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 $32.7
million for the quarter ended March 31, 2022, or $0.82 per diluted
common share, compared to net income available to common
stockholders of $33.5 million for the quarter ended December 31,
2021, or $0.83 per diluted common share. For the quarter ended
March 31, 2021, net loss available to common stockholders was $22.9
million, or $0.66 per diluted common share.
Kevin M. O’Connor, Chief Executive Officer
(“CEO”) of the Company, stated, “During the first quarter, we
executed well on each of our strategic plan priorities – growing
non-interest-bearing deposits, managing our cost of funds
appropriately and prioritizing net interest margin expansion,
prudent expense discipline, and maintaining solid asset quality.
Importantly, we recently announced several key hires in our lending
division by capitalizing on merger-related disruption in our
marketplace. As the year progresses, we expect loan growth and
non-interest income to pick-up. Our high level of
non-interest-bearing deposits, coupled with a balance sheet that
does not rely on wholesale leverage, positions us well for a rising
interest rate scenario.”
Highlights for the First Quarter of 2022
Included:
- The non-interest-bearing deposits
to total deposits ratio increased to 37.9% at March 31, 2022;
- The cost of deposits declined to
0.10% during the first quarter of
2022;
- The net interest margin expanded by
5 basis points versus the linked quarter;
- Total loans held for investment,
net, excluding Paycheck Protection Program (“PPP”) loans increased
by 2% on an annualized basis versus the linked quarter;
- Non-interest expenses for the first
quarter of 2022 were down 2% versus the linked quarter;
- The Company repurchased 505,005
shares of its common stock, which represented approximately 1.3% of
shares outstanding at the beginning of the period, at a weighted
average price of $34.44 per share; and
- Non-performing assets and loans 90
days past due and accruing declined by 14% versus the linked
quarter and represented only 0.31% of total assets as of March 31,
2022.
Management’s Discussion of Quarterly Operating
Results
The Company’s results of operations for the
first quarter of 2022 and fourth quarter of 2021 include income for
the full quarter from the merger with Bridge Bancorp, Inc.
(“Bridge”), compared to two months for the first quarter of 2021
following the completion of the merger on February 1, 2021.
Net Interest Income
Net interest income for the first quarter of
2022 was $89.1 million compared to $91.7 million for the fourth
quarter of 2021 and $77.8 million for the first quarter of
2021.
The table below provides a reconciliation of the
reported net interest margin (“NIM”), the adjusted NIM excluding
the impact of PPP loans, and the adjusted NIM excluding the
combined impact of PPP loans and purchase accounting accretion on
the loan portfolio.
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in thousands) |
|
Q1 2022 |
|
Q4 2021 |
|
Q1 2021 |
|
Net interest income |
|
$ |
89,109 |
|
|
$ |
91,686 |
|
|
$ |
77,841 |
|
|
Less: Net interest income on PPP loans |
|
|
(396 |
) |
|
|
(539 |
) |
|
|
(4,092 |
) |
|
Adjusted net interest income
excluding PPP loans (non-GAAP) |
|
$ |
88,713 |
|
|
$ |
91,147 |
|
|
$ |
73,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-earning
assets |
|
$ |
11,333,805 |
|
|
$ |
11,582,086 |
|
|
$ |
10,057,682 |
|
|
Average PPP loan balances |
|
|
(46,807 |
) |
|
|
(96,065 |
) |
|
|
(1,020,910 |
) |
|
Adjusted average
interest-earning assets excluding PPP loans (non-GAAP) |
|
$ |
11,286,998 |
|
|
$ |
11,486,021 |
|
|
$ |
9,036,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NIM (1) |
|
|
3.19 |
|
% |
|
3.14 |
|
% |
|
3.14 |
|
% |
Adjusted NIM excluding PPP
loans (non-GAAP) (2) |
|
|
3.19 |
|
% |
|
3.15 |
|
% |
|
3.31 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net interest income
excluding PPP loans (non-GAAP) |
|
$ |
88,713 |
|
|
$ |
91,147 |
|
|
$ |
73,749 |
|
|
Less: Purchase accounting accretion on loans ("PAA") |
|
|
(50 |
) |
|
|
625 |
|
|
|
(1,333 |
) |
|
Adjusted net interest income
excluding PPP loans and PAA on loans (non-GAAP) |
|
$ |
88,663 |
|
|
$ |
91,772 |
|
|
$ |
72,416 |
|
|
Adjusted NIM excluding PPP
loans and PAA on loans (non-GAAP) (3) |
|
|
3.19 |
|
% |
|
3.17 |
|
% |
|
3.26 |
|
% |
(1) |
NIM represents net interest income divided by average
interest-earning assets. |
(2) |
Adjusted NIM excluding PPP loans represents adjusted net interest
income, which excludes net interest income on PPP loans divided by
average interest-earning assets excluding PPP loans. The net
interest income on PPP loans is calculated using interest income on
the PPP balances less an assumed cost of funding the PPP loans,
using the overall cost of funds of the Company. |
(3) |
Adjusted NIM excluding PPP and PAA represents adjusted net interest
income, which excludes net interest income on PPP loans and PAA,
divided by adjusted average interest-earning assets excluding PPP
loans. |
Loan Portfolio
The ending weighted average rate (“WAR”)(1) on
the total loan portfolio was 3.76% at March 31, 2022, a 3 basis
point increase compared to the ending WAR on the total loan
portfolio at December 31, 2021. Excluding the impact of PPP loans,
the WAR on the loan portfolio was 3.77% at March 31, 2022, compared
to 3.75% at December 31, 2021.
