Strong Year-Over-Year Core Deposit and Business Loan Growth
Significant New Hires As Part of Growth and Diversification Strategy
HAUPPAUGE, N.Y., April 23, 2026 (GLOBE NEWSWIRE) -- Dime $(DCOM)$ today reported net income available to common stockholders of $32.8 million for the quarter ended March 31, 2026, or $0.75 per diluted common share, compared to net income available to common stockholders of $30.0 million, or $0.68 per diluted common share, for the quarter ended December 31, 2025 and net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share.
Stuart H. Lubow, President and Chief Executive Officer ("CEO") of the Company, stated, "Dime continues to execute on our growth plan and take market share. First quarter results were marked by notable progress in diversifying our balance sheet and net interest margin expansion. We are capitalizing on the target-rich environment to hire talented individuals and as outlined below, we have had a very active start to the year from a recruiting standpoint. Finally, we are looking forward to our re-brand to "Dime Commercial Bank" in the second quarter."
Recruiting Update
During 2026, we hired the following individuals:
-- Meyer Eichler as Executive Vice President, Managing Executive Director,
and Cora Licht as Senior Vice President, Managing Director. They were
previously with Flagstar Bank and prior to that Signature Bank;
-- John Paglia and John Spagnuolo as Group Directors. They were previously
with Flagstar Bank and prior to that Signature Bank;
-- Toni Valente as a Regional Manager. Ms. Valente was previously with The
First National Bank of Long Island;
-- Michael Ragusa as a Senior Relationship Manager for the Lakewood, NJ
market. Mr. Ragusa was previously with Metropolitan Commercial Bank;
-- Olivia Dossman as Private Banking Manager for the new Lakewood location.
Ms. Dossman was previously with Flagstar; and
-- Keith Smith as SVP, Head of Equipment and Franchise Finance. Mr. Smith
was previously with Star Hill Financial.
Highlights for the First Quarter of 2026 included:
-- Total deposits increased $983.1 million on a year-over-year basis;
-- Core deposits (excluding brokered and time deposits) increased $999.3
million on a year-over-year basis;
-- Average non-interest-bearing deposits to average total deposits for the
first quarter were 30.0%;
-- Business loans grew $123.8 million on a linked quarter basis and $575.6
million on a year-over-year basis;
-- The net interest margin increased to 3.21% for the first quarter of 2026
compared to 3.11% for the prior quarter;
-- The efficiency ratio decreased to 50.8% for the first quarter of 2026
compared to 52.6% for the prior quarter;
-- The Company's Tier 1 Common Equity Ratio increased to 11.87% at the end
of the first quarter; and
-- The Company's Consolidated CRE Concentration ratio was proactively
managed lower to 371%.
Management's Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the first quarter of 2026 was $112.3 million compared to $112.3 million for the fourth quarter of 2025 and $94.2 million for the first quarter of 2025. The Net Interest Margin for the first quarter of 2026 was 3.21% compared to 3.11% for the fourth quarter of 2025 and 2.95% for the first quarter of 2025.
Mr. Lubow commented, "We continue to have a significant loan repricing opportunity that we anticipate will continue through 2027. Additionally, growth in core deposits and business loans will benefit us over time as we continue to grow our customer base and hire productive bankers. Our substantial liquidity position, which includes $2.1 billion of cash, provides us with the flexibility to take advantage of lending opportunities as they arise."
Loan Portfolio
The ending weighted average rate ("WAR") on the total loan portfolio was 5.28% at March 31, 2026, a one-basis point increase compared to the ending WAR of 5.27% on the total loan portfolio at December 31, 2025.
Outlined below are loan balances and WARs for the quarter ended as indicated.
