Dime Commercial Bancshares, Inc. Reports 53% Year-Over-Year Increase In EPS
| September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||||||
| (Dollars in thousands) | Balance | WAR (1) | Balance | WAR (1) | Balance | WAR (1) | ||||||||||
| Loans held for investment balances at period end: | ||||||||||||||||
| Business loans (2) | $ | 3,991,773 | 6.44 | % | $ | 3,645,194 | 6.32 | % | $ | 3,062,674 | 6.60 | % | ||||
| One-to-four family residential and coop/condo apartment | 1,124,190 | 5.10 | 1,075,904 | 5.04 | 1,030,949 | 4.92 | ||||||||||
| Multifamily residential and residential mixed-use (3)(4) | 2,951,768 | 4.54 | 3,113,647 | 4.48 | 3,509,811 | 4.52 | ||||||||||
| Non-owner-occupied commercial real estate | 2,753,169 | 5.26 | 2,770,751 | 5.14 | 2,975,474 | 5.13 | ||||||||||
| Acquisition, development, and construction | 88,587 | 6.76 | 90,476 | 7.10 | 139,145 | 8.04 | ||||||||||
| Other loans | 8,668 | 12.28 | 8,401 | 11.81 | 7,621 | 11.14 | ||||||||||
| Loans held for investment | $ | 10,918,155 | 5.50 | % | $ | 10,704,373 | 5.36 | % | $ | 10,725,674 | 5.37 | % |
(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. At September 30, 2025, business loans included balances related to Paycheck Protection Program (“PPP”) loans; no PPP loans were outstanding at September 30, 2026 or June 30, 2026.
(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) | Q3 2026 | Q2 2026 | Q3 2025 | ||||||
| Originations Excluding New Lines of Credit | $ | 374.8 | $ | 255.3 | $ | 170.6 | |||
| Originations Including New Lines of Credit | 745.8 | 533.4 | 535.6 |
Deposits and Borrowed Funds
Period end total deposits (including mortgage escrow deposits) at September 30, 2026 were $13.14 billion, compared to $12.68 billion at June 30, 2026 and $12.06 billion at September 30, 2025.
Brokered deposits were $200.0 million at September 30, 2026, compared to $200.0 million at June 30, 2026 and $200.0 million at September 30, 2025. Total Federal Home Loan Bank advances were lowered to $335.0 million at September 30, 2026, compared to $385.0 million at June 30, 2026 and $508.0 million at September 30, 2025.
Non-Interest Income
Non-interest income was $14.1 million during the third quarter of 2026, $11.3 million during the second quarter of 2026, and $12.2 million during the third quarter of 2025. Excluding the fair value change in equity securities and loans held for sale, and (gain) loss on sale of securities, loans and other assets, non-interest income was $13.4 million during the third quarter of 2026, $13.2 million during the second quarter of 2026 and $13.3 million during the third quarter of 2025.
Non-Interest Expense
Total non-interest expense was $65.5 million during the third quarter of 2026, $64.7 million during the second quarter of 2026, and $62.2 million during the third quarter of 2025. Excluding the impact of the net loss (gain) on extinguishment of debt, amortization of other intangible assets and severance expense, adjusted non-interest expense was $64.3 million during the third quarter of 2026, $64.1 million during the second quarter of 2026, and $62.0 million during the third 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 1.73% during the third quarter of 2026, compared to 1.74% during the linked quarter and 1.73% during the third quarter of 2025. Excluding the impact of the net loss (gain) on extinguishment of debt, amortization of other intangible assets and severance expense, the ratio of adjusted non-interest expense to average assets was 1.70% during the third quarter of 2026, 1.72% during the second quarter of 2026, and 1.72% during the third quarter of 2025 (see“Non-GAAP Reconciliation” tables at the end of this news release).
The efficiency ratio was 48.4% during the third quarter of 2026, compared to 51.2% during the linked quarter and 53.8% during the third quarter of 2025. Excluding the impact of (gain) loss on sale of securities, loans and other assets, fair value change in equity securities and loans held for sale, severance expense, net loss (gain) on extinguishment of debt, and amortization of other intangible assets, the adjusted efficiency ratio was 47.8% during the third quarter of 2026, compared to 49.9% during the linked quarter and 53.1% during the third quarter of 2025 (see“Non-GAAP Reconciliation” tables at the end of this news release).
Mr. Lubow commented,“Our organic growth strategy is paying dividends as evidenced by a decline in the core efficiency ratio to below 48% for the third quarter. Growth in revenues is anticipated to continue to drive the efficiency ratio lower in the years ahead.”
