Record Quarterly Revenue of $124 Million
Organic Growth Strategy and The Hiring of Teams is Paying Dividends
With Linked Quarter Growth in Core Deposits of Approximately $800 Million and Business Loans of Over $175 Million
HAUPPAUGE, N.Y., Jan. 21, 2026 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. $(DCOM)$ (the "Company" or "Dime"), the parent company of Dime Community Bank (the "Bank"), today reported net income available to common stockholders of $103.4 million for the year ended December 31, 2025, or $2.36 per diluted common share, compared to net income available to common stockholders of $21.8 million, or $0.55 per diluted common share, for the year ended December 31, 2024.
For the quarter ended December 31, 2025, net income available to common stockholders was $30.0 million, or $0.68 per diluted common share, compared to $25.8 million, or $0.59 per diluted common share, for the quarter ended September 30, 2025, and net loss available to common stockholders of $22.2 million, or ($0.54) per diluted common share, for the quarter ended December 31, 2024.
Adjusted net income available to common stockholders (non-GAAP) was $34.5 million and adjusted diluted EPS (non-GAAP) was $0.79 per share for the quarter ended December 31, 2025, compared to $0.61 per share for the quarter ended September 30, 2025 and $0.42 for the quarter ended December 31, 2024 (see "Non-GAAP Reconciliation" tables at the end of this news release).
Stuart H. Lubow, President and Chief Executive Officer ("CEO") of the Company, stated, "During the fourth quarter, we executed on all aspects of our strategic plan, including: substantial growth in core deposits and business loans, a reduction in the CRE concentration ratio, an improvement in return metrics and efficiency levels, and maintenance of solid asset quality levels. Total fourth quarter revenue of $124 million was a record for Dime, and we anticipate continued revenue growth in the years ahead as we have a significant loan repricing opportunity that will continue through 2027. Our organic growth strategy and the hiring of teams is paying dividends as evidenced by an 88% year-over-year increase in adjusted diluted EPS to $0.79 per share. Thanks to the hard work of all of our bankers and corporate staff, Dime has firmly established itself as a commercial and private banking powerhouse."
Highlights for the Fourth Quarter of 2025 included:
-- Adjusted diluted EPS of $0.79 per share for the fourth quarter of 2025,
compared to $0.61 per share for the third quarter of 2025;
-- Total deposits increased $1.16 billion on a year-over-year basis;
-- Core deposits (excluding brokered and time deposits) increased $1.26
billion on a year-over-year basis;
-- Average non-interest-bearing deposits to average total deposits for the
fourth quarter increased to 30.5% compared to 29.9% for the prior
quarter;
-- The loan to deposit ratio declined to 83.8% at the end of the fourth
quarter compared to 88.9% for the prior quarter;
-- Business loans grew $177.9 million on a linked quarter basis and $514.0
million on a year-over-year basis;
-- The net interest margin increased to 3.11% for the fourth quarter of 2025
compared to 3.01% for the prior quarter;
-- The efficiency ratio decreased to 52.6% for the fourth quarter of 2025
compared to 53.8% for the prior quarter;
-- The adjusted efficiency ratio decreased to 50.3% for the fourth quarter
of 2025 compared to 53.1% for the prior quarter;
-- The Company's Common Equity Tier 1 Ratio increased to 11.66% at the end
of the fourth quarter;
-- The Company's Consolidated CRE Concentration ratio was proactively
managed lower to 387%; and
-- Non-performing assets declined by 27% on a linked quarter basis and
represent 0.34% of Total Assets.
Management's Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the fourth quarter of 2025 was $112.3 million compared to $103.4 million for the third quarter of 2025 and $91.1 million for the fourth quarter of 2024. The Net Interest Margin for the fourth quarter of 2025 was 3.11% compared to 3.01% for the third quarter of 2025 and 2.79% for the fourth quarter of 2024.
Mr. Lubow commented, "We continue to have a significant loan repricing opportunity that will continue through 2027. Additionally, growth in core deposits and business loans will benefit us over time as we continue to grow customers and hire productive bankers. Our substantial liquidity position, which includes $2.35 billion of cash, provides us with the flexibility to be opportunistic and take advantage of lending opportunities as they may arise."
Loan Portfolio
The ending weighted average rate ("WAR") on the total loan portfolio was 5.27% at December 31, 2025, a 10 basis point decrease compared to the ending WAR of 5.37% on the total loan portfolio at September 30, 2025.
