도(Fed)의 금리 인하로부터 이익을 볼 것으로 예상하고 있습니다. 상업 대출 포트폴리오는 1억 2천만 달러 이상 증가했으며, 중간 시장 및 의료 분야에서 강력한 파이프라인이 있습니다.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) a annoncé un bénéfice net de 11,5 millions de dollars pour le troisième trimestre 2024, soit 0,29 dollar par action diluée. Les faits saillants incluent :
- Les dépôts totaux ont augmenté de 389 millions de dollars par rapport au deuxième trimestre 2024
- Les dépôts de base ont augmenté de 505 millions de dollars
- La marge d'intérêt nette s'est élargie à 2,50% contre 2,41% au 2e trimestre
- Le ratio prêts/dépôts s'est amélioré à 95,4% contre 98,2%
- Les annulations nettes par rapport aux prêts moyens étaient de 0,15%
- La provision pour pertes de crédit par rapport aux prêts totaux a augmenté à 0,78%
- Le ratio total de capital basé sur les risques a augmenté à 14,76%
L'entreprise a connu une forte croissance des dépôts de base à faible coût et s'attend à bénéficier des récentes baisses de taux de la Réserve fédérale. Le portefeuille de prêts commerciaux a augmenté de plus de 120 millions de dollars, avec de solides perspectives dans les secteurs du marché intermédiaire et de la santé.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) meldete einen Nettogewinn von 11,5 Millionen Dollar für das 3. Quartal 2024, was 0,29 Dollar pro verwässerter Aktie entspricht. Zu den wichtigsten Highlights gehören:
- Die Gesamteinlagen stiegen um 389 Millionen Dollar im Vergleich zum 2. Quartal 2024
- Die Kern-Einlagen wuchsen um 505 Millionen Dollar
- Die Nettzinsmarge erweiterte sich auf 2,50% von 2,41% im 2. Quartal
- Das Verhältnis von Krediten zu Einlagen verbesserte sich auf 95,4% von 98,2%
- Die Nettobuchverluste betrugen 0,15% der durchschnittlichen Kredite
- Die Rückstellungen für Kreditverluste stiegen auf 0,78% der Gesamtkredite
- Die Gesamtkapitalquote basierend auf Risken erhöhte sich auf 14,76%
Das Unternehmen verzeichnete ein starkes Wachstum bei kostengünstigen Kern-Einlagen und erwartet, von den jüngsten Zinssenkungen der Federal Reserve zu profitieren. Das Portfolio an Geschäftskrediten wuchs um über 120 Millionen Dollar, mit starken Pipelines in den Bereichen Mittelstand und Gesundheitswesen.
- Net interest margin expanded to 2.50% from 2.41% in the previous quarter
- Total deposits increased by $389 million compared to Q2 2024
- Core deposits grew by $505 million
- Business loan portfolio increased by over $120 million
- Total risk-based capital ratio rose to 14.76% from 14.46% in the previous quarter
- Loan-to-deposit ratio improved to 95.4% from 98.2%
- Net income decreased to $11.5 million from $16.7 million in Q2 2024
- Earnings per diluted share decreased to $0.29 from $0.43 in Q2 2024
- Non-performing loans increased to $49.5 million from $24.8 million in the previous quarter
- Credit loss provision increased to $11.6 million from $5.6 million in Q2 2024
- Non-interest expense increased to $57.7 million from $55.7 million in Q2 2024
Insights
The Q3 2024 results for Dime Community Bancshares show mixed signals. On the positive side, there was significant growth in core deposits, driving the net interest margin (NIM) up to
However, net income available to common stockholders decreased to
The bank's loan portfolio showed modest growth, with business loans increasing by over
Overall, while there are positive trends in deposit growth and NIM expansion, the decline in net income and increase in non-performing loans suggest some challenges ahead.
Dime Community Bancshares' Q3 results reflect the current banking environment's challenges and opportunities. The acceleration in core deposit growth is a significant positive, as it reduces reliance on costlier funding sources. This shift has already contributed to a
The bank's positioning to benefit from Federal Reserve rate cuts is strategic. The
However, the increase in the credit loss provision and non-performing loans indicates growing credit quality concerns. The allowance for credit losses to total loans ratio increased to
The efficiency ratio of
In summary, while Dime is navigating the challenging rate environment well, credit quality and expense management will be key areas to watch in coming quarters.