Income Tax Expense
Income tax expense was $14.5 million during the third quarter of 2026, $13.1 million during the second quarter of 2026, and $12.4 million during the third quarter of 2025. The effective tax rate for the third quarter of 2026 was 25.8%, compared to 27.3% for the second quarter of 2026 and 31.0% for the third quarter of 2025.
Credit Quality
Non-performing assets were $99.5 million at September 30, 2026, compared to $69.0 million at June 30, 2026 and $72.1 million at September 30, 2025.
A credit loss provision of $13.8 million was recorded during the third quarter of 2026, compared to $13.9 million during the second quarter of 2026, and $13.3 million during the third quarter of 2025.
Capital Management
Stockholders' equity increased $2.3 million to $1.52 billion at September 30, 2026.
The Company's and the Bank's regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of September 30, 2026.
Dividends per common share were $0.25 for each of the third and second quarters of 2026.
Book value per common share was $32.10 at September 30, 2026 compared to $31.79 at June 30, 2026.
Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $28.49 at September 30, 2026 compared to $28.21 at June 30, 2026 (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 Tuesday, October 20, 2026, during which CEO Lubow will discuss the Company's third quarter 2026 financial performance, with a question-and-answer session to follow.
Participants may access the conference call via webcast using this link: . To participate via telephone, please register in advance using this link: . 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 .
ABOUT DIME COMMERCIAL BANCSHARES, INC.
Dime Commercial Bancshares, Inc. is the holding company for Dime Commercial Bank, 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. Any forward-looking statements presented herein are made only as of the date of this release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as may be required by law.
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 |
| DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES | ||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||||
| (In thousands) | ||||||||||||
| September 30, | June 30, | December 31, | ||||||||||
| 2026 | 2026 | 2025 | ||||||||||
| Assets: | ||||||||||||
| Cash and due from banks | $ | 2,184,800 | $ | 1,934,594 | $ | 2,353,966 | ||||||
| Securities available-for-sale, at fair value | 897,276 | 895,251 | 797,935 | |||||||||
| Securities held-to-maturity | 701,601 | 706,606 | 618,901 | |||||||||
| Loans held for sale | 2,413 | 1,862 | 1,989 | |||||||||
| Loans held for investment, net: | ||||||||||||
| Business loans (1) | 3,991,773 | 3,645,194 | 3,240,600 | |||||||||
| One-to-four family residential and coop/condo apartment | 1,124,190 | 1,075,904 | 1,035,983 | |||||||||
| Multifamily residential and residential mixed-use (2)(3) | 2,951,768 | 3,113,647 | 3,424,565 | |||||||||
| Non-owner-occupied commercial real estate | 2,753,169 | 2,770,751 | 2,933,287 | |||||||||
| Acquisition, development and construction | 88,587 | 90,476 | 117,215 | |||||||||
| Other loans | 8,668 | 8,401 | 6,558 | |||||||||
| Allowance for credit losses | (108,548 | ) | (104,963 | ) | (97,372 | ) | ||||||
| Total loans held for investment, net | 10,809,607 | 10,599,410 | 10,660,836 | |||||||||
| Premises and fixed assets, net | 28,711 | 30,570 | 31,255 | |||||||||
| Restricted stock | 59,046 | 61,167 | 67,197 | |||||||||
| BOLI | 422,101 | 417,459 | 401,163 | |||||||||
| Goodwill | 155,797 | 155,797 | 155,797 | |||||||||
| Other intangible assets | 2,339 | 2,534 | 2,938 | |||||||||
| Operating lease assets | 44,114 | 36,830 | 42,876 | |||||||||
| Derivative assets | 99,951 | 70,545 | 76,315 | |||||||||
| Accrued interest receivable | 57,694 | 56,282 | 55,572 | |||||||||
