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 $13.2
million for the quarter ended September 30, 2023, or $0.34 per
diluted common share, compared to net income available to common
stockholders of $25.7 million for the quarter ended June 30, 2023,
or $0.66 per diluted common share, and net income available to
common stockholders of $37.7 million for the quarter ended
September 30, 2022, or $0.98 per diluted common share.
Third quarter 2023 results include $8.9 million of aggregate
pre-tax adjustments related to severance from the previously
disclosed Chief Executive Officer succession and loss on equity
securities. Excluding these items, adjusted net income available to
common stockholders (non-GAAP) totaled $21.9 million for the
quarter ended September 30, 2023, or $0.56 per diluted share (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, “Our third quarter results
were characterized by good overall deposit growth, a stabilization
in our non-interest-bearing deposit base and a continued reduction
in the pace of net interest margin compression. Given our unique
customer-focused platform, we continue to attract quality talent as
evidenced by the addition of a senior healthcare banker in the
third quarter. In light of the overall environment, we continue to
manage expenses prudently and continue to fortify our balance sheet
by building capital. I am incredibly proud of our employees for
their tremendous contributions towards serving our customers; as a
result of their efforts, we continue to be the premier
community-based business bank on Greater Long Island.”
Highlights for the Third Quarter of 2023
Included:
- Average total deposits were $10.66
billion for the third quarter of 2023 compared to $10.54 billion
for the second quarter of 2023;
- Non-insured deposits (excluding
deposits with pass through insurance and collateralized deposits)
represented only 29% of total deposits at the end of the third
quarter;
- The ratio of average
non-interest-bearing deposits to average total deposits for the
third quarter and the second quarter of 2023 was 29%;
- Total net loans held for investment
of $10.78 billion, remained stable on a linked quarter basis;
- The pace of Net Interest Margin
(“NIM”) compression continued to slow in the third quarter; on a
linked quarter basis, the NIM declined by 16 basis points in the
third quarter of 2023 compared to 24 basis points for the second
quarter of 2023 and 41 basis points for the first quarter of
2023;
- Expenses remained well-controlled;
excluding the impact of severance, non-interest expenses was $51.0
million for the third quarter of 2023, compared to $51.7 million
for the second quarter of 2023;
- Credit quality continues to be
stable with non-performing assets and loans 90 days past due and
accruing declining by 16% versus the linked quarter and
representing only 0.17% of total assets as of September 30, 2023;
and
- The Company’s Tier 1 Risk Based
Capital Ratio of 10.76% was 26 basis points higher than the prior
quarter.
Management’s Discussion of Quarterly Operating
Results
Net Interest Income
Net interest income for the third quarter of
2023 was $76.5 million compared to $80.2 million for the second
quarter of 2023 and $100.4 million for the third quarter of
2022.
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 2023 |
|
Q2 2023 |
|
Q3 2022 |
|
Net interest income |
|
$ |
76,479 |
|
$ |
80,219 |
|
$ |
100,438 |
|
|
Purchase accounting amortization (accretion) on loans ("PAA") |
|
|
186 |
|
|
58 |
|
|
(57 |
) |
|
Adjusted net interest income
excluding PAA on loans (non-GAAP) |
|
$ |
76,665 |
|
$ |
80,277 |
|
$ |
100,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
12,984,061 |
|
$ |
12,888,522 |
|
$ |
11,782,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NIM (1) |
|
|
2.34 |
% |
|
2.50 |
% |
|
3.38 |
% |
|
Adjusted NIM excluding PAA on
loans (non-GAAP) (2) |
|
|
2.34 |
% |
|
2.50 |
% |
|
3.38 |
% |
|
(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 net
interest income on PAA loans divided by average interest-earning
assets.
Loan Portfolio
The ending weighted average rate (“WAR”) (1) on
the total loan portfolio was 5.20% at September 30, 2023, an 8
basis point increase compared to the ending WAR of 5.12% on the
total loan portfolio at June 30, 2023.
Outlined below are loan balances and WARs for
the period ended as indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
(Dollars in thousands) |
|
Balance |
|
WAR |
|
Balance |
|
WAR |
|
Balance |
|
WAR |
|
Loans held for investment
balances at period end: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business loans (2) |
|
$ |
2,271,768 |
|
6.72 |
% |
$ |
2,250,108 |
|
6.56 |
% |
$ |
2,002,568 |
|
5.24 |
% |
One-to-four family residential, including condominium and
cooperative apartment |
|
|
892,869 |
|
4.39 |
|
|
855,980 |
|
4.17 |
|
|
722,081 |
|
3.77 |
|
Multifamily residential and residential mixed-use (3)(4) |
|
|
4,102,024 |
|
4.45 |
|
|
4,132,358 |
|
4.38 |
|
|
3,968,244 |
|
3.83 |
|
Non-owner-occupied commercial real estate |
|
|
3,374,281 |
|
5.09 |
|
|
3,406,232 |
|
5.04 |
|
|
3,174,102 |
|
4.33 |
|
Acquisition, development, and construction |
|
|
203,402 |
|
8.92 |
|
|
225,580 |
|
8.99 |
|
|
241,019 |
|
6.75 |
|
Other loans |
|
|
6,267 |
|
6.28 |
|
|
6,157 |
|
6.74 |
|
|
8,927 |
|
7.29 |
|
Loans held for investment |
|
$ |
10,850,611 |
|
5.20 |
% |
$ |
10,876,415 |
|
5.12 |
% |
$ |
10,116,941 |
|
4.33 |
% |
(1) Weighted average rate
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 Small Business Administration 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 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.
