Dime Community Bancshares, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Dime Community Bancshares, Inc. (DCOMG) has filed its 2023 10-K annual report, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Dime Community Bancshares, Inc. /NY/ (DCOMG) filed a Annual Report (10-K) with the SEC on February 22, 2024. Dime Community Bancshares, Inc. filed its 2023 10-K report on February 22, 2024. The company's fiscal year ends on December 31st. Dime Community Bancshares, Inc. is classified under National Commercial Banks (SIC 6021). The company was formerly known as Bridge Bancorp, Inc., with a name change in 1994 and 2019. The filing includes financial data for the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking Dime Community Bancshares, Inc. /NY/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Dime Community Bancshares' financial health, strategic initiatives, and risk factors for investors and analysts. Understanding the details within this report is crucial for assessing the company's performance, competitive positioning, and future outlook in the commercial banking sector.

Risk Assessment

Risk Level: — Dime Community Bancshares, Inc. /NY/ shows moderate risk based on this filing. The company operates in the highly regulated commercial banking industry, which presents inherent risks related to economic conditions, interest rate fluctuations, and compliance requirements.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to assess Dime Community Bancshares' performance and potential risks.

Key Numbers

• 20231231 — Conformed Period of Report (Fiscal year end)
• 20240222 — Filed as of Date (Filing date)
• 171 — Public Document Count (Number of documents in the filing)
• 112934195 — IRS Number (Company's IRS identification number)

Key Players & Entities

• Dime Community Bancshares, Inc. (company) — Filer name
• Bridge Bancorp, Inc. (company) — Former company name
• NY (location) — State of incorporation
• 6021 (industry_code) — Standard Industrial Classification
• 112934195 (identifier) — IRS Number
• 001-34096 (identifier) — SEC File Number
• 24662276 (identifier) — Film Number
• HAUPPAUGE (location) — Business address city

FAQ

Industry Context

Dime Community Bancshares operates within the National Commercial Banks industry, a sector characterized by its role in providing financial services, managing deposits, and offering loans to businesses and individuals.

Regulatory Implications

As a commercial bank, Dime Community Bancshares is subject to extensive regulation by federal and state authorities, including the Federal Reserve and state banking departments, to ensure financial stability and consumer protection.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the current period, so a direct comparison to a prior filing's specific data points is not available within this extract.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share DCOM The Nasdaq Stock Mar
• $17.63 — ximately $ 610.4 million based upon the $17.63 closing price on the NASDAQ National Ma
• $250,000 — ce available on all deposit accounts is $250,000. The FDIC assesses insured depository
• $10 billion — ents. Assessments for institutions with $10 billion or more of assets are primarily based o

Filing Documents

• dcom-20231231x10k.htm (10-K) — 7630KB
• dcom-20231231xex4d1.htm (EX-4.1) — 71KB
• dcom-20231231xex21d1.htm (EX-21.1) — 12KB
• dcom-20231231xex23d1.htm (EX-23.1) — 5KB
• dcom-20231231xex31d1.htm (EX-31.1) — 12KB
• dcom-20231231xex31d2.htm (EX-31.2) — 12KB
• dcom-20231231xex32d1.htm (EX-32.1) — 10KB
• dcom-20231231xex97.htm (EX-97) — 27KB
• dcom-20231231x10k001.jpg (GRAPHIC) — 66KB
• dcom-20231231x10k014.jpg (GRAPHIC) — 3KB
• dcom-20231231xex23d1001.jpg (GRAPHIC) — 6KB
• 0000846617-24-000018.txt (&nbsp;) — 35797KB
• dcom-20231231.xsd (EX-101.SCH) — 135KB
• dcom-20231231_cal.xml (EX-101.CAL) — 180KB
• dcom-20231231_def.xml (EX-101.DEF) — 707KB
• dcom-20231231_lab.xml (EX-101.LAB) — 1319KB
• dcom-20231231_pre.xml (EX-101.PRE) — 1142KB
• dcom-20231231x10k_htm.xml (XML) — 9876KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. [Reserved] 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 104 Item 9A.

Controls and Procedures

Controls and Procedures 104 Item 9B. Other Information 104 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 104 PART III Item 10. Directors, Executive Officers and Corporate Governance 105 Item 11.

Executive Compensation

Executive Compensation 105 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105 Item 13. Certain Relationships and Related Transactions, and Director Independence 105 Item 14. Principal Accounting Fees and Services 105 PART IV Item 15. Exhibits, Financial Statement Schedules 106 Item 16. Form 10-K Summary 112

Signatures

Signatures 113 3 Table of Contents Cautionary Note Regarding Forward-Looking Statements This report contains statements relating to our future results (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Such forward-looking statements, in addition to historical information, which involve risk and uncertainties, are based on the beliefs, assumptions and expectations of our management. Words such as "expects," "believes," "should," "plans," "anticipates," "will," "potential," "could," "intend," "may," "outlook," "predict," "project," "would," "estimated," "assumes," "likely," and variations of such similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements include, but are not limited to, possible or assumed estimates with respect to the financial condition, expected or anticipated revenue, and results of operations and our business, including earnings growth; revenue growth in retail banking, lending and other areas; origination volume in the consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title insurance subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies. We claim the protection of the safe harbor for forward-looking statements contained in the PSLRA. Forward-looking statements are based upon various assumptions and analyses made by Dime Community Bancshares, Inc. together with its direct and indirect subsidiaries, (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 appropriate under the circumstances. These statements are not guaran

Business

Item 1. Business General Dime Community Bancshares, Inc. (the "Company") is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank (the "Bank"). The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Holding Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Company functions primarily as the holder of all of the Bank's common stock. Our bank operations include Dime Community Inc., a real estate investment trust subsidiary, and Dime Abstract LLC ("Dime Abstract"), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. For over a century, we have maintained our focus on building customer relationships in our market area. Our mission is to grow through the provision of exceptional service to our customers, our employees, and the community. We strive to achieve excellence in financial performance and build long-term shareholder value. We engage in providing full service commercial and consumer banking services, including accepting time, savings and demand deposits from the businesses, consumers, and local municipalities in our market area. These deposits, together with funds generated from operations and borrowings, are invested primarily in: (1) commercial real estate loans ("CRE"); (2) multi-family mortgage loans; (3) residential mortgage loans; (4) secured and unsecured commercial and consumer loans; (5) home equity loans; (6) construction and land loans; (7) Federal Home Loan Bank ("FHLB"), Federal National Mortgage Association ("Fannie Mae"), Government National Mortgage Association ("Ginnie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") mortgage-backed securities, collateralized mortgage obligations and other asset backed securities; (8) U.S. Treasury securities; (9) New York State and local municipal obligations; (10) U.S. government-

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View this 10-K filing on SEC EDGAR