| Other assets | 81,419 | 74,046 | 74,891 | |||||||||
| Total assets | $ | 15,546,869 | $ | 15,042,953 | $ | 15,341,631 | ||||||
| Liabilities: | ||||||||||||
| Non-interest-bearing checking (excluding mortgage escrow deposits) | $ | 4,158,300 | $ | 3,946,965 | $ | 3,915,081 | ||||||
| Interest-bearing checking | 1,068,293 | 1,140,667 | 1,178,281 | |||||||||
| Savings (excluding mortgage escrow deposits) | 1,608,662 | 1,621,056 | 1,777,143 | |||||||||
| Money market | 5,187,009 | 4,853,645 | 4,806,572 | |||||||||
| Certificates of deposit | 1,034,729 | 1,068,824 | 1,117,118 | |||||||||
| Deposits (excluding mortgage escrow deposits) | 13,056,993 | 12,631,157 | 12,794,195 | |||||||||
| Non-interest-bearing mortgage escrow deposits | 81,429 | 45,980 | 47,051 | |||||||||
| Interest-bearing mortgage escrow deposits | - | - | - | |||||||||
| Total mortgage escrow deposits | 81,429 | 45,980 | 47,051 | |||||||||
| Total deposits (including mortgage escrow deposits) | 13,138,422 | 12,677,137 | 12,841,246 | |||||||||
| FHLBNY advances | 335,000 | 385,000 | 508,000 | |||||||||
| Subordinated debt, net | 231,313 | 231,186 | 272,503 | |||||||||
| Derivative cash collateral | 100,550 | 61,790 | 52,400 | |||||||||
| Operating lease liabilities | 46,834 | 39,626 | 45,729 | |||||||||
| Derivative liabilities | 99,394 | 69,631 | 73,573 | |||||||||
| Other liabilities | 72,598 | 58,127 | 72,411 | |||||||||
| Total liabilities | 14,024,111 | 13,522,497 | 13,865,862 | |||||||||
| Stockholders' equity: | ||||||||||||
| Preferred stock, Series A | 116,569 | 116,569 | 116,569 | |||||||||
| Common stock | 462 | 462 | 462 | |||||||||
| Additional paid-in capital | 622,827 | 622,636 | 623,041 | |||||||||
| Retained earnings | 926,880 | 898,089 | 854,167 | |||||||||
| Accumulated other comprehensive loss ("AOCI"), net of deferred taxes | (46,314 | ) | (31,573 | ) | (31,468 | ) | ||||||
| Unearned equity awards | (15,311 | ) | (17,590 | ) | (8,661 | ) | ||||||
| Treasury stock, at cost | (82,355 | ) | (68,137 | ) | (78,341 | ) | ||||||
| Total stockholders' equity | 1,522,758 | 1,520,456 | 1,475,769 | |||||||||
| Total liabilities and stockholders' equity | $ | 15,546,869 | $ | 15,042,953 | $ | 15,341,631 |
(1) Business loans include commercial and industrial loans, and owner-occupied commercial real estate 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 COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| (Dollars in thousands except share and per share amounts) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Loans | $ | 149,776 | $ | 143,892 | $ | 147,756 | $ | 435,758 | $ | 435,909 | ||||||||||
| Securities | 15,428 | 14,518 | 11,338 | 42,734 | 34,014 | |||||||||||||||
| Other short-term investments | 18,182 | 16,840 | 16,449 | 53,544 | 35,035 | |||||||||||||||
| Total interest income | 183,386 | 175,250 | 175,543 | 532,036 | 504,958 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits and escrow | 54,220 | 52,171 | 62,950 | 158,755 | 181,205 | |||||||||||||||
| Borrowed funds | 7,279 | 7,351 | 8,406 | 22,930 | 25,141 | |||||||||||||||
| Derivative cash collateral | 668 | 542 | 788 | 1,695 | 2,903 | |||||||||||||||
| Total interest expense | 62,167 | 60,064 | 72,144 | 183,380 | 209,249 | |||||||||||||||
| Net interest income | 121,219 | 115,186 | 103,399 | 348,656 | 295,709 | |||||||||||||||
| Provision for credit losses | 13,812 | 13,875 | 13,294 | 40,000 | 32,141 | |||||||||||||||
| Net interest income after provision | 107,407 | 101,311 | 90,105 | 308,656 | 263,568 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Service charges and other fees | 6,879 | 6,483 | 5,209 | 19,092 | 14,494 | |||||||||||||||
| Title fees | 191 | 187 | 126 | 520 | 342 | |||||||||||||||
| Loan level derivative income | 702 | 535 | 650 | 1,709 | 1,653 | |||||||||||||||
