Strong Year-Over-Year Core Deposit and Business Loan Growth
Significant New Hires As Part of Growth and Diversification Strategy
HAUPPAUGE, N.Y., April 23, 2026 (GLOBE NEWSWIRE) -- Dime (NYSE: DCOM) today reported net income available to common stockholders of $32.8 million for the quarter ended March 31, 2026, or $0.75 per diluted common share, compared to net income available to common stockholders of $30.0 million, or $0.68 per diluted common share, for the quarter ended December 31, 2025 and net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share.
Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Dime continues to execute on our growth plan and take market share. First quarter results were marked by notable progress in diversifying our balance sheet and net interest margin expansion. We are capitalizing on the target-rich environment to hire talented individuals and as outlined below, we have had a very active start to the year from a recruiting standpoint. Finally, we are looking forward to our re-brand to “Dime Commercial Bank” in the second quarter.”
Recruiting Update
During 2026, we hired the following individuals:
- Meyer Eichler as Executive Vice President, Managing Executive Director, and Cora Licht as Senior Vice President, Managing Director. They were previously with Flagstar Bank and prior to that Signature Bank;
- John Paglia and John Spagnuolo as Group Directors. They were previously with Flagstar Bank and prior to that Signature Bank;
- Toni Valente as a Regional Manager. Ms. Valente was previously with The First National Bank of Long Island;
- Michael Ragusa as a Senior Relationship Manager for the Lakewood, NJ market. Mr. Ragusa was previously with Metropolitan Commercial Bank;
- Olivia Dossman as Private Banking Manager for the new Lakewood location. Ms. Dossman was previously with Flagstar; and
- Keith Smith as SVP, Head of Equipment and Franchise Finance. Mr. Smith was previously with Star Hill Financial.
Highlights for the First Quarter of 2026 included:
- Total deposits increased $983.1 million on a year-over-year basis;
- Core deposits (excluding brokered and time deposits) increased $999.3 million on a year-over-year basis;
- Average non-interest-bearing deposits to average total deposits for the first quarter were 30.0%;
- Business loans grew $123.8 million on a linked quarter basis and $575.6 million on a year-over-year basis;
- The net interest margin increased to 3.21% for the first quarter of 2026 compared to 3.11% for the prior quarter;
- The efficiency ratio decreased to 50.8% for the first quarter of 2026 compared to 52.6% for the prior quarter;
- The Company’s Tier 1 Common Equity Ratio increased to 11.87% at the end of the first quarter; and
- The Company’s Consolidated CRE Concentration ratio was proactively managed lower to 371%.
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the first quarter of 2026 was $112.3 million compared to $112.3 million for the fourth quarter of 2025 and $94.2 million for the first quarter of 2025. The Net Interest Margin for the first quarter of 2026 was 3.21% compared to 3.11% for the fourth quarter of 2025 and 2.95% for the first quarter of 2025.
Mr. Lubow commented, “We continue to have a significant loan repricing opportunity that we anticipate will continue through 2027. Additionally, growth in core deposits and business loans will benefit us over time as we continue to grow our customer base and hire productive bankers. Our substantial liquidity position, which includes $2.1 billion of cash, provides us with the flexibility to take advantage of lending opportunities as they arise."
Loan Portfolio
The ending weighted average rate (“WAR”) on the total loan portfolio was 5.28% at March 31, 2026, a one-basis point increase compared to the ending WAR of 5.27% on the total loan portfolio at December 31, 2025.
Outlined below are loan balances and WARs for the quarter ended as indicated.
