Continued Growth in Core Deposits and Business Loans on a Year-over-Year Basis

Quarterly Net Interest Margin Improves to 2.98%

HAUPPAUGE, N.Y., July 24, 2025 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ:DCOM) (the "Company" or "Dime"), the parent company of Dime Community Bank (the "Bank"), today reported net income available to common stockholders of $27.9 million for the quarter ended June 30, 2025, or $0.64 per diluted common share, compared to $19.6 million, or $0.45 per diluted common share, for the quarter ended March 31, 2025 and net income available to common stockholders of $16.7 million for the quarter ended June 30, 2024, or $0.43 per diluted common share.

Stuart H. Lubow, President and Chief Executive Officer ("CEO") of the Company, stated, "As we continue to execute on our growth plan, we were pleased with the solid growth in core deposits, business loans, net interest margin and capital ratios. We had an active second quarter from a recruiting standpoint, which will aid us in the years ahead as we diversify our balance sheet and continue to take market share. Of note, and recognizing the progress we have made in creating a high quality balance sheet, Kroll Bond Rating Agency revised our outlook from "Stable" to "Positive" in the month of June."

Second Quarter Recruiting Update

Hired Shawn Gines as Executive Vice President of Corporate and Specialty Finance; Mr. Gines was previously the Regional President of the New York City and New Jersey metro markets for Webster Bank;
Hired Jason Brenner and Zach Schwartz to lead the newly created Lender Finance vertical; Mr. Brenner and Mr. Schwartz were previously with Axos Bank and First Citizens Bank, respectively;
Hired Michael Watts to lead the newly created Fund Finance vertical; Mr. Watts was previously with East West Bank;
Hired Raffaella Palazzo as Director of Business Banking; Ms. Palazzo was previously Chief Operations Officer at Hanover Bank; and
Hired Solomon Ponniah as Group Leader to grow metro NYC lending presence; Mr. Ponniah was previously Director of Business Banking at Popular Bank.

Geographic Expansion

Received all requisite regulatory approvals to open a branch location at 500 Boulevard of the Americas in Lakewood, New Jersey. The branch opening is planned for early 2026.
Expect to open a new branch location in Manhattan in the fourth quarter of 2025.

Highlights for the Second Quarter of 2025 included:

Total deposits increased $711.7 million on a year-over-year basis;
Core deposits (excluding brokered and time deposits) increased $1.21 billion on a year-over-year basis;
The ratio of average non-interest-bearing deposits to average total deposits for the second quarter was 30%;
Business loans grew $113.3 million on a linked quarter basis and $371.3 million on a year-over-year basis;
The net interest margin increased to 2.98% for the second quarter of 2025 compared to 2.95% for the prior quarter; and
The Company's Common Equity Tier 1 Ratio increased to 11.25% at the end of the second quarter.

Management's Discussion of Quarterly Operating Results

Net Interest Income

Net interest income for the second quarter of 2025 was $98.1 million compared to $94.2 million for the first quarter of 2025 and $75.5 million for the second quarter of 2024.

The table below provides a reconciliation of the reported net interest margin ("NIM") and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.


(Dollars in thousands)	Q2 2025			Q1 2025			Q2 2024
Net interest income	$	98,097		$	94,213		$	75,502
Purchase accounting amortization (accretion) on loans ("PAA")		(225	)		(124	)		(101	)
Adjusted net interest income excluding PAA on loans (non-GAAP)	$	97,872		$	94,089		$	75,401

Average interest-earning assets	$	13,195,116		$	12,963,320		$	12,624,556

NIM⁽¹⁾		2.98	%		2.95	%		2.41	%
Adjusted NIM excluding PAA on loans (non-GAAP)⁽²⁾		2.98	%		2.94	%		2.40	%

⁽¹⁾NIM represents net interest income divided by average interest-earning assets.

⁽²⁾Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

Mr. Lubow commented, "Dime has multiple levers to grow NIM over time.

First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.
Second, and as demonstrated in the most recent rate cutting cycle, should the Federal Reserve cut short term rates in 2025 we anticipate a reduction in deposit costs, which will drive further NIM expansion.
Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive teams."