Outlined below are loan balances and WARs for
the period ended as indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|
($ in
thousands) |
|
Balance |
|
WAR |
|
Balance |
|
WAR |
|
Balance |
|
WAR |
|
Loans held for investment
balances at period end: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial ("C&I") |
|
$ |
888,056 |
|
4.19 |
% |
$ |
867,542 |
|
4.08 |
% |
$ |
898,533 |
|
4.26 |
% |
Owner-occupied commercial real estate |
|
|
1,016,804 |
|
4.04 |
|
|
1,030,240 |
|
4.05 |
|
|
948,101 |
|
4.19 |
|
Business loans |
|
|
1,904,860 |
|
4.11 |
|
|
1,897,782 |
|
4.06 |
|
|
1,846,634 |
|
4.22 |
|
One-to-four family residential, including condominium and
cooperative apartment |
|
|
669,099 |
|
3.53 |
|
|
669,282 |
|
3.63 |
|
|
693,548 |
|
3.79 |
|
Multifamily residential and residential mixed-use (2)(3) |
|
|
3,371,267 |
|
3.56 |
|
|
3,356,346 |
|
3.56 |
|
|
3,589,074 |
|
3.60 |
|
Non-owner-occupied commercial real estate |
|
|
2,930,114 |
|
3.73 |
|
|
2,915,708 |
|
3.69 |
|
|
2,665,029 |
|
3.72 |
|
Acquisition, development, and construction |
|
|
329,349 |
|
4.63 |
|
|
322,628 |
|
4.53 |
|
|
253,837 |
|
4.85 |
|
Other loans |
|
|
12,207 |
|
6.52 |
|
|
16,898 |
|
5.85 |
|
|
23,912 |
|
4.95 |
|
Loans held for investment
excluding PPP |
|
|
9,216,896 |
|
3.77 |
|
|
9,178,644 |
|
3.75 |
|
|
9,072,034 |
|
3.82 |
|
PPP |
|
|
32,953 |
|
1.00 |
|
|
66,017 |
|
1.00 |
|
|
1,434,064 |
|
1.00 |
|
Total loans held for
investment including PPP |
|
$ |
9,249,849 |
|
3.76 |
% |
$ |
9,244,661 |
|
3.73 |
% |
$ |
10,506,098 |
|
3.43 |
% |
(1) |
Weighted average rate 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 amount of loans in the
category. |
(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. |
Outlined below are the loan originations,
excluding PPP, for the quarter ended as indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
|
Q1 2022 |
|
Q4 2021 |
|
Q1 2021 |
|
Loan originations, excluding
PPP |
|
$ |
480.4 |
|
$ |
463.9 |
|
$ |
334.5 |
|
Deposits
Total deposits decreased by $28.9 million on a
linked quarter basis to $10.43 billion at March 31, 2022. The
decline in total deposits was primarily due to the Bank not
renewing higher-cost certificates of deposit accounts and
maintaining pricing discipline on consumer money market
accounts.
CEO O’Connor stated, “The weighted-average rate
on our deposit portfolio declined to 0.09% at March 31, 2022. We
continue to have strong success in growing non-interest-bearing
deposit balances from our business customers.”
Non-interest-bearing deposits increased $33.2
million during the first quarter of 2022 to $3.95 billion at March
31, 2022, representing 37.9% of total deposits.
Outlined below are certificates of deposit
balances set to mature in 2022 for the quarter ended as
indicated.
|
|
|
|
|
|
|
Certificates of deposit set to mature in 2022 |
|
|
|
($ in
thousands) |
|
Balance |
|
WAR |
|
Q2 2022 |
|
$ |
320,775 |
|
0.57 |
% |
Q3 2022 |
|
|
183,568 |
|
0.26 |
|
Q4 2022 |
|
|
74,898 |
|
0.42 |
|
Non-Interest Income
Non-interest income (loss) was $7.2 million
during the first quarter of 2022, $10.2 million during the fourth
quarter of 2021, and $(7.4) million during the first quarter of
2021. Excluding net gain on sale of securities and other assets,
adjusted non-interest income was $9.2 million during the fourth
quarter of 2021. Excluding the loss on termination of derivatives
and net gain on sale of securities and other assets, adjusted
non-interest income was $8.4 million during the first quarter of
2021 (see “Non-GAAP Reconciliation” table at the end of this news
release).
CEO O’Connor stated, “Given our current
pipelines, we expect the level of customer-related loan swap
revenue and SBA gain on sale revenue to pick-up starting in the
second quarter of the year.”
Non-Interest Expense
Total non-interest expense was $49.9 million
during the first quarter of 2022, $50.8 million during the fourth
quarter of 2021, and $82.8 million during the first quarter of
2021. Excluding the impact of merger expenses and transaction
costs, branch restructuring, and amortization of other intangible
assets, adjusted non-interest expense was $48.7 million during the
fourth quarter of 2021. Excluding the impact of merger expenses and
transaction costs, loss on extinguishment of debt, curtailment
loss, and amortization of other intangible assets, adjusted
non-interest expense was $41.4 million during the first quarter of
2021 (see “Non-GAAP Reconciliation” table at the end of this news
release).
The ratio of non-interest expense to average
assets was 1.64% during the first quarter of 2022, compared to
1.64% during the linked quarter and 3.11% for the first quarter of
2021. Excluding the impact of merger expenses and transaction
costs, branch restructuring, loss on extinguishment of debt,
curtailment loss, and amortization of other intangible assets, the
ratio of adjusted non-interest expense to average assets was 1.57%
during the linked quarter and 1.55% for the first quarter of 2021
(see “Non-GAAP Reconciliation” table at the end of this news
release).
The efficiency ratio was 51.8% during the first
quarter of 2022, compared to 49.9% during the linked quarter and
117.5% during the first quarter of 2021. Excluding the impact of
merger expenses and transaction costs, branch restructuring, loss
on extinguishment of debt, curtailment loss, amortization of other
intangible assets, loss on termination of derivatives, and net gain
on sale of securities and other assets, the adjusted efficiency
ratio was 48.2% during the linked quarter and 48.0% during the
first quarter of 2021 (see “Non-GAAP Reconciliation” table at the
end of this news release).