Outlined below are loan balances and WARs for the quarter ended as indicated.
December 31, 2025 September 30, 2025 December 31, 2024
------------------- ------------------- -------------------
(Dollars in thousands) Balance WAR(1) Balance WAR(1) Balance WAR(1)
----------------------- ----------- ------ ----------- ------ ----------- ------
Loans held for
investment balances at
period end:
Business loans(2) $ 3,240,600 6.32% $ 3,062,674 6.60% $ 2,726,602 6.56%
One-to-four family
residential and
coop/condo apartment 1,035,983 4.94 1,030,949 4.92 952,195 4.72
Multifamily
residential and
residential
mixed-use(3)(4) 3,424,565 4.46 3,509,811 4.52 3,820,492 4.49
Non-owner-occupied
commercial real
estate 2,933,287 5.07 2,975,474 5.13 3,231,398 5.13
Acquisition,
development, and
construction 117,215 7.51 139,145 8.04 136,172 7.95
Other loans 6,558 11.09 7,621 11.14 5,084 10.51
---------- ------ ---------- ------ ---------- ------
Loans held for
investment $10,758,208 5.27% $10,725,674 5.37% $10,871,943 5.26%
========== ====== ========== ====== ========== ======
(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, owner-occupied commercial real estate loans and Paycheck Protection Program ("PPP") 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 2025 Q3 2025 Q4 2024 -------------------------------------- --------- --------- --------- Originations Excluding New Lines of Credit $ 225.3 $ 170.6 $ 187.5 Originations Including New Lines of Credit 467.2 535.6 361.2
Deposits and Borrowed Funds
Period end total deposits (including mortgage escrow deposits) at December 31, 2025 were $12.84 billion, compared to $12.06 billion at September 30, 2025 and $11.69 billion at December 31, 2024.
Mr. Lubow commented, "Deposit growth in the fourth quarter was broad based, across all of our channels, including contributions from the branch network, commercial banking, private banking and municipal banking."
Brokered deposits were $200.0 million at December 31, 2025, compared to $200.0 million at September 30, 2025 and $422.8 million at December 31, 2024. Total Federal Home Loan Bank advances were $508.0 million at December 31, 2025, compared to $508.0 million at September 30, 2025 and $608.0 million at December 31, 2024.
Non-Interest Income
Non-interest income was $11.5 million during the fourth quarter of 2025, $12.2 million during the third quarter of 2025, and a loss of $33.9 million during the fourth quarter of 2024. Fourth quarter 2024 results included $42.8 million of pre-tax loss-on-sale of securities related to the re-positioning of the available-for-sale securities portfolio.
Non-Interest Expense
Total non-interest expense was $65.1 million during the fourth quarter of 2025, $62.2 million during the third quarter of 2025, and $60.6 million during the fourth quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, settlement loss related to the termination of a legacy pension plan, and the FDIC special assessment, adjusted non-interest expense was $62.3 million during the fourth quarter of 2025, $62.0 million during the third quarter of 2025, and $57.7 million during the fourth quarter of 2024 (see "Non-GAAP Reconciliation" tables at the end of this news release).
The ratio of non-interest expense to average assets was 1.72% during the fourth quarter of 2025, compared to 1.73% during the linked quarter and 1.76% during the fourth quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, the FDIC special assessment and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.65% during the fourth quarter of 2025, 1.72% during the third quarter of 2025, and 1.68% during the fourth quarter of 2024 (see "Non-GAAP Reconciliation" tables at the end of this news release).
The efficiency ratio was 52.6% during the fourth quarter of 2025, compared to 53.8% during the linked quarter and 105.9% during the fourth quarter of 2024. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, the FDIC special assessment, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets, the adjusted efficiency ratio was 50.3% during the fourth quarter of 2025, compared to 53.1% during the linked quarter and 58.0% during the fourth quarter of 2024 (see "Non-GAAP Reconciliation" tables at the end of this news release).