March 31, 2026 December 31, 2025 March 31, 2025
------------------- ------------------- -------------------
(Dollars in thousands) Balance WAR(1) Balance WAR(1) Balance WAR(1)
----------------------- ----------- ------ ----------- ------ ----------- ------
Loans held for
investment balances at
period end:
Business loans(2) $ 3,364,435 6.28% $ 3,240,600 6.32% $ 2,788,848 6.55%
One-to-four family
residential and
coop/condo apartment 1,047,920 4.97 1,035,983 4.94 961,562 4.77
Multifamily
residential and
residential
mixed-use(3)(4) 3,249,582 4.47 3,424,565 4.46 3,780,078 4.46
Non-owner-occupied
commercial real
estate 2,840,817 5.05 2,933,287 5.07 3,191,536 5.07
Acquisition,
development, and
construction 100,574 7.41 117,215 7.51 140,309 7.96
Other loans 9,597 11.53 6,558 11.09 6,402 10.39
---------- ------ ---------- ------ ---------- ------
Loans held for
investment $10,612,925 5.28% $10,758,208 5.27% $10,868,735 5.25%
========== ====== ========== ====== ========== ======
________________________________
(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) Q1 2026 Q4 2025 Q1 2025 -------------------------------------- --------- --------- --------- Originations Excluding New Lines of Credit $ 220.4 $ 225.3 $ 77.9 Originations Including New Lines of Credit 500.1 467.2 126.4
Deposits and Borrowed Funds
Period end total deposits (including mortgage escrow deposits) at March 31, 2026 were $12.60 billion, compared to $12.84 billion at December 31, 2025 and $11.61 billion at March 31, 2025.
Brokered deposits were $215.0 million at March 31, 2026, compared to $200.0 million at December 31, 2025 and $285.6 million at March 31, 2025. Total Federal Home Loan Bank advances were $435.0 million at March 31, 2026, compared to $508.0 million at December 31, 2025 and $508.0 million at March 31, 2025.
The Company redeemed at par on March 30, 2026 all of its outstanding $40,000,000 principal amount of Fixed/Floating Subordinated Debentures due 2030.
Non-Interest Income
Non-interest income was $11.3 million during the first quarter of 2026, $11.5 million during the fourth quarter of 2025, and $9.6 million during the first quarter of 2025. Excluding the loss on sale of other assets, non-interest income was $11.7 million during the first quarter of 2026 and $11.6 million during the fourth quarter of 2025.
Non-Interest Expense
Total non-interest expense was $62.8 million during the first quarter of 2026, $65.1 million during the fourth quarter of 2025, and $65.5 million during the first quarter of 2025. Excluding the impact of the net gain on extinguishment of debt, amortization of other intangible assets, severance expense and settlement loss related to the termination of a legacy pension plan, adjusted non-interest expense was $63.4 million during the first quarter of 2026, $62.3 million during the fourth quarter of 2025, and $58.0 million during the first quarter of 2025 (see "Non-GAAP Reconciliation" tables at the end of this news release).
The ratio of non-interest expense to average assets was 1.68% during the first quarter of 2026, compared to 1.72% during the linked quarter and 1.90% during the first quarter of 2025. Excluding the impact of the net gain on extinguishment of debt, amortization of other intangible assets, severance expense, and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.69% during the first quarter of 2026, 1.65% during the fourth quarter of 2025, and 1.68% during the first quarter of 2025 (see "Non-GAAP Reconciliation" tables at the end of this news release).
The efficiency ratio was 50.8% during the first quarter of 2026, compared to 52.6% during the linked quarter and 63.1% during the first quarter of 2025. Excluding the impact of loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, settlement loss related to the termination of a legacy pension plan, net gain on extinguishment of debt, and amortization of other intangible assets, the adjusted efficiency ratio was 51.2% during the first quarter of 2026, compared to 50.3% during the linked quarter and 55.8% during the first quarter of 2025 (see "Non-GAAP Reconciliation" tables at the end of this news release).
Income Tax Expense
Income tax expense was $13.9 million during the first quarter of 2026, $16.0 million during the fourth quarter of 2025, and $7.3 million during the first quarter of 2025. The effective tax rate for the first quarter was 28.7%. 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. Excluding the tax impact of the discrete items noted above, the effective tax rate for the fourth quarter of 2025 was 27.8%.