Acceleration in Core Deposit Growth Drives Increase in Quarterly Net Interest Margin to
Balance Sheet Well Positioned to Benefit From Federal Reserve Rate Cuts
HAUPPAUGE, N.Y., Oct. 22, 2024 (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, “Strong growth in low-cost core deposits drove a significant linked quarter expansion in the Net Interest Margin. Importantly, following the recent 50 basis point reduction in the Federal Funds rate, we lowered deposit costs and expect to benefit from these actions in the fourth quarter and beyond. Since the Federal Reserve rate cut in mid-September, the spread between the weighted average rate on loans and core deposits has improved by approximately 15 basis points. We anticipate the full quarter impact of this spread improvement to drive continued Net Interest Margin expansion in the fourth quarter.”
Mr. Lubow commented, “During the third quarter, our Business loan portfolio increased by over
Highlights for the Third Quarter of 2024 Included:
- Total deposits increased
$389 million compared to the second quarter of 2024; - Core deposits (excluding brokered and time deposits) increased
$505 million compared to the second quarter of 2024; - The ratio of average non-interest-bearing deposits to average total deposits for the third quarter was
29% compared to28% for the second quarter of 2024; - The cost of total deposits declined by 4 basis point versus the prior quarter;
- The net interest margin increased to
2.50% for the third quarter of 2024 compared to2.41% for the prior quarter; - The loan to deposit ratio declined to
95.4% at the end of the third quarter compared to98.2% for the prior quarter; - Net charge-offs to average loans was
0.15% for the third quarter of 2024 compared to0.14% for prior quarter; - The allowance for credit losses to total loans increased to
0.78% at the end of the third quarter compared to0.72% for the prior quarter; and - The Company’s total risk based capital ratio increased to
14.76% at the end of the third quarter compared to14.46% for the prior quarter.
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the third quarter of 2024 was
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) | Q3 2024 | Q2 2024 | Q3 2023 | |||||||||
| Net interest income | $ | 79,924 | $ | 75,502 | $ | 76,479 | ||||||
| Purchase accounting amortization (accretion) on loans ("PAA") | (266 | ) | (101 | ) | 186 | |||||||
| Adjusted net interest income excluding PAA on loans (non-GAAP) | $ | 79,658 | $ | 75,401 | $ | 76,665 | ||||||
| Average interest-earning assets | $ | 12,734,246 | $ | 12,624,556 | $ | 12,984,061 | ||||||
| NIM (1) | 2.50 | % | 2.41 | % | 2.34 | % | ||||||
| Adjusted NIM excluding PAA on loans (non-GAAP) (2) | 2.49 | % | 2.40 | % | 2.34 | % | ||||||
(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.
During the quarter ended June 30, 2024, there was a recovery of interest income from a loan that was previously on non-accrual status in the amount of
Loan Portfolio
The ending WAR on the total loan portfolio was
Outlined below are loan balances and WARs for the quarter ended as indicated.
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||||||||
| (Dollars in thousands) | Balance | WAR (1) | Balance | WAR (1) | Balance | WAR (1) | ||||||||||
| Loans held for investment balances at period end: | ||||||||||||||||
| Business loans (2) | $ | 2,653,624 | 6.82 | % | $ | 2,530,896 | 6.92 | % | $ | 2,271,768 | 6.72 | % | ||||
| One-to-four family residential, including condominium and cooperative apartment | 934,209 | 4.65 | 906,949 | 4.55 | 892,869 | 4.39 | ||||||||||
| Multifamily residential and residential mixed-use (3)(4) | 3,866,931 | 4.60 | 3,920,354 | 4.59 | 4,102,024 | 4.45 | ||||||||||
| Non-owner-occupied commercial real estate | 3,281,923 | 5.25 | 3,315,100 | 5.25 | 3,374,281 | 5.09 | ||||||||||
| Acquisition, development, and construction | 149,299 | 8.46 | 144,860 | 8.96 | 203,402 | 8.92 | ||||||||||
| Other loans | 6,058 | 10.71 | 6,699 | 3.39 | 6,267 | 6.28 | ||||||||||
| Loans held for investment | $ | 10,892,044 | 5.40 | % | $ | 10,824,858 | 5.39 | % | $ | 10,850,611 | 5.20 | % | ||||
(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) | Q3 2024 | Q2 2024 | Q3 2023 | ||||||
| Loan originations | $ | 122.7 | $ | 162.4 | $ | 153.4 | |||
Deposits and Borrowed Funds
Period end total deposits (including mortgage escrow deposits) at September 30, 2024 were
Total Federal Home Loan Bank advances were
Mr. Lubow commented, “During the third quarter of 2024, we continued our strategy of utilizing core deposit growth to reduce our wholesale funding position.”
Non-Interest Income
Non-interest income was
Non-Interest Expense
Total non-interest expense was
Mr. Lubow commented, “As we have communicated previously, the increase in non-interest expense has been due to the significant investments and hires in the Private and Commercial Bank and the Middle Market C&I Lending operations. Third quarter results reflected a fully-loaded run-rate for these initiatives and we expect to keep our expense base relatively flat in the fourth quarter of 2024.”