Income Tax Expense
Income tax expense was $16.0 million during the fourth quarter of 2025, $12.4 million during the third quarter of 2025, and $3.3 million during the fourth quarter of 2024. The fourth quarter of 2025 included $2.7 million of net expense from discrete items related to an uncertain tax position and a deferred tax item from prior tax years. The fourth quarter of 2024 included $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax ("MEC Tax") on the surrender of legacy Bank Owned Life Insurance ("BOLI") assets. Excluding the tax impact of the discrete items noted above, the effective tax rate for the fourth quarter of 2025 was 27.8%. Excluding the tax impact of the BOLI surrender, the fourth quarter 2024 effective rate was a tax benefit of 33.5%.
Credit Quality
Non-performing loans were $52.3 million at December 31, 2025, compared to $72.1 million at September 30, 2025 and $49.5 million at December 31, 2024.
A credit loss provision of $10.9 million was recorded during the fourth quarter of 2025, compared to a credit loss provision of $13.3 million during the third quarter of 2025, and a credit loss provision of $13.7 million during the fourth quarter of 2024.
Capital Management
Stockholders' equity increased $23.4 million to $1.48 billion at December 31, 2025, compared to $1.45 billion at September 30, 2025.
The Company's and the Bank's regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2025.
Dividends per common share were $0.25 during the fourth quarter of 2025 and $0.25 for the third quarter of 2025.
Book value per common share was $30.99 at December 31, 2025 compared to $30.44 at September 30, 2025.
Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $27.37 at December 31, 2025 compared to $26.81 at September 30, 2025 (see "Non-GAAP Reconciliation" tables at the end of this news release).
Earnings Call Information
The Company will conduct a conference call at 8:30 a.m. $(ET)$ on Wednesday, January 21, 2026, during which CEO Lubow will discuss the Company's fourth quarter 2025 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/9ncxg8oo. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIddc983f5af2546dbb4f189945a63193d. 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/9ncxg8oo.
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 approximately $15 billion in assets and the number one deposit market share among community banks on Greater Long Island. (1)
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.
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 government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; 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, tariffs, 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 Operating Officer and Chief Financial Officer
718-782-6200 extension 5909
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
September
December 31, 30, December 31,
2025 2025 2024
------------ ------------ --------------
Assets:
Cash and due from
banks $ 2,353,966 $ 1,715,044 $ 1,283,571
Securities
available-for-sale,
at fair value 797,935 662,667 690,693
Securities
held-to-maturity 618,901 623,094 637,339
Loans held for sale 1,989 -- 22,625
Loans held for
investment, net:
Business loans(1) 3,240,600 3,062,674 2,726,602
One-to-four family
residential and
coop/condo
apartment 1,035,983 1,030,949 952,195
Multifamily
residential and
residential
mixed-use(2)(3) 3,424,565 3,509,811 3,820,492
Non-owner-occupied
commercial real
estate 2,933,287 2,975,474 3,231,398
Acquisition,
development and
construction 117,215 139,145 136,172
Other loans 6,558 7,621 5,084
Allowance for credit
losses (97,372) (94,061) (88,751)
---------- ---------- ----------
Total loans held for
investment, net 10,660,836 10,631,613 10,783,192
---------- ---------- ----------
Premises and fixed
assets, net 31,255 32,525 34,858
Restricted stock 67,197 66,989 69,106
BOLI 401,163 396,904 290,665
Goodwill 155,797 155,797 155,797
Other intangible
assets 2,938 3,173 3,896
Operating lease
assets 42,876 45,402 46,193
Derivative assets 76,315 81,440 116,496
Accrued interest
receivable 55,572 57,048 55,970