Credit Quality
Non-performing loans held for investment were $57.1 million at March 31, 2026, compared to $52.3 million at December 31, 2025 and $58.0 million at March 31, 2025.
A credit loss provision of $12.3 million was recorded during the first quarter of 2026, compared to a credit loss provision of $10.9 million during the fourth quarter of 2025, and $9.6 million during the first quarter of 2025.
Capital Management
Stockholders' equity increased $21.2 million to $1.50 billion at March 31, 2026, compared to $1.48 billion at December 31, 2025.
The Company's and the Bank's regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of March 31, 2026.
Dividends per common share were $0.25 during the first quarter of 2026 and $0.25 for the fourth quarter of 2025.
Book value per common share was $31.33 at March 31, 2026 compared to $30.99 at December 31, 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 $27.73 at March 31, 2026 compared to $27.37 at December 31, 2025 (see "Non-GAAP Reconciliation" tables at the end of this news release).
Earnings Call Information
The Company will conduct a conference call at 9:00 a.m. $(ET)$ on Thursday, April 23, 2026, during which CEO Lubow will discuss the Company's first quarter 2026 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/ixtnttmf. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BI46d1da305a034705bb7dd06f3a600dfa. 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/ixtnttmf.
ABOUT DIME
Dime is a New York State-chartered trust company with approximately $15 billion in assets and the number one deposit market share on Greater Long Island (1) .
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for commercial 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)
March 31, December 31, March 31,
2026 2025 2025
----------- ----------- -----------
Assets:
Cash and due from
banks $ 2,059,618 $ 2,353,966 $ 1,030,702
Securities
available-for-sale,
at fair value 838,219 797,935 710,579
Securities
held-to-maturity 647,842 618,901 631,334
Loans held for sale 38,225 1,989 2,527
Loans held for
investment, net:
Business loans(1) 3,364,435 3,240,600 2,788,848
One-to-four family
residential and
coop/condo apartment 1,047,920 1,035,983 961,562
Multifamily
residential and
residential
mixed-use(2)(3) 3,249,582 3,424,565 3,780,078
Non-owner-occupied
commercial real
estate 2,840,817 2,933,287 3,191,536
Acquisition,
development and
construction 100,574 117,215 140,309
Other loans 9,597 6,558 6,402
Allowance for credit
losses (100,673) (97,372) (90,455)
---------- ---------- ----------
Total loans held for
investment, net 10,512,252 10,660,836 10,778,280
---------- ---------- ----------
Premises and fixed
assets, net 30,580 31,255 33,650
Restricted stock 63,659 67,197 66,987
BOLI 404,657 401,163 389,167
Goodwill 155,797 155,797 155,797
Other intangible
assets 2,729 2,938 3,644
Operating lease assets 39,551 42,876 45,657
Derivative assets 70,811 76,315 98,740
Accrued interest
receivable 57,690 55,572 56,044
Other assets 77,873 74,891 94,574
---------- ---------- ----------
Total assets $14,999,503 $15,341,631 $14,097,682
========== ========== ==========
Liabilities:
Non-interest-bearing
checking (excluding
mortgage escrow
deposits) $ 3,777,787 $ 3,915,081 $ 3,245,409
Interest-bearing
checking 1,066,620 1,178,281 950,090
Savings (excluding
mortgage escrow
deposits) 1,701,899 1,777,143 1,939,852
Money market 4,874,544 4,806,572 4,271,363
Certificates of
deposit 1,089,893 1,117,118 1,121,068
---------- ---------- ----------
Deposits (excluding
mortgage escrow
deposits) 12,510,743 12,794,195 11,527,782
---------- ---------- ----------
Non-interest-bearing
mortgage escrow
deposits 88,267 47,051 88,138
Interest-bearing
mortgage escrow
deposits -- -- 4
---------- ---------- ----------
Total mortgage escrow
deposits 88,267 47,051 88,142
---------- ---------- ----------
Total deposits
(including mortgage
escrow deposits) 12,599,010 12,841,246 11,615,924
---------- ---------- ----------
FHLBNY advances 435,000 508,000 508,000
Subordinated debt, net 231,058 272,503 272,370
Derivative cash
collateral 57,630 52,400 85,230
Operating lease