| BOLI income | 4,683 | 5,038 | 4,956 | 14,279 | 13,135 | |||||||||||||||
| Gain on sale of Small Business Administration ("SBA") loans | - | 196 | 38 | 196 | 507 | |||||||||||||||
| Gain on sale of residential loans | 77 | 49 | 37 | 198 | 119 | |||||||||||||||
| Fair value change in equity securities and loans held for sale | (38 | ) | 38 | 51 | (38 | ) | 152 | |||||||||||||
| Gain on securities | - | - | 14 | - | 163 | |||||||||||||||
| Gain (loss) on sale of loans and other assets | 757 | (2,000 | ) | (1,117 | ) | (1,563 | ) | (1,117 | ) | |||||||||||
| Other | 877 | 740 | 2,247 | 2,347 | 3,991 | |||||||||||||||
| Total non-interest income | 14,128 | 11,266 | 12,211 | 36,740 | 33,439 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 39,303 | 39,781 | 38,344 | 118,677 | 110,213 | |||||||||||||||
| Severance | 974 | 454 | 6 | 1,530 | 218 | |||||||||||||||
| Occupancy and equipment | 7,855 | 7,899 | 8,107 | 23,963 | 23,838 | |||||||||||||||
| Data processing costs | 5,835 | 5,151 | 4,798 | 16,409 | 14,495 | |||||||||||||||
| Marketing | 2,258 | 1,951 | 1,961 | 6,234 | 5,383 | |||||||||||||||
| Professional services | 1,981 | 2,325 | 2,228 | 6,215 | 6,441 | |||||||||||||||
| Federal deposit insurance premiums | 1,627 | 1,712 | 1,799 | 4,605 | 5,538 | |||||||||||||||
| Net loss (gain) on extinguishment of debt | - | 2 | - | (972 | ) | - | ||||||||||||||
| Loss due to pension settlement | - | - | - | - | 7,231 | |||||||||||||||
| Amortization of other intangible assets | 195 | 195 | 236 | 599 | 723 | |||||||||||||||
| Other | 5,475 | 5,231 | 4,745 | 15,700 | 13,954 | |||||||||||||||
| Total non-interest expense | 65,503 | 64,701 | 62,224 | 192,960 | 188,034 | |||||||||||||||
| Income before taxes | 56,032 | 47,876 | 40,092 | 152,436 | 108,973 | |||||||||||||||
| Income tax expense | 14,472 | 13,062 | 12,421 | 41,480 | 30,147 | |||||||||||||||
| Net income | 41,560 | 34,814 | 27,671 | 110,956 | 78,826 | |||||||||||||||
| Preferred stock dividends | 1,822 | 1,821 | 1,822 | 5,465 | 5,465 | |||||||||||||||
| Net income available to common stockholders | $ | 39,738 | $ | 32,993 | $ | 25,849 | $ | 105,491 | $ | 73,361 |
| DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| UNAUDITED COMMON SHARE DATA | ||||||||||||||||||||
| (Dollars in thousands except per share amounts) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| GAAP | 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Net income available to common stockholders | $ | 39,738 | $ | 32,993 | $ | 25,849 | $ | 105,491 | $ | 73,361 | ||||||||||
| Less: Dividends paid and earnings allocated to participating securities | (801 | ) | (687 | ) | (493 | ) | (2,081 | ) | (1,323 | ) | ||||||||||
| Income attributable to common stock - Basic and Diluted | $ | 38,937 | $ | 32,306 | $ | 25,356 | 103,410 | 72,038 | ||||||||||||
| Weighted-average common shares outstanding | 43,137,429 | 43,218,619 | 43,052,898 | 43,155,159 | 43,010,919 | |||||||||||||||
| Basic and diluted earnings per share ("EPS") (1) | $ | 0.90 | $ | 0.75 | $ | 0.59 | $ | 2.40 | $ | 1.67 | ||||||||||
| Non-GAAP | ||||||||||||||||||||
| Adjusted net income available to common stockholders (2) | $ | 39,914 | $ | 34,663 | $ | 26,588 | $ | 106,982 | $ | 79,139 | ||||||||||
| Less: Dividends paid and earnings allocated to participating securities | (805 | ) | (722 | ) | (507 | ) | (2,113 | ) | (1,417 | ) | ||||||||||
| Adjusted income attributable to common stock - Basic and Diluted | $ | 39,109 | $ | 33,941 | $ | 26,081 | $ | 104,869 | $ | 77,722 | ||||||||||
| Weighted-average common shares outstanding | 43,137,429 | 43,218,619 | 43,052,898 | 43,155,159 | 43,010,919 | |||||||||||||||
| Adjusted basic and diluted EPS (3) | $ | 0.91 | $ | 0.79 | $ | 0.61 | $ | 2.43 | $ | 1.81 |
(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.