Outlined below are the loan originations, for
the quarter ended as indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
|
Q3 2023 |
|
Q2 2023 |
|
Q3 2022 |
|
Loan originations |
|
$ |
153.4 |
|
$ |
296.6 |
|
$ |
800.9 |
|
Deposits and Borrowed Funds
Period end total deposits (including mortgage
escrow deposits) at September 30, 2023 were $10.64 billion,
compared to $10.53 billion at June 30, 2023 and $10.25 billion at
December 31, 2022. CEO Lubow commented, “During the third quarter
we had good growth in business deposits driven by the deposit group
hires we made in the second quarter. Given the growth in business
deposits, we were able to pay down approximately $80 million of
retail brokered deposits in the third quarter. Excluding brokered
deposits, deposits increased approximately $200 million on a linked
quarter basis.”
Total Federal Home Loan Bank advances were $1.12
billion at September 30, 2023 compared to $1.45 billion at June 30,
2023. Mr. Lubow stated, “During the third quarter we proactively
paid down our Federal Home Loan Bank advance portfolio and we
remain focused on operating a core deposit-funded institution.”
Non-Interest Income
Non-interest income was $7.9 million during the
third quarter of 2023, $10.4 million during the second quarter of
2023, and $9.4 million during the third quarter of 2022. Included
in non-interest income for the second quarter of 2023 was income
related to mortality proceeds from a death claim of $645 thousand.
Included in non-interest income during the third quarter of 2022
was a $1.4 million gain on the sale of a branch property.
Non-Interest Expense
Total non-interest expense was $59.5 million
during the third quarter of 2023, $52.2 million during the second
quarter of 2023, and $48.3 million during the third quarter of
2022. Excluding the impact of severance expense, loss on
extinguishment of debt, and amortization of other intangible
assets, adjusted non-interest expense was $50.6 million during the
third quarter of 2023, $51.4 million during the second quarter of
2023, and $47.9 million during the third quarter of 2022 (see
“Non-GAAP Reconciliation” tables at the end of this news
release).
The ratio of non-interest expense to average
assets was 1.73% during the third quarter of 2023, compared to
1.53% during the linked quarter and 1.54% for the third quarter of
2022. Excluding the impact of severance expense, loss on
extinguishment of debt, and amortization of other intangible
assets, the ratio of adjusted non-interest expense to average
assets was 1.48% during the third quarter of 2023, compared to
1.51% during the linked quarter and 1.53% for the third quarter of
2022 (see “Non-GAAP Reconciliation” tables at the end of this news
release).
The efficiency ratio was 70.5% during the third
quarter of 2023, compared to 57.6% during the linked quarter and
44.0% during the third quarter of 2022. Excluding the impact of
loss on equity securities, net loss on sale of securities and other
assets, severance expense, loss on extinguishment of debt and
amortization of other intangible assets the adjusted efficiency
ratio was 59.7% during the third quarter of 2023, compared to 56.2%
during the linked quarter and 44.2% during the second quarter of
2022 (see “Non-GAAP Reconciliation” tables at the end of this news
release).
Income Tax Expense
The reported effective tax rate for the third
quarter of 2023 was 35.1% compared to 26.8% for the second quarter
of 2023. The increase in tax rate was primarily due to
non-deductible severance expense during the period.
Credit Quality
Non-performing loans at September 30, 2023 were
$23.3 million, 16% lower than the prior quarter.
A credit loss provision of $1.8 million was
recorded during the third quarter of 2023, compared to a credit
loss provision of $892 thousand during the second quarter of 2023,
and a credit loss provision of $6.6 million during the third
quarter of 2022. The credit loss provision in the third quarter of
2023 was primarily associated with increased provisioning for
individually analyzed loans.
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, 2023. All of the Company’s and
Bank’s risk-based regulatory capital ratios increased in the third
quarter of 2023.
Dividends per common share were $0.25 during the
third and second quarters of 2023, respectively.
Book value per common share was $28.03 at
September 30, 2023 compared to $27.99 at June 30, 2023.
Tangible common book value per share (which
represents common equity less goodwill and other intangible assets,
divided by the number of shares outstanding) was $23.87 at
September 30, 2023 compared to $23.82 at June 30, 2023. Excluding
the impact of accumulated other comprehensive loss, the adjusted
tangible common book value per share was $26.63 at September 30,
2023 compared to $26.51 at June 30, 2023 (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 Thursday, October 19, 2023, during which CEO
Lubow will discuss the Company’s third quarter 2023 financial
performance, with a question-and-answer session to follow.
The conference call will be simultaneously
webcast (listen only) and archived for a period of one year at
https://events.q4inc.com/attendee/616795871.