Loan Portfolio

The ending weighted average rate ("WAR") on the total loan portfolio was 5.33% at June 30, 2025, an 8 basis point increase compared to the ending WAR of 5.25% on the total loan portfolio at March 31, 2025.

Outlined below are loan balances and WARs for the quarter ended as indicated.


	June 30, 2025				March 31, 2025				June 30, 2024
(Dollars in thousands)	Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾
Loans held for investment balances at period end:
Business loans⁽²⁾	$	2,902,170	6.65	%	$	2,788,848	6.55	%	$	2,530,896	6.92	%
One-to-four family residential, including condominium and cooperative apartment		998,677	4.85			961,562	4.77			906,949	4.55
Multifamily residential and residential mixed-use⁽³⁾⁽⁴⁾		3,693,481	4.48			3,780,078	4.46			3,920,354	4.59
Non-owner-occupied commercial real estate		3,128,453	5.12			3,191,536	5.07			3,315,100	5.25
Acquisition, development, and construction		141,755	8.28			140,309	7.96			144,860	8.96
Other loans		6,336	11.08			6,402	10.39			6,699	3.39
Loans held for investment	$	10,870,872	5.33	%	$	10,868,735	5.25	%	$	10,824,858	5.39	%

⁽¹⁾    WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.

⁽²⁾    Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.

⁽³⁾    Includes loans underlying multifamily cooperatives.

⁽⁴⁾    While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

Outlined below are the loan originations, for the quarter ended as indicated.


(Dollars in millions)	Q2 2025		Q1 2025		Q2 2024
Originations Excluding New Lines of Credit	$	227.3	$	71.5	$	162.4
Originations Including New Lines of Credit		450.5		136.7		284.6

Deposits and Borrowed Funds

Period end total deposits (including mortgage escrow deposits) at June 30, 2025 were $11.74 billion, compared to $11.61 billion at March 31, 2025 and $11.03 billion at June 30, 2024. The Company reduced its brokered deposit levels to $200.0 million at June 30, 2025, compared to $285.6 million at March 31, 2025 and $780.3 million at June 30, 2024.

Total Federal Home Loan Bank advances were $508.0 million at June 30, 2025, compared to $508.0 million at March 31, 2025 and $633.0 million at June 30, 2024.

Non-Interest Income

Non-interest income was $11.6 million during the second quarter of 2025, $9.6 million during the first quarter of 2025, and $11.8 million during the second quarter of 2024.

Non-Interest Expense

Total non-interest expense was $60.3 million during the second quarter of 2025, $65.5 million during the first quarter of 2025, and $55.7 million during the second quarter of 2024. Excluding the impact of the loss 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 $59.9 million during the second quarter of 2025, $58.0 million during the first quarter of 2025, and $55.4 million during the second quarter of 2024 (see "Non-GAAP Reconciliation" tables at the end of this news release).

Mr. Lubow commented, "The increase in non-interest expense on year-over-year-basis has been due to significant investments and hires the Company has made as we execute on our growth plan, which is centered around growing core deposits, diversifying our loan portfolio and selectively adding new geographies. In the second quarter of 2025, we launched various commercial lending verticals that we expect to contribute to loan and revenue growth in the years ahead."

The ratio of non-interest expense to average assets was 1.72% during the second quarter of 2025, compared to 1.90% during the linked quarter and 1.66% during the second quarter of 2024. Excluding the impact of the loss 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 1.71% during the second quarter of 2025, 1.68% during the first quarter of 2025, and 1.65% during the second quarter of 2024 (see "Non-GAAP Reconciliation" tables at the end of this news release).

The efficiency ratio was 55.0% during the second quarter of 2025, compared to 63.1% during the linked quarter and 63.8% during the second quarter of 2024. Excluding the impact of net gain 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, loss on extinguishment of debt and amortization of other intangible assets, the adjusted efficiency ratio was 54.7% during the second quarter of 2025, compared to 55.8% during the linked quarter and 65.9% during the second quarter of 2024 (see "Non-GAAP Reconciliation" tables at the end of this news release).

Income Tax Expense

Income tax expense was $10.5 million during the second quarter of 2025, $7.3 million during the first quarter of 2025, and $7.6 million during the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 26.1%, compared to 25.3% for the first quarter of 2025 and compared to 29.0% for the second quarter of 2024.