| DIME COMMERCIAL 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 Nine Months Ended | |||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Per Share Data: | ||||||||||||||||
| Reported EPS (Diluted) | $ | 0.90 | $ | 0.75 | $ | 0.59 | $ | 2.40 | $ | 1.67 | ||||||
| Cash dividends paid per common share | 0.25 | 0.25 | 0.25 | 0.75 | 0.75 | |||||||||||
| Book value per common share | 32.10 | 31.79 | 30.44 | 32.10 | 30.44 | |||||||||||
| Tangible common book value per share (1) | 28.49 | 28.21 | 26.81 | 28.49 | 26.81 | |||||||||||
| Common shares outstanding | 43,811 | 44,158 | 43,889 | 43,811 | 43,889 | |||||||||||
| Dividend payout ratio | 27.78 | % | 33.33 | % | 42.37 | % | 31.25 | % | 44.91 | % | ||||||
| Performance Ratios (Based upon Reported Net Income): | ||||||||||||||||
| Return on average assets | 1.10 | % | 0.94 | % | 0.77 | % | 0.99 | % | 0.75 | % | ||||||
| Return on average equity | 10.77 | 9.15 | 7.59 | 9.71 | 7.31 | |||||||||||
| Return on average tangible common equity (1) | 12.57 | 10.62 | 8.80 | 11.31 | 8.47 | |||||||||||
| Net interest margin | 3.35 | 3.28 | 3.01 | 3.28 | 2.98 | |||||||||||
| Non-interest expense to average assets | 1.73 | 1.74 | 1.73 | 1.72 | 1.78 | |||||||||||
| Efficiency ratio | 48.4 | 51.2 | 53.8 | 50.1 | 57.1 | |||||||||||
| Effective tax rate | 25.83 | 27.28 | 30.98 | 27.21 | 27.66 | |||||||||||
| Balance Sheet Data: | ||||||||||||||||
| Average assets | $ | 15,142,449 | $ | 14,862,346 | $ | 14,426,002 | $ | 14,996,020 | $ | 14,074,794 | ||||||
| Average interest-earning assets | 14,364,889 | 14,086,464 | 13,638,036 | 14,218,475 | 13,267,962 | |||||||||||
| Average tangible common equity (1) | 1,268,341 | 1,247,394 | 1,182,158 | 1,248,060 | 1,162,403 | |||||||||||
| Loan-to-deposit ratio at end of period (2) | 83.1 | % | 84.4 | % | 88.9 | % | 83.1 | % | 88.9 | % | ||||||
| Capital Ratios and Reserves - Consolidated: | ||||||||||||||||
| Tangible common equity to tangible assets (1) (3) | 8.11 | % | 8.37 | % | 8.18 | % | ||||||||||
| Tangible equity to tangible assets (1) (3) | 8.87 | 9.15 | 8.99 | |||||||||||||
| Tier 1 common equity ratio (3) | 11.75 | 11.99 | 11.53 | |||||||||||||
| Tier 1 risk-based capital ratio (3) | 12.81 | 13.09 | 12.64 | |||||||||||||
| Total risk-based capital ratio (3) | 15.96 | 16.30 | 16.18 | |||||||||||||
| Tier 1 leverage ratio (3) | 9.40 | 9.46 | 9.29 | |||||||||||||
| Consolidated CRE concentration ratio (3)(4) | 338 | 352 | 401 | |||||||||||||
| Allowance for credit losses/ Total loans | 0.99 | 0.98 | 0.88 | |||||||||||||
| Allowance for credit losses/ Non-performing loans held for investment | 111.54 | 157.09 | 130.54 |
(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)September 30, 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 September 30, 2026 ratio is preliminary pending completion and filing of the Company's regulatory reports.
| DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
| UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME | |||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 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 | $ | 3,798,622 | $ | 62,650 | 6.54 | % | $ | 3,489,614 | $ | 56,520 | 6.50 | % | $ | 2,957,434 | $ | 50,271 | 6.74 | % | |||||||
| One-to-four family residential and coop/condo apartment | 1,111,740 | 13,604 | 4.85 | 1,064,043 | 12,588 | 4.75 | 1,023,844 | 12,120 | 4.70 | ||||||||||||||||