Income Tax Expense
The reported effective tax rate for the first
quarter of 2022 was 28.1%, compared to 30.9% for the fourth quarter
of 2021, and 25.2% for the first quarter of 2021.
Credit Quality
Non-performing loans at March 31, 2022 were
$36.0 million, or 0.39% of total loans.
A credit loss recovery of $1.6 million was
recorded during the first quarter of 2022, compared to a credit
loss recovery of $132 thousand during the fourth quarter of 2021,
and a credit loss provision of $15.8 million during the first
quarter of 2021. The credit loss recovery was associated with the
improvement in forecasted macroeconomic conditions as well as a
reduction in reserves on individually evaluated loans.
The allowance for credit losses as a percentage
of total loans was 0.86% at March 31, 2022 as compared to 0.91% at
December 31, 2021 and 0.93% at March 31, 2021.
Capital Management
The Company’s and the Bank’s regulatory capital
ratios continued to be in excess of all applicable regulatory
requirements.
CEO O’Connor commented, “During the first
quarter, we continued to execute on our share repurchase program
and we repurchased $17.4 million of common stock. Our Tier 1
Risk-Based Capital Ratio increased by 7 basis points in the quarter
to 10.76%. Our strong balance sheet and internal stress testing
analyses continue to provide support for future capital return to
shareholders.”
Dividends per common share were $0.24 during the
first quarter of 2022.
Book value per common share was $26.32 at March
31, 2022 compared to $26.98 at December 31, 2021. Tangible common
book value per share (which represents common equity less goodwill
and other intangible assets, divided by number of shares
outstanding) was $22.18 at March 31, 2022 compared to $22.87 at
December 31, 2021 (see “Non-GAAP Reconciliation” tables at the end
of this news release). The linked quarter declines in book value
per share and tangible common book value per share were primarily
due to the increase in the accumulated other comprehensive loss
component of stockholders’ equity. The accumulated other
comprehensive loss component of stockholders’ equity increased on a
linked quarter basis due to the increase in market interest rates
over the course of the first quarter of 2022.
Earnings Call Information
The Company will conduct a conference call at
8:30 a.m. (ET) on April 29, 2022, during which CEO O’Connor will
discuss the Company’s first quarter 2022 financial performance,
with a question and answer session to follow. Dial-in information
for the live call is 1-844-200-6205. Upon dialing in, request to be
joined into the Dime Community Bancshares, Inc. call with the
conference operator.
The conference call will be simultaneously
webcast (listen only), and archived for a period of one year, at
https://events.q4inc.com/attendee/980319168. Dial-in information
for the replay is 1-866-813-9403 using access code 178273. Replay
will be available beginning on April 29, 2022 at 10:30 a.m. through
May 13, 2022 at 11:59 p.m.
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 $12.0 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 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
"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 reduce interest margins; changes in deposit flows,
loan demand or real estate values may adversely affect the business
of the Company; 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 economic conditions,
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; 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; 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. Further, given its ongoing and dynamic nature, it is
difficult to predict what effects the COVID-19 pandemic will have
on our business and results of operations. 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 work
remotely. 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, |
|
|
2022 |
|
2021 |
|
2021 |
Assets: |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
432,994 |
|
|
$ |
393,722 |
|
|
$ |
676,723 |
|
Securities available-for-sale,
at fair value |
|
|
1,277,036 |
|
|
|
1,563,711 |
|
|
|
1,152,493 |
|
Securities
held-to-maturity |
|
|
383,922 |
|
|
|
179,309 |
|
|
|
— |
|
Loans held for sale |
|
|
17,053 |
|
|
|
5,493 |
|
|
|
23,704 |
|
Loans held for
investment, net: |
|
|
|
|
|
|
|
|
|
C&I |
|
|
888,056 |
|
|
|
867,542 |
|
|
|
898,533 |