liabilities 42,431 45,729 48,432
Derivative liabilities 69,305 73,573 92,516
Other liabilities 68,099 72,411 63,197
---------- ---------- ----------
Total liabilities 13,502,533 13,865,862 12,685,669
---------- ---------- ----------
Stockholders' equity:
Preferred stock,
Series A 116,569 116,569 116,569
Common stock 462 462 461
Additional paid-in
capital 622,415 623,041 623,305
Retained earnings 876,133 854,167 803,202
Accumulated other
comprehensive loss
("AOCI"), net of
deferred taxes (33,019) (31,468) (39,045)
Unearned equity awards (15,803) (8,661) (12,909)
Treasury stock, at
cost (69,787) (78,341) (79,570)
---------- ---------- ----------
Total stockholders'
equity 1,496,970 1,475,769 1,412,013
---------- ---------- ----------
Total liabilities and
stockholders' equity $14,999,503 $15,341,631 $14,097,682
========== ========== ==========
________________________________
(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
March 31, December 31, March 31,
2026 2025 2025
Interest income:
Loans $142,090 $ 147,143 $ 142,705
Securities 12,788 11,354 11,323
Other short-term
investments 18,522 21,987 7,837
Total interest income 173,400 180,484 161,865
Interest expense:
Deposits and escrow 52,364 58,926 58,074
Borrowed funds 8,300 8,718 8,381
Derivative cash
collateral 485 551 1,197
Total interest
expense 61,149 68,195 67,652
Net interest income 112,251 112,289 94,213
Provision for credit
losses 12,313 10,889 9,626
Net interest income
after provision 99,938 101,400 84,587
Non-interest income:
Service charges and
other fees 5,730 5,413 4,643
Title fees 142 317 98
Loan level derivative
income 472 285 61
BOLI income 4,558 4,259 3,993
Gain on sale of Small
Business
Administration
("SBA") loans -- 487 82
Gain on sale of
residential loans 72 75 32
Fair value change in
equity securities and
loans held for sale (38) 48 18
Net gain (loss) on
securities -- -- --
Loss on sale of other
assets (320) (111) --
Other 730 721 706
Total non-interest
income 11,346 11,494 9,633
Non-interest expense:
Salaries and employee
benefits 39,593 40,769 35,651
Severance 102 2,493 76
Occupancy and
equipment 8,209 8,059 8,002
Data processing costs 5,423 4,868 4,794
Marketing 2,025 2,038 1,666
Professional services 1,909 1,381 2,116
Federal deposit
insurance premiums 1,266 1,791 2,047
Net gain on
extinguishment of
debt (974) -- --
Loss due to pension
settlement -- -- 7,231
Amortization of other
intangible assets 209 235 252
Other 4,994 3,434 3,676
Total non-interest
expense 62,756 65,068 65,511
Income before taxes 48,528 47,826 28,709
Income tax expense 13,946 15,970 7,251
Net income 34,582 31,856 21,458
Preferred stock
dividends 1,822 1,821 1,822
Net income available to
common stockholders $ 32,760 $ 30,035 $ 19,636
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED COMMON SHARE DATA
(Dollars in thousands except per share amounts)
Three Months Ended
------------------------------------------
March 31, December 31, March 31,
GAAP 2026 2025 2025
----------------- ------------ ------------ --------------
Net income
available to
common
stockholders $ 32,760 $ 30,035 $ 19,636
Less: Dividends
paid and earnings
allocated to
participating
securities (593) (568) (314)
---------- ---------- ----------
Income
attributable to
common stock -
Basic and
Diluted $ 32,167 $ 29,467 $ 19,322
Weighted-average
common shares
outstanding 43,109,118 43,023,248 42,948,690
---------- ---------- ----------
Basic and diluted
earnings per
share ("EPS")(1) $ 0.75 $ 0.68 $ 0.45
Non-GAAP
-----------------
Adjusted net
income available
to common
stockholders(2) $ 32,405 $ 34,495 $ 24,688
Less: Dividends
paid and earnings
allocated to
participating
securities (586) (651) (395)
---------- ---------- ----------
Adjusted income
attributable to
common stock -
Basic and
Diluted $ 31,819 $ 33,844 $ 24,293
Weighted-average
common shares
outstanding 43,109,118 43,023,248 42,948,690
---------- ---------- ----------
Adjusted basic and
diluted EPS(3) $ 0.74 $ 0.79 $ 0.57
________________________________
(1) The earnings per share is calculated by dividing income attributable to common stock by weighted-average common shares outstanding.
