Dime Community Bancshares Q3 2024 Financial Update

TL;DR

DCOM's Q3 2024 10-Q is in - check financials for interest income/expense and other costs.

AI Summary

Dime Community Bancshares, Inc. (DCOM) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance, including interest income and expense, and other non-interest expenses. Specific dollar amounts and dates for these financial metrics are available within the full report.

Why It Matters

This filing provides investors with a detailed look at Dime Community Bancshares' financial health and operational performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data and disclosures typical of a public company, requiring careful analysis to assess risks.

Key Numbers

• Q3 2024 — Reporting Period (Financial performance for the third quarter of 2024 is detailed.)
• Interest Income — Financial Metric (Key component of revenue reported in the filing.)
• Interest Expense — Financial Metric (Key component of costs reported in the filing.)
• Other Non-Interest Expense — Financial Metric (Significant operational costs detailed in the filing.)

Key Players & Entities

• Dime Community Bancshares, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241105 (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-20240930x10q.htm (10-Q) — 6413KB
• dcom-20240930xex31d1.htm (EX-31.1) — 13KB
• dcom-20240930xex31d2.htm (EX-31.2) — 13KB
• dcom-20240930xex32d1.htm (EX-32.1) — 9KB
• 0000846617-24-000063.txt ( ) — 27461KB
• dcom-20240930.xsd (EX-101.SCH) — 76KB
• dcom-20240930_cal.xml (EX-101.CAL) — 128KB
• dcom-20240930_def.xml (EX-101.DEF) — 408KB
• dcom-20240930_lab.xml (EX-101.LAB) — 825KB
• dcom-20240930_pre.xml (EX-101.PRE) — 675KB
• dcom-20240930x10q_htm.xml (XML) — 8199KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page Item 1. Unaudited Condensed Consolidated Financial Statements Consolidated Statements of Financial Condition at September 30, 2024 and December 31, 2023 4 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 54 Item 4.

Controls and Procedures

Controls and Procedures 56

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Risk Factors

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

Signatures

Signatures 59 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) September 30, December 31, 2024 2023 Assets: Cash and due from banks $ 626,056 $ 457,547 Securities available-for-sale, at fair value 774,608 886,240 Securities held-to-maturity 592,414 594,639 Loans held for sale 13,098 10,159 Loans held for investment, net of fees and costs 10,892,044 10,773,428 Allowance for credit losses ( 85,221 ) ( 71,743 ) Total loans held for investment, net 10,806,823 10,701,685 Premises and fixed assets, net 35,066 44,868 Premises held for sale — 905 Restricted stock 64,235 98,750 Bank Owned Life Insurance ("BOLI") 372,367 349,816 Goodwill 155,797 155,797 Other intangible assets 4,181 5,059 Operating lease assets 48,537 52,729 Derivative assets 105,636 122,132 Accrued interest receivable 54,578 55,666 Other assets 93,133 100,013 Total assets $ 13,746,529 $ 13,636,005 Liabilities: Interest-bearing deposits $ 8,098,312 $ 7,585,020 Non-interest-bearing deposits 3,231,160 2,884,378 Deposits (excluding mortgage escrow deposits) 11,329,472 10,469,398 Non-interest-bearing mortgage escrow deposits 87,841 61,121 Interest-bearing mortgage escrow deposits 5 136 Mortgage escrow deposits 87,846 61,257 Federal Home Loan Bank of New York ("FHLBNY") advances 508,000 1,313,000 Subordinated debt, net 272,300 200,196 Derivative cash collateral 68,960 108,100 Operating lease liabilities 51,362 55,454 Derivative liabilities 98,108 121,265 Other liabilities 66,552 81,110 Total liabilities 12,482,600 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 sha

View Full Filing

View this 10-Q filing on SEC EDGAR