The ratio of non-interest expense to average assets was
The efficiency ratio was
Income Tax Expense
The reported effective tax rate for the third quarter of 2024 was
Credit Quality
Non-performing loans were
A credit loss provision of
Capital Management
The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of September 30, 2024. All risk-based regulatory capital ratios increased in the third quarter of 2024.
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 9:00 a.m. (ET) on Tuesday, October 22, 2024, during which CEO Lubow will discuss the Company’s third 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/hfnjf6ym. To participate via telephone, please register in advance using this link: https://register.vevent.com/register/BI017781a02def49c0ad228b72ba201600. 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/hfnjf6ym.
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) | ||||||||||||
| September 30, | June 30, | December 31, | ||||||||||
| 2024 | 2024 | 2023 | ||||||||||
| Assets: | ||||||||||||
| Cash and due from banks | $ | 626,056 | $ | 413,983 | $ | 457,547 | ||||||
| Securities available-for-sale, at fair value | 774,608 | 819,222 | 886,240 | |||||||||
| Securities held-to-maturity | 592,414 | 588,000 | 594,639 | |||||||||
| Loans held for sale | 13,098 | 14,766 | 10,159 | |||||||||
| Loans held for investment, net: | ||||||||||||
| Business loans (1) | 2,653,624 | 2,530,896 | 2,310,379 | |||||||||
| One-to-four family and cooperative/condominium apartment | 934,209 | 906,949 | 889,236 | |||||||||
| Multifamily residential and residential mixed-use (2)(3) | 3,866,931 | 3,920,354 | 4,017,703 | |||||||||
| Non-owner-occupied commercial real estate | 3,281,923 | 3,315,100 | 3,381,842 | |||||||||
| Acquisition, development and construction | 149,299 | 144,860 | 168,513 | |||||||||
| Other loans | 6,058 | 6,699 | 5,755 | |||||||||
| Allowance for credit losses | (85,221 | ) | (77,812 | ) | (71,743 | ) | ||||||
| Total loans held for investment, net | 10,806,823 | 10,747,046 | 10,701,685 | |||||||||
| Premises and fixed assets, net | 35,066 | 36,054 | 44,868 | |||||||||
| Premises held for sale | — | — | 905 | |||||||||
| Restricted stock | 64,235 | 68,445 | 98,750 | |||||||||
| Bank Owned Life Insurance ("BOLI") | 372,367 | 354,761 | 349,816 | |||||||||
| Goodwill | 155,797 | 155,797 | 155,797 | |||||||||
| Other intangible assets | 4,181 | 4,467 | 5,059 | |||||||||
| Operating lease assets | 48,537 | 51,703 | 52,729 | |||||||||
| Derivative assets | 105,636 | 134,489 | 122,132 | |||||||||
| Accrued interest receivable | 54,578 | 55,588 | 55,666 | |||||||||
| Other assets | 93,133 | 104,442 | 100,013 | |||||||||
| Total assets | $ | 13,746,529 | $ | 13,548,763 | $ | 13,636,005 | ||||||
| Liabilities: | ||||||||||||
| Non-interest-bearing checking (excluding mortgage escrow deposits) | $ | 3,231,160 | $ | 3,012,481 | $ | 2,884,378 | ||||||
| Interest-bearing checking | 938,070 | 633,721 | 515,987 | |||||||||
| Savings (excluding mortgage escrow deposits) | 1,845,266 | 2,340,222 | 2,335,354 | |||||||||
| Money market | 3,898,509 | 3,607,090 | 3,125,996 | |||||||||
| Certificates of deposit | 1,416,467 | 1,382,271 | 1,607,683 | |||||||||
| Deposits (excluding mortgage escrow deposits) | 11,329,472 | 10,975,785 | 10,469,398 | |||||||||
| Non-interest-bearing mortgage escrow deposits | 87,841 | 52,647 | 61,121 | |||||||||
| Interest-bearing mortgage escrow deposits | 5 | 2 | 136 | |||||||||
| Total mortgage escrow deposits | 87,846 | 52,649 | 61,257 | |||||||||
| FHLBNY advances | 508,000 | 633,000 | 1,313,000 | |||||||||
| Subordinated debt, net | 272,300 | 262,814 | 200,196 | |||||||||