(2) See "Non-GAAP Reconciliation" tables for reconciliation of reported and adjusted (non-GAAP) net income available to common stockholders.
(3) The adjusted earnings per share is calculated by dividing adjusted income attributable to common stock by weighted-average common shares outstanding.
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share amounts)
At or For the Three Months Ended
---------------------------------------------
December
March 31, 31, March 31,
2026 2025 2025
----------- ----------- -----------
Per Share Data:
---------------------
Reported EPS (Diluted) $ 0.75 $ 0.68 $ 0.45
Cash dividends paid
per common share 0.25 0.25 0.25
Book value per common
share 31.33 30.99 29.58
Tangible common book
value per share(1) 27.73 27.37 25.94
Common shares
outstanding 44,057 43,862 43,799
Dividend payout ratio 33.33% 36.76% 55.56%
Performance Ratios
(Based upon Reported
Net Income):
---------------------
Return on average
assets 0.92% 0.84% 0.62%
Return on average
equity 9.20 8.60 6.04
Return on average
tangible common
equity(1) 10.72 10.01 6.92
Net interest margin 3.21 3.11 2.95
Non-interest expense
to average assets 1.68 1.72 1.90
Efficiency ratio 50.8 52.6 63.1
Effective tax rate 28.74 33.39 25.26
Balance Sheet Data:
---------------------
Average assets $14,981,498 $15,106,328 $13,777,665
Average
interest-earning
assets 14,202,286 14,325,493 12,963,320
Average tangible
common equity(1) 1,228,003 1,206,522 1,145,915
Loan-to-deposit ratio
at end of period(2) 84.2% 83.8% 93.6%
Capital Ratios and
Reserves -
Consolidated:
---------------------
Tangible common equity
to tangible assets(1)
(3) 8.23% 7.91% 8.15%
Tangible equity to
tangible assets(1)
(3) 9.02 8.67 8.99
Tier 1 common equity
ratio(3) 11.87 11.66 11.11
Tier 1 risk-based
capital ratio(3) 12.97 12.76 12.21
Total risk-based
capital ratio(3) 16.17 16.23 15.68
Tier 1 leverage
ratio(3) 9.24 9.01 9.46
Consolidated CRE
concentration
ratio(3)(4) 371 387 442
Allowance for credit
losses/ Total loans 0.95 0.91 0.83
Allowance for credit
losses/
Non-performing loans
held for investment 176.20 186.14 155.85
________________________________
(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) March 31, 2026 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 March 31, 2026 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
------------------------------------------------------------------------------------------------------
March 31, 2026 December 31, 2025 March 31, 2025
------------------------------ ------------------------------ ------------------------------
Average Average Average
Average Yield/ Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost Balance Interest Cost
----------- -------- ------- ----------- -------- ------- ----------- -------- -------
Assets:
Interest-earning assets:
Business loans $ 3,274,659 $ 52,406 6.49% $ 3,150,711 $ 53,339 6.72% $ 2,748,142 $ 45,047 6.65%
One-to-four family residential
and coop/condo apartment 1,041,802 12,383 4.82 1,038,020 12,381 4.73 962,046 11,069 4.67
Multifamily residential and
residential mixed-use 3,363,792 37,698 4.55 3,459,918 39,459 4.52 3,796,754 42,329 4.52
Non-owner-occupied commercial
real estate 2,910,973 37,497 5.22 2,959,801 39,153 5.25 3,214,758 41,326 5.21