| Multifamily residential and residential mixed-use | 3,059,148 | 35,123 | 4.56 | 3,195,372 | 35,930 | 4.51 | 3,591,822 | 41,712 | 4.61 | ||||||||||||||||
| Non-owner-occupied commercial real estate | 2,724,952 | 36,719 | 5.35 | 2,815,624 | 37,117 | 5.29 | 3,067,598 | 40,439 | 5.23 | ||||||||||||||||
| Acquisition, development, and construction | 79,710 | 1,654 | 8.23 | 90,738 | 1,711 | 7.56 | 145,902 | 3,184 | 8.66 | ||||||||||||||||
| Other loans | 8,981 | 26 | 1.15 | 8,580 | 26 | 1.22 | 7,515 | 30 | 1.58 | ||||||||||||||||
| Total loans | 10,783,153 | 149,776 | 5.51 | 10,663,971 | 143,892 | 5.41 | 10,794,115 | 147,756 | 5.43 | ||||||||||||||||
| Securities | 1,640,702 | 15,428 | 3.73 | 1,582,300 | 14,518 | 3.68 | 1,340,223 | 11,338 | 3.36 | ||||||||||||||||
| Other short-term investments | 1,941,034 | 18,182 | 3.72 | 1,840,193 | 16,840 | 3.67 | 1,503,698 | 16,449 | 4.34 | ||||||||||||||||
| Total interest-earning assets | 14,364,889 | 183,386 | 5.06 | % | 14,086,464 | 175,250 | 4.99 | % | 13,638,036 | 175,543 | 5.11 | % | |||||||||||||
| Non-interest-earning assets | 777,560 | 775,882 | 787,966 | ||||||||||||||||||||||
| Total assets | $ | 15,142,449 | $ | 14,862,346 | $ | 14,426,002 | |||||||||||||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Interest-bearing checking (1) | $ | 1,082,628 | $ | 4,453 | 1.63 | % | $ | 1,040,981 | $ | 4,058 | 1.56 | % | $ | 1,069,761 | $ | 5,306 | 1.97 | % | |||||||
| Money market | 4,907,654 | 31,883 | 2.58 | 4,796,008 | 30,049 | 2.51 | 4,359,512 | 34,877 | 3.17 | ||||||||||||||||
| Savings (1) | 1,635,196 | 9,776 | 2.37 | 1,684,130 | 9,826 | 2.34 | 1,821,289 | 13,273 | 2.89 | ||||||||||||||||
| Certificates of deposit | 1,051,590 | 8,108 | 3.06 | 1,075,789 | 8,238 | 3.07 | 1,116,152 | 9,494 | 3.37 | ||||||||||||||||
| Total interest-bearing deposits | 8,677,068 | 54,220 | 2.48 | 8,596,908 | 52,171 | 2.43 | 8,366,714 | 62,950 | 2.99 | ||||||||||||||||
| FHLBNY advances | 337,717 | 3,469 | 4.08 | 418,517 | 3,541 | 3.39 | 508,000 | 4,104 | 3.21 | ||||||||||||||||
| Subordinated debt, net | 231,229 | 3,809 | 6.54 | 231,102 | 3,810 | 6.61 | 272,429 | 4,301 | 6.26 | ||||||||||||||||
| Other short-term borrowings | 76 | 1 | 5.22 | - | - | - | 76 | 1 | 5.22 | ||||||||||||||||
| Total borrowings | 569,022 | 7,279 | 5.08 | 649,619 | 7,351 | 4.54 | 780,505 | 8,406 | 4.27 | ||||||||||||||||
| Derivative cash collateral | 75,524 | 668 | 3.51 | 62,134 | 542 | 3.50 | 63,856 | 788 | 4.90 | ||||||||||||||||
| Total interest-bearing liabilities | 9,321,614 | 62,167 | 2.65 | % | 9,308,661 | 60,064 | 2.59 | % | 9,211,075 | 72,144 | 3.11 | % | |||||||||||||
| Non-interest-bearing checking (1) | 4,102,780 | 3,864,575 | 3,573,448 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 174,880 | 166,688 | 183,627 | ||||||||||||||||||||||
| Total liabilities | 13,599,274 | 13,339,924 | 12,968,150 | ||||||||||||||||||||||
| Stockholders' equity | 1,543,175 | 1,522,422 | 1,457,852 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 15,142,449 | $ | 14,862,346 | $ | 14,426,002 | |||||||||||||||||||
| Net interest income | $ | 121,219 | $ | 115,186 | $ | 103,399 | |||||||||||||||||||
| Net interest rate spread | 2.41 | % | 2.40 | % | 2.00 | % | |||||||||||||||||||
| Net interest margin | 3.35 | % | 3.28 | % | 3.01 | % | |||||||||||||||||||
| Deposits (including non-interest-bearing checking accounts) (1) | $ | 12,779,848 | $ | 54,220 | 1.68 | % | $ | 12,461,483 | $ | 52,171 | 1.68 | % | $ | 11,940,162 | $ | 62,950 | 2.09 | % |
(1) Includes mortgage escrow deposits.
| DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES | ||||||||||||
| UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| At or For the Three Months Ended | ||||||||||||
| September 30, | June 30, | September 30, | ||||||||||
| Asset Quality Detail | 2026 | 2026 | 2025 | |||||||||
| Non-performing loans held for investment | ||||||||||||
| Business loans | $ | 33,171 | $ | 23,898 | $ | 21,005 | ||||||
| One-to-four family residential and coop/condo apartment | 4,852 | 4,465 | 2,440 | |||||||||
| Multifamily residential and residential mixed-use | 47,773 | 26,893 | - | |||||||||
| Non-owner-occupied commercial real estate | 11,109 | 11,151 | 47,952 | |||||||||
| Acquisition, development, and construction | 412 | 412 | 657 | |||||||||
| Other loans | - | - | - | |||||||||
| Non-accrual loans held for investment | $ | 97,317 | $ | 66,819 | $ | 72,054 | ||||||
| Non-accrual loans held for sale | $ | 1,750 | $ | 1,750 | $ | - | ||||||
| Total non-accrual loans | $ | 99,067 | $ | 68,569 | $ | 72,054 | ||||||
| Total non-accrual loans/ Total loans | 0.91 | % | 0.64 | % | 0.67 | % | ||||||
| Total non-performing assets ("NPAs") (1) | $ | 99,517 | $ | 69,019 | $ | 72,054 | ||||||
| Total loans 90 days delinquent and accruing ("90+ Delinquent") | $ | - | $ | - | $ | - | ||||||
| NPAs and 90+ Delinquent | $ | 99,517 | $ | 69,019 | $ | 72,054 | ||||||
| NPAs and 90+ Delinquent / Total assets | 0.64 | % | 0.46 | % | 0.50 | % | ||||||
| Net loan charge-offs ("NCOs") | $ | 9,749 | $ | 9,662 | $ | 12,586 | ||||||
| NCOs / Average loans (2) | 0.36 | % | 0.36 | % | 0.47 | % |
(1)September 30, 2026 and June 30, 2026 balances include one non-performing available-for-sale security in the amount of $450 thousand.
(2)Calculated based on annualized NCOs to average loans.
DIME COMMERCIAL 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, (gain) loss on sale of securities, loans and other assets, severance, net loss (gain) on extinguishment of debt and loss due to pension settlement.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders | ||||||||||||||||||||
| Reported net income available to common stockholders | $ | 39,738 | $ | 32,993 | $ | 25,849 | $ | 105,491 | $ | 73,361 | ||||||||||
| Adjustments to net income (1): | ||||||||||||||||||||
| Fair value change in equity securities and loans held for sale | 38 | (38 | ) | (51 | ) | 38 | (152 | ) | ||||||||||||
| (Gain) loss on sale of securities, loans and other assets | (757 | ) | 2,000 | 1,112 | 1,563 | 1,040 | ||||||||||||||
| Severance | 974 | 454 | 6 | 1,530 | 218 | |||||||||||||||
| Net loss (gain) on extinguishment of debt | - | 2 | - | (972 | ) | - | ||||||||||||||
| Loss due to pension settlement | - | - | - | - | 7,231 | |||||||||||||||
| Income tax effect of adjustments noted above (1) | (79 | ) | (748 | ) | (328 | ) | (668 | ) | (2,559 | ) | ||||||||||
| Adjusted net income available to common stockholders (non-GAAP) | $ | 39,914 | $ | 34,663 | $ | 26,588 | $ | 106,982 | $ | 79,139 | ||||||||||
| Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above) | ||||||||||||||||||||
| Adjusted EPS (Diluted) | $ | 0.91 | $ | 0.79 | $ | 0.61 | $ | 2.43 | $ | 1.81 | ||||||||||
| Adjusted return on average assets | 1.10 | % | 0.98 | % | 0.79 | % | 1.00 | % | 0.80 | % | ||||||||||
| Adjusted return on average equity | 10.82 | 9.59 | 7.80 | 9.84 | 7.84 | |||||||||||||||
| Adjusted return on average tangible common equity | 12.63 | 11.16 | 9.05 | 11.47 | 9.14 | |||||||||||||||
| Adjusted non-interest expense to average assets | 1.70 | 1.72 | 1.72 | 1.71 | 1.70 | |||||||||||||||
| Adjusted efficiency ratio | 47.8 | 49.9 | 53.1 | 49.6 | 54.5 |
(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 | Nine Months Ended | ||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Operating expense as a % of average assets - as reported | 1.73 | % | 1.74 | % | 1.73 | % | 1.72 | % | 1.78 | % | |||||||||
| Severance | (0.03 | ) | (0.01 | ) | - | (0.01 | ) | - | |||||||||||
| Net loss (gain) on extinguishment of debt | - | - | - | - | - | ||||||||||||||
