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EX - 99.1 2 dcom - 20211029ex9911bc791.htm EX - 99.1 Page 1 Exhibit 99.1 DIME Community Bancshares , Inc. Dime Community Bancshares , Inc. Increases Net Income Available to Common Stockholders By 160 % Year - Over- Year Non - Interest - Bearing Deposits Increase to 36 % , Positioning the Company Well for A Rising Interest Rate Scenario Hauppauge , NY , October 29 , 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 $ 36.6 million for the quarter ended September 30 , 2021 , or $ 0.89 per diluted common share , compared with net income available to common stockholders of $ 14.0 million for the quarter ended September 30 , 2020 , or $ 0.65 per diluted common share . For the quarter ended June 30 , 2021 , net income available to common stockholders was $ 49.5 million , or $ 1.19 per diluted common share . Adjusted net income to common stockholders ( non - GAAP ) totaled $ 41.4 million for the quarter ended September 30 , 2021 , or $ 1.01 per diluted share¹ . Adjusted net income to common stockholders includes the following primary adjustments : • Branch restructuring costs : As previously disclosed , the Company combined five branch locations into other existing branches in October 2021 ; associated branch restructuring costs were $ 4.5 million during the quarter , pre - tax ; and • Merger expenses and transaction costs : The Company recorded merger expenses and transaction costs , associated with its February 2021 merger of equals transaction , of $ 2.5 million , pre - tax , during the quarter . Kevin M. O'Connor , Chief Executive Officer ( " CEO " ) of the Company , stated , " We continue to improve the quality of our deposit base , as evidenced by non - interest - bearing accounts growing to 36 % of total deposits . Our high level of non- interest - bearing deposits , coupled with a balance sheet that does not rely on wholesale leverage , positions us well for the time when the Federal Reserve begins raising interest rates . In the third quarter , we saw a resumption of loan growth ( excluding Small Business Administration ( " SBA " ) Paycheck Protection Program ( “ PPP " ) loans ) and we continue to maintain healthy pipelines . Finally , we continue to focus on prudent expense management as demonstrated by a core efficiency ratio of 47 % for the third quarter . ” Highlights for the Third Quarter of 2021 Included : The non - interest - bearing deposits to total deposits ratio increased to 35.8 % at September 30 , 2021 ; The cost of deposits for the third quarter of 2021 declined to 0.13 % ; Total loans held for investment , net , excluding PPP loans increased by 4 % on an annualized basis versus the linked quarter ; The Company purchased 480,039 shares of its common stock , at a weighted average price of $ 32.15 per share ; Non - performing assets represent only 0.28 % of total assets as of September 30 , 2021 ; and The Company's Adjusted Pre - tax Pre - provision Net Revenue ( " PPNR " ) for the third quarter was $ 54.8 million compared to $ 52.7 million for the second quarter.1 1 See reconciliation of this non - GAAP financial measure provided elsewhere herein . Management's Discussion of Quarterly Operating Results The Company's results of operations for the second and third quarters of 2021 include income for the full quarter from the merger with Bridge Bancorp , Inc. ( “ Bridge ” ) . The Company's historical information for the third quarter of 2020 does not include the historical GAAP results of Bridge .