March 31, 2026 December 31, 2025 March 31, 2025 (Dollars in thousands) Balance WAR(1) Balance WAR(1) Balance WAR(1) Loans held for investment balances at period end: Business loans(2) $3,364,435 6.28%$3,240,600 6.32%$2,788,848 6.55%One-to-four family residential and coop/condo apartment 1,047,920 4.97 1,035,983 4.94 961,562 4.77 Multifamily residential and residential mixed-use(3)(4) 3,249,582 4.47 3,424,565 4.46 3,780,078 4.46 Non-owner-occupied commercial real estate 2,840,817 5.05 2,933,287 5.07 3,191,536 5.07 Acquisition, development, and construction 100,574 7.41 117,215 7.51 140,309 7.96 Other loans 9,597 11.53 6,558 11.09 6,402 10.39 Loans held for investment $10,612,925 5.28%$10,758,208 5.27%$10,868,735 5.25%________________________________
(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, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) 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 2026 Q4 2025 Q1 2025Originations Excluding New Lines of Credit $220.4 $225.3 $77.9Originations Including New Lines of Credit 500.1 467.2 126.4
Deposits and Borrowed Funds
Period end total deposits (including mortgage escrow deposits) at March 31, 2026 were $12.60 billion, compared to $12.84 billion at December 31, 2025 and $11.61 billion at March 31, 2025.
Brokered deposits were $215.0 million at March 31, 2026, compared to $200.0 million at December 31, 2025 and $285.6 million at March 31, 2025. Total Federal Home Loan Bank advances were $435.0 million at March 31, 2026, compared to $508.0 million at December 31, 2025 and $508.0 million at March 31, 2025.
The Company redeemed at par on March 30, 2026 all of its outstanding $40,000,000 principal amount of Fixed/Floating Subordinated Debentures due 2030.
Non-Interest Income
Non-interest income was $11.3 million during the first quarter of 2026, $11.5 million during the fourth quarter of 2025, and $9.6 million during the first quarter of 2025. Excluding the loss on sale of other assets, non-interest income was $11.7 million during the first quarter of 2026 and $11.6 million during the fourth quarter of 2025.
Non-Interest Expense
Total non-interest expense was $62.8 million during the first quarter of 2026, $65.1 million during the fourth quarter of 2025, and $65.5 million during the first quarter of 2025. Excluding the impact of the net gain on extinguishment of debt, amortization of other intangible assets, severance expense and settlement loss related to the termination of a legacy pension plan, adjusted non-interest expense was $63.4 million during the first quarter of 2026, $62.3 million during the fourth quarter of 2025, and $58.0 million during the first quarter of 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).
The ratio of non-interest expense to average assets was 1.68% during the first quarter of 2026, compared to 1.72% during the linked quarter and 1.90% during the first quarter of 2025. Excluding the impact of the net gain on extinguishment of debt, amortization of other intangible assets, severance expense, and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.69% during the first quarter of 2026, 1.65% during the fourth quarter of 2025, and 1.68% during the first quarter of 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).
The efficiency ratio was 50.8% during the first quarter of 2026, compared to 52.6% during the linked quarter and 63.1% during the first quarter of 2025. Excluding the impact of loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, settlement loss related to the termination of a legacy pension plan, net gain on extinguishment of debt, and amortization of other intangible assets, the adjusted efficiency ratio was 51.2% during the first quarter of 2026, compared to 50.3% during the linked quarter and 55.8% during the first quarter of 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).
Income Tax Expense
Income tax expense was $13.9 million during the first quarter of 2026, $16.0 million during the fourth quarter of 2025, and $7.3 million during the first quarter of 2025. The effective tax rate for the first quarter was 28.7%. The fourth quarter of 2025 included $2.7 million of net expense from discrete items related to an uncertain tax position and a deferred tax item from prior tax years. Excluding the tax impact of the discrete items noted above, the effective tax rate for the fourth quarter of 2025 was 27.8%.
Credit Quality
Non-performing loans held for investment were $57.1 million at March 31, 2026, compared to $52.3 million at December 31, 2025 and $58.0 million at March 31, 2025.
A credit loss provision of $12.3 million was recorded during the first quarter of 2026, compared to a credit loss provision of $10.9 million during the fourth quarter of 2025, and $9.6 million during the first quarter of 2025.