Credit Quality

Non-performing loans were $53.2 million at June 30, 2025, compared to $58.0 million at March 31, 2025 and $24.8 million at June 30, 2024.

A credit loss provision of $9.2 million was recorded during the second quarter of 2025, compared to a credit loss provision of $9.6 million during the first quarter of 2025, and a credit loss provision of $5.6 million during the second quarter of 2024.

Capital Management

Stockholders' equity increased $19.0 million to $1.43 billion at June 30, 2025, compared to $1.41 billion at March 31, 2025.

The Company's and the Bank's regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of June 30, 2025. All risk-based regulatory capital ratios increased in the second quarter of 2025.

Dividends per common share were $0.25 during the second quarter of 2025 and the first quarter of 2025, respectively.

Book value per common share was $29.95 at June 30, 2025 compared to $29.58 at March 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 $26.32 at June 30, 2025 compared to $25.94 at March 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 8:30 a.m. (ET) on Thursday, July 24, 2025, during which CEO Lubow will discuss the Company's second quarter 2025 financial performance, with a question-and-answer session to follow.

Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/7qhzfy2o. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIb23e2d2040014fbe89e85e3654130c71. 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/7qhzfy2o.

ABOUT DIME COMMUNITY BANCSHARES, INC.

Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island. ⁽¹⁾

⁽¹⁾ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as "annualized," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company's loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company's financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, 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 Financial Officer
718-782-6200 extension 5909


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands)

	June 30,			March 31,			December 31,
	2025			2025			2024
Assets:
Cash and due from banks	$	1,156,754		$	1,030,702		$	1,283,571
Securities available-for-sale, at fair value		703,461			710,579			690,693
Securities held-to-maturity		625,188			631,334			637,339
Loans held for sale		13,617			2,527			22,625
Loans held for investment, net:
Business loans⁽¹⁾		2,902,170			2,788,848			2,726,602
One-to-four family and cooperative/condominium apartment		998,677			961,562			952,195
Multifamily residential and residential mixed-use⁽²⁾⁽³⁾		3,693,481			3,780,078			3,820,492
Non-owner-occupied commercial real estate		3,128,453			3,191,536			3,231,398
Acquisition, development and construction		141,755			140,309			136,172
Other loans		6,336			6,402			5,084
Allowance for credit losses		(93,189	)		(90,455	)		(88,751	)
Total loans held for investment, net		10,777,683			10,778,280			10,783,192
Premises and fixed assets, net		33,957			33,650			34,858
Restricted stock		67,110			66,987			69,106
BOLI		393,345			389,167			290,665
Goodwill		155,797			155,797			155,797
Other intangible assets		3,409			3,644			3,896
Operating lease assets		44,717			45,657			46,193
Derivative assets		90,966			98,740			116,496
Accrued interest receivable		55,418			56,044			55,970
Other assets		86,513			94,574			162,857
Total assets	$	14,207,935		$	14,097,682		$	14,353,258
Liabilities:
Non-interest-bearing checking (excluding mortgage escrow deposits)	$	3,432,667		$	3,245,409		$	3,355,829
Interest-bearing checking		1,029,297			950,090			1,079,823
Savings (excluding mortgage escrow deposits)		1,923,277			1,939,852			1,927,903
Money market		4,229,503			4,271,363			4,198,784
Certificates of deposit		1,080,093			1,121,068			1,069,081
Deposits (excluding mortgage escrow deposits)		11,694,837			11,527,782			11,631,420
Non-interest-bearing mortgage escrow deposits		45,256			88,138			54,715
Interest-bearing mortgage escrow deposits		2			4			6
Total mortgage escrow deposits		45,258			88,142			54,721
FHLBNY advances		508,000			508,000			608,000
Other short-term borrowings		—			—			50,000
Subordinated debt, net		272,414			272,370			272,325
Derivative cash collateral		69,840			85,230			112,420
Operating lease liabilities		47,559			48,432			48,993
Derivative liabilities		86,110			92,516			108,347
Other liabilities		52,911			63,197			70,515
Total liabilities		12,776,929			12,685,669			12,956,741
Stockholders' equity:
Preferred stock, Series A		116,569			116,569			116,569
Common stock		461			461			461
Additional paid-in capital		622,660			623,305			624,822
Retained earnings		820,221			803,202			794,526
Accumulated other comprehensive loss ("AOCI"), net of deferred taxes		(37,937	)		(39,045	)		(45,018	)
Unearned equity awards		(13,525	)		(12,909	)		(7,640	)
Treasury stock, at cost		(77,443	)		(79,570	)		(87,203	)
Total stockholders' equity		1,431,006			1,412,013			1,396,517
Total liabilities and stockholders' equity	$	14,207,935		$	14,097,682		$	14,353,258