| Loss due to pension settlement | - | - | - | - | (0.07 | ) | |||||||||||||
| Amortization of other intangible assets | - | (0.01 | ) | (0.01 | ) | - | (0.01 | ) | |||||||||||
| Adjusted operating expense as a % of average assets (non-GAAP) | 1.70 | % | 1.72 | % | 1.72 | % | 1.71 | % | 1.70 | % |
The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Efficiency ratio - as reported (non-GAAP) (1) | 48.4 | % | 51.2 | % | 53.8 | % | 50.1 | % | 57.1 | % | ||||||||||
| Non-interest expense - as reported | $ | 65,503 | $ | 64,701 | $ | 62,224 | $ | 192,960 | $ | 188,034 | ||||||||||
| Severance | (974 | ) | (454 | ) | (6 | ) | (1,530 | ) | (218 | ) | ||||||||||
| Net (loss) gain on extinguishment of debt | - | (2 | ) | - | 972 | - | ||||||||||||||
| Loss due to pension settlement | - | - | - | - | (7,231 | ) | ||||||||||||||
| Amortization of other intangible assets | (195 | ) | (195 | ) | (236 | ) | (599 | ) | (723 | ) | ||||||||||
| Adjusted non-interest expense (non-GAAP) | $ | 64,334 | $ | 64,050 | $ | 61,982 | $ | 191,803 | $ | 179,862 | ||||||||||
| Net interest income - as reported | $ | 121,219 | $ | 115,186 | $ | 103,399 | $ | 348,656 | $ | 295,709 | ||||||||||
| Non-interest income - as reported | $ | 14,128 | $ | 11,266 | $ | 12,211 | $ | 36,740 | $ | 33,439 | ||||||||||
| Fair value change in equity securities and loans held for sale | 38 | (38 | ) | (51 | ) | 38 | (152 | ) | ||||||||||||
| (Gain) loss on sale of securities, loans and other assets | (757 | ) | 2,000 | 1,112 | 1,563 | 1,040 | ||||||||||||||
| Adjusted non-interest income (non-GAAP) | $ | 13,409 | $ | 13,228 | $ | 13,272 | $ | 38,341 | $ | 34,327 | ||||||||||
| Adjusted total revenues for adjusted efficiency ratio (non-GAAP) | $ | 134,628 | $ | 128,414 | $ | 116,671 | $ | 386,997 | $ | 330,036 | ||||||||||
| Adjusted efficiency ratio (non-GAAP) (2) | 47.8 | % | 49.9 | % | 53.1 | % | 49.6 | % | 54.5 | % |
(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 Ended | Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Financial Data: | |||||||||||||||
| Net interest income | $ | 121,219 | $ | 115,186 | $ | 103,399 | $ | 348,656 | $ | 295,709 | |||||
| Non-interest income | 14,128 | 11,266 | 12,211 | 36,740 | 33,439 | ||||||||||
| Total revenue | 135,347 | 126,452 | 115,610 | 385,396 | 329,148 | ||||||||||
| Non-interest expense | 65,503 | 64,701 | 62,224 | 192,960 | 188,034 | ||||||||||
| Pre-tax pre-provision net revenue (non-GAAP) (1) | $ | 69,844 | $ | 61,751 | $ | 53,386 | $ | 192,436 | $ | 141,114 | |||||
| Adjusted pre-tax pre-provision net revenue (non-GAAP) (2) | $ | 70,294 | $ | 64,364 | $ | 54,689 | $ | 195,194 | $ | 150,174 |
(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):
| September 30, | June 30, | September 30, | ||||||||||
| 2026 | 2026 | 2025 | ||||||||||
| Reconciliation of Tangible Assets: | ||||||||||||
| Total assets | $ | 15,546,869 | $ | 15,042,953 | $ | 14,538,943 | ||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | ||||||
| Other intangible assets | (2,339 | ) | (2,534 | ) | (3,173 | ) | ||||||
| Tangible assets (non-GAAP) | $ | 15,388,733 | $ | 14,884,622 | $ | 14,379,973 | ||||||
| Reconciliation of Tangible Common Equity - Consolidated: | ||||||||||||
| Total stockholders' equity | $ | 1,522,758 | $ | 1,520,456 | $ | 1,452,342 | ||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | ||||||
| Other intangible assets | (2,339 | ) | (2,534 | ) | (3,173 | ) | ||||||
| Tangible equity (non-GAAP) | 1,364,622 | 1,362,125 | 1,293,372 | |||||||||
| Preferred stock, net | (116,569 | ) | (116,569 | ) | (116,569 | ) | ||||||
| Tangible common equity (non-GAAP) | $ | 1,248,053 | $ | 1,245,556 | $ | 1,176,803 | ||||||
| Common shares outstanding | 43,811 | 44,158 | 43,889 | |||||||||
| Tangible common equity to tangible assets (non-GAAP) | 8.11 | % | 8.37 | % | 8.18 | % | ||||||
| Tangible equity to tangible assets (non-GAAP) | 8.87 | 9.15 | 8.99 | |||||||||
| Book value per common share | $ | 32.10 | $ | 31.79 | $ | 30.44 | ||||||
| Tangible common book value per share (non-GAAP) | 28.49 | 28.21 | 26.81 |
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