Other assets 74,891 67,247 162,857
---------- ---------- ----------
Total assets $15,341,631 $14,538,943 $14,353,258
========== ========== ==========
Liabilities:
Non-interest-bearing
checking (excluding
mortgage escrow
deposits) $ 3,915,081 $ 3,597,682 $ 3,355,829
Interest-bearing
checking 1,178,281 1,094,995 1,079,823
Savings (excluding
mortgage escrow
deposits) 1,777,143 1,721,670 1,927,903
Money market 4,806,572 4,425,143 4,198,784
Certificates of
deposit 1,117,118 1,138,872 1,069,081
---------- ---------- ----------
Deposits (excluding
mortgage escrow
deposits) 12,794,195 11,978,362 11,631,420
---------- ---------- ----------
Non-interest-bearing
mortgage escrow
deposits 47,051 83,240 54,715
Interest-bearing
mortgage escrow
deposits -- 5 6
---------- ---------- ----------
Total mortgage escrow
deposits 47,051 83,245 54,721
---------- ---------- ----------
Total deposits
(including mortgage
escrow deposits) 12,841,246 12,061,607 11,686,141
---------- ---------- ----------
FHLBNY advances 508,000 508,000 608,000
Other short-term
borrowings -- -- 50,000
Subordinated debt,
net 272,503 272,459 272,325
Derivative cash
collateral 52,400 57,260 112,420
Operating lease
liabilities 45,729 48,138 48,993
Derivative
liabilities 73,573 77,637 108,347
Other liabilities 72,411 61,500 70,515
---------- ---------- ----------
Total liabilities 13,865,862 13,086,601 12,956,741
---------- ---------- ----------
Stockholders' equity:
Preferred stock,
Series A 116,569 116,569 116,569
Common stock 462 461 461
Additional paid-in
capital 623,041 622,657 624,822
Retained earnings 854,167 835,083 794,526
Accumulated other
comprehensive loss
("AOCI"), net of
deferred taxes (31,468) (33,596) (45,018)
Unearned equity
awards (8,661) (11,332) (7,640)
Treasury stock, at
cost (78,341) (77,500) (87,203)
---------- ---------- ----------
Total stockholders'
equity 1,475,769 1,452,342 1,396,517
---------- ---------- ----------
Total liabilities and
stockholders'
equity $15,341,631 $14,538,943 $14,353,258
========== ========== ==========
(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and 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 September December December December
31, 30, 31, 31, 31,
2025 2025 2024 2025 2024
--------- --------- --------- --------- -----------
Interest income:
Loans $147,143 $147,756 $148,000 $583,052 $590,492
Securities 11,354 11,338 10,010 45,368 33,563
Other
short-term
investments 21,987 16,449 7,473 57,022 26,094
------- ------- ------- ------- -------
Total interest
income 180,484 175,543 165,483 685,442 650,149
------- ------- ------- ------- -------
Interest expense:
Deposits and
escrow 58,926 62,950 64,773 240,131 284,745
Borrowed funds 8,718 8,406 8,542 33,859 41,036
Derivative cash
collateral 551 788 1,070 3,454 6,314
------- ------- ------- ------- -------
Total interest
expense 68,195 72,144 74,385 277,444 332,095
------- ------- ------- ------- -------
Net interest
income 112,289 103,399 91,098 407,998 318,054
Provision for
credit losses 10,889 13,294 13,715 43,030 36,113
------- ------- ------- ------- -------
Net interest
income after
provision 101,400 90,105 77,383 364,968 281,941
------- ------- ------- ------- -------
Non-interest
income:
Service charges
and other
fees 5,413 5,209 3,942 19,907 16,725
Title fees 317 126 226 659 843
Loan level
derivative
income 285 650 491 1,938 2,114
BOLI income 4,259 4,956 2,825 17,394 10,376
Gain on sale of
Small Business
Administration
("SBA") loans 487 38 22 994 407
Gain on sale of
residential
loans 75 37 83 194 225
Fair value
change in
equity
securities and
loans held for
sale 48 51 15 200 (1,204)
Net gain (loss)
on securities -- 14 (42,810) 163 (42,810)
(Loss) gain on
sale of other
assets (111) (1,117) 554 (1,228) 7,219
Other 721 2,247 791 4,712 2,150
------- ------- ------- ------- -------
Total
non-interest
income
(loss) 11,494 12,211 (33,861) 44,933 (3,955)
------- ------- ------- ------- -------
Non-interest
expense:
Salaries and
employee
benefits 40,769 38,344 35,761 150,982 136,114
Severance 2,493 6 1,254 2,711 1,296
Occupancy and
equipment 8,059 8,107 7,569 31,897 29,794
