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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-34096

DIME COMMUNITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

N/A

(Former name or former address, if changed since last report)

New York

    

11-2934195

(State or other jurisdiction of incorporation or organization)

(I.R.S. employer identification number)

898 Veterans Memorial Highway, Suite 560, Hauppauge, NY

11788

 (Address of principal executive offices)

(Zip Code)

(631) 537-1000

(Registrant’s telephone number, including area code)

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 Par Value

DCOM

The NASDAQ Stock Market

Preferred Stock, Series A, $0.01 Par Value

DCOMP

The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all the reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer" "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer  ☐

Accelerated Filer 

Non-Accelerated Filer  ☐

Smaller Reporting Company 

Emerging Growth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES   NO

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Classes of Common Stock

Number of shares outstanding at May 3, 2021

$0.01 Par Value

41,583,837

Table of Contents

PART I – FINANCIAL INFORMATION

Page

Item 1.

Unaudited Condensed Consolidated Financial Statements

Consolidated Statements of Financial Condition at March 31, 2021 and December 31, 2020

4

Consolidated Statements of Income for the Three-Month Periods Ended March 31, 2021 and 2020

5

Consolidated Statements of Comprehensive Income for the Three-Month Periods Ended March 31, 2021 and 2020

6

Consolidated Statements of Changes in Stockholders’ Equity for the Three-Month Periods Ended March 31, 2021 and 2020

7

Consolidated Statements of Cash Flows for the Three-Month Periods Ended March 31, 2021 and 2020

8

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

42

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

54

Item 4.

Controls and Procedures

55

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

Signatures

59

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Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q 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,” “seek,” “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 Dime Community Bancshares, Inc. (together with its direct and indirect subsidiaries, 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 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 conditions or results to differ materially from those expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. These factors include, without limitation, the following:

increases in competitive pressure among financial institutions or from non-financial institutions;
fluctuation in market interest rates;
changes in deposit flows, loan demand or real estate values;
changes in the quality and composition of our loan or investment portfolios;
changes in accounting principles, policies or guidelines;
changes in corporate and/or individual income tax laws or policies;
general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry;
legislative, regulatory or policy changes;
the success or consummation of new business initiatives or the integration of any acquired entities may be more difficult or expensive than the Company anticipates; and
the risks referred to in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 as updated by our Quarterly Reports on Form 10-Q.

Further, the COVID-19 pandemic has caused local and national economic disruption and has had an impact on the Company’s operations and financial results. Given its ongoing and dynamic nature, it is difficult to predict what further effects the pandemic will have on our business and results of operations. The pandemic and related local and national economic disruption may, among other effects, result in a decline in demand for our products and services; increased levels of loan delinquencies, problem assets and foreclosures; branch closures, work stoppages and unavailability of personnel; and increased cybersecurity risks, as employees continue to increasingly work remotely.

The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.

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Item 1.   Condensed Consolidated Financial Statements

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands except share amounts)

March 31, 

December 31, 

    

2021

    

2020

Assets

 

(unaudited)

 

  

Cash and due from banks

$

676,723

$

243,603

Mortgage-backed securities available-for-sale, at fair value

846,529

426,979

Investment securities available-for-sale, at fair value

 

305,964

 

111,882

Marketable equity securities, at fair value

5,970

Loans held for sale

 

23,704

 

5,903

Loans held for investment, net:

 

 

  

Real estate

 

8,149,079

 

4,978,195

Commercial and industrial ("C&I") loans

 

2,332,610

 

641,533

Other loans

24,409

2,316

Allowance for credit losses

 

(98,200)

 

(41,461)

Total loans held for investment, net

 

10,407,898

 

5,580,583

Premises and fixed assets, net

 

53,829

 

19,053

Restricted stock

 

45,063

 

60,707

Bank Owned Life Insurance ("BOLI")

 

251,521

 

156,096

Goodwill

 

155,339

 

55,638

Other intangible assets

10,627

Operating lease assets

 

69,094

 

33,898

Derivative assets

45,760

18,932

Accrued interest receivable

51,100

34,815

Other assets

 

75,477

 

27,551

Total assets

$

13,018,628

$

6,781,610

Liabilities

 

  

 

  

Interest-bearing deposits

$

7,271,876

$

3,744,371

Non-interest-bearing deposits

 

3,538,936

 

780,751

Total deposits

 

10,810,812

 

4,525,122

FHLBNY advances

 

533,865

 

1,204,010

Other short-term borrowings

 

126,763

 

120,000

Subordinated debt, net

 

197,234

 

114,052

Operating lease liabilities

 

71,249

 

39,874

Derivative liabilities

41,816

37,374

Other liabilities

 

64,065

 

40,082

Total liabilities

 

11,845,804

 

6,080,514

 

  

 

  

Commitments and contingencies

 

  

 

  