| Derivative cash collateral | 68,960 | 130,090 | 108,100 | |||||||||
| Operating lease liabilities | 51,362 | 54,530 | 55,454 | |||||||||
| Derivative liabilities | 98,108 | 122,567 | 121,265 | |||||||||
| Other liabilities | 66,552 | 66,732 | 81,110 | |||||||||
| Total liabilities | 12,482,600 | 12,298,167 | 12,409,780 | |||||||||
| Stockholders' equity: | ||||||||||||
| Preferred stock, Series A | 116,569 | 116,569 | 116,569 | |||||||||
| Common stock | 416 | 416 | 416 | |||||||||
| Additional paid-in capital | 488,607 | 488,760 | 494,454 | |||||||||
| Retained earnings | 827,690 | 826,080 | 813,007 | |||||||||
| Accumulated other comprehensive loss ("AOCI"), net of deferred taxes | (72,970 | ) | (82,780 | ) | (91,579 | ) | ||||||
| Unearned equity awards | (10,111 | ) | (12,023 | ) | (8,622 | ) | ||||||
| Treasury stock, at cost | (86,272 | ) | (86,426 | ) | (98,020 | ) | ||||||
| Total stockholders' equity | 1,263,929 | 1,250,596 | 1,226,225 | |||||||||
| Total liabilities and stockholders' equity | $ | 13,746,529 | $ | 13,548,763 | $ | 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 | Nine Months Ended | ||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Interest income: | |||||||||||||||||||
| Loans | $ | 151,828 | $ | 147,099 | $ | 142,995 | $ | 442,492 | $ | 409,744 | |||||||||
| Securities | 7,766 | 7,907 | 7,916 | 23,553 | 24,261 | ||||||||||||||
| Other short-term investments | 4,645 | 4,412 | 6,930 | 18,621 | 16,599 | ||||||||||||||
| Total interest income | 164,239 | 159,418 | 157,841 | 484,666 | 450,604 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Deposits and escrow | 74,025 | 72,878 | 62,507 | 219,972 | 152,395 | ||||||||||||||
| Borrowed funds | 8,764 | 9,033 | 16,925 | 32,494 | 50,855 | ||||||||||||||
| Derivative cash collateral | 1,526 | 2,005 | 1,930 | 5,244 | 4,904 | ||||||||||||||
| Total interest expense | 84,315 | 83,916 | 81,362 | 257,710 | 208,154 | ||||||||||||||
| Net interest income | 79,924 | 75,502 | 76,479 | 226,956 | 242,450 | ||||||||||||||
| Provision (recovery) for credit losses | 11,603 | 5,585 | 1,806 | 22,398 | (950 | ) | |||||||||||||
| Net interest income after provision (recovery) | 68,321 | 69,917 | 74,673 | 204,558 | 243,400 | ||||||||||||||
| Non-interest income: | |||||||||||||||||||
| Service charges and other fees | 4,267 | 3,972 | 3,963 | 12,783 | 12,633 | ||||||||||||||
| Title fees | 190 | 294 | 291 | 617 | 829 | ||||||||||||||
| Loan level derivative income | 132 | 1,085 | 783 | 1,623 | 6,353 | ||||||||||||||
| BOLI income | 2,606 | 2,484 | 2,317 | 7,551 | 7,332 | ||||||||||||||
| Gain on sale of Small Business Administration ("SBA") loans | 19 | 113 | 335 | 385 | 1,061 | ||||||||||||||
| Gain on sale of residential loans | 38 | 27 | 21 | 142 | 103 | ||||||||||||||
| Fair value change in equity securities and loans held for sale | 39 | (416 | ) | (299 | ) | (1,219 | ) | (1,079 | ) | ||||||||||
| Net loss on sale of securities | — | — | — | — | (1,447 | ) | |||||||||||||
| Gain (loss) on sale of other assets | 2 | 3,695 | (22 | ) | 6,665 | (22 | ) | ||||||||||||
| Other | 338 | 554 | 539 | 1,359 | 1,571 | ||||||||||||||
| Total non-interest income | 7,631 | 11,808 | 7,928 | 29,906 | 27,334 | ||||||||||||||
| Non-interest expense: | |||||||||||||||||||
| Salaries and employee benefits | 36,132 | 32,184 | 30,520 | 100,353 | 87,054 | ||||||||||||||
| Severance | — | — | 8,562 | 42 | 9,068 | ||||||||||||||
| Occupancy and equipment | 7,448 | 7,409 | 7,277 | 22,225 | 21,794 | ||||||||||||||
| Data processing costs | 4,544 | 4,405 | 4,309 | 13,262 | 12,744 | ||||||||||||||
| Marketing | 1,629 | 1,637 | 2,079 | 4,763 | 5,016 | ||||||||||||||
