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 2025
Originations Excluding New Lines of Credit
$
220.4
$
225.3
$
77.9
Originations 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 DIMEDime 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 ReddySenior Executive Vice President, Chief Operating Officer and Chief Financial Officer718-782-6200 extension 5909
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIESUNAUDITED 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
________________________________(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.
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,
2026
2025
2025
Interest 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
