Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57

Continued Growth in Core Deposits and Business Loans On a Year-over-Year Basis Net Interest Margin Expands by 16 basis points on a Linked Quarter Basis to 2.95% HAUPPAUGE, N.Y., April 22, 2025 (GLOBE NEWSWIRE) -- 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 $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share, compared to net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for the quarter ended December 31, 2024 and net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share. First quarter 2025 results included $7.2 million of pre-tax expenses related to the final settlements associated with the termination of the legacy Bridgehampton National Bank pension plan. Adjusted net income available to common stockholders (non-GAAP) totaled $24.7 million for the quarter ended March 31, 2025, an increase of 42% versus the prior quarter and an increase of 67% versus the quarter ended March 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.57 per share for the quarter ended March 31, 2025, an increase of 36% versus the prior quarter and an increase of 50% versus the quarter ended March 31, 2024. Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our first quarter results were marked by strong Net Interest Margin (“NIM”) expansion and continued progress in diversifying our balance sheet. Our enhanced earnings power and robust capital ratios position us well for future growth. As outlined below we have made a strong start to the year from a recruiting standpoint, and are poised to continue to add talented individuals and gain market share in the quarters ahead.” Year-to-date Recruiting Update Hired Tom Geisel to Senior Executive Leadership Team. Mr. Geisel was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution;Hired Robert Rowe as incoming Chief Credit Officer (experience includes Chief Credit Officer at Sterling National Bank and Chief Risk Officer at CIT); incumbent Chief Credit Officer Brian Teplitz to retire at the end of May 2025;Hired Jim LoGatto as an Executive Vice President to build Dime’s presence in Manhattan; Mr. LoGatto was previously the Director of US Private Banking at Israel Discount Bank of New York;Hired Toni Badolato as Group Leader to grow lending presence on Long Island; Ms. Badolato was previously with M&T;Hired George Taitt as Group Director and Amy Grandy as Associate Group Director to strengthen deposit presence in Queens; the Group was previously with the former Signature Bank and its successor, Flagstar Bank. Highlights for the First Quarter of 2025 included: Total deposits increased $717.0 million on a year-over-year basis;Core deposits (excluding brokered and time deposits) increased $1.35 billion on a year-over-year basis;The ratio of average non-interest-bearing deposits to average total deposits for the first quarter was 29.5%;The cost of total deposits declined by 19 basis points versus the prior quarter;The net interest margin increased to 2.95% for the first quarter of 2025 compared to 2.79% for the prior quarter;The Company’s Common Equity Tier 1 Ratio increased to 11.12% at the end of the first quarter. Management’s Discussion of Quarterly Operating Results Net Interest Income Net interest income for the first quarter of 2025 was $94.2 million compared to $91.1 million for the fourth quarter of 2024 and $71.5 million for the first quarter of 2024. 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) Q1 2025 Q4 2024 Q1 2024 Net interest income $94,213 $91,098 $71,530 Purchase accounting amortization (accretion) on loans ("PAA") (124) (1,268) (82) Adjusted net interest income excluding PAA on loans (non-GAAP) $94,089 $89,830 $71,448 Average interest-earning assets $12,963,320 $12,974,958 $13,015,755 NIM(1) 2.95 % 2.79 % 2.21 %Adjusted NIM excluding PAA on loans (non-GAAP)(2) 2.94 % 2.75 % 2.21 % (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 PAA amortization on acquired loans divided by average interest-earning assets. Mr. Lubow commented, “While there has been a fair bit of volatility in the macroeconomic environment in recent weeks, Dime has multiple levers to grow our NIM over time. First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.Second, and as demonstrated in the most recent rate cutting cycle, should the Federal Reserve cut short term rates in 2025 we anticipate a reduction in deposit costs, which will drive further NIM expansion.Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive teams.” Loan Portfolio The ending weighted average rate (“WAR”) on the total loan portfolio was 5.25% at March 31, 2025, a 1 basis point decrease compared to the ending WAR of 5.26% on the total loan portfolio at December 31, 2024. Outlined below are loan balances and WARs for the quarter ended as indicated. March 31, 2025 December 31, 2024 March 31, 2024 (Dollars in thousands) Balance WAR(1) Balance WAR(1) Balance WAR(1) Loans held for investment balances at period end: Business loans(2) $2,788,848 6.55%$2,726,602 6.56%$2,327,403 6.90%One-to-four family residential, including condominium and cooperative apartment 961,562 4.77 952,195 4.72 873,671 4.48 Multifamily residential and residential mixed-use(3)(4) 3,780,078 4.46 3,820,492 4.49 3,996,654 4.57 Non-owner-occupied commercial real estate 3,191,536 5.07 3,231,398 5.13 3,386,333 5.24 Acquisition, development, and construction 140,309 7.96 136,172 7.95 175,352 8.40 Other loans 6,402 10.39 5,084 10.51 5,170 7.10 Loans held for investment $10,868,735 5.25%$10,871,943 5.26%$10,764,583 5.34% (1) WAR 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 and owner-occupied commercial real estate 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 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) Q1 2025 Q4 2024 Q1 2024Loan originations $71.5 $187.5 $98.3 Deposits and Borrowed Funds Period end total deposits (including mortgage escrow deposits) at March 31, 2025 were $11.61 billion, compared to $11.69 billion at December 31, 2024 and $10.90 billion at March 31, 2024. The Company reduced its brokered deposit levels to $285.6 million at March 31, 2025, compared to $422.8 million at December 31, 2024 and $897.1 million at March 31, 2024. Total Federal Home Loan Bank advances were $508.0 million at March 31, 2025 compared to $608.0 million at December 31, 2024 and $773.0 million at March 31, 2024. Non-Interest Income Non-interest income was $9.6 million during the first quarter of 2025, compared to a loss of $33.9 million during the fourth quarter of 2024, and income of $10.5 million during the first quarter of 2024. Fourth quarter 2024 results included $42.8 million of pre-tax loss-on-sale of securities related to the re-positioning of the available-for-sale securities portfolio. Non-Interest Expense Total non-interest expense was $65.5 million during the first quarter of 2025, $60.6 million during the fourth quarter of 2024, and $52.5 million during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, settlement loss related to the termination of a legacy pension plan, and the FDIC special assessment, adjusted non-interest expense was $58.0 million during the first quarter of 2025, $57.7 million during the fourth quarter of 2024, and $51.7 million during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Mr. Lubow commented, “Excluding the impact of the legacy Bridgehampton National Bank pension plan termination, first quarter expenses were well-controlled and in-line with our previous expectations.” The ratio of non-interest expense to average assets was 1.90% during the first quarter of 2025, compared to 1.76% during the linked quarter and 1.52% during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, the FDIC special assessment and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.68% during the first quarter of 2025, 1.68% during the fourth quarter of 2024, and 1.50% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). The efficiency ratio was 63.1% during the first quarter of 2025, compared to 105.9% during the linked quarter and 64.0% during the first quarter of 2024. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, the FDIC special assessment, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 55.8% during the fourth quarter of 2024, compared to 58.0% during the linked quarter and 64.7% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Income Tax Expense Income tax expense was $7.3 million during the first quarter of 2025, $3.3 million during the fourth quarter of 2024, and $6.6 million during the first quarter of 2024. The fourth quarter of 2024 income tax expense was inclusive of $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax (“MEC”) Tax on the surrender of legacy BOLI assets. The effective tax rate for the first quarter of 2025 was 25.3%. Excluding the tax impact of the BOLI surrender, the fourth quarter 2024 effective rate was a tax benefit of 33.5%. The effective tax rate for the first quarter of 2024 was 27.1%. Credit Quality Non-performing loans were $58.0 million at March 31, 2025, compared to $49.5 million at December 31, 2024 and $34.8 million at March 31, 2024. A credit loss provision of $9.6 million was recorded during the first quarter of 2025, compared to a credit loss provision of $13.7 million during the fourth quarter of 2024, and a credit loss provision of $5.2 million during the first quarter of 2024. Capital Management Stockholders’ equity increased $15.5 million to $1.41 billion at March 31, 2025, compared to $1.40 billion at December 31, 2024. The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the first quarter of 2025. Dividends per common share were $0.25 during the first quarter of 2025 and the fourth quarter of 2024, respectively. Book value per common share was $29.58 at March 31, 2025 compared to $29.34 at December 31, 2024. Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.94 at March 31, 2025 compared to $25.68 at December 31, 2024 (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 Tuesday, April 22, 2025, during which CEO Lubow will discuss the Company’s first quarter 2025 financial performance, with a question-and-answer session to follow. Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/cbadbvnq. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIafdc630ea47c427ea6661eb613e46913. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time. A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/cbadbvnq. 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 $14 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 with 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 government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, 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, public health emergencies, 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; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; 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) March 31, December 31, March 31, 2025 2024 2024 Assets: Cash and due from banks $1,030,702 $1,283,571 $370,852 Securities available-for-sale, at fair value 710,579 690,693 859,216 Securities held-to-maturity 631,334 637,339 589,331 Loans held for sale 2,527 22,625 8,973 Loans held for investment, net: Business loans(1) 2,788,848 2,726,602 2,327,403 One-to-four family and cooperative/condominium apartment 961,562 952,195 873,671 Multifamily residential and residential mixed-use(2)(3) 3,780,078 3,820,492 3,996,654 Non-owner-occupied commercial real estate 3,191,536 3,231,398 3,386,333 Acquisition, development and construction 140,309 136,172 175,352 Other loans 6,402 5,084 5,170 Allowance for credit losses (90,455) (88,751) (76,068)Total loans held for investment, net 10,778,280 10,783,192 10,688,515 Premises and fixed assets, net 33,650 34,858 44,501 Restricted stock 66,987 69,106 74,346 BOLI 389,167 290,665 352,277 Goodwill 155,797 155,797 155,797 Other intangible assets 3,644 3,896 4,753 Operating lease assets 45,657 46,193 51,988 Derivative assets 98,740 116,496 135,162 Accrued interest receivable 56,044 55,970 55,369 Other assets 94,574 162,857 110,012 Total assets $14,097,682 $14,353,258 $13,501,092 Liabilities: Non-interest-bearing checking (excluding mortgage escrow deposits) $3,245,409 $3,355,829 $2,819,481 Interest-bearing checking 950,090 1,079,823 635,640 Savings (excluding mortgage escrow deposits) 1,939,852 1,927,903 2,347,114 Money market 4,271,363 4,198,784 3,440,083 Certificates of deposit 1,121,068 1,069,081 1,555,157 Deposits (excluding mortgage escrow deposits) 11,527,782 11,631,420 10,797,475 Non-interest-bearing mortgage escrow deposits 88,138 54,715 101,229 Interest-bearing mortgage escrow deposits 4 6 173 Total mortgage escrow deposits 88,142 54,721 101,402 FHLBNY advances 508,000 