Stockholders' equity:

 

  

 

  

Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 9,000,000 shares authorized and 5,299,200 shares issued and outstanding at March 31, 2021 and December 31, 2020)

 

116,569

 

116,569

Common stock ($0.01 par 81,000,000 shares authorized, 41,583,837 shares and 34,813,302 shares issued at March 31, 2021 and December 31, 2020, respectively, and 41,536,054 shares and 21,232,984 shares outstanding at March 31, 2021 and December 31, 2020, respectively)

 

416

 

348

Additional paid-in capital

 

492,431

 

278,295

Retained earnings

 

574,297

 

600,641

Accumulated other comprehensive gain (loss), net of deferred taxes

 

531

 

(5,924)

Unearned equity awards

 

(10,107)

 

Common stock held by the Benefit Maintenance Plan ("BMP")

 

 

(1,496)

Treasury stock, at cost (47,783 shares and 13,580,318 shares at March 31, 2021 and December 31, 2020, respectively)

 

(1,313)

 

(287,337)

Total stockholders' equity

 

1,172,824

 

701,096

Total liabilities and stockholders' equity

$

13,018,628

$

6,781,610

See notes to unaudited condensed consolidated financial statements.

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DIME COMMUNITY BACSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in thousands except per share amounts)

Three Months Ended

March 31, 

2021

    

2020

Interest income:

  

 

  

Loans

$

81,382

$

54,177

Securities

4,380

 

3,726

Other short-term investments

 

993

 

1,002

Total interest income

 

86,755

 

58,905

Interest expense:

 

  

 

  

Deposits and escrow

 

5,298

 

11,926

Borrowed funds

 

3,616

 

6,455

Total interest expense

 

8,914

 

18,381

Net interest income

 

77,841

 

40,524

Provision for credit losses

 

15,779

 

8,012

Net interest income after provision for credit losses

 

62,062

 

32,512

Non-interest income:

 

  

 

  

Service charges and other fees

 

2,920

 

1,203

Title fees

433

Loan level derivative income

 

1,792

 

1,163

BOLI income

 

1,339

 

1,887

Gain on sale of SBA loans

164

164

Gain on sale of residential loans

 

723

 

151

Net gain (loss) on equity securities

131

(472)

Net gain on sale of securities and other assets

 

710

 

8

Loss on termination of derivatives

(16,505)

Other

 

910

 

132

Total non-interest (loss) income

 

(7,383)

 

4,236

Non-interest expense:

 

  

 

  

Salaries and employee benefits

 

24,819

 

15,587

Occupancy and equipment

 

6,977

 

4,056

Data processing costs

 

3,528

 

2,024

Marketing

 

860

 

577

Professional services

1,865

1,514

Federal deposit insurance premiums

 

939

 

477

Loss from extinguishment of debt

 

1,594

 

Curtailment loss

1,543

Merger expenses and transaction costs

37,942

586

Amortization of core deposit intangible

357

Other

 

2,381

 

1,219

Total non-interest expense

 

82,805

 

26,040

(Loss) income before income taxes

 

(28,126)

 

10,708

Income tax (benefit) expense

 

(7,092)

 

2,316

Net (loss) income

(21,034)

8,392

Preferred stock dividends

(1,821)

Net (loss) income available to common stockholders

$

(22,855)

$

8,392

(Loss) earnings per common share:

 

  

 

  

Basic

$

(0.66)

$

0.37

Diluted

$

(0.66)

$

0.37

See notes to unaudited condensed consolidated financial statements.

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DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands except per share amounts)

Three Months Ended

March 31, 

2021

    

2020

Net (loss) income

$

(21,034)

$

8,392

Other comprehensive (loss) income:

 

  

 

  

Change in unrealized holding (loss) gain on securities available-for-sale

 

(16,721)

 

10,252

Change in pension and other postretirement obligations

 

2,006

 

271

Change in unrealized gain (loss) on derivatives

 

22,307

 

(20,377)

Other comprehensive income (loss) before income taxes

 

7,592

 

(9,854)

Deferred tax expense (benefit)

 

1,137

 

(3,162)

Other comprehensive income (loss), net of tax

 

6,455

 

(6,692)

Total comprehensive (loss) income

$

(14,579)

$

1,700

See notes to unaudited condensed consolidated financial statements.

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Table of Contents

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands)

Three Months Ended March 31, 2021

Accumulated

Other

Comprehensive

Common

Number of

Additional

Loss,

Unearned

Stock

Treasury

Total

Shares of

Preferred

Common

Paid-in

Retained

Net of Deferred

Equity

Held by

Stock,

Stockholders’

    

Common Stock

    

Stock

    

Stock

    

Capital

    

Earnings

    

Taxes

    

Awards

    

BMP

    

at cost

    

Equity

Beginning balance as of January 1, 2021

 

21,232,984

$

116,569

$

348

$

278,295

$

600,641

$

(5,924)

$

$

(1,496)

$

(287,337)

$

701,096

Cumulative change in accounting principle (Note 3)

1,686

1,686

Adjusted beginning balance on January 1, 2021

21,232,984

116,569

348

278,295

602,327

(5,924)

(1,496)

(287,337)

702,782

Net loss

(21,034)

(21,034)

Other comprehensive income, net of tax

6,455

6,455

Reverse merger with Bridge Bancorp, Inc.

