Annual report
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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Year Ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT Commission file number 001-34096 Dime Community Bancshares, Inc. (Exact name of registrant as specified in its charter) 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) Registrant’s telephone number, including area code: (631) 537-1000 Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of exchange on which registered Common Stock, par value $0.01 per shareDCOM The Nasdaq Stock Market Preferred Stock, Series A, par value $0.01 per shareDCOMP The Nasdaq Stock Market 9.000% Subordinated Notes, par value $25.00DCOMG The Nasdaq Stock Market Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☒ NO ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐ NO ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve 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, 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes ☐ No ☒ The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 30, 2025 was approximately $1.08 billion based upon the $26.94 closing price on the NASDAQ National Market for a share of the registrant’s common stock on June 30, 2025.
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Table of Contents The registrant had 43,905,888 shares of common stock, $0.01 par value, outstanding as of February 13, 2026. DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement to be distributed on behalf of the Board of Directors of Registrant in connection with the Annual Meeting of Shareholders to be held on May 28, 2026 and any adjournment thereof, are incorporated by reference in Part III.
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Table of Contents 3 TABLE OF CONTENTS Page PART I Item 1. Business 5 Item 1A. Risk Factors 14 Item 1B. Unresolved Staff Comments 22 Item 1C. Cybersecurity 22 Item 2. Properties 24 Item 3. Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. [Reserved] 26 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44 Item 8. Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 100 Item 9A. Controls and Procedures 100 Item 9B. Other Information 100 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 101 PART III Item 10. Directors, Executive Officers and Corporate Governance 102 Item 11. Executive Compensation 102 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102 Item 13. Certain Relationships and Related Transactions, and Director Independence 102 Item 14. Principal Accounting Fees and Services 102 PART IV Item 15. Exhibits, Financial Statement Schedules 103 Item 16. Form 10-K Summary 108 Signatures 109
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Table of Contents 4 Cautionary Note Regarding Forward-Looking Statements This report contains statements relating to our future results (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Such forward-looking statements, in addition to historical information, which involve risk and uncertainties, are based on the beliefs, assumptions and expectations of our management. Words such as “expects,” “believes,” “should,” “plans,” “anticipates,” “will,” “potential,” “could,” “intend,” “may,” “outlook,” “predict,” “project,” “would,” “estimated,” “assumes,” “likely,” and variations of such similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements include, but are not limited to, possible or assumed estimates with respect to the financial condition, asset quality, expected or anticipated revenue, and results of operations and our business, including earnings growth; revenue growth in retail banking, lending and other areas; origination volume in the consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title insurance subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies. We claim the protection of the safe harbor for forward-looking statements contained in the PSLRA. 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; ● inflation and fluctuation in market interest rates, which may affect demand for our products, interest margins and the fair value of financial instruments; ● our net interest margin is subject to material short-term fluctuation based upon market rates; ● changes in deposit flows or composition, loan demand or real estate values; ● changes in the quality and composition of our loan or investment portfolios or unanticipated or significant increases in loan losses; ● changes in accounting principles, policies or guidelines; ● changes in corporate and/or individual income tax laws or policies; ● general socio-economic conditions, including conditions caused by public health emergencies, international conflict, inflation, 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; ● legislative, regulatory or policy changes, including any changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; ● the imposition of tariffs and the responses of third parties thereto, which may increase inflationary pressures; ● changes in distribution of federal funds or freezing of federal funding or grants, which could have an adverse effect on the ability of consumers and businesses to pay debts or affect the demand for loans and deposits; ● the impact of any federal government shutdown, including our ability to effect sales of Small Business Administration (“SBA”) loans; ● technological changes; ● breaches or failures of the company’s information technology security systems; ● our ability to successfully execute strategic plans; ● the success of new business initiatives or the integration of any acquired entities; ● difficulties or unanticipated expenses incurred in the consummation of new business initiatives or the integration of any acquired entities; ● litigation or other matters before federal bank regulatory agencies (“Agencies”); ● the Company may be subject to other risks, as enumerated under Item 1A. Risk Factors in this Annual Report on Form 10-K and in quarterly and other reports filed by us with the Securities and Exchange Commission (“SEC”); and/or ● other unexpected material adverse changes in our financial condition, operations or earnings.