Capital Management
Stockholders’ equity increased $21.2 million to $1.50 billion at March 31, 2026, compared to $1.48 billion at December 31, 2025.
The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of March 31, 2026.
Dividends per common share were $0.25 during the first quarter of 2026 and $0.25 for the fourth quarter of 2025.
Book value per common share was $31.33 at March 31, 2026 compared to $30.99 at December 31, 2025.
Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $27.73 at March 31, 2026 compared to $27.37 at December 31, 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).
Earnings Call Information
The Company will conduct a conference call at 9:00 a.m. (ET) on Thursday, April 23, 2026, during which CEO Lubow will discuss the Company’s first quarter 2026 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/ixtnttmf. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BI46d1da305a034705bb7dd06f3a600dfa. 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/ixtnttmf.
ABOUT DIME
Dime is a New York State-chartered trust company with approximately $15 billion in assets and the number one deposit market share on Greater Long Island (1).
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for commercial 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, tariffs, 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 Operating Officer and Chief Financial Officer
718-782-6200 extension 5909
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands) March 31, December 31, March 31, 2026 2025 2025 Assets: Cash and due from banks $2,059,618 $2,353,966 $1,030,702 Securities available-for-sale, at fair value 838,219 797,935 710,579 Securities held-to-maturity 647,842 618,901 631,334 Loans held for sale 38,225 1,989 2,527 Loans held for investment, net: Business loans(1) 3,364,435 3,240,600 2,788,848 One-to-four family residential and coop/condo apartment 1,047,920 1,035,983 961,562 Multifamily residential and residential mixed-use(2)(3) 3,249,582 3,424,565 3,780,078 Non-owner-occupied commercial real estate 2,840,817 2,933,287 3,191,536 Acquisition, development and construction 100,574 117,215 140,309 Other loans 9,597 6,558 6,402 Allowance for credit losses (100,673) (97,372) (90,455)Total loans held for investment, net 10,512,252 10,660,836 10,778,280 Premises and fixed assets, net 30,580 31,255 33,650 Restricted stock 63,659 67,197 66,987 BOLI 404,657 401,163 389,167 Goodwill 155,797 155,797 155,797 Other intangible assets 2,729 2,938 3,644 Operating lease assets 39,551 42,876 45,657 Derivative assets 70,811 76,315 98,740 Accrued interest receivable 57,690 55,572 56,044 Other assets 77,873 74,891 94,574 Total assets $14,999,503 $15,341,631 $14,097,682 Liabilities: Non-interest-bearing checking (excluding mortgage escrow deposits) $3,777,787 $3,915,081 $3,245,409 Interest-bearing checking 1,066,620 1,178,281 950,090 Savings (excluding mortgage escrow deposits) 1,701,899 1,777,143 1,939,852 Money market 4,874,544 4,806,572 4,271,363 Certificates of deposit 1,089,893 1,117,118 1,121,068 Deposits (excluding mortgage escrow deposits) 12,510,743 12,794,195 11,527,782 Non-interest-bearing mortgage escrow deposits 88,267 47,051 88,138 Interest-bearing mortgage escrow deposits — — 4 Total mortgage escrow deposits 88,267 47,051 88,142 Total deposits (including mortgage escrow deposits) 12,599,010 12,841,246 11,615,924 FHLBNY advances 435,000 508,000 508,000 Subordinated debt, net 231,058 272,503 272,370 Derivative cash collateral 57,630 52,400 85,230 Operating lease liabilities 42,431 45,729 48,432 Derivative liabilities 69,305 73,573 92,516 Other liabilities 68,099 72,411 63,197 Total liabilities 13,502,533 13,865,862 12,685,669 Stockholders' equity: Preferred stock, Series A 116,569 116,569 116,569 Common stock 462 462 461 Additional paid-in capital 622,415 623,041 623,305 Retained earnings 876,133 854,167 803,202 Accumulated other comprehensive loss ("AOCI"), net of deferred taxes (33,019) (31,468) (39,045)Unearned equity awards (15,803) (8,661) (12,909)Treasury stock, at cost (69,787) (78,341) (79,570)Total stockholders' equity 1,496,970 1,475,769 1,412,013 Total liabilities and stockholders' equity $14,999,503 $15,341,631 $14,097,682