19,992,284

65

206,641

(2,603)

287,107

491,210

Exercise of stock options

15,928

292

80

372

Release of shares, net of forfeitures

335,959

3

8,562

(8,340)

(33)

192

Stock-based compensation

836

836

Shares received to satisfy distribution of retirement benefits

(41,101)

(1,359)

1,496

(1,130)

(993)

Cash dividends declared and paid to preferred stockholders

(1,821)

(1,821)

Cash dividends declared and paid to common stockholders

(5,175)

(5,175)

Ending balance as of March 31, 2021

41,536,054

$

116,569

$

416

$

492,431

$

574,297

$

531

$

(10,107)

$

$

(1,313)

$

1,172,824

Three Months Ended March 31, 2020

Accumulated

Other

Comprehensive

Common

Number of

Additional

Loss,

Unearned

Stock

Treasury

Total

Shares of

Preferred

Common

Paid-in

Retained

Net of Deferred

Equity

Held by

Stock,

Stockholders’

    

Common Stock

    

Stock

    

Stock

    

Capital

    

Earnings

    

Taxes

    

Awards

    

BMP

    

at cost

    

Equity

Beginning balance as of January 1, 2020

 

22,780,208

$

$

348

$

279,511

$

581,817

$

(5,940)

$

(6,731)

$

(1,496)

$

(250,751)

$

596,758

Net income

8,392

8,392

Other comprehensive loss, net of tax

(6,692)

(6,692)

Release of shares, net of forfeitures

59

5

(7)

2

Stock-based compensation

671

671

Proceeds from Preferred Stock issuance, net

72,224

72,224

Shares received related to tax withholding

(3,025)

(79)

(79)

Cash dividends declared and paid to common stockholders

(4,915)

(4,915)

Repurchase of shares of Common Stock

(825,992)

(20,711)

(20,711)

Ending balance as of March 31, 2020

21,951,250

$

72,224

$

348

$

279,516

$

585,294

$

(12,632)

$

(6,067)

$

(1,496)

$

(271,539)

$

645,648

See notes to unaudited condensed consolidated financial statements.

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DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

Three Months Ended March 31, 

    

2021

    

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

  

  

Net (loss) income

$

(21,034)

$

8,392

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

 

  

 

  

Net gain on sales of securities available-for-sale and other assets

 

(710)

 

(8)

Net (gain) loss on equity securities

 

(131)

 

472

Net gain on sale of loans held for sale

 

(887)

 

(315)

Net depreciation, amortization and accretion

 

(977)

 

1,294

Stock-based compensation

 

836

 

671

Provision for credit losses

 

15,779

 

8,012

Originations of loans held for sale

 

(12,868)

 

(6,217)

Proceeds from sale of loans originated for sale

 

20,291

 

8,103

Increase in cash surrender value of BOLI

 

(1,340)

 

(756)

Gain from death benefits from BOLI

(1,131)

Deferred income tax benefit

 

(12,704)

 

(2,090)

Decrease in other assets

 

89,179

 

1,530

(Decrease) increase in other liabilities

 

(84,352)

 

2,515

Net cash (used in) provided by operating activities

 

(8,918)

 

20,472

CASH FLOWS FROM INVESTING ACTIVITIES:

 

  

 

  

Proceeds from sales of securities available-for-sale

 

134,558

 

4,199

Proceeds from sales of marketable equity securities

 

6,101

 

137

Purchases of securities available-for-sale

 

(327,222)

 

(33,244)

Acquisition of marketable equity securities

 

 

(113)

Proceeds from calls and principal repayments of securities available-for-sale

 

214,029

 

32,312

Purchase of BOLI

 

 

(20,000)

Loans purchased

 

 

(892)

Proceeds from the sale of portfolio loans transferred to held for sale

 

3,900

 

Net (increase) decrease in loans

 

(326,077)

 

131,569

Purchases of fixed assets, net

 

1,651

 

(1,034)

Sales (purchases) of FHLBNY capital stock, net

 

39,006

 

(1,127)

Net cash received in business combination

715,988

Net cash provided by investing activities

 

461,934

 

111,807

CASH FLOWS FROM FINANCING ACTIVITIES:

 

  

 

  

Increase (decrease) in deposits

 

870,519

 

(3,183)

Repayments of FHLBNY advances, long-term

 

(<