|
Owner-occupied commercial real
estate |
|
|
1,016,804 |
|
|
|
1,030,240 |
|
|
|
948,101 |
|
Total business loans |
|
|
1,904,860 |
|
|
|
1,897,782 |
|
|
|
1,846,634 |
|
One-to-four family and
cooperative/condominium apartment |
|
|
669,099 |
|
|
|
669,282 |
|
|
|
693,548 |
|
Multifamily residential and
residential mixed-use (1)(2) |
|
|
3,371,267 |
|
|
|
3,356,346 |
|
|
|
3,589,074 |
|
Non-owner-occupied commercial
real estate |
|
|
2,930,114 |
|
|
|
2,915,708 |
|
|
|
2,665,029 |
|
Acquisition, development, and
construction |
|
|
329,349 |
|
|
|
322,628 |
|
|
|
253,837 |
|
Small Business Administration
("SBA") Paycheck Protection Program ("PPP") loans |
|
|
32,953 |
|
|
|
66,017 |
|
|
|
1,434,064 |
|
Other loans |
|
|
12,207 |
|
|
|
16,898 |
|
|
|
23,912 |
|
Allowance for credit
losses |
|
|
(79,615 |
) |
|
|
(83,853 |
) |
|
|
(98,200 |
) |
Total loans held for
investment, net |
|
|
9,170,234 |
|
|
|
9,160,808 |
|
|
|
10,407,898 |
|
Premises and fixed assets,
net |
|
|
49,940 |
|
|
|
50,368 |
|
|
|
53,829 |
|
Premises held for sale |
|
|
556 |
|
|
|
556 |
|
|
|
— |
|
Restricted stock |
|
|
38,898 |
|
|
|
37,732 |
|
|
|
45,063 |
|
Bank Owned Life Insurance
("BOLI") |
|
|
297,628 |
|
|
|
295,789 |
|
|
|
251,521 |
|
Goodwill |
|
|
155,797 |
|
|
|
155,797 |
|
|
|
155,339 |
|
Other intangible assets |
|
|
7,776 |
|
|
|
8,362 |
|
|
|
10,627 |
|
Operating lease assets |
|
|
61,467 |
|
|
|
64,258 |
|
|
|
69,094 |
|
Derivative assets |
|
|
71,826 |
|
|
|
45,086 |
|
|
|
45,760 |
|
Accrued interest
receivable |
|
|
38,456 |
|
|
|
40,149 |
|
|
|
51,100 |
|
Other assets |
|
|
74,662 |
|
|
|
65,224 |
|
|
|
75,477 |
|
Total
assets |
|
$ |
12,078,245 |
|
|
$ |
12,066,364 |
|
|
$ |
13,018,628 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Non-interest-bearing
checking |
|
$ |
3,953,627 |
|
|
$ |
3,920,423 |
|
|
$ |
3,538,936 |
|
Interest-bearing checking |
|
|
902,360 |
|
|
|
905,717 |
|
|
|
1,023,164 |
|
Savings |
|
|
1,376,092 |
|
|
|
1,158,040 |
|
|
|
1,078,687 |
|
Money market |
|
|
3,416,249 |
|
|
|
3,621,552 |
|
|
|
3,629,709 |
|
Certificates of deposit |
|
|
781,775 |
|
|
|
853,242 |
|
|
|
1,540,316 |
|
Total
deposits |
|
|
10,430,103 |
|
|
|
10,458,974 |
|
|
|
10,810,812 |
|
FHLBNY advances |
|
|
50,000 |
|
|
|
25,000 |
|
|
|
533,865 |
|
Other short-term
borrowings |
|
|
2,853 |
|
|
|
1,862 |
|
|
|
126,763 |
|
Subordinated debt, net |
|
|
197,050 |
|
|
|
197,096 |
|
|
|
197,234 |
|
Derivative cash
collateral |
|
|
64,450 |
|
|
|
— |
|
|
|
— |
|
Operating lease
liabilities |
|
|
63,600 |
|
|
|
66,103 |
|
|
|
71,249 |
|
Derivative liabilities |
|
|
60,586 |
|
|
|
40,728 |
|
|
|
41,816 |
|
Other liabilities |
|
|
54,316 |
|
|
|
83,981 |
|
|
|
64,065 |
|
Total
liabilities |
|
|
10,922,958 |
|
|
|
10,873,744 |
|
|
|
11,845,804 |
|
Stockholders'
equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, Series A |
|
|
116,569 |
|
|
|
116,569 |
|
|
|
116,569 |
|
Common stock |
|
|
416 |
|
|
|
416 |
|
|
|
416 |
|
Additional paid-in
capital |
|
|
494,969 |
|
|
|
494,125 |
|
|
|
492,431 |
|
Retained earnings |
|
|
677,990 |
|
|
|
654,726 |
|
|
|
574,297 |
|
Accumulated other
comprehensive (loss) income, net of deferred taxes |
|
|
(49,380 |
) |
|
|
(6,181 |
) |
|
|
531 |
|
Unearned equity awards |
|
|
(10,562 |
) |
|
|
(7,842 |
) |
|
|
(10,107 |
) |
Treasury stock, at cost |
|
|
(74,715 |
) |
|
|
(59,193 |
) |
|
|
(1,313 |
) |
Total stockholders'
equity |
|
|
1,155,287 |
|
|
|
1,192,620 |
|
|
|
1,172,824 |
|
Total liabilities and
stockholders' equity |
|
$ |
12,078,245 |
|
|
$ |
12,066,364 |
|
|
$ |
13,018,628 |
|
(1) |
Includes loans underlying multifamily cooperatives. |
(2) |
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, |
|
|
2022 |
|
2021 |
|
2021 |
Interest income: |
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
86,420 |
|
|
$ |
89,301 |
|
|
$ |
81,382 |
|
Securities |
|
|
7,131 |
|
|
|
7,097 |
|
|
|
4,380 |
|
Other short-term investments |
|
|
368 |
|
|
|
414 |
|
|
|
993 |
|
Total interest income |
|
|
93,919 |
|
|
|
96,812 |
|
|
|
86,755 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
Deposits and escrow |
|
|
2,531 |
|
|
|
2,861 |
|
|
|
5,298 |
|
Borrowed funds |
|
|
2,278 |
|
|
|
2,265 |
|
|
|
3,616 |
|
Derivative cash collateral |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
Total interest expense |
|
|
4,810 |
|
|
|
5,126 |
|
|
|
8,914 |
|
Net interest income |
|
|
