Dime Community Bancshares Q2 2024 10-Q Filed

TL;DR

DCOM Q2 10-Q is in! Check financials for interest income/expense & non-interest costs.

AI Summary

Dime Community Bancshares, Inc. (DCOM) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance, including interest income and expenses, and other non-interest expenses. Key financial data points and operational details are presented for the second quarter of 2024.

Why It Matters

This filing provides investors with the latest financial snapshot of Dime Community Bancshares, crucial for understanding its operational health and profitability trends in the current quarter.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not contain any immediately apparent high-risk disclosures.

Key Numbers

• 5299200 — Total Assets (implied) (This number appears multiple times and likely represents a key balance sheet figure for the period.)

Key Players & Entities

• Dime Community Bancshares, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date
• BRIDGE BANCORP, INC. (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value DCOM The NASDAQ Stock Mar
• $25.00 — ock Market 9.000% Subordinated Notes, $25.00 Par Value DCOMG The NASDAQ Stock Ma

Filing Documents

• dcom-20240630x10q.htm (10-Q) — 6084KB
• dcom-20240630xex31d1.htm (EX-31.1) — 13KB
• dcom-20240630xex31d2.htm (EX-31.2) — 13KB
• dcom-20240630xex32d1.htm (EX-32.1) — 9KB
• 0000846617-24-000053.txt ( ) — 26492KB
• dcom-20240630.xsd (EX-101.SCH) — 76KB
• dcom-20240630_cal.xml (EX-101.CAL) — 127KB
• dcom-20240630_def.xml (EX-101.DEF) — 410KB
• dcom-20240630_lab.xml (EX-101.LAB) — 821KB
• dcom-20240630_pre.xml (EX-101.PRE) — 674KB
• dcom-20240630x10q_htm.xml (XML) — 7869KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page Item 1. Unaudited Condensed Consolidated Financial Statements Consolidated Statements of Financial Condition at J une 30, 2024 and December 31, 2023 4 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 9 Notes to Unaudited Condensed Consolidated Financial Statements 10 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 40 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 4.

Controls and Procedures

Controls and Procedures 57

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 57 Item 1A.

Risk Factors

Risk Factors 57 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 58 Item 6. Exhibits 59

Signatures

Signatures 60 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. Examples of forward-looking statements include, but are not limited to, the proposed use of proceeds from any offering, 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. 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

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) June 30, December 31, 2024 2023 Assets: Cash and due from banks $ 413,983 $ 457,547 Securities available-for-sale, at fair value 819,222 886,240 Securities held-to-maturity 588,000 594,639 Loans held for sale 14,766 10,159 Loans held for investment, net of fees and costs 10,824,858 10,773,428 Allowance for credit losses ( 77,812 ) ( 71,743 ) Total loans held for investment, net 10,747,046 10,701,685 Premises and fixed assets, net 36,054 44,868 Premises held for sale — 905 Restricted stock 68,445 98,750 Bank Owned Life Insurance ("BOLI") 354,761 349,816 Goodwill 155,797 155,797 Other intangible assets 4,467 5,059 Operating lease assets 51,703 52,729 Derivative assets 134,489 122,132 Accrued interest receivable 55,588 55,666 Other assets 104,442 100,013 Total assets $ 13,548,763 $ 13,636,005 Liabilities: Interest-bearing deposits $ 7,963,304 $ 7,585,020 Non-interest-bearing deposits 3,012,481 2,884,378 Deposits (excluding mortgage escrow deposits) 10,975,785 10,469,398 Non-interest-bearing mortgage escrow deposits 52,647 61,121 Interest-bearing mortgage escrow deposits 2 136 Mortgage escrow deposits 52,649 61,257 Federal Home Loan Bank of New York ("FHLBNY") advances 633,000 1,313,000 Subordinated debt, net 262,814 200,196 Derivative cash collateral 130,090 108,100 Operating lease liabilities 54,530 55,454 Derivative liabilities 122,567 121,265 Other liabilities 66,732 81,110 Total liabilities 12,298,167 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 share

View Full Filing

View this 10-Q filing on SEC EDGAR