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program ("PPP") loans.

⁽²⁾ Includes loans underlying multifamily cooperatives.

⁽³⁾ While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except share and per share amounts)

	Three Months Ended							Six Months Ended
	June 30,		March 31,		June 30,			June 30,		June 30,
	2025		2025		2024			2025		2024
Interest income:
Loans	$	145,448	$	142,705	$	147,099		$	288,153	$	290,664
Securities		11,353		11,323		7,907			22,676		15,787
Other short-term investments		10,749		7,837		4,412			18,586		13,976
Total interest income		167,550		161,865		159,418			329,415		320,427
Interest expense:
Deposits and escrow		60,181		58,074		72,878			118,255		145,947
Borrowed funds		8,354		8,381		9,033			16,735		23,730
Derivative cash collateral		918		1,197		2,005			2,115		3,718
Total interest expense		69,453		67,652		83,916			137,105		173,395
Net interest income		98,097		94,213		75,502			192,310		147,032
Provision for credit losses		9,221		9,626		5,585			18,847		10,795
Net interest income after provision		88,876		84,587		69,917			173,463		136,237
Non-interest income:
Service charges and other fees		4,642		4,643		3,972			9,285		8,516
Title fees		118		98		294			216		427
Loan level derivative income		942		61		1,085			1,003		1,491
BOLI income		4,186		3,993		2,484			8,179		4,945
Gain on sale of Small Business Administration ("SBA") loans		387		82		113			469		366
Gain on sale of residential loans		50		32		27			82		104
Fair value change in equity securities and loans held for sale		83		18		(416	)		101		(1,258	)
Net gain on securities		149		—		—			149		—
Gain on sale of other assets		—		—		3,695			—		6,663
Other		1,038		706		554			1,744		1,021
Total non-interest income		11,595		9,633		11,808			21,228		22,275
Non-interest expense:
Salaries and employee benefits		36,218		35,651		32,184			71,869		64,221
Severance		136		76		—			212		42
Occupancy and equipment		7,729		8,002		7,409			15,731		14,777
Data processing costs		4,903		4,794		4,405			9,697		8,718
Marketing		1,756		1,666		1,637			3,422		3,134
Professional services		2,097		2,116		2,766			4,213		4,233
Federal deposit insurance premiums		1,692		2,047		2,250			3,739		4,489
Loss on extinguishment of debt		—		—		—			—		453
Loss due to pension settlement		—		7,231		—			7,231		—
Amortization of other intangible assets		235		252		285			487		592
Other		5,533		3,676		4,758			9,209		7,546
Total non-interest expense		60,299		65,511		55,694			125,810		108,205
Income before taxes		40,172		28,709		26,031			68,881		50,307
Income tax expense		10,475		7,251		7,552			17,726		14,137
Net income		29,697		21,458		18,479			51,155		36,170
Preferred stock dividends		1,821		1,822		1,822			3,643		3,643
Net income available to common stockholders	$	27,876	$	19,636	$	16,657		$	47,512	$	32,527
Earnings per common share ("EPS"):
Basic	$	0.64	$	0.45	$	0.43		$	1.09	$	0.84
Diluted	$	0.64	$	0.45	$	0.43		$	1.09	$	0.84

Average common shares outstanding for diluted EPS		43,030,023		42,948,690		38,329,485			42,989,581		38,292,253


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SELECTED FINANCIAL HIGHLIGHTS (Dollars in thousands except per share amounts)