Data processing
costs 4,868 4,798 4,483 19,363 17,745
Marketing 2,038 1,961 1,897 7,421 6,660
Professional
services 1,381 2,228 2,345 7,822 8,614
Federal deposit
insurance
premiums 1,791 1,799 2,116 7,329 8,710
Loss on
extinguishment
of debt -- -- -- -- 454
Loss due to
pension
settlement -- -- 1,215 7,231 1,215
Amortization of
other
intangible
assets 235 236 285 958 1,163
Other 3,434 4,745 3,688 17,388 14,782
------- ------- ------- ------- -------
Total
non-interest
expense 65,068 62,224 60,613 253,102 226,547
------- ------- ------- ------- -------
Income (loss)
before taxes 47,826 40,092 (17,091) 156,799 51,439
Income tax
expense 15,970 12,421 3,322 46,117 22,355
------- ------- ------- ------- -------
Net income (loss) 31,856 27,671 (20,413) 110,682 29,084
Preferred stock
dividends 1,821 1,822 1,821 7,286 7,286
------- ------- ------- ------- -------
Net income (loss)
available to
common
stockholders $ 30,035 $ 25,849 $(22,234) $103,396 $ 21,798
======= ======= ======= ======= =======
Earnings per
common share
("EPS"):
Basic $ 0.68 $ 0.59 $ (0.54) $ 2.36 $ 0.55
======= ======= ======= ======= =======
Diluted $ 0.68 $ 0.59 $ (0.54) $ 2.36 $ 0.55
======= ======= ======= ======= =======
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 September December December
31, 30, December 31, 31, 31,
2025 2025 2024 2025 2024
----------- ----------- ------------ ----------- -----------
Per Share Data:
---------------------
Reported EPS
(Diluted) $ 0.68 $ 0.59 $ (0.54) $ 2.36 $ 0.55
Cash dividends paid
per common share 0.25 0.25 0.25 1.00 1.00
Book value per common
share 30.99 30.44 29.34 30.99 29.34
Tangible common book
value per share(1) 27.37 26.81 25.68 27.37 25.68
Common shares
outstanding 43,862 43,889 43,622 43,862 43,622
Dividend payout ratio 36.76% 42.37% (46.30) % 42.37% 181.82%
Performance Ratios
(Based upon Reported
Net Income):
---------------------
Return on average
assets 0.84% 0.77% (0.59) % 0.77% 0.21%
Return on average
equity 8.60 7.59 (6.02) 7.64 2.27
Return on average
tangible common
equity(1) 10.01 8.80 (8.16) 8.87 2.24
Net interest margin 3.11 3.01 2.79 3.01 2.48
Non-interest expense
to average assets 1.72 1.73 1.76 1.77 1.66
Efficiency ratio 52.6 53.8 105.9 55.9 72.1
Effective tax rate 33.39 30.98 (19.44) 29.41 43.46
Balance Sheet Data:
---------------------
Average assets $15,106,328 $14,426,002 $13,759,002 $14,334,798 $13,618,789
Average
interest-earning
assets 14,325,493 13,638,036 12,974,958 13,534,518 12,837,416
Average tangible
common equity(1) 1,206,522 1,182,158 1,080,177 1,173,523 1,006,390
Loan-to-deposit ratio
at end of period(2) 83.8% 88.9% 93.0 % 83.8% 93.0%
Capital Ratios and
Reserves -
Consolidated:
---------------------
Tangible common
equity to tangible
assets(1) (3) 7.91% 8.18% 7.89 %
Tangible equity to
tangible assets(1)
(3) 8.67 8.99 8.71
Tier 1 common equity
ratio(3) 11.66 11.53 11.07
Tier 1 risk-based
capital ratio(3) 12.76 12.64 12.17
Total risk-based
capital ratio(3) 16.23 16.18 15.65
Tier 1 leverage
ratio(3) 9.01 9.29 9.39
Consolidated CRE
concentration
ratio(3)(4) 387 401 447
Allowance for credit
losses/ Total loans 0.91 0.88 0.82
Allowance for credit
losses/
Non-performing
loans 186.14 130.54 179.37
(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, 2025 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, 2025 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 31,2025 September 30, 2025 December 31, 2024
------------------------------ ------------------------------ ------------------------------
Average Average Average
Average Yield/ Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost Balance Interest Cost
----------- -------- ------- ----------- -------- ------- ----------- -------- -------
Assets:
Interest-earning assets:
Business loans $ 3,150,711 $ 53,339 6.72% $ 2,957,434 $ 50,271 6.74% $ 2,681,953 $ 46,791 6.94%
One-to-four family residential
and coop/condo apartment 1,038,020 12,381 4.73 1,023,844 12,120 4.70 943,319 11,061 4.66
Multifamily residential and
residential mixed-use 3,459,918 39,459 4.52 3,591,822 41,712 4.61 3,848,579 44,152 4.56
Non-owner-occupied commercial