Conference Call Details:
Dial-in for
Live Call:
United States:
International:
Access code:
Telephone Replay:A recording will be available until
Thursday, November 2, 2023. United States:International:Access
code: |
1-833-470-1428+1-929-526-1599193919 1-866-813-9403+44-204-525-0658
861279 |
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 $13.7 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 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 deposit flows,
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, including conditions caused by the
COVID-19 pandemic and any other public health emergency,
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; 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
SUBSIDIARIESUNAUDITED CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
|
2023 |
|
2023 |
|
2022 |
Assets: |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
358,824 |
|
|
$ |
452,504 |
|
|
$ |
169,297 |
|
Securities available-for-sale,
at fair value |
|
|
869,879 |
|
|
|
894,856 |
|
|
|
950,587 |
|
Securities
held-to-maturity |
|
|
600,291 |
|
|
|
603,960 |
|
|
|
585,798 |
|
Loans held for sale |
|
|
3,924 |
|
|
|
371 |
|
|
|
— |
|
Loans held for
investment, net: |
|
|
|
|
|
|
|
|
|
Business loans (1) |
|
|
2,271,768 |
|
|
|
2,250,108 |
|
|
|
2,211,857 |
|
One-to-four family and
cooperative/condominium apartment |
|
|
892,869 |
|
|
|
855,980 |
|
|
|
773,321 |
|
Multifamily residential and
residential mixed-use (2)(3) |
|
|
4,102,024 |
|
|
|
4,132,358 |
|
|
|
4,026,826 |
|
Non-owner-occupied commercial
real estate |
|
|
3,374,281 |
|
|
|
3,406,232 |
|
|
|
3,317,485 |
|
Acquisition, development and
construction |
|
|
203,402 |
|
|
|
225,580 |
|
|
|
229,663 |
|
Other loans |
|
|
6,267 |
|
|
|
6,157 |
|
|
|
7,679 |
|
Allowance for credit
losses |
|
|
(72,563 |
) |
|
|
(75,646 |
) |
|
|
(83,507 |
) |
Total loans held for
investment, net |
|
|
10,778,048 |
|
|
|
10,800,769 |
|
|
|
10,483,324 |
|
Premises and fixed assets,
net |
|
|
45,064 |
|
|
|
45,890 |
|
|
|
46,749 |
|
Restricted stock |
|
|
90,085 |
|
|
|
104,724 |
|
|
|
88,745 |
|
Bank Owned Life Insurance
("BOLI") |
|
|
347,400 |
|
|
|
337,083 |
|
|
|
333,292 |
|
Goodwill |
|
|
155,797 |
|
|
|
155,797 |
|
|
|
155,797 |
|
Other intangible assets |
|
|
5,409 |
|
|
|
5,758 |
|
|
|
6,484 |
|
Operating lease assets |
|
|
55,600 |
|
|
|
54,931 |
|
|
|
57,857 |
|
Derivative assets |
|
|
177,369 |
|
|
|
147,740 |
|
|
|
154,485 |
|
Accrued interest
receivable |
|
|
53,608 |
|
|
|
51,787 |
|
|
|
48,561 |
|
Other assets |
|
|
109,202 |
|
|
|
146,692 |
|
|
|
108,945 |
|
Total
assets |
|
$ |
13,651,405 |
|
|
$ |
13,802,862 |
|
|
$ |
13,189,921 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Non-interest-bearing checking
(excluding mortgage escrow deposits) |
|
$ |
2,935,156 |
|
|
$ |
2,884,184 |
|
|
$ |
3,449,763 |
|
Interest-bearing checking |
|
|
630,686 |
|
|
|
960,465 |
|
|
|
827,454 |
|
Savings (excluding mortgage
escrow deposits) |
|
|
2,309,440 |
|
|
|
2,275,008 |
|
|
|
2,259,909 |
|
Money market |
|
|
3,211,197 |
|
|
|
2,801,652 |
|
|
|
2,532,270 |
|
Certificates of deposit |
|
|
1,442,299 |
|
|
|
1,530,749 |
|
|
|
1,115,364 |
|
Deposits (excluding
mortgage escrow deposits) |
|
|
10,528,778 |
|
|
|
10,452,058 |
|
|
|
10,184,760 |
|
Non-interest-bearing mortgage
escrow deposits |
|
|
107,545 |
|
|
|
70,431 |
|
|
|
69,455 |
|
Interest-bearing mortgage
escrow deposits |
|
|
223 |
|
|
|
203 |
|
|
|
192 |
|
Total mortgage escrow
deposits |
|
|
107,768 |
|
|
|
70,634 |
|
|
|
69,647 |
|
FHLBNY advances |
|
|
1,123,000 |
|
|
|
1,448,000 |
|
|
|
1,131,000 |
|
Other short-term
borrowings |
|
|
— |
|
|
|
— |
|
|
|
1,360 |
|
Subordinated debt, net |
|
|
200,218 |
|
|
|
200,240 |
|
|
|
200,283 |
|
Derivative cash
collateral |
|
|
185,620 |
|
|
|
140,160 |
|
|
|
153,040 |
|
Operating lease
liabilities |
|
|
58,281 |
|
|
|
57,547 |
|
|
|
60,340 |
|
Derivative liabilities |
|
|
160,712 |
|
|
|
131,130 |
|
|
|
137,335 |
|
Other liabilities |
|
|
82,684 |
|
|
|
100,590 |
|
|
|
82,573 |
|
Total
liabilities |
|
|
12,447,061 |
|
|
|
12,600,359 |
|
|
|
12,020,338 |
|
Stockholders'
equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, Series A |
|
|
116,569 |
|
|
|
116,569 |
|
|
|
116,569 |
|
Common stock |
|
|
416 |
|
|
|
416 |
|
|
|
416 |
|
Additional paid-in
capital |
|
|
494,470 |
|
|
|
493,955 |
|
|
|
495,410 |
|
Retained earnings |
|
|
808,235 |
|
|
|
804,532 |
|
|
|
762,762 |
|
Accumulated other
comprehensive loss ("AOCI"), net of deferred taxes |
|
|
(106,913 |
) |
|
|
(104,385 |
) |
|
|
(94,379 |
) |
Unearned equity awards |
|
|
(10,170 |
) |
|
|
(11,746 |
) |
|
|
(8,078 |
) |
Treasury stock, at cost |
|
|
(98,263 |
) |
|
|
(96,838 |
) |
|
|
(103,117 |
) |
Total stockholders'
equity |
|
|
1,204,344 |
|
|
|
1,202,503 |
|
|
|
1,169,583 |
|
Total liabilities and
stockholders' equity |
|
$ |
13,651,405 |
|
|
$ |
13,802,862 |
|
|
$ |
13,189,921 |
|
(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
SUBSIDIARIESUNAUDITED 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, |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
142,995 |
|
|
$ |
138,310 |
|
|
$ |
106,306 |
|
$ |
409,744 |
|
|
$ |
285,828 |
Securities |
|
|
7,916 |
|
|
|
7,914 |
|
|
|
7,374 |
|
|
24,261 |
|
|
|
21,572 |
Other short-term investments |
|
|
6,930 |
|
|
|
5,867 |
|
|
|
847 |
|
|
16,599 |
|
|
|
1,956 |
Total interest income |
|
|
157,841 |
|
|
|
152,091 |
|
|
|
114,527 |
|
|
450,604 |
|
|
|
309,356 |
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits and escrow |
|
|
62,507 |
|
|
|
52,616 |
|
|
|
10,154 |
|
|
152,395 |
|
|
|
16,416 |
Borrowed funds |
|
|
16,925 |
|
|
|
17,759 |
|
|
|
3,483 |
|
|
50,855 |
|
|
|
9,334 |
Derivative cash collateral |
|
|
1,930 |
|
|
|
1,497 |
|
|
|
452 |
|
|
4,904 |
|
|
|
547 |
Total interest expense |
|
|
81,362 |
|
|
|
71,872 |
|
|
|
14,089 |
|
|
208,154 |
|
|
|
26,297 |
Net interest income |
|
|
76,479 |
|
|
|
80,219 |
|
|
|
100,438 |
|
|
242,450 |
|
|
|
283,059 |
Provision (recovery) for
credit losses |
|
|
1,806 |
|
|
|
892 |
|
|
|
6,587 |
|
|
(950 |
) |
|
|
5,039 |
Net interest income after
provision (recovery) |
|
|
74,673 |
|
|
|
79,327 |
|
|
|
93,851 |
|
|
243,400 |
|
|
|
278,020 |
Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
|
3,963 |
|
|
|
4,856 |
|
|
|
3,866 |
|
|
12,633 |
|
|
|
12,261 |
Title fees |
|
|
291 |
|
|
|
246 |
|
|
|
474 |
|
|
829 |
|
|
|
1,578 |
Loan level derivative income |
|
|
783 |
|
|
|
2,437 |
|
|
|
549 |
|
|
6,353 |
|
|
|
2,240 |
BOLI income |
|
|
2,317 |
|
|
|
2,852 |
|
|
|
2,177 |
|
|
7,332 |
|
|
|
8,159 |
Gain on sale of SBA loans |
|
|
335 |
|
|
|
210 |
|
|
|
211 |
|
|
1,061 |
|
|
|
1,176 |
Gain on sale of residential loans |
|
|
21 |
|
|
|
34 |
|
|
|
54 |
|
|
103 |
|
|
|
393 |
Loss on equity securities |
|
|
(299 |
) |
|
|
(780 |
) |
|
|
— |
|
|
(1,079 |
) |
|
|
— |
Net (loss) gain on sale of securities and other assets |
|
|
(22 |
) |
|
|
— |
|
|
|
1,397 |
|
|
(1,469 |
) |
|
|
1,397 |
Other |
|
|
539 |
|
|
|
550 |
|
|
|
634 |
|
|
1,571 |
|
|
|
1,485 |
Total non-interest income |
|
|
7,928 |
|
|
|
10,405 |
|
|
|
9,362 |
|
|
27,334 |
|
|
|
28,689 |
Non-interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
30,520 |
|
|
|
29,900 |
|
|
|
29,188 |
|
|
87,054 |
|
|
|
88,476 |
Severance |
|
|
8,562 |
|
|
|
481 |
|
|
|
— |
|
|
9,068 |
|
|
|
2,193 |
Occupancy and equipment |
|
|
7,277 |
|
|
|
7,144 |
|
|
|
7,884 |
|
|
21,794 |
|
|
|
22,864 |
Data processing costs |
|
|
4,309 |
|
|
|
4,197 |
|
|
|
3,434 |
|
|
12,744 |
|
|
|
11,152 |
Marketing |
|
|
2,079 |
|
|
|
1,488 |
|
|
|
1,531 |
|
|
5,016 |
|
|
|
4,341 |
Professional services |
|
|
1,277 |
|
|
|
1,676 |
|
|
|
2,116 |
|
|
4,876 |
|
|
|
6,238 |
Federal deposit insurance premiums |
|
|
1,866 |
|
|
|
1,874 |
|
|
|
800 |
|
|
5,613 |
|
|
|
3,100 |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
740 |
Amortization of other intangible assets |
|
|
349 |
|
|
|
349 |
|
|
|
431 |
|
|
1,075 |
|
|
|
1,447 |
Other |
|
|
3,284 |
|
|
|
5,077 |
|
|
|
2,918 |
|
|
11,944 |
|
|
|
9,477 |
Total non-interest expense |
|
|
59,523 |
|
|
|
52,186 |
|
|
|
48,302 |
|
|
159,184 |
|
|
|
150,028 |
Income before taxes |
|
|
23,078 |
|
|
|
37,546 |
|
|
|
54,911 |
|
|
111,550 |
|
|
|
156,681 |
Income tax
expense |
|
|
8,093 |
|
|
|
10,048 |
|
|
|
15,430 |