| Professional services | 2,036 | 2,766 | 1,277 | 6,269 | 4,876 | ||||||||||||||
| Federal deposit insurance premiums | 2,105 | 2,250 | 1,866 | 6,594 | 5,613 | ||||||||||||||
| Loss on extinguishment of debt | 1 | — | — | 454 | — | ||||||||||||||
| Amortization of other intangible assets | 286 | 285 | 349 | 878 | 1,075 | ||||||||||||||
| Other | 3,548 | 4,758 | 3,284 | 11,094 | 11,944 | ||||||||||||||
| Total non-interest expense | 57,729 | 55,694 | 59,523 | 165,934 | 159,184 | ||||||||||||||
| Income before taxes | 18,223 | 26,031 | 23,078 | 68,530 | 111,550 | ||||||||||||||
| Income tax expense | 4,896 | 7,552 | 8,093 | 19,033 | 31,764 | ||||||||||||||
| Net income | 13,327 | 18,479 | 14,985 | 49,497 | 79,786 | ||||||||||||||
| Preferred stock dividends | 1,822 | 1,822 | 1,822 | 5,465 | 5,465 | ||||||||||||||
| Net income available to common stockholders | $ | 11,505 | $ | 16,657 | $ | 13,163 | $ | 44,032 | $ | 74,321 | |||||||||
| Earnings per common share ("EPS"): | |||||||||||||||||||
| Basic | $ | 0.29 | $ | 0.43 | $ | 0.34 | $ | 1.13 | $ | 1.92 | |||||||||
| Diluted | $ | 0.29 | $ | 0.43 | $ | 0.34 | $ | 1.13 | $ | 1.92 | |||||||||
| Average common shares outstanding for diluted EPS | 38,366,619 | 38,329,485 | 38,203,961 | 38,317,223 | 38,177,704 | ||||||||||||||
| 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 Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Per Share Data: | ||||||||||||||||||||
| Reported EPS (Diluted) | $ | 0.29 | $ | 0.43 | $ | 0.34 | $ | 1.13 | $ | 1.92 | ||||||||||
| Cash dividends paid per common share | 0.25 | 0.25 | 0.25 | 0.75 | 0.74 | |||||||||||||||
| Book value per common share | 29.31 | 28.97 | 28.03 | 29.31 | 28.03 | |||||||||||||||
| Tangible common book value per share (1) | 25.22 | 24.87 | 23.87 | 25.22 | 23.87 | |||||||||||||||
| Common shares outstanding | 39,152 | 39,148 | 38,811 | 39,152 | 38,811 | |||||||||||||||
| Dividend payout ratio | 86.21 | % | 58.14 | % | 73.53 | % | 66.37 | % | 38.54 | % | ||||||||||
| Performance Ratios (Based upon Reported Net Income): | ||||||||||||||||||||
| Return on average assets | 0.39 | % | 0.55 | % | 0.44 | % | 0.49 | % | 0.78 | % | ||||||||||
| Return on average equity | 4.19 | 5.88 | 4.91 | 5.24 | 8.78 | |||||||||||||||
| Return on average tangible common equity (1) | 4.70 | 6.88 | 5.69 | 6.06 | 10.73 | |||||||||||||||
| Net interest margin | 2.50 | 2.41 | 2.34 | 2.37 | 2.52 | |||||||||||||||
| Non-interest expense to average assets | 1.71 | 1.66 | 1.73 | 1.63 | 1.56 | |||||||||||||||
| Efficiency ratio | 65.9 | 63.8 | 70.5 | 64.6 | 59.0 | |||||||||||||||
| Effective tax rate | 26.87 | 29.01 | 35.07 | 27.77 | 28.48 | |||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||
| Average assets | $ | 13,502,753 | $ | 13,418,441 | $ | 13,759,493 | $ | 13,571,710 | $ | 13,623,570 | ||||||||||
| Average interest-earning assets | 12,734,246 | 12,624,556 | 12,984,061 | 12,791,233 | 12,853,701 | |||||||||||||||
| Average tangible common equity (1) | 996,578 | 979,611 | 943,805 | 981,614 | 933,072 | |||||||||||||||
| Loan-to-deposit ratio at end of period (2) | 95.4 | 98.2 | 102.0 | 95.4 | 102.0 | |||||||||||||||
| Capital Ratios and Reserves - Consolidated: (3) | ||||||||||||||||||||
| Tangible common equity to tangible assets (1) | 7.27 | % | 7.27 | % | 6.87 | % | ||||||||||||||
| Tangible equity to tangible assets (1) | 8.13 | 8.14 | 7.73 | |||||||||||||||||
| Tier 1 common equity ratio | 10.16 | 10.06 | 9.67 | |||||||||||||||||
| Tier 1 risk-based capital ratio | 11.28 | 11.17 | 10.76 | |||||||||||||||||
| Total risk-based capital ratio | 14.76 | 14.46 | 13.33 | |||||||||||||||||
| Tier 1 leverage ratio | 8.76 | 8.78 | 8.38 | |||||||||||||||||