real estate 2,959,801 39,153 5.25 3,067,598 40,439 5.23 3,265,906 42,865 5.22
Acquisition, development, and
construction 130,805 2,783 8.44 145,902 3,184 8.66 139,440 3,101 8.85
Other loans 6,939 28 1.60 7,515 30 1.58 4,781 30 2.50
---------- ------- ---------- ------- ---------- -------
Total loans 10,746,194 147,143 5.43 10,794,115 147,756 5.43 10,883,978 148,000 5.41
Securities 1,351,926 11,354 3.33 1,340,223 11,338 3.36 1,455,449 10,010 2.74
Other short-term investments 2,227,373 21,987 3.92 1,503,698 16,449 4.34 635,531 7,473 4.68
---------- ------- ---------- ------- ---------- -------
Total interest-earning assets 14,325,493 180,484 5.00% 13,638,036 175,543 5.11% 12,974,958 165,483 5.07%
---------- ------- ---------- ------- ---------- -------
Non-interest-earning assets 780,835 787,966 784,044
---------- ---------- ----------
Total assets $15,106,328 $14,426,002 $13,759,002
========== ========== ==========
Liabilities and Stockholders'
Equity:
Interest-bearing liabilities:
Interest-bearing checking(1) $ 1,237,657 $ 6,377 2.04% $ 1,069,761 $ 5,306 1.97% $ 912,645 $ 5,115 2.23%
Money market 4,640,344 31,752 2.71 4,359,512 34,877 3.17 3,968,793 33,695 3.38
Savings(1) 1,766,787 11,387 2.56 1,821,289 13,273 2.89 1,905,866 14,828 3.10
Certificates of deposit 1,123,240 9,410 3.32 1,116,152 9,494 3.37 1,126,859 11,135 3.93
---------- ------- ---------- ------- ---------- -------
Total interest-bearing deposits 8,768,028 58,926 2.67 8,366,714 62,950 2.99 7,914,163 64,773 3.26
FHLBNY advances 508,000 4,194 3.28 508,000 4,104 3.21 509,630 4,241 3.31
Subordinated debt, net 272,474 4,523 6.59 272,429 4,301 6.26 272,311 4,301 6.28
Other short-term borrowings 130 1 3.05 76 1 5.22 543 -- --
---------- ------- ---------- ------- ---------- -------
Total borrowings 780,604 8,718 4.43 780,505 8,406 4.27 782,484 8,542 4.34
---------- ------- ---------- ------- ---------- -------
Derivative cash collateral 52,982 551 4.13 63,856 788 4.90 99,560 1,070 4.28
---------- ------- ---------- ------- ---------- -------
Total interest-bearing
liabilities 9,601,614 68,195 2.82% 9,211,075 72,144 3.11% 8,796,207 74,385 3.36%
---------- ------- ---------- ------- ---------- -------
Non-interest-bearing checking(1) 3,839,434 3,573,448 3,396,457
Other non-interest-bearing
liabilities 183,300 183,627 209,712
---------- ---------- ----------
Total liabilities 13,624,348 12,968,150 12,402,376
Stockholders' equity 1,481,980 1,457,852 1,356,626
---------- ---------- ----------
Total liabilities and
stockholders' equity $15,106,328 $14,426,002 $13,759,002
========== ========== ==========
Net interest income $112,289 $103,399 $ 91,098
======= ======= =======
Net interest rate spread 2.18% 2.00% 1.71%
Net interest margin 3.11% 3.01% 2.79%
Deposits (including
non-interest-bearing checking
accounts)(1) $12,607,462 $ 58,926 1.85% $11,940,162 $ 62,950 2.09% $11,310,620 $ 64,773 2.28%
========== ======= ========== ======= ========== =======
((1) () 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 2025 2025 2024
--------------------- --------------- -------------- ---------------
Non-performing loans
("NPLs")
Business loans $ 22,606 $ 21,005 $ 22,624
One-to-four family
residential and
coop/condo
apartment 3,623 2,440 3,213
Multifamily
residential and
residential
mixed-use -- -- --
Non-owner-occupied
commercial real
estate 25,671 47,952 22,960
Acquisition,
development, and
construction 412 657 657
Other loans -- -- 25
--- ------ ------ -------
Total Non-accrual
loans $ 52,312 $ 72,054 $ 49,479
=== ====== ====== =======
Total Non-performing
assets ("NPAs")(1) $ 52,762 $ 72,054 $ 49,479
=== ====== ====== =======
Total loans 90 days
delinquent and
accruing ("90+
Delinquent") $ -- $ -- $ --
--- ------ ------ -------
NPAs and 90+
Delinquent $ 52,762 $ 72,054 $ 49,479
=== ====== ====== =======
NPAs and 90+
Delinquent / Total
assets 0.34% 0.50% 0.34%
Net loan charge-offs
("NCOs") $ 7,271 $ 12,586 $ 10,611
NCOs / Average
loans(2) 0.27% 0.47% 0.39%
((1) () December 31, 2025 balances include one non-performing available-for-sale security in the amount of $450 thousand.