|
|
31,764 |
|
|
|
44,184 |
Net income |
|
|
14,985 |
|
|
|
27,498 |
|
|
|
39,481 |
|
|
79,786 |
|
|
|
112,497 |
Preferred stock dividends |
|
|
1,822 |
|
|
|
1,822 |
|
|
|
1,822 |
|
|
5,465 |
|
|
|
5,465 |
Net income available to
common stockholders |
|
$ |
13,163 |
|
|
$ |
25,676 |
|
|
$ |
37,659 |
|
$ |
74,321 |
|
|
$ |
107,032 |
Earnings per common share
("EPS"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.34 |
|
|
$ |
0.66 |
|
|
$ |
0.98 |
|
$ |
1.92 |
|
|
$ |
2.74 |
Diluted |
|
$ |
0.34 |
|
|
$ |
0.66 |
|
|
$ |
0.98 |
|
$ |
1.92 |
|
|
$ |
2.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding for diluted EPS |
|
|
38,203,961 |
|
|
|
38,175,993 |
|
|
|
38,165,681 |
|
|
38,177,704 |
|
|
|
38,678,894 |
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIESUNAUDITED 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, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported EPS (Diluted) |
|
$ |
0.34 |
|
$ |
0.66 |
|
$ |
0.98 |
|
$ |
1.92 |
|
$ |
2.74 |
|
Cash dividends paid per common
share |
|
|
0.25 |
|
|
0.25 |
|
|
0.24 |
|
|
0.74 |
|
|
0.72 |
|
Book value per common
share |
|
|
28.03 |
|
|
27.99 |
|
|
26.55 |
|
|
28.03 |
|
|
26.55 |
|
Tangible common book value per
share (1) |
|
|
23.87 |
|
|
23.82 |
|
|
22.34 |
|
|
23.87 |
|
|
22.34 |
|
Tangible common book value per
share excluding AOCI (1) |
|
|
26.63 |
|
|
26.51 |
|
|
24.75 |
|
|
26.63 |
|
|
24.75 |
|
Common shares outstanding |
|
|
38,811 |
|
|
38,803 |
|
|
38,572 |
|
|
38,811 |
|
|
38,572 |
|
Dividend payout ratio |
|
|
73.53 |
% |
|
37.88 |
% |
|
24.49 |
% |
|
38.54 |
% |
|
26.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
(Based upon Reported Net Income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.44 |
% |
|
0.81 |
% |
|
1.26 |
% |
|
0.78 |
% |
|
1.22 |
% |
Return on average equity |
|
|
4.91 |
|
|
9.03 |
|
|
13.56 |
|
|
8.78 |
|
|
12.83 |
|
Return on average tangible
common equity (1) |
|
|
5.69 |
|
|
11.04 |
|
|
17.15 |
|
|
10.73 |
|
|
16.20 |
|
Net interest margin |
|
|
2.34 |
|
|
2.50 |
|
|
3.38 |
|
|
2.52 |
|
|
3.29 |
|
Non-interest expense to
average assets |
|
|
1.73 |
|
|
1.53 |
|
|
1.54 |
|
|
1.56 |
|
|
1.63 |
|
Efficiency ratio |
|
|
70.5 |
|
|
57.6 |
|
|
44.0 |
|
|
59.0 |
|
|
48.1 |
|
Effective tax rate |
|
|
35.07 |
|
|
26.76 |
|
|
28.10 |
|
|
28.48 |
|
|
28.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
13,759,493 |
|
$ |
13,658,068 |
|
$ |
12,550,626 |
|
$ |
13,623,570 |
|
$ |
12,292,051 |
|
Average interest-earning
assets |
|
|
12,984,061 |
|
|
12,888,522 |
|
|
11,782,361 |
|
|
12,853,701 |
|
|
11,511,149 |
|
Average tangible common equity
(1) |
|
|
943,805 |
|
|
940,054 |
|
|
885,182 |
|
|
933,072 |
|
|
889,044 |
|
Loan-to-deposit ratio at end
of period (2) |
|
|
102.0 |
|
|
103.4 |
|
|
96.5 |
|
|
102.0 |
|
|
96.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios and
Reserves - Consolidated: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets (1) |
|
|
6.87 |
% |
|
6.78 |
% |
|
6.77 |
% |
|
|
|
|
|
|
Tangible common equity
excluding AOCI to tangible assets (1) |
|
|
7.66 |
|
|
7.54 |
|
|
7.45 |
|
|
|
|
|
|
|
Tangible equity to tangible
assets (1) |
|
|
7.73 |
|
|
7.63 |
|
|
7.69 |
|
|
|
|
|
|
|
Tangible equity excluding AOCI
to tangible assets (1) |
|
|
8.53 |
|
|
8.40 |
|
|
8.36 |
|
|
|
|
|
|
|
Tier 1 common equity
ratio |
|
|
9.67 |
|
|
9.44 |
|
|
9.13 |
|
|
|
|
|
|
|
Tier 1 risk-based capital
ratio |
|
|
10.76 |
|
|
10.50 |
|
|
10.25 |
|
|
|
|
|
|
|
Total risk-based capital
ratio |
|
|
13.33 |
|
|
13.06 |
|
|
12.98 |
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
|
8.38 |
|
|
8.42 |
|
|
8.61 |
|
|
|
|
|
|
|
Consolidated CRE concentration
ratio (4) |
|
|
547 |
|
|
555 |
|
|
555 |
|
|
|
|
|
|
|
Allowance for credit losses/
Total loans |
|
|
0.67 |
|
|
0.70 |
|
|
0.81 |
|
|
|
|
|
|
|
Allowance for credit losses/
Non-performing loans |
|
|
311.16 |
|
|
273.42 |
|
|
199.45 |
|
|
|
|
|
|
|
(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, 2023 amounts 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. September 30, 2023 amounts are
preliminary pending completion and filing of the Company’s
regulatory reports.