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(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and 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.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except share and per share amounts)
Three Months Ended March 31, December 31, March 31, 2026 2025 2025Interest income: Loans $142,090 $147,143 $142,705 Securities 12,788 11,354 11,323 Other short-term investments 18,522 21,987 7,837 Total interest income 173,400 180,484 161,865 Interest expense: Deposits and escrow 52,364 58,926 58,074 Borrowed funds 8,300 8,718 8,381 Derivative cash collateral 485 551 1,197 Total interest expense 61,149 68,195 67,652 Net interest income 112,251 112,289 94,213 Provision for credit losses 12,313 10,889 9,626 Net interest income after provision 99,938 101,400 84,587 Non-interest income: Service charges and other fees 5,730 5,413 4,643 Title fees 142 317 98 Loan level derivative income 472 285 61 BOLI income 4,558 4,259 3,993 Gain on sale of Small Business Administration ("SBA") loans — 487 82 Gain on sale of residential loans 72 75 32 Fair value change in equity securities and loans held for sale (38) 48 18 Net gain (loss) on securities — — — Loss on sale of other assets (320) (111) — Other 730 721 706 Total non-interest income 11,346 11,494 9,633 Non-interest expense: Salaries and employee benefits 39,593 40,769 35,651 Severance 102 2,493 76 Occupancy and equipment 8,209 8,059 8,002 Data processing costs 5,423 4,868 4,794 Marketing 2,025 2,038 1,666 Professional services 1,909 1,381 2,116 Federal deposit insurance premiums 1,266 1,791 2,047 Net gain on extinguishment of debt (974) — — Loss due to pension settlement — — 7,231 Amortization of other intangible assets 209 235 252 Other 4,994 3,434 3,676 Total non-interest expense 62,756 65,068 65,511 Income before taxes 48,528 47,826 28,709 Income tax expense 13,946 15,970 7,251 Net income 34,582 31,856 21,458 Preferred stock dividends 1,822 1,821 1,822 Net income available to common stockholders $32,760 $30,035 $19,636
UNAUDITED COMMON SHARE DATA
(Dollars in thousands except per share amounts) Three Months EndedGAAP March 31,
2026 December 31,
2025 March 31,
2025Net income available to common stockholders $32,760 $30,035 $19,636 Less: Dividends paid and earnings allocated to participating securities (593) (568) (314)Income attributable to common stock - Basic and Diluted $32,167 $29,467 $19,322 Weighted-average common shares outstanding 43,109,118 43,023,248 42,948,690 Basic and diluted earnings per share ("EPS")(1) $0.75 $0.68 $0.45 Non-GAAP Adjusted net income available to common stockholders(2) $32,405 $34,495 $24,688 Less: Dividends paid and earnings allocated to participating securities (586) (651) (395)Adjusted income attributable to common stock - Basic and Diluted $31,819 $33,844 $24,293 Weighted-average common shares outstanding 43,109,118 43,023,248 42,948,690 Adjusted basic and diluted EPS(3) $0.74 $0.79 $0.57
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(1) The earnings per share is calculated by dividing income attributable to common stock by weighted-average common shares outstanding.
(2) See "Non-GAAP Reconciliation" tables for reconciliation of reported and adjusted (non-GAAP) net income available to common stockholders.
(3) The adjusted earnings per share is calculated by dividing adjusted income attributable to common stock by weighted-average common shares outstanding.