| Consolidated CRE concentration ratio (4) | 487 | 499 | 547 | |||||||||||||||||
| Allowance for credit losses/ Total loans | 0.78 | 0.72 | 0.67 | |||||||||||||||||
| Allowance for credit losses/ Non-performing loans | 172.29 | 313.21 | 311.16 | |||||||||||||||||
(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) September 30, 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 September 30, 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 | |||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 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) | $ | 2,609,934 | $ | 46,656 | 7.11 | % | $ | 2,400,219 | $ | 42,933 | 7.19 | % | $ | 2,260,203 | $ | 38,384 | 6.74 | % | |||||||
| One-to-four family residential, including condo and coop | 924,150 | 11,024 | 4.75 | 886,037 | 9,968 | 4.52 | 879,688 | 9,165 | 4.13 | ||||||||||||||||
| Multifamily residential and residential mixed-use | 3,902,220 | 45,790 | 4.67 | 3,958,617 | 45,775 | 4.65 | 4,114,476 | 46,099 | 4.45 | ||||||||||||||||
| Non-owner-occupied commercial real estate | 3,297,760 | 44,804 | 5.40 | 3,359,004 | 44,728 | 5.36 | 3,382,927 | 44,184 | 5.18 | ||||||||||||||||
| Acquisition, development, and construction | 147,875 | 3,505 | 9.43 | 164,283 | 3,638 | 8.91 | 222,039 | 5,075 | 9.07 | ||||||||||||||||
| Other loans | 4,891 | 49 | 3.99 | 5,100 | 57 | 4.50 | 6,156 | 88 | 5.67 | ||||||||||||||||
| Securities | 1,493,492 | 7,766 | 2.07 | 1,537,487 | 7,907 | 2.07 | 1,619,960 | 7,916 | 1.94 | ||||||||||||||||
| Other short-term investments | 353,924 | 4,645 | 5.22 | 313,809 | 4,412 | 5.65 | 498,612 | 6,930 | 5.51 | ||||||||||||||||
| Total interest-earning assets | 12,734,246 | 164,239 | 5.13 | % | 12,624,556 | 159,418 | 5.08 | % | 12,984,061 | 157,841 | 4.82 | % | |||||||||||||
| Non-interest-earning assets | 768,507 | 793,885 | 775,432 | ||||||||||||||||||||||
| Total assets | $ | 13,502,753 | $ | 13,418,441 | $ | 13,759,493 | |||||||||||||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Interest-bearing checking (2) | $ | 798,024 | $ | 4,635 | 2.31 | % | $ | 631,403 | $ | 1,499 | 0.95 | % | $ | 786,892 | $ | 2,896 | 1.46 | % | |||||||
| Money market | 3,771,562 | 36,841 | 3.89 | 3,495,989 | 33,193 | 3.82 | 2,975,267 | 24,275 | 3.24 | ||||||||||||||||
| Savings (2) | 2,102,282 | 19,492 | 3.69 | 2,336,202 | 23,109 | 3.98 | 2,342,424 | 20,316 | 3.44 | ||||||||||||||||
| Certificates of deposit | 1,232,984 | 13,057 | 4.21 | 1,393,678 | 15,077 | 4.35 | 1,494,491 | 15,020 | 3.99 | ||||||||||||||||
| Total interest-bearing deposits | 7,904,852 | 74,025 | 3.73 | 7,857,272 | 72,878 | 3.73 | 7,599,074 | 62,507 | 3.26 | ||||||||||||||||
| FHLBNY advances | 528,652 | 4,455 | 3.35 | 671,242 | 6,429 | 3.85 | 1,250,717 | 14,370 | 4.56 | ||||||||||||||||
| Subordinated debt, net | 271,450 | 4,307 | 6.31 | 202,232 | 2,604 | 5.18 | 200,232 | 2,553 | 5.06 | ||||||||||||||||
| Other short-term borrowings | 131 | 2 | 6.07 | — | — | — | 120 | 2 | 6.61 | ||||||||||||||||
| Total borrowings | 800,233 | 8,764 | 4.36 | 873,474 | 9,033 | 4.16 | 1,451,069 | 16,925 | 4.63 | ||||||||||||||||
| Derivative cash collateral | 91,305 | 1,526 | 6.65 | 145,702 | 2,005 | 5.53 | 156,795 | 1,930 | 4.88 | ||||||||||||||||
| Total interest-bearing liabilities | 8,796,390 | 84,315 | 3.81 | % | 8,876,448 | 83,916 | 3.80 | % | 9,206,938 | 81,362 | 3.51 | % | |||||||||||||
| Non-interest-bearing checking (2) | 3,209,502 | 3,042,382 | 3,065,186 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 223,546 | 242,980 | 265,559 | ||||||||||||||||||||||
| Total liabilities | 12,229,438 | 12,161,810 | 12,537,683 | ||||||||||||||||||||||