89,109 |
|
|
|
91,686 |
|
|
|
77,841 |
|
(Credit) provision for credit losses |
|
|
(1,592 |
) |
|
|
(132 |
) |
|
|
15,779 |
|
Net interest income after (credit) provision |
|
|
90,701 |
|
|
|
91,818 |
|
|
|
62,062 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
|
4,058 |
|
|
|
4,621 |
|
|
|
2,920 |
|
Title fees |
|
|
421 |
|
|
|
735 |
|
|
|
433 |
|
Loan level derivative income |
|
|
6 |
|
|
|
113 |
|
|
|
1,792 |
|
BOLI income |
|
|
1,839 |
|
|
|
1,890 |
|
|
|
1,339 |
|
Gain on sale of SBA loans |
|
|
242 |
|
|
|
851 |
|
|
|
164 |
|
Gain on sale of residential loans |
|
|
148 |
|
|
|
225 |
|
|
|
723 |
|
Net gain on equity securities |
|
|
— |
|
|
|
— |
|
|
|
131 |
|
Net gain on sale of securities and other assets |
|
|
— |
|
|
|
975 |
|
|
|
710 |
|
Loss on termination of derivatives |
|
|
— |
|
|
|
— |
|
|
|
(16,505 |
) |
Other |
|
|
489 |
|
|
|
769 |
|
|
|
910 |
|
Total non-interest income (loss) |
|
|
7,203 |
|
|
|
10,179 |
|
|
|
(7,383 |
) |
Non-interest expense: |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
30,834 |
|
|
|
27,638 |
|
|
|
24,819 |
|
Occupancy and equipment |
|
|
7,584 |
|
|
|
7,784 |
|
|
|
6,977 |
|
Data processing costs |
|
|
3,805 |
|
|
|
4,506 |
|
|
|
3,528 |
|
Marketing |
|
|
1,295 |
|
|
|
1,959 |
|
|
|
860 |
|
Professional services |
|
|
2,094 |
|
|
|
2,130 |
|
|
|
1,865 |
|
Federal deposit insurance premiums |
|
|
1,150 |
|
|
|
1,031 |
|
|
|
939 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
1,594 |
|
Curtailment loss |
|
|
— |
|
|
|
— |
|
|
|
1,543 |
|
Merger expenses and transaction costs |
|
|
— |
|
|
|
2,574 |
|
|
|
37,942 |
|
Branch restructuring |
|
|
— |
|
|
|
(1,118 |
) |
|
|
— |
|
Amortization of other intangible assets |
|
|
586 |
|
|
|
715 |
|
|
|
357 |
|
Other |
|
|
2,540 |
|
|
|
3,610 |
|
|
|
2,381 |
|
Total non-interest expense |
|
|
49,888 |
|
|
|
50,829 |
|
|
|
82,805 |
|
Income (loss) before taxes |
|
|
48,016 |
|
|
|
51,168 |
|
|
|
(28,126 |
) |
Income tax expense (benefit) |
|
|
13,485 |
|
|
|
15,811 |
|
|
|
(7,092 |
) |
Net income (loss) |
|
|
34,531 |
|
|
|
35,357 |
|
|
|
(21,034 |
) |
Preferred stock dividends |
|
|
1,821 |
|
|
|
1,821 |
|
|
|
1,821 |
|
Net income (loss) available to common
stockholders |
|
$ |
32,710 |
|
|
$ |
33,536 |
|
|
$ |
(22,855 |
) |
Earnings per common share ("EPS"): |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.82 |
|
|
$ |
0.83 |
|
|
$ |
(0.66 |
) |
Diluted |
|
$ |
0.82 |
|
|
$ |
0.83 |
|
|
$ |
(0.66 |
) |
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding for diluted
EPS |
|
|
39,251,246 |
|
|
|
39,876,825 |
|
|
|
34,262,005 |
|
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, |
|
|
|
2022 |
|
2021 |
|
2021 |
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
Reported EPS (Diluted) |
|
$ |
0.82 |
|
$ |
0.83 |
|
$ |
(0.66 |
) |
|
Cash dividends paid per common
share |
|
|
0.24 |
|
|
0.24 |
|
|
0.24 |
|
|
Book value per common
share |
|
|
26.32 |
|
|
26.98 |
|
|
25.43 |
|
|
Tangible common book value per
share (1) |
|
|
22.18 |
|
|
22.87 |
|
|
21.43 |
|
|
Common shares outstanding |
|
|
39,460 |
|
|
39,878 |
|
|
41,536 |
|
|
Dividend payout ratio |
|
|
29.27 |
% |
|
28.92 |
% |
|
(36.36 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
(Based upon Reported Net Income): |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.13 |
% |
|
1.14 |
% |
|
(0.79 |
) |
% |
Return on average equity |
|
|
11.53 |
|
|
11.67 |
|
|
(8.18 |
) |
|
Return on average tangible
common equity (1) |
|
|
14.44 |
|
|
14.61 |
|
|
(11.58 |
) |
|
Net interest margin |
|
|
3.19 |
|
|
3.14 |
|
|
3.14 |
|
|
Non-interest expense to
average assets |
|
|
1.64 |
|
|
1.64 |
|
|
3.11 |
|
|
Efficiency ratio |
|
|
51.8 |
|
|
49.9 |
|
|
117.5 |
|
|
Effective tax rate |
|
|
28.08 |
|
|
30.90 |
|
|
25.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
12,199,721 |
|
$ |
12,419,184 |
|
$ |
10,666,240 |
|
|
Average interest-earning
assets |
|
|
11,333,805 |
|
|
11,582,086 |
|
|
10,057,682 |
|
|
Average tangible common equity
(1) |
|
|
916,971 |
|
|
931,503 |
|
|
781,355 |
|
|
Loan-to-deposit ratio at end
of period |
|
|
88.7 |
|
|
88.4 |
|
|
97.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios and
Reserves - Consolidated: (3) |
|
|
|
|
|
|
|
|
|
|
Tangible common equity to
tangible assets (1) |
|
|
7.35 |
% |
|
7.66 |
% |
|
6.93 |
|
% |
Tangible equity to tangible
assets (1) |
|
|
8.32 |
|
|
8.64 |
|
|
7.83 |
|
