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EX - 99.12 dcom - 20210730ex991fa5608.htm EX - 99.1 Page 1 Exhibit 99.1 DIME Community Bancshares , Inc. DIME COMMUNITY BANCSHARES , INC . REPORTS 295 % INCREASE IN NET INCOME YEAR - OVER- YEAR Continued Focus on Enhancing Greater Long Island's Premier Deposit Franchise Cost of Deposits Declines to 0.17 % and Non - Interest - Bearing Deposits Increase to 33.3 % of Total Deposits PPP Sale and Strong Earnings Result in Linked Quarter Increase in Capital Ratios Hauppauge , NY , July 30 , 2021 ( GLOBE NEWSWIRE ) Dime Community Bancshares , Inc. ( NASDAQ : DCOM ) ( the “ Company ” or “ Dime ” or “ its ” ) , the parent company of Dime Community Bank ( the “ Bank ” ) , today reported net income available to common stockholders of $ 49.5 million for the quarter ended June 30 , 2021 , or $ 1.19 per diluted common share , compared with a net loss available to common stockholders of $ 22.9 million for the quarter ended March 31 , 2021 , or $ 0.66 per diluted common share , and net income available to common stockholders of $ 11.8 million for the quarter ended June 30 , 2020 , or $ 0.55 per diluted common share . Adjusted net income to common stockholders ( non - GAAP ) totaled $ 39.1 million for the quarter ended June 30 , 2021 , or $ 0.94 per diluted share¹ . Adjusted net income to common stockholders includes the following primary adjustments : • • Gain on sale of Paycheck Protection Program ( “ PPP ” ) loans : As previously disclosed , the Company sold PPP loans it originated in 2021 ; this resulted in a pre - tax gain on sale of PPP loans of $ 20.7 million ; Branch restructuring costs : As previously disclosed , the Company plans to combine five branch locations into other existing branches in October 2021 ; associated branch restructuring costs were $ 1.7 million , pre - tax . • Merger expenses and transaction costs : The Company recorded merger expenses and transaction costs , associated with its merger of equals transaction , of $ 1.8 million , pre - tax ; Other Adjustments : Severance expense totaled $ 1.9 million , pre - tax , and loss on extinguishment of debt totaled $ 0.2 million , pre - tax . Kevin M. O'Connor , Chief Executive Officer ( " CEO ” ) of the Company , stated , “ During the second quarter we continued to grow Greater Long Island's premier deposit franchise . Our high - quality deposit base , with over 33 % of deposits in non- interest - bearing accounts , positions us well for the time when the Federal Reserve eventually raises interest rates . The sale of PPP loans along with strong earnings resulted in our tangible equity ratio increasing by 46 basis points on a linked quarter basis to 8.29 % . In addition , our non - performing assets declined by approximately 20 % on a linked quarter basis and represent only 0.22 % of total assets . " Mr. O'Connor continued , “ Importantly , we have successfully executed on the cost savings outlined as part of our merger transaction . This is evidenced by our core efficiency ratio averaging approximately 48 % for the last two quarters , which is below the 50 % threshold we had outlined at the time of our merger of equals announcement . With the merger integration now behind us , our high quality , core - deposit funded balance sheet and strong pipelines provide me confidence in our future prospects . " Highlights for the Second Quarter of 2021 Included : • The non - interest - bearing deposits to total deposits ratio increased to 33.3 % at June 30 , 2021 and the cost of deposits for the second quarter of 2021 was proactively managed lower to 0.17 % ; • . Sold $ 596 million of PPP loans during the second quarter of 2021 resulting in a pre - tax gain of $ 20.7 million ; Sold approximately $ 50 million of criticized loans in the second quarter of 2021 to de - risk the balance sheet ; Excluding the sale of the aforementioned criticized loans , total loans excluding PPP loans increased by 3 % on an annualized basis versus the linked quarter ; • Capital levels were bolstered in the quarter as a result of the PPP sale and strong earnings ; the tangible equity to tangible assets ratio increased to 8.29 % at June 30 , 2021 ; • The Company purchased 403,121 shares of its common stock , at a weighted average price of $ 34.33 per share ;