Acquisition, development, and
construction 106,808 2,079 7.89 130,805 2,783 8.44 138,428 2,906 8.51
Other loans 8,329 27 1.31 6,939 28 1.60 5,740 28 1.98
---------- ------- ---------- ------- ---------- -------
Total loans 10,706,363 142,090 5.38 10,746,194 147,143 5.43 10,865,868 142,705 5.33
Securities 1,451,425 12,788 3.57 1,351,926 11,354 3.33 1,372,563 11,323 3.35
Other short-term investments 2,044,498 18,522 3.67 2,227,373 21,987 3.92 724,889 7,837 4.38
---------- ------- ---------- ------- ---------- -------
Total interest-earning assets 14,202,286 173,400 4.95% 14,325,493 180,484 5.00% 12,963,320 161,865 5.06%
---------- ------- ---------- ------- ---------- -------
Non-interest-earning assets 779,212 780,835 814,345
---------- ---------- ----------
Total assets $14,981,498 $15,106,328 $13,777,665
========== ========== ==========
Liabilities and Stockholders'
Equity:
Interest-bearing liabilities:
Interest-bearing checking(1) $ 1,133,722 $ 4,793 1.71% $ 1,237,657 $ 6,377 2.04% $ 912,852 $ 4,164 1.85%
Money market 4,761,610 28,801 2.45 4,640,344 31,752 2.71 4,076,612 31,294 3.11
Savings(1) 1,742,334 10,042 2.34 1,766,787 11,387 2.56 1,970,338 14,185 2.92
Certificates of deposit 1,105,241 8,728 3.20 1,123,240 9,410 3.32 973,108 8,431 3.51
---------- ------- ---------- ------- ---------- -------
Total interest-bearing deposits 8,742,907 52,364 2.43 8,768,028 58,926 2.67 7,932,910 58,074 2.97
FHLBNY advances 479,534 3,850 3.26 508,000 4,194 3.28 509,111 4,066 3.24
Subordinated debt, net 271,596 4,449 6.64 272,474 4,523 6.59 272,341 4,302 6.41
Other short-term borrowings 122 1 3.32 130 1 3.05 633 13 8.33
---------- ------- ---------- ------- ---------- -------
Total borrowings 751,252 8,300 4.48 780,604 8,718 4.43 782,085 8,381 4.35
---------- ------- ---------- ------- ---------- -------
Derivative cash collateral 52,708 485 3.73 52,982 551 4.13 104,126 1,197 4.66
---------- ------- ---------- ------- ---------- -------
Total interest-bearing
liabilities 9,546,867 61,149 2.60% 9,601,614 68,195 2.82% 8,819,121 67,652 3.11%
---------- ------- ---------- ------- ---------- -------
Non-interest-bearing checking(1) 3,747,722 3,839,434 3,322,583
Other non-interest-bearing
liabilities 183,678 183,300 213,876
---------- ---------- ----------
Total liabilities 13,478,267 13,624,348 12,355,580
Stockholders' equity 1,503,231 1,481,980 1,422,085
---------- ---------- ----------
Total liabilities and
stockholders' equity $14,981,498 $15,106,328 $13,777,665
========== ========== ==========
Net interest income $112,251 $112,289 $ 94,213
======= ======= =======
Net interest rate spread 2.35% 2.18% 1.95%
Net interest margin 3.21% 3.11% 2.95%
Deposits (including
non-interest-bearing checking
accounts)(1) $12,490,629 $ 52,364 1.70% $12,607,462 $ 58,926 1.85% $11,255,493 $ 58,074 2.09%
========== ======= ========== ======= ========== =======
________________________________
((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
------------------------------------------------
March 31, December 31, March 31,
Asset Quality Detail 2026 2025 2025
--------------------- -------------- -------------- -----------
Non-performing loans
held for investment
("NPLs")