|
Tier 1 common equity
ratio |
|
|
9.56 |
|
|
9.49 |
|
|
9.65 |
|
|
Tier 1 risk-based capital
ratio |
|
|
10.76 |
|
|
10.69 |
|
|
10.91 |
|
|
Total risk-based capital
ratio |
|
|
13.48 |
|
|
13.45 |
|
|
14.04 |
|
|
Tier 1 leverage ratio |
|
|
8.65 |
|
|
8.46 |
|
|
9.62 |
|
|
CRE consolidated concentration
ratio (2) |
|
|
519 |
|
|
519 |
|
|
517 |
|
|
Allowance for credit losses/
Total loans |
|
|
0.86 |
|
|
0.91 |
|
|
0.93 |
|
|
Allowance for credit losses/
Non-performing loans |
|
|
221.39 |
|
|
208.04 |
|
|
276.24 |
|
|
(1) |
See "Non-GAAP Reconciliation" table for reconciliation of tangible
equity, tangible common equity, and tangible assets. |
(2) |
The 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. March 31, 2022
amounts are preliminary pending completion and filing of the
Company’s regulatory reports. |
(3) |
March 31, 2022 amounts are
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, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
Average |
|
|
|
Average |
|
|
|
|
Yield/ |
|
Average |
|
|
|
|
Yield/ |
|
Average |
|
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest |
|
Cost |
|
Balance |
|
Interest |
|
Cost |
|
Balance |
|
Interest |
|
Cost |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans |
|
$ |
8,296,732 |
|
$ |
76,437 |
|
3.74 |
% |
$ |
8,293,470 |
|
$ |
78,367 |
|
3.75 |
% |
$ |
7,068,571 |
|
$ |
66,412 |
|
3.81 |
% |
Commercial and industrial
loans |
|
|
869,283 |
|
|
9,369 |
|
4.37 |
|
|
873,273 |
|
|
10,119 |
|
4.60 |
|
|
703,067 |
|
|
9,567 |
|
5.52 |
|
SBA PPP loans |
|
|
46,807 |
|
|
417 |
|
3.61 |
|
|
96,065 |
|
|
583 |
|
2.41 |
|
|
1,020,910 |
|
|
5,049 |
|
2.01 |
|
Other loans |
|
|
15,658 |
|
|
197 |
|
5.10 |
|
|
18,385 |
|
|
232 |
|
5.01 |
|
|
16,602 |
|
|
354 |
|
8.65 |
|
Securities |
|
|
1,726,189 |
|
|
7,131 |
|
1.68 |
|
|
1,729,191 |
|
|
7,097 |
|
1.63 |
|
|
865,192 |
|
|
4,380 |
|
2.05 |
|
Other short-term
investments |
|
|
379,136 |
|
|
368 |
|
0.39 |
|
|
571,702 |
|
|
414 |
|
0.29 |
|
|
383,340 |
|
|
993 |
|
1.05 |
|
Total interest-earning
assets |
|
|
11,333,805 |
|
|
93,919 |
|
3.36 |
% |
|
11,582,086 |
|
|
96,812 |
|
3.32 |
% |
|
10,057,682 |
|
|
86,755 |
|
3.50 |
% |
Non-interest-earning
assets |
|
|
865,916 |
|
|
|
|
|
|
|
837,098 |
|
|
|
|
|
|
|
608,558 |
|
|
|
|
|
|
Total assets |
|
$ |
12,199,721 |
|
|
|
|
|
|
$ |
12,419,184 |
|
|
|
|
|
|
$ |
10,666,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
|
$ |
870,889 |
|
$ |
367 |
|
0.17 |
% |
$ |
962,597 |
|
$ |
455 |
|
0.19 |
% |
$ |
662,273 |
|
$ |
311 |
|
0.19 |
% |
Money market |
|
|
3,632,438 |
|
|
973 |
|
0.11 |
|
|
3,652,681 |
|
|
1,087 |
|
0.12 |
|
|
2,893,723 |
|
|
2,026 |
|
0.28 |
|
Savings |
|
|
1,256,701 |
|
|
207 |
|
0.07 |
|
|
1,174,719 |
|
|
108 |
|
0.04 |
|
|
863,409 |
|
|
207 |
|
0.10 |
|
Certificates of deposit |
|
|
824,883 |
|
|
984 |
|
0.48 |
|
|
915,210 |
|
|
1,211 |
|
0.52 |
|
|
1,522,017 |
|
|
2,754 |
|
0.73 |
|
Total interest-bearing
deposits |
|
|
6,584,911 |
|
|
2,531 |
|
0.16 |
|
|
6,705,207 |
|
|
2,861 |
|
0.17 |
|
|
5,941,422 |
|
|
5,298 |
|
0.36 |
|
FHLBNY advances |
|
|
33,889 |
|
|
77 |
|
0.92 |
|
|
25,000 |
|
|
61 |
|
0.97 |
|
|
853,162 |
|
|
1,711 |
|
0.81 |
|
Subordinated debt, net |
|
|
197,080 |
|
|
2,201 |
|
4.53 |
|
|
197,126 |
|
|
2,204 |
|
4.44 |
|
|
168,607 |
|
|
1,902 |
|
4.57 |
|
Other short-term
borrowings |
|
|
2,459 |
|
|
— |
|
— |
|
|
2,484 |
|
|
— |
|
— |
|
|
15,021 |
|
|
3 |
|
0.08 |
|
Total borrowings |
|
|
233,428 |
|
|
2,278 |
|
3.96 |
|
|
224,610 |
|
|
2,265 |
|
4.00 |
|
|
1,036,790 |
|
|
3,616 |
|
1.41 |
|
Derivative cash
collateral |
|
|
14,335 |
|
|
1 |
|
0.03 |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
— |
|
Total interest-bearing
liabilities |
|
|
6,832,674 |
|
|
4,810 |
|
0.29 |
% |
|
6,929,817 |
|
|
5,126 |
|
0.29 |
% |
|
6,978,212 |
|
|
8,914 |
|
0.52 |
% |
Non-interest-bearing
checking |
|
|
3,979,741 |
|
|
|
|
|
|
|
4,096,046 |
|
|
|
|
|
|
|
2,494,630 |
|
|
|
|
|
|
Other non-interest-bearing
liabilities |
|
|
189,843 |
|
|
|
|
|
|
|
181,074 |
|
|
|
|
|
|
|
164,859 |
|
|
|
|
|
|
Total liabilities |
|
|
11,002,258 |
|
|
|
|
|
|
|
11,206,937 |
|
|
|
|
|
|
|
9,637,701 |
|
|
|
|
|
|
Stockholders' equity |
|
|
1,197,463 |
|
|
|
|
|
|
|
1,212,247 |
|
|
|
|
|
|
|
1,028,539 |
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
12,199,721 |
|
|
|
|
|
|
$ |
12,419,184 |
|
|
|
|
|
|
$ |
