Dime Community Bancshares, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Dime Community Bancshares, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Dime Community Bancshares, Inc. /NY/ (DCOMG) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Dime Community Bancshares, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing is for Dime Community Bancshares, Inc. /NY/ with Central Index Key 0000846617. The company's SIC code is 6021 (NATIONAL COMMERCIAL BANKS). The filing was made on May 2, 2024. The company was formerly known as BRIDGE BANCORP, INC. and BRIDGE BANCORP INC.

Why It Matters

For investors and stakeholders tracking Dime Community Bancshares, Inc. /NY/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details of Dime Community Bancshares, Inc. for the first quarter of 2024. Understanding the details within this filing is crucial for assessing the bank's current financial health, strategic direction, and potential risks or opportunities.

Risk Assessment

Risk Level: — Dime Community Bancshares, Inc. /NY/ shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report for publicly traded companies, indicating no immediate or unusual concerns.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Dime Community Bancshares' performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of Date)
• 103 — Public Document Count (Public Document Count)

Key Players & Entities

• Dime Community Bancshares, Inc. /NY/ (company) — Filer name
• 0000846617 (company) — Central Index Key
• 6021 (company) — Standard Industrial Classification
• BRIDGE BANCORP, INC. (company) — Former company name
• BRIDGE BANCORP INC (company) — Former company name

FAQ

Industry Context

Dime Community Bancshares, Inc. operates within the national commercial banking sector, a highly regulated industry focused on deposit-taking, lending, and financial services.

Regulatory Implications

As a national commercial bank, Dime Community Bancshares is subject to extensive regulation by federal and state authorities, including the Federal Reserve and the FDIC, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding loan portfolios, interest income, and interest expense.
3. Examine management's discussion and analysis for insights into strategic initiatives and risk management.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end 2023 report.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value DCOM The NASDAQ Stock Mar

Filing Documents

• dcom-20240331x10q.htm (10-Q) — 4897KB
• dcom-20240331xex31d1.htm (EX-31.1) — 13KB
• dcom-20240331xex31d2.htm (EX-31.2) — 13KB
• dcom-20240331xex32d1.htm (EX-32.1) — 9KB
• 0000846617-24-000038.txt (&nbsp;) — 22943KB
• dcom-20240331.xsd (EX-101.SCH) — 75KB
• dcom-20240331_cal.xml (EX-101.CAL) — 125KB
• dcom-20240331_def.xml (EX-101.DEF) — 405KB
• dcom-20240331_lab.xml (EX-101.LAB) — 802KB
• dcom-20240331_pre.xml (EX-101.PRE) — 665KB
• dcom-20240331x10q_htm.xml (XML) — 6682KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page Item 1. Unaudited Condensed Consolidated Financial Statements Consolidated Statements of Financial Condition at March 31, 2024 and December 31, 2023 4 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 51

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 53

Signatures

Signatures 54 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q 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," "seek," "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 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 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 conditions or results to differ materially from those expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. These factors include, without limitation, the following: increases in competitive pressure among financial institutions or from non-financial institutions; inflation and fluctuation in market interest rates, which may affect demand for our products, interest margins and the fair value of financial instruments; changes in deposit flows or composition, loan demand or real estate values; changes in the quality and composition of our loan or investment portfolios or unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Dollars in thousands except share amounts) March 31, December 31, 2024 2023 Assets: Cash and due from banks $ 370,852 $ 457,547 Securities available-for-sale, at fair value 859,216 886,240 Securities held-to-maturity 589,331 594,639 Loans held for sale 8,973 10,159 Loans held for investment, net of fees and costs 10,764,583 10,773,428 Allowance for credit losses ( 76,068 ) ( 71,743 ) Total loans held for investment, net 10,688,515 10,701,685 Premises and fixed assets, net 44,501 44,868 Premises held for sale — 905 Restricted stock 74,346 98,750 Bank Owned Life Insurance ("BOLI") 352,277 349,816 Goodwill 155,797 155,797 Other intangible assets 4,753 5,059 Operating lease assets 51,988 52,729 Derivative assets 135,162 122,132 Accrued interest receivable 55,369 55,666 Other assets 110,012 100,013 Total assets $ 13,501,092 $ 13,636,005 Liabilities: Interest-bearing deposits $ 7,977,994 $ 7,585,020 Non-interest-bearing deposits 2,819,481 2,884,378 Deposits (excluding mortgage escrow deposits) 10,797,475 10,469,398 Non-interest-bearing mortgage escrow deposits 101,229 61,121 Interest-bearing mortgage escrow deposits 173 136 Mortgage escrow deposits 101,402 61,257 Federal Home Loan Bank of New York ("FHLBNY") advances 773,000 1,313,000 Subordinated debt, net 200,174 200,196 Derivative cash collateral 132,900 108,100 Operating lease liabilities 54,727 55,454 Derivative liabilities 122,112 121,265 Other liabilities 79,931 81,110 Total liabilities 12,261,721 12,409,780 Commitments and contingencies — — Stockholders' equity: Preferred stock, Series A ($ 0.01 par, $ 25.00 liquidation value, 10,000,000 shares authorized and 5,299,200 s

View Full Filing

View this 10-Q filing on SEC EDGAR