608,000 773,000 Other short-term borrowings — 50,000 — Subordinated debt, net 272,370 272,325 200,174 Derivative cash collateral 85,230 112,420 132,900 Operating lease liabilities 48,432 48,993 54,727 Derivative liabilities 92,516 108,347 122,112 Other liabilities 63,197 70,515 79,931 Total liabilities 12,685,669 12,956,741 12,261,721 Stockholders' equity: Preferred stock, Series A 116,569 116,569 116,569 Common stock 461 461 416 Additional paid-in capital 623,305 624,822 492,834 Retained earnings 803,202 794,526 819,130 Accumulated other comprehensive loss ("AOCI"), net of deferred taxes (39,045) (45,018) (85,466)Unearned equity awards (12,909) (7,640) (10,191)Treasury stock, at cost (79,570) (87,203) (93,921)Total stockholders' equity 1,412,013 1,396,517 1,239,371 Total liabilities and stockholders' equity $14,097,682 $14,353,258 $13,501,092 (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“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 March 31, December 31, March 31, 2025 2024 2024 Interest income: Loans $142,705 $148,000 $143,565 Securities 11,323 10,010 7,880 Other short-term investments 7,837 7,473 9,564 Total interest income 161,865 165,483 161,009 Interest expense: Deposits and escrow 58,074 64,773 73,069 Borrowed funds 8,381 8,542 14,697 Derivative cash collateral 1,197 1,070 1,713 Total interest expense 67,652 74,385 89,479 Net interest income 94,213 91,098 71,530 Provision for credit losses 9,626 13,715 5,210 Net interest income after provision 84,587 77,383 66,320 Non-interest income: Service charges and other fees 4,643 3,942 4,544 Title fees 98 226 133 Loan level derivative income 61 491 406 BOLI income 3,993 2,825 2,461 Gain on sale of Small Business Administration ("SBA") loans 82 22 253 Gain on sale of residential loans 32 83 77 Fair value change in equity securities and loans held for sale 18 15 (842)Net loss on sale of securities — (42,810) — Gain on sale of other assets — 554 2,968 Other 706 791 467 Total non-interest income (loss) 9,633 (33,861) 10,467 Non-interest expense: Salaries and employee benefits 35,651 35,761 32,037 Severance 76 1,254 42 Occupancy and equipment 8,002 7,569 7,368 Data processing costs 4,794 4,483 4,313 Marketing 1,666 1,897 1,497 Professional services 2,116 2,345 1,467 Federal deposit insurance premiums(1) 2,047 2,116 2,239 Loss on extinguishment of debt — — 453 Loss due to pension settlement 7,231 1,215 — Amortization of other intangible assets 252 285 307 Other 3,676 3,688 2,788 Total non-interest expense 65,511 60,613 52,511 Income (loss) before taxes 28,709 (17,091) 24,276 Income tax expense(2) 7,251 3,322 6,585 Net income (loss) 21,458 (20,413) 17,691 Preferred stock dividends 1,822 1,821 1,821 Net income (loss) available to common stockholders $19,636 $(22,234) $15,870 Earnings (loss) per common share ("EPS"): Basic $0.45 $(0.54) $0.41 Diluted $0.45 $(0.54) $0.41 Average common shares outstanding for diluted EPS 42,948,690 40,767,161 38,255,559 (1) Fourth quarter of 2024 included $0.1 million of pre-tax expense related to the FDIC special assessment for the recovery of losses related to the closures of Silicon Valley Bank and Signature Bank.(2) Fourth quarter of 2024 includes $9.1 million of income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets. DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIESUNAUDITED SELECTED FINANCIAL HIGHLIGHTS(Dollars in thousands except per share amounts) At or For the Three Months Ended March 31, December 31, March 31, 2025 2024 2024 Per Share Data: Reported EPS (Diluted) $0.45 $(0.54) $0.41 Cash dividends paid per common share 0.25 0.25 0.25 Book value per common share 29.58 29.34 28.84 Tangible common book value per share(1) 25.94 25.68 24.72 Common shares outstanding 43,799 43,622 38,932 Dividend payout ratio 55.56% (46.30)% 60.98% Performance Ratios (Based upon Reported Net Income): Return on average assets 0.62% (0.59)% 0.51%Return on average equity 6.04 (6.02) 5.68 Return on average tangible common equity(1) 6.92 (8.16) 6.64 Net interest margin 2.95 2.79 2.21 Non-interest expense to average assets 1.90 1.76 1.52 Efficiency ratio 63.1 105.9 64.0 Effective tax rate 25.26 (19.44) 27.13 Balance Sheet Data: Average assets $13,777,665 $13,759,002 $13,794,924 Average interest-earning