	At or For the Three Months Ended									At or For the Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Per Share Data:
Reported EPS (Diluted)	$	0.64		$	0.45		$	0.43		$	1.09		$	0.84
Cash dividends paid per common share		0.25			0.25			0.25			0.50			0.50
Book value per common share		29.95			29.58			28.97			29.95			28.97
Tangible common book value per share⁽¹⁾		26.32			25.94			24.87			26.32			24.87
Common shares outstanding		43,889			43,799			39,148			43,889			39,148
Dividend payout ratio		39.06	%		55.56	%		58.14	%		45.87	%		59.52	%

Performance Ratios (Based upon Reported Net Income):
Return on average assets		0.85	%		0.62	%		0.55	%		0.74	%		0.53	%
Return on average equity		8.28			6.04			5.88			7.16			5.78
Return on average tangible common equity⁽¹⁾		9.68			6.92			6.88			8.30			6.76
Net interest margin		2.98			2.95			2.41			2.96			2.31
Non-interest expense to average assets		1.72			1.90			1.66			1.81			1.59
Efficiency ratio		55.0			63.1			63.8			58.9			63.9
Effective tax rate		26.08			25.26			29.01			25.73			28.10

Balance Sheet Data:
Average assets	$	14,013,592		$	13,777,665		$	13,418,441		$	13,896,281		$	13,606,682
Average interest-earning assets		13,195,116			12,963,320			12,624,556			13,079,859			12,820,156
Average tangible common equity⁽¹⁾		1,158,738			1,145,915			979,611			1,152,361			974,165
Loan-to-deposit ratio at end of period⁽²⁾		92.6	%		93.6	%		98.2	%		92.6	%		98.2	%

Capital Ratios and Reserves - Consolidated:⁽³⁾
Tangible common equity to tangible assets⁽¹⁾		8.22	%		8.15	%		7.27	%
Tangible equity to tangible assets⁽¹⁾		9.05			8.99			8.14
Tier 1 common equity ratio		11.25			11.11			10.06
Tier 1 risk-based capital ratio		12.34			12.21			11.17
Total risk-based capital ratio		15.84			15.68			14.46
Tier 1 leverage ratio		9.43			9.46			8.78
Consolidated CRE concentration ratio⁽³⁾⁽⁴⁾		425			442			499
Allowance for credit losses/ Total loans		0.86			0.83			0.72
Allowance for credit losses/ Non-performing loans		175.12			155.85			313.21

⁽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⁾   June 30, 2025 ratios are preliminary pending completion and filing of the Company's regulatory reports.

⁽⁴⁾ The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The June 30, 2025 ratio is preliminary pending completion and filing of the Company's regulatory reports.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME (Dollars in thousands)

	Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
					Average						Average						Average
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Interest-earning assets:
Business loans⁽¹⁾	$	2,798,899	$	46,593	6.68	%	$	2,748,142	$	45,047	6.65	%	$	2,400,219	$	42,933	7.19	%
One-to-four family residential, including condo and coop		981,138		11,532	4.71			962,046		11,069	4.67			886,037		9,968	4.52
Multifamily residential and residential mixed-use		3,740,939		42,462	4.55			3,796,754		42,329	4.52			3,958,617		45,775	4.65
Non-owner-occupied commercial real estate		3,175,062		41,822	5.28			3,214,758		41,326	5.21			3,359,004		44,728	5.36
Acquisition, development, and construction		136,154		3,009	8.86			138,428		2,906	8.51			164,283		3,638	8.91
Other loans		7,135		30	1.69			5,740		28	1.98			5,100		57	4.50
Securities		1,361,383		11,353	3.34			1,372,563		11,323	3.35			1,537,487		7,907	2.07
Other short-term investments		994,406		10,749	4.34			724,889		7,837	4.38			313,809		4,412	5.65
Total interest-earning assets		13,195,116		167,550	5.09	%		12,963,320		161,865	5.06	%		12,624,556		159,418	5.08	%
Non-interest-earning assets		818,476						814,345						793,885
Total assets	$	14,013,592					$	13,777,665					$	13,418,441