10,666,240 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
89,109 |
|
|
|
|
|
|
$ |
91,686 |
|
|
|
|
|
|
$ |
77,841 |
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
3.07 |
% |
|
|
|
|
|
|
3.03 |
% |
|
|
|
|
|
|
2.98 |
% |
Net interest
margin |
|
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
|
3.14 |
% |
Deposits (including
non-interest-bearing checking accounts) |
|
$ |
10,564,652 |
|
$ |
2,531 |
|
0.10 |
% |
$ |
10,801,253 |
|
$ |
2,861 |
|
0.11 |
% |
$ |
8,436,052 |
|
$ |
5,298 |
|
0.25 |
% |
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 |
|
2022 |
|
2021 |
|
2021 |
Non-performing loans ("NPLs")
(1) |
|
|
|
|
|
|
|
|
|
One-to-four family residential, including condominium and
cooperative apartment |
|
$ |
5,241 |
|
|
$ |
7,623 |
|
|
$ |
5,384 |
|
Multifamily residential and residential mixed-use |
|
|
— |
|
|
|
— |
|
|
|
4,844 |
|
Commercial real estate |
|
|
4,972 |
|
|
|
5,053 |
|
|
|
10,595 |
|
Acquisition, development, and
construction |
|
|
665 |
|
|
|
— |
|
|
|
104 |
|
C&I |
|
|
25,000 |
|
|
|
27,266 |
|
|
|
14,523 |
|
Other |
|
|
84 |
|
|
|
365 |
|
|
|
99 |
|
Total Non-accrual loans |
|
$ |
35,962 |
|
|
$ |
40,307 |
|
|
$ |
35,549 |
|
Total Non-performing assets
("NPAs") |
|
$ |
35,962 |
|
|
$ |
40,307 |
|
|
$ |
35,549 |
|
|
|
|
|
|
|
|
|
|
|
Loans 90 days delinquent and
accruing ("90+ Delinquent") |
|
|
|
|
|
|
|
|
|
One-to-four family residential, including condominium and
cooperative apartment |
|
$ |
341 |
|
|
$ |
1,945 |
|
|
$ |
45 |
|
Multifamily residential and residential mixed-use |
|
|
— |
|
|
|
— |
|
|
|
2,871 |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
2,259 |
|
Acquisition, development, and
construction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
C&I |
|
|
839 |
|
|
|
1,056 |
|
|
|
3,652 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
90+ Delinquent |
|
$ |
1,180 |
|
|
$ |
3,001 |
|
|
$ |
8,827 |
|
|
|
|
|
|
|
|
|
|
|
NPAs and 90+ Delinquent |
|
$ |
37,142 |
|
|
$ |
43,308 |
|
|
$ |
44,376 |
|
|
|
|
|
|
|
|
|
|
|
NPAs and 90+ Delinquent /
Total assets |
|
|
0.31 |
% |
|
|
0.36 |
% |
|
|
0.34 |
% |
Net charge-offs (recoveries)
("NCOs") |
|
$ |
2,583 |
|
|
$ |
(108 |
) |
|
$ |
4,275 |
|
NCOs / Average loans (1) |
|
|
0.11 |
% |
|
|
0.00 |
% |
|
|
0.19 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Excludes
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 provide 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 Company’s
merger with Bridge, as well as branch
restructuring:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2022 |
|
2021 |
|
2021 |
|
Reconciliation of Reported and Adjusted (non-GAAP) Net
Income Available to Common Stockholders |
|
|
|
|
|
|
|
|
|
|
Reported net income (loss) available to common stockholders |
|
$ |
32,710 |
|
$ |
33,536 |
|
|
$ |
(22,855 |
) |
|
Adjustments to net income (loss) (1): |
|
|
|
|
|
|
|
|
|
|
Provision for credit losses - Non-PCD loans (double-count) |
|
|
— |
|
|
— |
|
|
|
20,278 |
|
|
Net gain
on sale of securities and other assets |
|
|
— |
|
|
(975 |
) |
|
|
(710 |
) |
|
Loss on
termination of derivatives |
|
|
— |
|
|
— |
|
|
|
16,505 |
|
|
Loss on
extinguishment of debt |
|
|
— |
|
|
— |
|
|
|
1,594 |
|
|
Curtailment loss |
|
|
— |
|
|
— |
|
|
|
1,543 |
|
|
Merger
expenses and transaction costs (2) |
|
|
— |
|
|
2,574 |
|
|
|
37,942 |
|
|
Branch
restructuring |
|
|
— |
|
|
(1,118 |
) |
|
|
— |
|
|
Income
tax effect of adjustments and other tax adjustments |
|
|
— |
|
|
(234 |
) |
|
|
(21,848 |
) |
|
Adjusted
net income available to common stockholders (non-GAAP) |
|
$ |
32,710 |
|
$ |
33,783 |
|
|
$ |
32,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Ratios (Based upon non-GAAP as calculated
above) |
|
|
|
|
|
|
|
|
|
|
Adjusted
EPS (Diluted) |
|
$ |
0.82 |
|
$ |
0.84 |
|
|
$ |
0.94 |
|
|
Adjusted
return on average assets |
|
|
1.13 |
% |
|
1.15 |
|
% |
|
1.29 |
|
% |
Adjusted
return on average equity |
|
|
11.53 |
|
|
11.75 |
|
|
|
13.32 |
|
|
Adjusted
return on average tangible common equity |
|
|
14.44 |
|
|
14.72 |
|
|
|
16.74 |
|
|
Adjusted
non-interest expense to average assets |
|
|
1.62 |
|
|
1.57 |
|
|
|
1.55 |
|
|
Adjusted
efficiency ratio |
|
|
51.2 |
|
|
48.2 |
|
|
|
48.0 |
|
|
(1) Adjustments to net income are taxed
at the Company's statutory tax rate of approximately 31% unless
otherwise noted.(2) Certain merger expenses
and transaction costs are non-taxable expense.