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share amounts) At or For the Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Per Share Data: Reported EPS (Diluted) $0.75 $0.68 $0.45 Cash dividends paid per common share 0.25 0.25 0.25 Book value per common share 31.33 30.99 29.58 Tangible common book value per share(1) 27.73 27.37 25.94 Common shares outstanding 44,057 43,862 43,799 Dividend payout ratio 33.33% 36.76% 55.56% Performance Ratios (Based upon Reported Net Income): Return on average assets 0.92% 0.84% 0.62%Return on average equity 9.20 8.60 6.04 Return on average tangible common equity(1) 10.72 10.01 6.92 Net interest margin 3.21 3.11 2.95 Non-interest expense to average assets 1.68 1.72 1.90 Efficiency ratio 50.8 52.6 63.1 Effective tax rate 28.74 33.39 25.26 Balance Sheet Data: Average assets $14,981,498 $15,106,328 $13,777,665 Average interest-earning assets 14,202,286 14,325,493 12,963,320 Average tangible common equity(1) 1,228,003 1,206,522 1,145,915 Loan-to-deposit ratio at end of period(2) 84.2% 83.8% 93.6% Capital Ratios and Reserves - Consolidated: Tangible common equity to tangible assets(1) (3) 8.23% 7.91% 8.15%Tangible equity to tangible assets(1) (3) 9.02 8.67 8.99 Tier 1 common equity ratio(3) 11.87 11.66 11.11 Tier 1 risk-based capital ratio(3) 12.97 12.76 12.21 Total risk-based capital ratio(3) 16.17 16.23 15.68 Tier 1 leverage ratio(3) 9.24 9.01 9.46 Consolidated CRE concentration ratio(3)(4) 371 387 442 Allowance for credit losses/ Total loans 0.95 0.91 0.83 Allowance for credit losses/ Non-performing loans held for investment 176.20 186.14 155.85
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(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, 2026 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, 2026 ratio is preliminary pending completion and filing of the Company’s regulatory reports.
UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars in thousands) Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Average Average Average Average Yield/ Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost Balance Interest Cost Assets: Interest-earning assets: Business loans $3,274,659 $52,406 6.49%$3,150,711 $53,339 6.72%$2,748,142 $45,047 6.65%One-to-four family residential and coop/condo apartment 1,041,802 12,383 4.82 1,038,020 12,381 4.73 962,046 11,069 4.67 Multifamily residential and residential mixed-use 3,363,792 37,698 4.55 3,459,918 39,459 4.52 3,796,754 42,329 4.52 Non-owner-occupied commercial real estate 2,910,973 37,497 5.22 2,959,801 39,153 5.25 3,214,758 41,326 5.21 Acquisition, development, and construction 106,808 2,079 7.89 130,805 2,783 8.44 138,428 2,906 8.51 Other loans 8,329 27 1.31 6,939 28 1.60 5,740 28 1.98 Total loans 10,706,363 142,090 5.38 10,746,194 147,143 5.43 10,865,868 142,705 5.33 Securities 1,451,425 12,788 3.57 1,351,926 11,354 3.33 1,372,563 11,323 3.35 Other short-term investments 2,044,498 18,522 3.67 2,227,373 21,987 3.92 724,889 7,837 4.38 Total interest-earning assets 14,202,286 173,400 4.95% 14,325,493 180,484 5.00% 12,963,320 161,865 5.06%Non-interest-earning assets 779,212 780,835 814,345 Total assets $14,981,498 $15,106,328 $13,777,665 Liabilities and Stockholders' Equity: Interest-bearing liabilities: Interest-bearing checking(1) $1,133,722 $4,793 1.71%$1,237,657 $6,377 2.04%$912,852 $4,164 1.85%Money market 4,761,610 28,801 2.45 4,640,344 31,752 2.71 4,076,612 31,294 3.11 Savings(1) 1,742,334 10,042 2.34 1,766,787 11,387 2.56 1,970,338 14,185 2.92 Certificates of deposit 1,105,241 8,728 3.20 1,123,240 9,410 3.32 973,108 8,431 3.51 Total interest-bearing deposits 8,742,907 52,364 2.43 8,768,028 58,926 2.67 7,932,910 58,074 2.97 FHLBNY advances 479,534 3,850 3.26 508,000 4,194 3.28 509,111 4,066 3.24 Subordinated