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing checking⁽²⁾	$	943,716	$	4,141	1.76	%	$	912,852	$	4,164	1.85	%	$	631,403	$	1,499	0.95	%
Money market		4,174,694		32,818	3.15			4,076,612		31,294	3.11			3,495,989		33,193	3.82
Savings⁽²⁾		1,925,224		14,048	2.93			1,970,338		14,185	2.92			2,336,202		23,109	3.98
Certificates of deposit		1,075,729		9,174	3.42			973,108		8,431	3.51			1,393,678		15,077	4.35
Total interest-bearing deposits		8,119,363		60,181	2.97			7,932,910		58,074	2.97			7,857,272		72,878	3.73
FHLBNY advances		508,000		4,053	3.20			509,111		4,066	3.24			671,242		6,429	3.85
Subordinated debt, net		272,385		4,301	6.33			272,341		4,302	6.41			202,232		2,604	5.18
Other short-term borrowings		—		—	—			633		13	8.33			—		—	—
Total borrowings		780,385		8,354	4.29			782,085		8,381	4.35			873,474		9,033	4.16
Derivative cash collateral		79,188		918	4.65			104,126		1,197	4.66			145,702		2,005	5.53
Total interest-bearing liabilities		8,978,936		69,453	3.10	%		8,819,121		67,652	3.11	%		8,876,448		83,916	3.80	%
Non-interest-bearing checking⁽²⁾		3,412,215						3,322,583						3,042,382
Other non-interest-bearing liabilities		187,774						213,876						242,980
Total liabilities		12,578,925						12,355,580						12,161,810
Stockholders' equity		1,434,667						1,422,085						1,256,631
Total liabilities and stockholders' equity	$	14,013,592					$	13,777,665					$	13,418,441
Net interest income			$	98,097					$	94,213					$	75,502
Net interest rate spread					1.99	%					1.95	%					1.28	%
Net interest margin					2.98	%					2.95	%					2.41	%
Deposits (including non-interest-bearing checking accounts)⁽²⁾	$	11,531,578	$	60,181	2.09	%	$	11,255,493	$	58,074	2.09	%	$	10,899,654	$	72,878	2.69	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

⁽²⁾ Includes mortgage escrow deposits.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS (Dollars in thousands)

	At or For the Three Months Ended
	June 30,			March 31,			June 30,
Asset Quality Detail	2025			2025			2024
Non-performing loans ("NPLs")
Business loans⁽¹⁾	$	18,007		$	21,944		$	20,287
One-to-four family residential, including condominium and cooperative apartment		1,642			3,763			3,884
Multifamily residential and residential mixed-use		—			—			—
Non-owner-occupied commercial real estate		32,908			31,677			15
Acquisition, development, and construction		657			657			657
Other loans		—			—			—
Total Non-accrual loans	$	53,214		$	58,041		$	24,843
Total Non-performing assets ("NPAs")	$	53,214		$	58,041		$	24,843

Total loans 90 days delinquent and accruing ("90+ Delinquent")	$	—		$	—		$	—

NPAs and 90+ Delinquent	$	53,214		$	58,041		$	24,843

NPAs and 90+ Delinquent / Total assets		0.37	%		0.41	%		0.18	%
Net charge-offs ("NCOs")	$	5,405		$	7,058		$	3,640
NCOs / Average loans⁽²⁾		0.20	%		0.26	%		0.14	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

⁽²⁾ Calculated based on annualized NCOs to average loans, excluding loans held for sale.

DIME COMMUNITY BANCSHARES, INC. AND 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, net gain on sale of securities and other assets, severance, loss on extinguishment of debt and loss due to pension settlement.


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders
Reported net income available to common stockholders	$	27,876		$	19,636		$	16,657		$	47,512		$	32,527
Adjustments to net income ^(1):
Fair value change in equity securities and loans held for sale		(83	)		(18	)		416			(101	)		1,258
Net gain on sale of securities and other assets		(72	)		—			(3,695	)		(72	)		(6,663	)
Severance		136			76			—			212			42
Loss on extinguishment of debt		—			—			—			—			453
Loss due to pension settlement		—			7,231			—			7,231			—
Income tax effect of adjustments noted above ⁽¹⁾		6			(2,237	)		1,043			(2,231	)		1,561
Adjusted net income available to common stockholders (non-GAAP)	$	27,863		$	24,688		$	14,421		$	52,551		$	29,178

Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above)
Adjusted EPS (Diluted)	$	0.64		$	0.57		$	0.37		$	1.20		$	0.75
Adjusted return on average assets		0.85	%		0.77	%		0.48	%		0.81	%		0.48	%
Adjusted return on average equity		8.28			7.46			5.17			7.87			5.25
Adjusted return on average tangible common equity		9.67			8.68			5.97			9.18			6.07
Adjusted non-interest expense to average assets		1.71			1.68			1.65			1.70			1.57
Adjusted efficiency ratio		54.7			55.8			65.9			55.2			65.4

⁽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								Six Months Ended
	June 30,			March 31,		June 30,			June 30,			June 30,
		2025		2025			2024			2025			2024
Operating expense as a % of average assets - as reported		1.72	%	1.90	%		1.66	%		1.81	%		1.59	%
Loss on extinguishment of debt		—		—			—			—			(0.01	)
Loss due to pension settlement		—		(0.21	)		—			(0.10	)		—
Amortization of other intangible assets		(0.01	)	(0.01	)		(0.01	)		(0.01	)		(0.01	)
Adjusted operating expense as a % of average assets (non-GAAP)		1.71	%	1.68	%		1.65	%		1.70	%		1.57	%

The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Efficiency ratio - as reported (non-GAAP)⁽¹⁾		55.0	%		63.1	%		63.8	%		58.9	%		63.9	%
Non-interest expense - as reported	$	60,299		$	65,511		$	55,694		$	125,810		$	108,205
Severance		(136	)		(76	)		—			(212	)		(42	)
Loss on extinguishment of debt		—			—			—			—			(453	)
Loss due to pension settlement		—			(7,231	)		—			(7,231	)		—
Amortization of other intangible assets		(235	)		(252	)		(285	)		(487	)		(592	)
Adjusted non-interest expense (non-GAAP)	$	59,928		$	57,952		$	55,409		$	117,880		$	107,118
Net interest income - as reported	$	98,097		$	94,213		$	75,502		$	192,310		$	147,032
Non-interest income - as reported	$	11,595		$	9,633		$	11,808		$	21,228		$	22,275
Fair value change in equity securities and loans held for sale		(83	)		(18	)		416			(101	)		1,258
Net loss (gain) on sale of securities and other assets		(72	)		—			(3,695	)		(72	)		(6,663	)
Adjusted non-interest income (non-GAAP)	$	11,440		$	9,615		$	8,529		$	21,055		$	16,870
Adjusted total revenues for adjusted efficiency ratio (non-GAAP)	$	109,537		$	103,828		$	84,031		$	213,365		$	163,902
Adjusted efficiency ratio (non-GAAP)⁽²⁾		54.7	%		55.8	%		65.9	%		55.2	%		65.4	%

⁽¹⁾The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.

⁽²⁾The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):


	June 30,			March 31,			June 30,
	2025			2025			2024
Reconciliation of Tangible Assets:
Total assets	$	14,207,935		$	14,097,682		$	13,548,763
Goodwill		(155,797	)		(155,797	)		(155,797	)
Other intangible assets		(3,409	)		(3,644	)		(4,467	)
Tangible assets (non-GAAP)	$	14,048,729		$	13,938,241		$	13,388,499

Reconciliation of Tangible Common Equity - Consolidated:
Total stockholders' equity	$	1,431,006		$	1,412,013		$	1,250,596
Goodwill		(155,797	)		(155,797	)		(155,797	)
Other intangible assets		(3,409	)		(3,644	)		(4,467	)
Tangible equity (non-GAAP)		1,271,800			1,252,572			1,090,332
Preferred stock, net		(116,569	)		(116,569	)		(116,569	)
Tangible common equity (non-GAAP)	$	1,155,231		$	1,136,003		$	973,763

Common shares outstanding		43,889			43,799			39,148

Tangible common equity to tangible assets (non-GAAP)		8.22	%		8.15	%		7.27	%
Tangible equity to tangible assets (non-GAAP)		9.05			8.99			8.14

Book value per common share	$	29.95		$	29.58		$	28.97
Tangible common book value per share (non-GAAP)		26.32			25.94			24.87

Dime Community Bancshares, Inc. Reports Strong Second Quarter Results With Earnings Per Share Increasing by 49% on a Year-over-Year Basis