Every investor in Dime Community Bancshares, Inc. (NASDAQ:DCOM) should be aware of the most powerful shareholder groups. <>/Metadata 2 0 R/ViewerPreferences 6 0 R>> Management’s Discussion of Quarterly Operating Results. 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. �D�����b�C�)�]�-ל��>��Y�P��Gij�P���������]�E^�������f?ʥqu�rRT��F��� y�|ݤFi=�r�6�1|c[�a������22�,��v�߰��B���|���_�LR�[4w��Wh fqv�oy�����Fn�V&���(���Q���EV6IX�)�d< +��Z�7�p|��k��*�0��ώq5�,+Q�g�(-+�Q�sg&f� On May 5, 2021, management of Dime Community Bancshares, Inc. (the “Company”) made available a financial presentation to investors for the D.A. %���� Outlined below are the loan originations for the current quarter, linked quarter and prior year. Total non-interest expense was $82.8 million during the first quarter of 2021, $37.6 million during the fourth quarter of 2020, and $26.0 million during the first quarter of 2020. added to a holding in Dime Community Bancshares Inc by 97.66%. %PDF-1.7 endobj Excluding the impact of merger expenses and transaction costs, loss on extinguishment of debt, curtailment loss on pension plans, amortization of core deposit intangible, loss on termination of derivatives, and gain on securities and other assets, the adjusted efficiency ratio was 48.0% during the first quarter of 2021, compared to 44.8% during the linked quarter and 56.7% during the first quarter of 2020. Dial-in information for the live call is 1-888-348-2672. Dime Community Bank to merge with BNB Bank. Dime Community Bancshares, Inc Dime Community Bancshares, Inc. (DCOM) related to its combination with Bridge Bancorp, Inc. The Zacks Analyst Blog Highlights: United States Steel, Provident Financial Services, Dime Community Bancshares, Viper Energy Partners and Vishay Intertechnology. OCC Pro forma for these actions, the weighted average rate on the borrowing portfolio (excluding subordinated debt) at March 31, 2021 was 0.30%. The cost of total deposits for the quarter ended March 31, 2021 decreased to 0.25%, representing a 17 basis point linked quarter decline. 1 0 obj A high-level overview of Dime Community Bancshares, Inc. (DCOM) stock. Excluding the impact of PPP loans, the WAR on the loan portfolio was 3.83% at March 31, 2021, compared to 3.89% at December 31, 2020. Dime Community Bancshares, Inc. The Company continues to see positive trends in its portfolio of loans that had payment deferrals. (see “Non-GAAP Reconciliation” table at the end of this news release). Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. The purchase prices were between $15.89 and $33.12, with an estimated average price of $25.74. Merger expenses and transaction costs: The Company completed its merger of equals transaction in the first quarter of 2021; associated merger expenses and transaction costs were $37.9 million, pre-tax; Termination of Borrowings and Sale of Securities: The Company utilized excess liquidity on the balance sheet to restructure its wholesale borrowings portfolio and also repositioned its securities portfolio in the first quarter of 2021; this resulted in a pre-tax loss on termination of derivatives of $16.5 million, a pre-tax loss on extinguishment of debt of $1.6 million, and a pre-tax gain on sale of securities of $0.7 million; Provision for credit losses on acquired non-purchase credit deteriorated (“Non-PCD”) loans of $20.3 million, pre-tax. The stock is now traded at around $34.350000. DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION(Dollars in thousands except per share amounts). The following non-GAAP financial measures exclude pre-tax income and expenses associated with the Company’s merger with Legacy Bridge. Institutions will … Book value per common share was $25.43 and tangible common book value per share (common equity less goodwill divided by number of shares outstanding) (see “Non-GAAP Reconciliation” tables at the end of this news release) was $21.43 at March 31, 2021. 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 provision expenses for the acquired Non-PCD loans and UFC are the result of the accounting requirements for mergers under the Current Expected Credit Loss standard (“CECL Standard”), which the Company adopted on January 1, 2021; Significant allowance for credit losses and credit marks on the balance sheet due to provision for credit losses and purchase accounting marks; Capital levels remain strong; the tangible equity to tangible assets ratio was 7.83% at March 31, 2021. It offers deposit products, such as savings, money market, and NOW accounts, as well as certificates of deposit, demand deposits, and other time deposits. The $15.8 million credit loss provision for the first quarter of 2021 was primarily associated with the provision for credit losses recorded on acquired Non-PCD loans which totaled $20.3 million, and a provision for UFC totaling $3.1 million. HAUPPAUGE, N.Y., April 30, 2021 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime” or “its”), the parent company of Dime Community Bank (the “Bank”), today reported a net loss to common stockholders of $22.9 million for the quarter ended March 31, 2021, or $0.66 per diluted common share, compared with net income to common stockholders of $3.3 million for the quarter ended December 31, 2020, or $0.16 per diluted common share, and net income to common stockholders of $8.4 million for the quarter ended March 31, 2020, or $0.37 per diluted common share. Based in Brooklyn, New York. March 31, 2021 amounts are preliminary pending completion and filing of the Company’s regulatory reports. View the latest Dime Community Bancshares Inc. (DCOM) stock price, news, historical charts, analyst ratings and financial information from WSJ. (1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks less than $20 billion in assets. Non-interest (loss) income was $(7.4) million during the first quarter of 2021, $2.5 million during the fourth quarter of 2020, and $4.2 million during the first quarter of 2020. View real-time stock prices and stock quotes for a full financial overview. Total borrowings (excluding subordinated debt) decreased to $660.6 million at March 31, 2021, compared to $1.3 billion at December 31, 2020. 119) AMENDED AND RESTATED CONSULTING AGREEMENT. 15 0 obj The merger was approved and consummated on . Dime Community Bancshares, Inc operates as the holding company for Dime Community Bank that provides commercial banking and financial services in New York. Mr. O’Connor commented, “Excluding the impact of PPP loans, our tangible equity to tangible assets ratio would have been 8.82% at March 31, 2021. (3) Adjusted NIM excluding PPP and PAA represents adjusted net interest income excluding PPP loans and PAA, divided by adjusted average interest-earning assets, excluding PPP loans. The pandemic and related local and national economic disruption may, among other effects, result in a decline in demand for our products and services; increased levels of loan delinquencies, problem assets and foreclosures; branch closures, work stoppages and unavailability of personnel; and increased cybersecurity risks, as employees increasingly work remotely. Ticker: DCOM Dime Community Bancshares, Inc. operates as the holding company for The Dime Savings Bank of Williamsburgh that provides financial services and loans primarily for multifamily housing. endobj avinash.reddy@dime.com. (1) See "Non-GAAP Reconciliation" table for reconciliation of tangible equity, tangible common equity, and tangible assets. Mr. O’ Connor commented, “Maturities in our CD portfolio provide us further opportunities to continue migrating our deposit costs lower and thereby providing support to our NIM.”. For the two-month period following the merger completion on February 1, 2021, the Company’s Adjusted Pre-Provision Net Revenue (“PPNR”) was $34.1 million. h���,kQ�!��Qb^A�c+���aI�j&�5��C�ȼ̺Q�)���Q�J6�H�F0��L3. Added: Dime Community Bancshares Inc . Parties: DIME COMMUNITY BANCSHARES, INC. /NY/ | BNB Bank | Bridge and Dime Community Bancshares, Inc | Bridge Bancorp, Inc | Merger, Dime Community Bank Document Date: 2/1/2021 Governing Law:New York. Headquartered in Hauppauge, NY, the Bank has over 60 branches spanning Montauk to Manhattan. Entity featured on Fitch Ratings. A credit loss provision of $15.8 million was recorded during the first quarter of 2021, compared to $6.2 million during the fourth quarter of 2020, and $8.0 million during the first quarter of 2020. 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. Dime Community Bancshares, Inc. (DCB), a New York corporation (Nasdaq:DCOM), is a bank holding company engaged in commercial banking and financial services through its wholly owned subsidiary, Dime Community Bank (Dime). DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIESUNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in thousands except share and per share amounts), DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIESUNAUDITED SELECTED FINANCIAL HIGHLIGHTS(Dollars in thousands except per share amounts). Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered community commercial bank that was founded in 1864. Dime Community Bancshares, Inc. operates as the holding company for The Dime Savings Bank of Williamsburgh that provides financial services and loans primarily for multifamily housing. HAUPPAUGE, N.Y. (AP) _ Dime Community Bancshares, Inc. (DCOM) on Friday reported a first-quarter loss of $21 million, after reporting a profit in the same period a … Excluding the impact of merger expenses and transaction costs, loss on extinguishment of debt, and amortization of core deposit intangible, adjusted non-interest expense was $42.9 million during the first quarter of 2021, $23.7 million during the fourth quarter of 2020, and $25.4 million during the first quarter of 2020.
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