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, |
|
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
Operating expense as a % of average assets - as
reported |
|
|
1.64 |
|
% |
|
1.64 |
|
% |
|
3.11 |
|
% |
Loss on extinguishment of
debt |
|
|
— |
|
|
|
— |
|
|
|
(0.06 |
) |
|
Curtailment loss |
|
|
— |
|
|
|
— |
|
|
|
(0.06 |
) |
|
Merger expenses and
transaction costs |
|
|
— |
|
|
|
(0.08 |
) |
|
|
(1.43 |
) |
|
Branch restructuring |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
Amortization of other
intangible assets |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
Adjusted operating
expense as a % of average assets (non-GAAP) |
|
|
1.62 |
|
|
|
1.57 |
|
|
|
1.55 |
|
|
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, |
|
|
|
2022 |
|
2021 |
|
2021 |
|
Efficiency ratio - as reported (non-GAAP) (1) |
|
|
51.8 |
|
% |
|
49.9 |
|
% |
|
117.5 |
|
% |
Non-interest expense - as
reported |
|
$ |
49,888 |
|
|
$ |
50,829 |
|
|
$ |
82,805 |
|
|
Less: Merger expenses and transaction costs |
|
|
— |
|
|
|
(2,574 |
) |
|
|
(37,942 |
) |
|
Less: Branch restructuring |
|
|
— |
|
|
|
1,118 |
|
|
|
— |
|
|
Less: Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(1,594 |
) |
|
Less: Curtailment loss |
|
|
— |
|
|
|
— |
|
|
|
(1,543 |
) |
|
Less: Amortization of other intangible assets |
|
|
(586 |
) |
|
|
(715 |
) |
|
|
(357 |
) |
|
Adjusted non-interest expense
(non-GAAP) |
|
$ |
49,302 |
|
|
$ |
48,658 |
|
|
$ |
41,369 |
|
|
Net interest income - as
reported |
|
$ |
89,109 |
|
|
$ |
91,686 |
|
|
$ |
77,841 |
|
|
Non-interest income (loss) -
as reported |
|
$ |
7,203 |
|
|
$ |
10,179 |
|
|
$ |
(7,383 |
) |
|
Less: Net gain on sale of securities and other assets |
|
|
— |
|
|
|
(975 |
) |
|
|
(710 |
) |
|
Less: Loss on termination of derivatives |
|
|
— |
|
|
|
— |
|
|
|
16,505 |
|
|
Adjusted non-interest income
(non-GAAP) |
|
$ |
7,203 |
|
|
$ |
9,204 |
|
|
$ |
8,412 |
|
|
Adjusted total revenues for
adjusted efficiency ratio (non-GAAP) |
|
$ |
96,312 |
|
|
$ |
100,890 |
|
|
$ |
86,253 |
|
|
Adjusted efficiency
ratio (non-GAAP) (2) |
|
|
51.2 |
|
% |
|
48.2 |
|
% |
|
48.0 |
|
% |
_________________________
(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 (loss). |
(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, |
|
|
2022 |
|
2021 |
|
2021 |
Reconciliation of Tangible Assets: |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
12,078,245 |
|
|
$ |
12,066,364 |
|
|
$ |
13,018,628 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(155,797 |
) |
|
|
(155,797 |
) |
|
|
(155,339 |
) |
Other intangible assets |
|
|
(7,776 |
) |
|
|
(8,362 |
) |
|
|
(10,627 |
) |
Tangible
assets (non-GAAP) |
|
$ |
11,914,672 |
|
|
$ |
11,902,205 |
|
|
$ |
12,852,662 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Tangible Common Equity -
Consolidated: |
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
$ |
1,155,287 |
|
|
$ |
1,192,620 |
|
|
$ |
1,172,824 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(155,797 |
) |
|
|
(155,797 |
) |
|
|
(155,339 |
) |
Other intangible assets |
|
|
(7,776 |
) |
|
|
(8,362 |
) |
|
|
(10,627 |
) |
Tangible
equity (non-GAAP) |
|
|
991,714 |
|
|
|
1,028,461 |
|
|
|
1,006,858 |
|
Less: |
|
|
|
|
|
|
|
|
|
Preferred stock, net |
|
|
(116,569 |
) |
|
|
(116,569 |
) |
|
|
(116,569 |
) |
Tangible
common equity (non-GAAP) |
|
$ |
875,145 |
|
|
$ |
911,892 |
|
|
$ |
890,289 |
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
39,460 |
|
|
|
39,878 |
|
|
|
41,536 |
|
|
|
|
|
|
|
|
|
|
|
Tangible
common equity to tangible assets (non-GAAP) |
|
|
7.35 |
|
% |
|
7.66 |
|
% |
|
6.93 |
|
Tangible
equity to tangible assets (non-GAAP) |
|
|
8.32 |
|
|
|
8.64 |
|
|
|
7.83 |
|
|
|
|
|
|
|
|
|
|
|
Book
value per share |
|
$ |
26.32 |
|
|
$ |
26.98 |
|
|
$ |
25.43 |
|
Tangible
common book value per share (non-GAAP) |
|
|
22.18 |
|
|
|
22.87 |
|
|
|
21.43 |
|
Dime Community Bancshares (NASDAQ:DCOM)
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