| Stockholders' equity | 1,273,315 | 1,256,631 | 1,221,810 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 13,502,753 | $ | 13,418,441 | $ | 13,759,493 | |||||||||||||||||||
| Net interest income | $ | 79,924 | $ | 75,502 | $ | 76,479 | |||||||||||||||||||
| Net interest rate spread | 1.32 | % | 1.28 | % | 1.31 | % | |||||||||||||||||||
| Net interest margin | 2.50 | % | 2.41 | % | 2.34 | % | |||||||||||||||||||
| Deposits (including non-interest-bearing checking accounts) (2) | $ | 11,114,354 | $ | 74,025 | 2.65 | % | $ | 10,899,654 | $ | 72,878 | 2.69 | % | $ | 10,664,260 | $ | 62,507 | 2.33 | % | |||||||
(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 | ||||||||||||
| September 30, | June 30, | September 30, | ||||||||||
| Asset Quality Detail | 2024 | 2024 | 2023 | |||||||||
| Non-performing loans ("NPLs") | ||||||||||||
| Business loans (1) | $ | 25,411 | $ | 20,287 | $ | 19,555 | ||||||
| One-to-four family residential, including condominium and cooperative apartment | 3,880 | 3,884 | 2,874 | |||||||||
| Multifamily residential and residential mixed-use | — | — | — | |||||||||
| Non-owner-occupied commercial real estate | 19,509 | 15 | 15 | |||||||||
| Acquisition, development, and construction | 657 | 657 | 657 | |||||||||
| Other loans | 6 | — | 219 | |||||||||
| Total Non-accrual loans | $ | 49,463 | $ | 24,843 | $ | 23,320 | ||||||
| Total Non-performing assets ("NPAs") | $ | 49,463 | $ | 24,843 | $ | 23,320 | ||||||
| Total loans 90 days delinquent and accruing ("90+ Delinquent") | $ | — | $ | — | $ | — | ||||||
| NPAs and 90+ Delinquent | $ | 49,463 | $ | 24,843 | $ | 23,320 | ||||||
| NPAs and 90+ Delinquent / Total assets | 0.36 | % | 0.18 | % | 0.17 | % | ||||||
| Net charge-offs ("NCOs") | $ | 4,199 | $ | 3,640 | $ | 4,864 | ||||||
| NCOs / Average loans (2) | 0.15 | % | 0.14 | % | 0.18 | % | ||||||
(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 (gain) loss on sale of securities and other assets, severance, the FDIC special assessment and loss on extinguishment of debt:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders | |||||||||||||||||||||
| Reported net income available to common stockholders | $ | 11,505 | $ | 16,657 | $ | 13,163 | $ | 44,032 | $ | 74,321 | |||||||||||
| Adjustments to net income (1): | |||||||||||||||||||||
| Fair value change in equity securities and loans held for sale | (39 | ) | 416 | 299 | 1,219 | 1,079 | |||||||||||||||
| Net (gain) loss on sale of securities and other assets | (2 | ) | (3,695 | ) | 22 | (6,665 | ) | 1,469 | |||||||||||||
| Severance | — | — | 8,562 | 42 | 9,068 | ||||||||||||||||
| Loss on extinguishment of debt | 1 | — | — | 454 | — | ||||||||||||||||
| Income tax effect of adjustments | 13 | 1,043 | (176 | ) | 1,574 | (985 | ) | ||||||||||||||
| Adjusted net income available to common stockholders (non-GAAP) | $ | 11,478 | $ | 14,421 | $ | 21,870 | $ | 40,656 | $ | 84,952 | |||||||||||
| Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above) | |||||||||||||||||||||
| Adjusted EPS (Diluted) | $ | 0.29 | $ | 0.37 | $ | 0.56 | $ | 1.04 | $ | 2.19 | |||||||||||
| Adjusted return on average assets | 0.39 | % | 0.48 | % | 0.69 | % | 0.45 | % | 0.88 | % | |||||||||||
| Adjusted return on average equity | 4.18 | 5.17 | 7.76 | 4.89 | 9.95 | ||||||||||||||||
| Adjusted return on average tangible common equity | 4.69 | 5.97 | 9.38 | 5.60 | 12.25 | ||||||||||||||||
| Adjusted non-interest expense to average assets | 1.70 | 1.65 | 1.48 | 1.62 | 1.46 | ||||||||||||||||
| Adjusted efficiency ratio | 65.6 | 65.9 | 59.7 | 65.5 | 54.7 | ||||||||||||||||
(1) Adjustments to net income are taxed at the Company's approximate statutory tax rate.