Business loans $ 24,257 $ 22,606 $21,944
One-to-four family
residential and
coop/condo
apartment 4,088 3,623 3,763
Multifamily
residential and
residential
mixed-use -- -- --
Non-owner-occupied
commercial real
estate 28,368 25,671 31,677
Acquisition,
development, and
construction 412 412 657
Other loans 11 -- --
------ ------ ------
Total non-accrual
loans held for
investment $ 57,136 $ 52,312 $58,041
Non-performing loans
held for investment /
Total loans held for
investment 0.54% 0.49% 0.53%
Total non-accrual
loans held for sale $ 38,000 (1) $ -- $ --
------ ------ ------
Total non-performing
assets ("NPAs")(2) $ 95,586 $ 52,762 $58,041
====== ====== ======
Total loans 90 days
delinquent and
accruing ("90+
Delinquent") $ -- $ -- $ --
------ ------ ------
NPAs and 90+
Delinquent $ 95,586 $ 52,762 $58,041
====== ====== ======
NPAs and 90+
Delinquent / Total
assets 0.64% 0.34% 0.41%
Net loan charge-offs
("NCOs") $ 8,574 $ 7,271 $ 7,058
NCOs / Average
loans(3) 0.32% 0.27% 0.26%
________________________________
(1) The Company completed the sale of all of these loans in April 2026.
(2) March 31, 2026 and December 31, 2025 balances include one non-performing available-for-sale security in the amount of $450 thousand.
(3) Calculated based on annualized NCOs to average loans.
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 on sale of securities and other assets, severance, net gain on extinguishment of debt and loss due to pension settlement.
Three Months Ended
------------------------------------
March December March
31, 31, 31,
2026 2025 2025
------- ------- -------
Reconciliation of
Reported and Adjusted
(non-GAAP) Net Income
Available to Common
Stockholders
---------------------
Reported net income
available to common
stockholders $32,760 $30,035 $19,636
Adjustments to net
income(1):
Fair value change in
equity securities and
loans held for sale 38 (48) (18)
Loss on sale of
securities and other
assets 320 111 --
Severance 102 2,493 76
Net gain on
extinguishment of
debt (974) -- --
Loss due to pension
settlement -- -- 7,231
Income tax effect of
adjustments noted
above(1) 159 (784) (2,237)
Other discrete tax
items -- 2,688 --
------ ------ ------
Adjusted net income
available to common
stockholders
(non-GAAP) $32,405 $34,495 $24,688
====== ====== ======
Adjusted Ratios
(Based upon Adjusted
(non-GAAP) Net Income
as calculated above)
---------------------
Adjusted EPS (Diluted) $ 0.74 $ 0.79 $ 0.57
Adjusted return on
average assets 0.91 % 0.96 % 0.77 %
Adjusted return on
average equity 9.10 9.80 7.46
Adjusted return on
average tangible
common equity 10.60 11.49 8.68
Adjusted non-interest
expense to average
assets 1.69 1.65 1.68
Adjusted efficiency
ratio 51.2 50.3 55.8
________________________________
(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
--------------------------------------------
March 31, December 31, March 31,
2026 2025 2025
--------- -------------- ---------
Operating expense as a
% of average assets -
as reported 1.68 % 1.72 % 1.90 %
Severance -- (0.07) --
Net gain on
extinguishment of
debt 0.02 -- --
Loss due to pension
settlement -- -- (0.21)
Amortization of other
intangible assets (0.01) -- (0.01)
-------- ---------- --------
Adjusted operating
expense as a % of