((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, 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 September December December December
31, 30, 31, 31, 31,
2025 2025 2024 2025 2024
-------- ----------- --------- --------- ---------
Reconciliation of
Reported and Adjusted
(non-GAAP) Net Income
Available to Common
Stockholders
---------------------
Reported net income
available to common
stockholders $30,035 $ 25,849 $(22,234) $103,396 $ 21,798
Adjustments to net
income(1):
Fair value change in
equity securities and
loans held for sale (48) (51) (15) (200) 1,204
Loss on sale of
securities and other
assets 111 1,112 42,256 1,151 35,591
Severance 2,493 6 1,254 2,711 1,296
FDIC special
assessment -- -- 126 -- 126
Loss on extinguishment
of debt -- -- -- -- 454
Loss due to pension
settlement -- -- 1,215 7,231 1,215
Income tax effect of
adjustments noted
above(1) (784) (328) (14,258) (3,343) (12,684)
BOLI tax
adjustment(2): -- -- 9,073 -- 9,073
Other discrete tax
items 2,688 -- -- 2,688 --
------ ------ ------- ------- -------
Adjusted net income
available to common
stockholders
(non-GAAP) $34,495 $ 26,588 $ 17,417 $113,634 $ 58,073
====== ====== ======= ======= =======
Adjusted Ratios
(Based upon Adjusted
(non-GAAP) Net Income
as calculated above)
---------------------
Adjusted EPS (Diluted) $ 0.79 $ 0.61 $ 0.42 $ 2.59 $ 1.46
Adjusted return on
average assets 0.96 % 0.79 % 0.56 % 0.84 % 0.48 %
Adjusted return on
average equity 9.80 7.80 5.67 8.34 5.09
Adjusted return on
average tangible
common equity 11.49 9.05 6.52 9.74 5.85
Adjusted non-interest
expense to average
assets 1.65 1.72 1.68 1.69 1.63
Adjusted efficiency
ratio 50.3 53.1 58.0 53.4 63.4
(1) Adjustments to net income (loss) are taxed at the Company's approximate statutory tax rate.
((2) () Reflects income tax expense related to the taxable gain and MEC Tax on 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 September December December December
31, 30, 31, 31, 31,
2025 2025 2024 2025 2024
---------- ----------- ---------- ---------- ----------
Operating
expense as a
% of average
assets - as
reported 1.72 % 1.73 % 1.76 % 1.77 % 1.66 %
Severance (0.07) -- (0.04) (0.02) (0.01)
Loss due to
pension
settlement -- -- (0.04) (0.05) (0.01)
Amortization
of other
intangible
assets -- (0.01) -- (0.01) (0.01)
------ ------- ------ ------ ------
Adjusted
operating
expense as a
% of average
assets
(non-GAAP) 1.65 % 1.72 % 1.68 % 1.69 % 1.63 %
====== ======= ====== ====== ======
The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
Three Months Ended Year Ended
--------------------------------------- ------------------------
December September December December December
31, 30, 31, 31, 31,
2025 2025 2024 2025 2024
--------- --------- --------- --------- ---------
Efficiency ratio
- as reported
(non-GAAP)(1) 52.6 % 53.8 % 105.9 % 55.9 % 72.1 %
Non-interest
expense - as
reported $ 65,068 $ 62,224 $ 60,613 $253,102 $226,547
Severance (2,493) (6) (1,254) (2,711) (1,296)
FDIC special
assessment -- -- (126) -- (126)
Loss on
extinguishment
of debt -- -- -- -- (454)
Loss due to
pension
settlement -- -- (1,215) (7,231) (1,215)
Amortization of
other
intangible
assets (235) (236) (285) (958) (1,163)
------- ------- ------- ------- -------
Adjusted
non-interest
expense
(non-GAAP) $ 62,340 $ 61,982 $ 57,733 $242,202 $222,293
------- ------- ------- ------- -------
Net interest
income - as
reported $112,289 $103,399 $ 91,098 $407,998 $318,054
Non-interest