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 | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Operating expense as a % of average assets - as reported | 1.71 | % | 1.66 | % | 1.73 | % | 1.63 | % | 1.56 | % | ||||||||||
| Loss on extinguishment of debt | — | — | — | — | — | |||||||||||||||
| Severance | — | — | (0.25 | ) | — | (0.09 | ) | |||||||||||||
| Amortization of other intangible assets | (0.01 | ) | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | |||||||||||
| Adjusted operating expense as a % of average assets (non-GAAP) | 1.70 | % | 1.65 | % | 1.48 | % | 1.62 | % | 1.46 | % | ||||||||||
The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Efficiency ratio - as reported (non-GAAP) (1) | 65.9 | % | 63.8 | % | 70.5 | % | 64.6 | % | 59.0 | % | |||||||||||
| Non-interest expense - as reported | $ | 57,729 | $ | 55,694 | $ | 59,523 | $ | 165,934 | $ | 159,184 | |||||||||||
| Severance | — | — | (8,562 | ) | (42 | ) | (9,068 | ) | |||||||||||||
| Loss on extinguishment of debt | (1 | ) | — | — | (454 | ) | — | ||||||||||||||
| Amortization of other intangible assets | (286 | ) | (285 | ) | (349 | ) | (878 | ) | (1,075 | ) | |||||||||||
| Adjusted non-interest expense (non-GAAP) | $ | 57,442 | $ | 55,409 | $ | 50,612 | $ | 164,560 | $ | 149,041 | |||||||||||
| Net interest income - as reported | $ | 79,924 | $ | 75,502 | $ | 76,479 | $ | 226,956 | $ | 242,450 | |||||||||||
| Non-interest income - as reported | $ | 7,631 | $ | 11,808 | $ | 7,928 | $ | 29,906 | $ | 27,334 | |||||||||||
| Fair value change in equity securities and loans held for sale | (39 | ) | 416 | 299 | 1,219 | 1,079 | |||||||||||||||
| Net (gain) loss on sale of securities and other assets | (2 | ) | (3,695 | ) | 22 | (6,665 | ) | 1,469 | |||||||||||||
| Adjusted non-interest income (non-GAAP) | $ | 7,590 | $ | 8,529 | $ | 8,249 | $ | 24,460 | $ | 29,882 | |||||||||||
| Adjusted total revenues for adjusted efficiency ratio (non-GAAP) | $ | 87,514 | $ | 84,031 | $ | 84,728 | $ | 251,416 | $ | 272,332 | |||||||||||
| Adjusted efficiency ratio (non-GAAP) (2) | 65.6 | % | 65.9 | % | 59.7 | % | 65.5 | % | 54.7 | % | |||||||||||
(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):
| September 30, | June 30, | September 30, | |||||||||||
| 2024 | 2024 | 2023 | |||||||||||
| Reconciliation of Tangible Assets: | |||||||||||||
| Total assets | $ | 13,746,529 | $ | 13,548,763 | $ | 13,651,405 | |||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | |||||||
| Other intangible assets | (4,181 | ) | (4,467 | ) | (5,409 | ) | |||||||
| Tangible assets (non-GAAP) | $ | 13,586,551 | $ | 13,388,499 | $ | 13,490,199 | |||||||
| Reconciliation of Tangible Common Equity - Consolidated: | |||||||||||||
| Total stockholders' equity | $ | 1,263,929 | $ | 1,250,596 | $ | 1,204,344 | |||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | |||||||
| Other intangible assets | (4,181 | ) | (4,467 | ) | (5,409 | ) | |||||||
| Tangible equity (non-GAAP) | 1,103,951 | 1,090,332 | 1,043,138 | ||||||||||
| Preferred stock, net | (116,569 | ) | (116,569 | ) | (116,569 | ) | |||||||
| Tangible common equity (non-GAAP) | $ | 987,382 | $ | 973,763 | $ | 926,569 | |||||||
| Common shares outstanding | 39,152 | 39,148 | 38,811 | ||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 7.27 | % | 7.27 | % | 6.87 | % | |||||||
| Tangible equity to tangible assets (non-GAAP) | 8.13 | 8.14 | 7.73 | ||||||||||
| Book value per common share | $ | 29.31 | $ | 28.97 | $ | 28.03 | |||||||
| Tangible common book value per share (non-GAAP) | 25.22 | 24.87 | 23.87 | ||||||||||
FAQ
What was Dime Community Bancshares' (DCOM) net income for Q3 2024?
How much did DCOM's total deposits increase in Q3 2024 compared to Q2 2024?
What was DCOM's net interest margin in Q3 2024?
How much did DCOM's business loan portfolio grow in Q3 2024?
What was DCOM's loan-to-deposit ratio at the end of Q3 2024?