debt, net 271,596 4,449 6.64 272,474 4,523 6.59 272,341 4,302 6.41 Other short-term borrowings 122 1 3.32 130 1 3.05 633 13 8.33 Total borrowings 751,252 8,300 4.48 780,604 8,718 4.43 782,085 8,381 4.35 Derivative cash collateral 52,708 485 3.73 52,982 551 4.13 104,126 1,197 4.66 Total interest-bearing liabilities 9,546,867 61,149 2.60% 9,601,614 68,195 2.82% 8,819,121 67,652 3.11%Non-interest-bearing checking(1) 3,747,722 3,839,434 3,322,583 Other non-interest-bearing liabilities 183,678 183,300 213,876 Total liabilities 13,478,267 13,624,348 12,355,580 Stockholders' equity 1,503,231 1,481,980 1,422,085 Total liabilities and stockholders' equity $14,981,498 $15,106,328 $13,777,665 Net interest income $112,251 $112,289 $94,213 Net interest rate spread 2.35% 2.18% 1.95%Net interest margin 3.21% 3.11% 2.95%Deposits (including non-interest-bearing checking accounts)(1) $12,490,629 $52,364 1.70%$12,607,462 $58,926 1.85%$11,255,493 $58,074 2.09%
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(1) Includes mortgage escrow deposits.
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
(Dollars in thousands) At or For the Three Months Ended March 31, December 31, March 31,Asset Quality Detail 2026 2025 2025Non-performing loans held for investment ("NPLs") Business loans $24,257 $22,606 $21,944 One-to-four family residential and coop/condo apartment 4,088 3,623 3,763 Multifamily residential and residential mixed-use — — — Non-owner-occupied commercial real estate 28,368 25,671 31,677 Acquisition, development, and construction 412 412 657 Other loans 11 — — Total non-accrual loans held for investment $57,136 $52,312 $58,041 Non-performing loans held for investment / Total loans held for investment 0.54% 0.49% 0.53% Total non-accrual loans held for sale $38,000 (1)$— $— Total non-performing assets ("NPAs")(2) $95,586 $52,762 $58,041 Total loans 90 days delinquent and accruing ("90+ Delinquent") $— $— $— NPAs and 90+ Delinquent $95,586 $52,762 $58,041 NPAs and 90+ Delinquent / Total assets 0.64% 0.34% 0.41% Net loan charge-offs ("NCOs") $8,574 $7,271 $7,058 NCOs / Average loans(3) 0.32% 0.27% 0.26%
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(1) The Company completed the sale of all of these loans in April 2026.
(2) March 31, 2026 and December 31, 2025 balances include one non-performing available-for-sale security in the amount of $450 thousand.
(3) Calculated based on annualized NCOs to average loans.
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-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, loss on sale of securities and other assets, severance, net gain on extinguishment of debt and loss due to pension settlement.
Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders Reported net income available to common stockholders $32,760 $30,035 $19,636 Adjustments to net income(1): Fair value change in equity securities and loans held for sale 38 (48) (18) Loss on sale of securities and other assets 320 111 — Severance 102 2,493 76 Net gain on extinguishment of debt (974) — — Loss due to pension settlement — — 7,231 Income tax effect of adjustments noted above(1) 159 (784) (2,237) Other discrete tax items — 2,688 — Adjusted net income available to common stockholders (non-GAAP) $32,405 $34,495 $24,688 Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above) Adjusted EPS (Diluted) $0.74 $0.79 $0.57 Adjusted return on average assets 0.91 % 0.96 % 0.77 %Adjusted return on average equity 9.10 9.80 7.46 Adjusted return on average tangible common equity 10.60 11.49 8.68 Adjusted non-interest expense to average assets 1.69 1.65 1.68 Adjusted efficiency ratio 51.2 50.3 55.8________________________________
(1) Adjustments to net income are taxed at the Company's approximate statutory tax rate.