DIME COMMUNITY BANCSHARES, INC. AND
SUBSIDIARIESUNAUDITED AVERAGE BALANCES AND NET
INTEREST INCOME(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
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) |
|
$ |
2,260,203 |
|
$ |
38,384 |
|
6.74 |
% |
$ |
2,259,769 |
|
$ |
36,715 |
|
6.52 |
% |
$ |
2,013,897 |
|
$ |
26,153 |
|
5.15 |
% |
One-to-four family
residential, including condo and coop |
|
|
879,688 |
|
|
9,165 |
|
4.13 |
|
|
828,324 |
|
|
8,661 |
|
4.19 |
|
|
706,144 |
|
|
6,294 |
|
3.54 |
|
Multifamily residential and
residential mixed-use |
|
|
4,114,476 |
|
|
46,099 |
|
4.45 |
|
|
4,125,119 |
|
|
45,123 |
|
4.39 |
|
|
3,831,747 |
|
|
36,423 |
|
3.77 |
|
Non-owner-occupied commercial
real estate |
|
|
3,382,927 |
|
|
44,184 |
|
5.18 |
|
|
3,337,689 |
|
|
42,559 |
|
5.11 |
|
|
3,119,262 |
|
|
33,168 |
|
4.22 |
|
Acquisition, development, and
construction |
|
|
222,039 |
|
|
5,075 |
|
9.07 |
|
|
220,795 |
|
|
5,149 |
|
9.35 |
|
|
251,426 |
|
|
4,108 |
|
6.48 |
|
Other loans |
|
|
6,156 |
|
|
88 |
|
5.67 |
|
|
6,536 |
|
|
103 |
|
6.32 |
|
|
10,566 |
|
|
160 |
|
6.01 |
|
Securities |
|
|
1,619,960 |
|
|
7,916 |
|
1.94 |
|
|
1,642,057 |
|
|
7,914 |
|
1.93 |
|
|
1,666,398 |
|
|
7,374 |
|
1.76 |
|
Other short-term
investments |
|
|
498,612 |
|
|
6,930 |
|
5.51 |
|
|
468,233 |
|
|
5,867 |
|
5.03 |
|
|
182,921 |
|
|
847 |
|
1.84 |
|
Total interest-earning
assets |
|
|
12,984,061 |
|
|
157,841 |
|
4.82 |
% |
|
12,888,522 |
|
|
152,091 |
|
4.73 |
% |
|
11,782,361 |
|
|
114,527 |
|
3.86 |
% |
Non-interest-earning
assets |
|
|
775,432 |
|
|
|
|
|
|
|
769,546 |
|
|
|
|
|
|
|
768,265 |
|
|
|
|
|
|
Total assets |
|
$ |
13,759,493 |
|
|
|
|
|
|
$ |
13,658,068 |
|
|
|
|
|
|
$ |
12,550,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking
(2) |
|
$ |
786,892 |
|
$ |
2,896 |
|
1.46 |
% |
$ |
952,424 |
|
$ |
3,081 |
|
1.30 |
% |
$ |
833,386 |
|
$ |
970 |
|
0.46 |
% |
Money market |
|
|
2,975,267 |
|
|
24,275 |
|
3.24 |
|
|
2,713,816 |
|
|
18,284 |
|
2.70 |
|
|
2,651,459 |
|
|
2,046 |
|
0.31 |
|
Savings (2) |
|
|
2,342,424 |
|
|
20,316 |
|
3.44 |
|
|
2,279,670 |
|
|
17,376 |
|
3.06 |
|
|
2,243,887 |
|
|
4,951 |
|
0.88 |
|
Certificates of deposit |
|
|
1,494,491 |
|
|
15,020 |
|
3.99 |
|
|
1,546,257 |
|
|
13,875 |
|
3.60 |
|
|
988,827 |
|
|
2,187 |
|
0.88 |
|
Total interest-bearing
deposits |
|
|
7,599,074 |
|
|
62,507 |
|
3.26 |
|
|
7,492,167 |
|
|
52,616 |
|
2.82 |
|
|
6,717,559 |
|
|
10,154 |
|
0.60 |
|
FHLBNY advances |
|
|
1,250,717 |
|
|
14,370 |
|
4.56 |
|
|
1,327,121 |
|
|
15,206 |
|
4.60 |
|
|
166,739 |
|
|
430 |
|
1.02 |
|
Subordinated debt, net |
|
|
200,232 |
|
|
2,553 |
|
5.06 |
|
|
200,254 |
|
|
2,553 |
|
5.11 |
|
|
200,320 |
|
|
2,553 |
|
5.06 |
|
Other short-term
borrowings |
|
|
120 |
|
|
2 |
|
6.61 |
|
|
814 |
|
|
— |
|
— |
|
|
75,975 |
|
|
500 |
|
2.61 |
|
Total borrowings |
|
|
1,451,069 |
|
|
16,925 |
|
4.63 |
|
|
1,528,189 |
|
|
17,759 |
|
4.66 |
|
|
443,034 |
|
|
3,483 |
|
3.12 |
|
Derivative cash
collateral |
|
|
156,795 |
|
|
1,930 |
|
4.88 |
|
|
120,542 |
|
|
1,497 |
|
4.98 |
|
|
111,325 |
|
|
452 |
|
1.61 |
|
Total interest-bearing
liabilities |
|
|
9,206,938 |
|
|
81,362 |
|
3.51 |
% |
|
9,140,898 |
|
|
71,872 |
|
3.15 |
% |
|
7,271,918 |
|
|
14,089 |
|
0.77 |
% |
Non-interest-bearing checking
(2) |
|
|
3,065,186 |
|
|
|
|
|
|
|
3,043,899 |
|
|
|
|
|
|
|
3,894,093 |
|
|
|
|
|
|
Other non-interest-bearing
liabilities |
|
|
265,559 |
|
|
|
|
|
|
|
254,826 |
|
|
|
|
|
|
|
219,883 |
|
|
|
|
|
|
Total liabilities |
|
|
12,537,683 |
|
|
|
|
|
|
|
12,439,623 |
|
|
|
|
|
|
|
11,385,894 |
|
|
|
|
|
|
Stockholders' equity |
|
|
1,221,810 |
|
|
|
|
|
|
|
1,218,445 |
|
|
|
|
|
|
|
1,164,732 |
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
13,759,493 |
|
|
|
|
|
|
$ |
13,658,068 |
|
|
|
|
|
|
$ |
12,550,626 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
76,479 |
|
|
|
|
|
|
$ |
80,219 |
|
|
|
|
|
|
$ |
100,438 |
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
1.31 |
% |
|
|
|
|
|
|
1.58 |
% |
|
|
|
|
|
|
3.09 |
% |
Net interest margin |
|
|
|
|
|
|
|
2.34 |
% |
|
|
|
|
|
|
2.50 |
% |
|
|
|
|
|
|
3.38 |
% |
Deposits (including
non-interest-bearing checking accounts) (2) |
|
$ |
10,664,260 |
|
$ |
62,507 |
|
2.33 |
% |
$ |
10,536,066 |
|
$ |
52,616 |
|
2.00 |
% |
$ |
10,611,652 |