assets 12,963,320 12,974,958 13,015,755 Average tangible common equity(1) 1,145,915 1,080,177 968,719 Loan-to-deposit ratio at end of period(2) 93.6 93.0 98.8 Capital Ratios and Reserves - Consolidated:(3) Tangible common equity to tangible assets(1) 8.15% 7.89 % 7.21%Tangible equity to tangible assets(1) 8.99 8.71 8.09 Tier 1 common equity ratio 11.12 11.06 10.00 Tier 1 risk-based capital ratio 12.23 12.17 11.11 Total risk-based capital ratio 15.71 15.65 13.78 Tier 1 leverage ratio 9.46 9.38 8.48 Consolidated CRE concentration ratio(4) 442 447 534 Allowance for credit losses/ Total loans 0.83 0.82 0.71 Allowance for credit losses/ Non-performing loans 155.85 179.37 218.42 (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) March 31, 2025 ratios 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. The March 31, 2025 ratio is 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 March 31, 2025 December 31, 2024 March 31, 2024 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) $2,748,142 $45,047 6.65%$2,681,953 $46,791 6.94%$2,308,319 $39,224 6.83%One-to-four family residential, including condo and coop 962,046 11,069 4.67 943,319 11,061 4.66 886,588 9,770 4.43 Multifamily residential and residential mixed-use 3,796,754 42,329 4.52 3,848,579 44,152 4.56 4,000,510 46,019 4.63 Non-owner-occupied commercial real estate 3,214,758 41,326 5.21 3,265,906 42,865 5.22 3,371,438 44,776 5.34 Acquisition, development, and construction 138,428 2,906 8.51 139,440 3,101 8.85 169,775 3,692 8.75 Other loans 5,740 28 1.98 4,781 30 2.50 5,420 84 6.23 Securities 1,372,563 11,323 3.35 1,455,449 10,010 2.74 1,578,330 7,880 2.01 Other short-term investments 724,889 7,837 4.38 635,531 7,473 4.68 695,375 9,564 5.53 Total interest-earning assets 12,963,320 161,865 5.06% 12,974,958 165,483 5.07% 13,015,755 161,009 4.98%Non-interest-earning assets 814,345 784,044 779,169 Total assets $13,777,665 $13,759,002 $13,794,924 Liabilities and Stockholders' Equity: Interest-bearing liabilities: Interest-bearing checking(2) $912,852 $4,164 1.85%$912,645 $5,115 2.23%$582,047 $1,223 0.85%Money market 4,076,612 31,294 3.11 3,968,793 33,695 3.38 3,359,884 30,638 3.67 Savings(2) 1,970,338 14,185 2.92 1,905,866 14,828 3.10 2,368,946 22,810 3.87 Certificates of deposit 973,108 8,431 3.51 1,126,859 11,135 3.93 1,655,882 18,398 4.47 Total interest-bearing deposits 7,932,910 58,074 2.97 7,914,163 64,773 3.26 7,966,759 73,069 3.69 FHLBNY advances 509,111 4,066 3.24 509,630 4,241 3.31 1,094,209 12,143 4.46 Subordinated debt, net 272,341 4,302 6.41 272,311 4,301 6.28 200,188 2,553 5.13 Other short-term borrowings 633 13 8.33 543 — — 77 1 5.22 Total borrowings 782,085 8,381 4.35 782,484 8,542 4.34 1,294,474 14,697 4.57 Derivative cash collateral 104,126 1,197 4.66 99,560 1,070 4.28 130,166 1,713 5.29 Total interest-bearing liabilities 8,819,121 67,652 3.11% 8,796,207 74,385 3.36% 9,391,399 89,479 3.83%Non-interest-bearing checking(2) 3,322,583 3,396,457 2,909,776 Other non-interest-bearing liabilities 213,876 209,712 247,717 Total liabilities 12,355,580 12,402,376 12,548,892 Stockholders' equity 1,422,085 1,356,626 1,246,032 Total liabilities and stockholders' equity $13,777,665 $13,759,002 $13,794,924 Net interest income $94,213 $91,098 $71,530 Net interest rate spread 1.95% 1.71% 1.15%Net interest margin 2.95% 2.79% 2.21%Deposits (including non-interest-bearing checking accounts)(2) $11,255,493 $58,074 2.09%$11,310,620 $64,773 2.28%$10,876,535 $73,069 2.70% (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 March 31, December 31, March 31,Asset Quality Detail 2025 2024 2024 Non-performing loans ("NPLs") Business loans(1) $21,944 $22,624 $18,213 One-to-four family residential, including condominium and cooperative apartment 3,763 3,213 3,689 Multifamily residential and residential mixed-use — — — Non-owner-occupied commercial real estate 31,677 22,960 15 Acquisition, development, and construction 657 657 12,910 Other loans — 25 — Total Non-accrual loans $58,041 $49,479 $34,827 Total Non-performing assets ("NPAs") $58,041 $49,479 $34,827 Total loans 90 days delinquent and accruing ("90+ Delinquent") $— $— $— NPAs and 90+ Delinquent $58,041 $49,479 $34,827 NPAs and 90+ Delinquent / Total assets 0.41% 0.34% 0.26%Net