income - as
reported $ 11,494 $ 12,211 $(33,861) $ 44,933 $ (3,955)
Fair value
change in
equity
securities and
loans held for
sale (48) (51) (15) (200) 1,204
Loss on sale of
securities and
other assets 111 1,112 42,256 1,151 35,591
------- ------- ------- ------- -------
Adjusted
non-interest
income
(non-GAAP) $ 11,557 $ 13,272 $ 8,380 $ 45,884 $ 32,840
------- ------- ------- ------- -------
Adjusted total
revenues for
adjusted
efficiency ratio
(non-GAAP) $123,846 $116,671 $ 99,478 $453,882 $350,894
------- ------- ------- ------- -------
Adjusted
efficiency ratio
(non-GAAP)(2) 50.3 % 53.1 % 58.0 % 53.4 % 63.4 %
------- ------- ------- ------- -------
(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 a reconciliation of pre-tax pre provision net revenue (non-GAAP) and adjusted pre-tax pre-provision net revenue (non-GAAP):
Three Months Ended Year Ended
-------------------------------- ---------------------
December September December December December
31, 30, 31, 31, 31,
2025 2025 2024 2025 2024
-------- ----------- --------- -------- -----------
Financial
Data:
--------------
Net interest
income $112,289 $ 103,399 $ 91,098 $407,998 $318,054
Non-interest
income
(loss) 11,494 12,211 (33,861) 44,933 (3,955)
------- ------- ------- ------- -------
Total revenue 123,783 115,610 57,237 452,931 314,099
Non-interest
expense 65,068 62,224 60,613 253,102 226,547
------- ------- ------- ------- -------
Pre-tax
pre-provision
net revenue
(non-GAAP)(1) $ 58,715 $ 53,386 $ (3,376) $199,829 $ 87,552
------- ------- ------- ------- -------
Adjusted
pre-tax
pre-provision
net revenue
(non-GAAP)(2) $ 61,506 $ 54,689 $ 41,745 $211,680 $128,601
======= ======= ======= ======= =======
(1) The reported pre-tax pre-provision net revenue is a non-GAAP measure calculated by adding GAAP net interest income and GAAP non-interest income less GAAP non-interest expense.
(2) The adjusted pre-tax pre-provision net revenue is a non-GAAP measure calculated by adding GAAP net interest income and the adjusted non-interest income less the adjusted non-interest expense as shown in the reconciliation of efficiency ratio table above.
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
December 31, 30, December 31,
2025 2025 2024
------------ ------------ ------------
Reconciliation
of Tangible
Assets:
---------------
Total assets $15,341,631 $14,538,943 $14,353,258
Goodwill (155,797) (155,797) (155,797)
Other
intangible
assets (2,938) (3,173) (3,896)
---------- ---------- ----------
Tangible assets
(non-GAAP) $15,182,896 $14,379,973 $14,193,565
========== ========== ==========
Reconciliation
of Tangible
Common Equity -
Consolidated:
---------------
Total
stockholders'
equity $ 1,475,769 $ 1,452,342 $ 1,396,517
Goodwill (155,797) (155,797) (155,797)
Other
intangible
assets (2,938) (3,173) (3,896)
---------- ---------- ----------
Tangible equity
(non-GAAP) 1,317,034 1,293,372 1,236,824
Preferred
stock, net (116,569) (116,569) (116,569)
---------- ---------- ----------
Tangible common
equity
(non-GAAP) $ 1,200,465 $ 1,176,803 $ 1,120,255
========== ========== ==========
Common shares
outstanding 43,862 43,889 43,622
Tangible common
equity to
tangible
assets
(non-GAAP) 7.91 % 8.18 % 7.89 %
Tangible equity
to tangible
assets
(non-GAAP) 8.67 8.99 8.71
Book value per
common share $ 30.99 $ 30.44 $ 29.34
Tangible common
book value per
share
(non-GAAP) 27.37 26.81 25.68
(END) Dow Jones Newswires
January 21, 2026 06:47 ET (11:47 GMT)