|
$ |
10,154 |
|
0.38 |
% |
(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
SUBSIDIARIESUNAUDITED SCHEDULE OF NON-PERFORMING
ASSETS(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
At or For the Three Months Ended |
|
|
September 30, |
|
June 30, |
|
September 30, |
Asset Quality Detail |
|
2023 |
|
2023 |
|
2022 |
Non-performing loans
("NPLs") |
|
|
|
|
|
|
|
|
|
Business loans (1) |
|
$ |
19,555 |
|
|
$ |
23,470 |
|
|
$ |
34,706 |
|
One-to-four family residential, including condominium and
cooperative apartment |
|
|
2,874 |
|
|
|
3,305 |
|
|
|
3,219 |
|
Multifamily residential and residential mixed-use |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-owner-occupied commercial real estate |
|
|
15 |
|
|
|
15 |
|
|
|
2,499 |
|
Acquisition, development, and construction |
|
|
657 |
|
|
|
657 |
|
|
|
657 |
|
Other loans |
|
|
219 |
|
|
|
220 |
|
|
|
— |
|
Total Non-accrual loans |
|
$ |
23,320 |
|
|
$ |
27,667 |
|
|
$ |
41,081 |
|
Total Non-performing assets
("NPAs") |
|
$ |
23,320 |
|
|
$ |
27,667 |
|
|
$ |
41,081 |
|
|
|
|
|
|
|
|
|
|
|
Loans 90 days delinquent and
accruing ("90+ Delinquent") |
|
|
|
|
|
|
|
|
|
Business loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,781 |
|
One-to-four family residential, including condominium and
cooperative apartment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Multifamily residential and residential mixed-use |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-owner-occupied commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition, development, and construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
90+ Delinquent |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,781 |
|
|
|
|
|
|
|
|
|
|
|
NPAs and 90+ Delinquent |
|
$ |
23,320 |
|
|
$ |
27,667 |
|
|
$ |
43,862 |
|
|
|
|
|
|
|
|
|
|
|
NPAs and 90+ Delinquent /
Total assets |
|
|
0.17 |
% |
|
|
0.20 |
% |
|
|
0.34 |
% |
Net charge-offs ("NCOs") |
|
$ |
4,864 |
|
|
$ |
3,679 |
|
|
$ |
3,932 |
|
NCOs / Average loans (2) |
|
|
0.18 |
% |
|
|
0.14 |
% |
|
|
0.16 |
% |
(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
SUBSIDIARIESNON-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 loss on equity
securities, net loss on sale of securities and other assets,
severance and loss on extinguishment of debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Reconciliation of
Reported and Adjusted (non-GAAP) Net Income Available to Common
Stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income available to common stockholders |
|
$ |
13,163 |
|
|
$ |
25,676 |
|
|
$ |
37,659 |
|
|
$ |
74,321 |
|
|
$ |
107,032 |
|
|
Adjustments to net income
(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on equity securities |
|
|
299 |
|
|
|
780 |
|
|
|
— |
|
|
|
1,079 |
|
|
|
— |
|
|
Net loss (gain) on sale of
securities and other assets |
|
|
22 |
|
|
|
— |
|
|
|
(1,397 |
) |
|
|
1,469 |
|
|
|
(1,397 |
) |
|
Severance |
|
|
8,562 |
|
|
|
481 |
|
|
|
— |
|
|
|
9,068 |
|
|
|
2,193 |
|
|
Loss on extinguishment of
debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
740 |
|
|
Income tax effect of adjustments
and other tax adjustments |
|
|
(176 |
) |
|
|
(373 |
) |
|
|
440 |
|
|
|
(985 |
) |
|
|
145 |
|
|
Adjusted net income available to
common stockholders (non-GAAP) |
|
$ |
21,870 |
|
|
$ |
26,564 |
|
|
$ |
36,702 |
|
|
$ |
84,952 |
|
|
$ |
108,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Ratios (Based
upon Adjusted (non-GAAP) Net Income as calculated
above) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS (Diluted) |
|
$ |
0.56 |
|
|
$ |
0.68 |
|
|
$ |
0.95 |
|
|
$ |
2.19 |
|
|
$ |
2.78 |
|
|
Adjusted return on average
assets |
|
|
0.69 |
% |
|
|
0.83 |
% |
|
|
1.23 |
% |
|
|
0.88 |
% |
|
|
1.24 |
% |
|
Adjusted return on average
equity |
|
|
7.76 |
|
|
|
9.32 |
|
|
|
13.23 |
|
|
|
9.95 |
|
|
|
13.02 |
|
|
Adjusted return on average
tangible common equity |
|
|
9.38 |
|
|
|
11.42 |
|
|
|
16.72 |
|
|
|
12.25 |
|
|
|
16.45 |
|
|
Adjusted non-interest expense to
average assets |
|
|
1.48 |
|
|
|
1.51 |
|
|
|
1.53 |
|
|
|
1.46 |
|
|
|
1.58 |
|
|
Adjusted efficiency ratio |
|
|
59.7 |
|
|
|
56.2 |
|
|
|
44.2 |
|
|
|
54.7 |
|
|
|
46.9 |
|
|
(1) Adjustments to net income are taxed
at the Company's statutory tax rate of approximately 30% unless
otherwise noted.