charge-offs ("NCOs") $7,058 $10,611 $739 NCOs / Average loans(2) 0.26% 0.39% 0.03% (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 the fair value change in equity securities and loans held for sale, net loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets. Three Months Ended March 31, December 31, March 31, 2025 2024 2024 Reconciliation of Reported and Adjusted (non-GAAP) Net Income (Loss) Available to Common Stockholders Reported net income (loss) available to common stockholders $19,636 $(22,234) $15,870 Adjustments to net income(1): Fair value change in equity securities and loans held for sale (18) (15) 842 Net loss (gain) on sale of securities and other assets — 42,256 (2,968) Severance 76 1,254 42 FDIC special assessment — 126 — Loss on extinguishment of debt — — 453 Loss due to pension settlement 7,231 1,215 — Income tax effect of adjustments noted above(1) (2,237) (14,258) 518 BOLI tax adjustment(2): — 9,073 — Adjusted net income available to common stockholders (non-GAAP) $24,688 $17,417 $14,757 Adjusted Ratios (Based upon Adjusted (non-GAAP) Net (Loss) Income as calculated above) Adjusted EPS (Diluted) $0.57 $0.42 $0.38 Adjusted return on average assets 0.77 % 0.56 % 0.48 %Adjusted return on average equity 7.46 5.67 5.32 Adjusted return on average tangible common equity 8.68 6.52 6.18 Adjusted non-interest expense to average assets 1.68 1.68 1.50 Adjusted efficiency ratio 55.8 58.0 64.7 (1) Adjustments to net (loss) income are taxed at the Company's approximate statutory tax rate.(2) Reflects income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets during the three months ended December 31, 2024. 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 March 31, December 31, March 31, 2025 2024 2024 Operating expense as a % of average assets - as reported 1.90 % 1.76 % 1.52 % Severance — (0.04) — FDIC special assessment — — — Loss on extinguishment of debt — — (0.01) Loss due to pension settlement (0.21) (0.04) — Amortization of other intangible assets (0.01) — (0.01) Adjusted operating expense as a % of average assets (non-GAAP) 1.68 % 1.68 % 1.50 % The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP): Three Months Ended March 31, December 31, March 31, 2025 2024 2024 Efficiency ratio - as reported (non-GAAP) (1) 63.1 % 105.9 % 64.0 % Non-interest expense - as reported $ 65,511 $60,613 $52,511 Severance (76) (1,254) (42) FDIC special assessment — (126) — Loss on extinguishment of debt — — (453) Loss due to pension settlement (7,231) (1,215) — Amortization of other intangible assets (252) (285) (307) Adjusted non-interest expense (non-GAAP) $ 57,952 $57,733 $51,709 Net interest income - as reported $ 94,213 $91,098 $71,530 Non-interest income (loss) - as reported $ 9,633 $(33,861) $10,467 Fair value change in equity securities and loans held for sale (18) (15) 842 Net loss (gain) on sale of securities and other assets — 42,256 (2,968) Adjusted non-interest income (non-GAAP) $ 9,615 $8,380 $8,341 Adjusted total revenues for adjusted efficiency ratio (non-GAAP) $ 103,828 $99,478 $79,871 Adjusted efficiency ratio (non-GAAP) (2) 55.8 % 58.0 % 64.7 % (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): March 31, December 31, March 31, 2025 2024 2024 Reconciliation of Tangible Assets: Total assets $14,097,682 $14,353,258 $13,501,092 Goodwill (155,797) (155,797) (155,797) Other intangible assets (3,644) (3,896) (4,753) Tangible assets (non-GAAP) $13,938,241 $14,193,565 $13,340,542 Reconciliation of Tangible Common Equity - Consolidated: Total stockholders' equity $1,412,013 $1,396,517 $1,239,371 Goodwill (155,797) (155,797) (155,797) Other intangible assets (3,644) (3,896) (4,753) Tangible equity (non-GAAP) 1,252,572 1,236,824 1,078,821 Preferred stock, net (116,569) (116,569) (116,569) Tangible common equity (non-GAAP) $1,136,003 $1,120,255 $962,252 Common shares outstanding 43,799 43,622 38,932 Tangible common equity to tangible assets (non-GAAP) 8.15 % 7.89 % 7.21 %Tangible equity to tangible assets (non-GAAP) 8.99 8.71 8.09 Book value per common share $29.58 $29.34 $28.84 Tangible common book value per share (non-GAAP) 25.94 25.68 24.72

Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57

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