average assets
(non-GAAP) 1.69 % 1.65 % 1.68 %
======== ========== ========
The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
Three Months Ended
March 31, December 31, March 31,
2026 2025 2025
Efficiency ratio -
as reported
(non-GAAP)(1) 50.8 % 52.6 % 63.1 %
Non-interest
expense - as
reported $ 62,756 $ 65,068 $ 65,511
Severance (102) (2,493) (76)
Net gain on
extinguishment
of debt 974 -- --
Loss due to
pension
settlement -- -- (7,231)
Amortization of
other
intangible
assets (209) (235) (252)
Adjusted
non-interest
expense
(non-GAAP) $ 63,419 $ 62,340 $ 57,952
Net interest
income - as
reported $112,251 $ 112,289 $ 94,213
Non-interest
income - as
reported $ 11,346 $ 11,494 $ 9,633
Fair value
change in
equity
securities and
loans held for
sale 38 (48) (18)
Loss on sale of
securities and
other assets 320 111 --
Adjusted
non-interest
income
(non-GAAP) $ 11,704 $ 11,557 $ 9,615
Adjusted total
revenues for
adjusted
efficiency ratio
(non-GAAP) $123,955 $ 123,846 $103,828
Adjusted
efficiency ratio
(non-GAAP)(2) 51.2 % 50.3 % 55.8 %
________________________________
(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 a reconciliation of pre-tax pre provision net revenue (non-GAAP) and adjusted pre-tax pre-provision net revenue (non-GAAP):
Three Months Ended
------------------------------------------
March 31, December 31, March 31,
2026 2025 2025
----------- -------------- -------------
Financial Data:
-----------------------
Net interest income $ 112,251 $ 112,289 $ 94,213
Non-interest income 11,346 11,494 9,633
------- ---------- -------
Total revenue 123,597 123,783 103,846
Non-interest expense 62,756 65,068 65,511
------- ---------- -------
Pre-tax pre-provision
net revenue
(non-GAAP)(1) $ 60,841 $ 58,715 $ 38,335
------- ---------- -------
Adjusted pre-tax
pre-provision net
revenue (non-GAAP)(2) $ 60,536 $ 61,506 $ 45,876
======= ========== =======
________________________________
(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):
March 31, December 31, March 31,
2026 2025 2025
------------ ------------ ------------
Reconciliation
of Tangible
Assets:
---------------
Total assets $14,999,503 $15,341,631 $14,097,682
Goodwill (155,797) (155,797) (155,797)
Other intangible
assets (2,729) (2,938) (3,644)
---------- ---------- ----------
Tangible assets
(non-GAAP) $14,840,977 $15,182,896 $13,938,241
========== ========== ==========
Reconciliation
of Tangible
Common Equity -
Consolidated:
---------------
Total
stockholders'
equity $ 1,496,970 $ 1,475,769 $ 1,412,013
Goodwill (155,797) (155,797) (155,797)
Other intangible
assets (2,729) (2,938) (3,644)
---------- ---------- ----------
Tangible equity
(non-GAAP) 1,338,444 1,317,034 1,252,572
Preferred stock,
net (116,569) (116,569) (116,569)
---------- ---------- ----------
Tangible common
equity
(non-GAAP) $ 1,221,875 $ 1,200,465 $ 1,136,003
========== ========== ==========
Common shares
outstanding 44,057 43,862 43,799
Tangible common
equity to
tangible assets
(non-GAAP) 8.23 % 7.91 % 8.15 %
Tangible equity
to tangible
assets
(non-GAAP) 9.02 8.67 8.99
Book value per
common share $ 31.33 $ 30.99 $ 29.58
Tangible common
book value per
share
(non-GAAP) 27.73 27.37 25.94
(END) Dow Jones Newswires
April 23, 2026 07:45 ET (11:45 GMT)