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, 2026 2025 2025 Operating expense as a % of average assets - as reported 1.68 %1.72 %1.90 %Severance — (0.07) — Net gain on extinguishment of debt 0.02 — — Loss due to pension settlement — — (0.21) Amortization of other intangible assets (0.01) — (0.01) Adjusted operating expense as a % of average assets (non-GAAP) 1.69 %1.65 %1.68 %
The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
2025
2025
Efficiency ratio - as reported (non-GAAP)(1) 50.8 % 52.6 % 63.1 %Non-interest expense - as reported $62,756 $65,068 $65,511 Severance (102) (2,493) (76) Net gain on extinguishment of debt 974 — — Loss due to pension settlement — — (7,231) Amortization of other intangible assets (209) (235) (252) Adjusted non-interest expense (non-GAAP) $63,419 $62,340 $57,952 Net interest income - as reported $112,251 $112,289 $94,213 Non-interest income - as reported $11,346 $11,494 $9,633 Fair value change in equity securities and loans held for sale 38 (48) (18) Loss on sale of securities and other assets 320 111 — Adjusted non-interest income (non-GAAP) $11,704 $11,557 $9,615 Adjusted total revenues for adjusted efficiency ratio (non-GAAP) $123,955 $123,846 $103,828 Adjusted efficiency ratio (non-GAAP)(2) 51.2 % 50.3 % 55.8 %
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(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 a reconciliation of pre-tax pre provision net revenue (non-GAAP) and adjusted pre-tax pre-provision net revenue (non-GAAP):
Three Months EndedMarch 31, December 31, March 31, 2026 2025 2025Financial Data: Net interest income $112,251 $112,289 $94,213 Non-interest income 11,346 11,494 9,633 Total revenue 123,597 123,783 103,846 Non-interest expense 62,756 65,068 65,511 Pre-tax pre-provision net revenue (non-GAAP)(1) $60,841 $58,715 $38,335 Adjusted pre-tax pre-provision net revenue (non-GAAP)(2) $60,536 $61,506 $45,876
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(1) The reported pre-tax pre-provision net revenue is a non-GAAP measure calculated by adding GAAP net interest income and GAAP non-interest income less GAAP non-interest expense.
(2) The adjusted pre-tax pre-provision net revenue is a non-GAAP measure calculated by adding GAAP net interest income and the adjusted non-interest income less the adjusted non-interest expense as shown in the reconciliation of efficiency ratio table above.
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, 2026 2025 2025 Reconciliation of Tangible Assets: Total assets $ 14,999,503 $15,341,631 $14,097,682 Goodwill (155,797) (155,797) (155,797) Other intangible assets (2,729) (2,938) (3,644) Tangible assets (non-GAAP) $ 14,840,977 $15,182,896 $13,938,241 Reconciliation of Tangible Common Equity - Consolidated: Total stockholders' equity $ 1,496,970 $1,475,769 $1,412,013 Goodwill (155,797) (155,797) (155,797) Other intangible assets (2,729) (2,938) (3,644) Tangible equity (non-GAAP) 1,338,444 1,317,034 1,252,572 Preferred stock, net (116,569) (116,569) (116,569) Tangible common equity (non-GAAP) $ 1,221,875 $1,200,465 $1,136,003 Common shares outstanding 44,057 43,862 43,799 Tangible common equity to tangible assets (non-GAAP) 8.23 % 7.91 % 8.15 % Tangible equity to tangible assets (non-GAAP) 9.02 8.67 8.99 Book value per common share $31.33 $30.99 $29.58 Tangible common book value per share (non-GAAP) 27.73 27.37 25.94