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, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Operating expense as a % of average assets - as
reported |
|
1.73 |
% |
|
1.53 |
% |
|
1.54 |
% |
|
1.56 |
% |
|
1.63 |
% |
|
Loss on extinguishment of
debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|
Severance |
|
(0.25 |
) |
|
(0.01 |
) |
|
— |
|
|
(0.09 |
) |
|
(0.02 |
) |
|
Amortization of other
intangible assets |
|
— |
|
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.02 |
) |
|
Adjusted operating
expense as a % of average assets (non-GAAP) |
|
1.48 |
% |
|
1.51 |
% |
|
1.53 |
% |
|
1.46 |
% |
|
1.58 |
% |
|
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, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Efficiency ratio - as reported (non-GAAP)
(1) |
|
|
70.5 |
% |
|
|
57.6 |
% |
|
|
44.0 |
% |
|
|
59.0 |
% |
|
|
48.1% |
|
|
Non-interest expense - as
reported |
|
$ |
59,523 |
|
|
$ |
52,186 |
|
|
$ |
48,302 |
|
|
$ |
159,184 |
|
|
$ |
150,028 |
|
|
Severance |
|
|
(8,562 |
) |
|
|
(481 |
) |
|
|
— |
|
|
|
(9,068 |
) |
|
|
(2,193 |
) |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(740 |
) |
|
Amortization of other intangible assets |
|
|
(349 |
) |
|
|
(349 |
) |
|
|
(431 |
) |
|
|
(1,075 |
) |
|
|
(1,447 |
) |
|
Adjusted non-interest expense
(non-GAAP) |
|
$ |
50,612 |
|
|
$ |
51,356 |
|
|
$ |
47,871 |
|
|
$ |
149,041 |
|
|
$ |
145,648 |
|
|
Net interest income - as
reported |
|
$ |
76,479 |
|
|
$ |
80,219 |
|
|
$ |
100,438 |
|
|
$ |
242,450 |
|
|
$ |
283,059 |
|
|
Non-interest income - as
reported |
|
$ |
7,928 |
|
|
$ |
10,405 |
|
|
$ |
9,362 |
|
|
$ |
27,334 |
|
|
$ |
28,689 |
|
|
Loss on equity securities |
|
|
299 |
|
|
|
780 |
|
|
|
— |
|
|
|
1,079 |
|
|
|
— |
|
|
Net loss (gain) on sale of securities and other assets |
|
|
22 |
|
|
|
— |
|
|
|
(1,397 |
) |
|
|
1,469 |
|
|
|
(1,397 |
) |
|
Loss on termination of derivatives |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted non-interest income
(non-GAAP) |
|
$ |
8,249 |
|
|
$ |
11,185 |
|
|
$ |
7,965 |
|
|
$ |
29,882 |
|
|
$ |
27,292 |
|
|
Adjusted total revenues for
adjusted efficiency ratio (non-GAAP) |
|
$ |
84,728 |
|
|
$ |
91,404 |
|
|
$ |
108,403 |
|
|
$ |
272,332 |
|
|
$ |
310,351 |
|
|
Adjusted efficiency
ratio (non-GAAP) (2) |
|
|
59.7 |
% |
|
|
56.2 |
% |
|
|
44.2 |
% |
|
|
54.7 |
% |
|
|
46.9 |
% |
|
(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, |
|
|
|
2023 |
|
2023 |
|
2022 |
|
Reconciliation of
Tangible Assets: |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
13,651,405 |
|
|
$ |
13,802,862 |
|
|
$ |
12,885,903 |
|
|
Goodwill |
|
|
(155,797 |
) |
|
|
(155,797 |
) |
|
|
(155,797 |
) |
|
Other intangible assets |
|
|
(5,409 |
) |
|
|
(5,758 |
) |
|
|
(6,915 |
) |
|
Tangible assets (non-GAAP) |
|
$ |
13,490,199 |
|
|
$ |
13,641,307 |
|
|
$ |
12,723,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Common Equity - Consolidated: |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
1,204,344 |
|
|
$ |
1,202,503 |
|
|
$ |
1,140,791 |
|
|
Goodwill |
|
|
(155,797 |
) |
|
|
(155,797 |
) |
|
|
(155,797 |
) |
|
Other intangible assets |
|
|
(5,409 |
) |
|
|
(5,758 |
) |
|
|
(6,915 |
) |
|
Tangible equity (non-GAAP) |
|
|
1,043,138 |
|
|
|
1,040,948 |
|
|
|
978,079 |
|
|
Preferred stock, net |
|
|
(116,569 |
) |
|
|
(116,569 |
) |
|
|
(116,569 |
) |
|
Tangible common equity
(non-GAAP) |
|
$ |
926,569 |
|
|
$ |
924,379 |
|
|
$ |
861,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
(non-GAAP) |
|
$ |
926,569 |
|
|
$ |
924,379 |
|
|
$ |
861,510 |
|
|
AOCI, net of deferred taxes |
|
|
106,913 |
|
|
|
104,385 |
|
|
|
93,036 |
|
|
Tangible common equity excluding
AOCI (non-GAAP) |
|
$ |
1,033,482 |
|
|
$ |
1,028,764 |
|
|
$ |
954,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity (non-GAAP) |
|
$ |
1,043,138 |
|
|
$ |
1,040,948 |
|
|
$ |
978,079 |
|
|
AOCI, net of deferred taxes |
|
|
106,913 |
|
|
|
104,385 |
|
|
|
93,036 |
|
|
Tangible equity excluding AOCI
(non-GAAP) |
|
$ |
1,150,051 |
|
|
$ |
1,145,333 |
|
|
$ |
1,071,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
38,811 |
|
|
|
38,803 |
|
|
|
38,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets (non-GAAP) |
|
|
6.87% |
|
|
|
6.78 % |
|
|
|
6.77% |
|
|
Tangible common equity excluding
AOCI to tangible assets (non-GAAP) |
|
|
7.66 |
|
|
|
7.54 |
|
|
|
7.45 |
|
|
Tangible equity to tangible
assets (non-GAAP) |
|
|
7.73 |
|
|
|
7.63 |
|
|
|
7.69 |
|
|
Tangible equity excluding AOCI to
tangible assets (non-GAAP) |
|
|
8.53 |
|
|
|
8.40 |
|
|
|
8.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
28.03 |
|
|
$ |
27.99 |
|
|
$ |
26.55 |
|
|
Tangible common book value per
share (non-GAAP) |
|
|
23.87 |
|
|
|
23.82 |
|
|
|
22.34 |
|
|
Tangible common book value per
share excluding AOCI (non-GAAP) |
|
|
26.63 |
|
|
|
26.51 |
|
|
|
24.75 |
|
|
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