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Table of Contents The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document. PART I Item 1. Business General Dime Community Bancshares, Inc. (the “Company”) is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank (the “Bank”). The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations also include Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. For over a century, we have maintained our focus on building customer relationships in our market area. Our mission is to grow through the provision of exceptional service to our customers, our employees, and the community. We strive to achieve excellence in financial performance and build long-term shareholder value. We engage in providing full service commercial and consumer banking services, including accepting time, savings and demand deposits from the businesses, consumers, and local municipalities in our market area. These deposits, together with funds generated from operations and borrowings, are invested primarily in: (1) commercial real estate (“CRE”) loans; (2) multi-family mortgage loans; (3) residential mortgage loans; (4) secured and unsecured commercial and consumer loans; (5) home equity loans; (6) construction and land loans; (7) Federal Home Loan Bank (“FHLB”), Federal National Mortgage Association (“Fannie Mae”), Government National Mortgage Association (“Ginnie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) mortgage-backed securities, collateralized mortgage obligations and other asset backed securities; (8) U.S. Treasury securities; (9) New York State and local municipal obligations; (10) U.S. Government-sponsored enterprise (“U.S. GSE”) securities; and (11) corporate bonds. We also offer the Certificate of Deposit Account Registry Service (“CDARS”) and Insured Cash Sweep (“ICS”) programs, providing multi-millions of dollars of Federal Deposit Insurance Corporation (“FDIC”) insurance on deposits to our customers. In addition, we offer merchant credit and debit card processing, automated teller machines, cash and treasury management services, escrow account services, lockbox processing, online banking services, remote deposit capture, safe deposit boxes, and individual retirement accounts. We also offer investment services through Dime Financial Services LLC, which offers a full range of investment products and services through a third-party broker dealer. Through its title insurance subsidiary Dime Abstract, the Bank acts as a broker for title insurance services. Our customer base is comprised principally of small and medium sized businesses, municipal relationships and consumer relationships. As of December 31, 2025, we operated 63 branch locations throughout Greater Long Island, the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, Westchester County, and New Jersey. Human Capital Resources Demographics and Culture As of December 31, 2025, we employed 902 full-time equivalent employees. Our employees are not represented by a collective bargaining agreement. Our culture in the workplace encourages employees to care about each other, the communities they serve, and the work they do. We believe strong community ties, customer focus, accountability, and development of the communities in which we operate will have a favorable long-term impact on our business performance. Our employees are passionate and empowered to build relationships and provide customized banking solutions to the communities we serve. We believe in hiring well-qualified people from a wide range of backgrounds who align to values like integrity, innovation, and teamwork. As an equal opportunity employer, our decisions to select and promote employees are unbiased as we seek to build a diverse and inclusive team of employees. Labor Policies and Benefits We offer our employees a comprehensive benefits package that will support, maintain, and protect their physical, mental, and financial health. We sponsor various wellness programs that promote the health and wellness of our employees.
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Table of Contents 6 Training, Development and Retention We are committed to retaining employees by being competitive in providing cash and non-cash rewards, benefits, recognition, and professional development opportunities. We offer an 8-week summer internship program through local colleges that provide students with valuable experience in the professional fields they are considering as career paths. It also provides a post-graduation pipeline of future employees. In addition, we maintain equity incentive plans under which we may issue shares of our common stock. Refer to Note 17. “Stock-Based Compensation” of the Notes to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for further details of our equity incentive plans. We promote career development and continuing education by offering internal training programs and tuition reimbursement for programs that develop skills related to our business. Competition and Principal Market Areas All phases of our business are highly competitive. We face direct competition from a significant number of financial institutions operating in our market area, many with a statewide or regional presence, and in some cases, a national presence. There is also competition for banking business from competitors outside of our market areas. Most of these competitors are significantly larger than us, and therefore have greater financial and marketing resources and lending limits than us. The fixed cost of regulatory compliance remains high for community banks as compared to their larger competitors that are able to achieve economies of scale. We consider our major competition to be local commercial banks as well as other commercial banks with branches in our market area. Other competitors include savings banks, credit unions, mortgage brokers and other financial services firms, such as investment and insurance companies. Increased competition within our market areas may limit growth and profitability. The title insurance subsidiary also faces competition from other title insurance brokers as well as directly from the companies that underwrite title insurance. In New York State, title insurance is obtained on most transfers of real estate and mortgage transactions. Our principal market area is Greater Long Island, which includes the counties of Nassau and Suffolk, and New York City, which includes the five counties (boroughs) of New York (Manhattan), Kings, Queens, Richmond (Staten Island), and the Bronx. Industries represented across the principal market areas include retail establishments; construction and trades; restaurants and bars; lodging and recreation; professional entities; real estate; health services; passenger transportation; high-tech manufacturing; and agricultural and related businesses. Given its proximity, Long Island’s economy is closely linked with New York City’s and major employers in the area include municipalities, school districts, hospitals, and financial institutions. Taxation The Company, the Bank and its subsidiaries, report their income on a consolidated basis using the accrual method of accounting and are subject to federal taxation as well as income tax of the State and City of New York, the State of New Jersey and the State of Florida. The Bank is subject to income tax in the state of Florida due to employees working remotely in the state. In general, banks are subject to federal income tax in the same manner as other corporations. However, gains and losses realized by banks from the sale of available-for-sale securities are generally treated as ordinary income, rather than capital gains or losses. The taxation of net income is similar to federal taxable income subject to certain modifications. Regulation and Supervision Dime Community Bank The Bank is a New York State-chartered trust company and a member of the Federal Reserve System (a “member bank”). The lending, investment, and other business operations of the Bank are governed by New York and federal laws and regulations. The Bank is subject to extensive regulation by the New York State Department of Financial Services (“NYSDFS”) and, as a member bank, by the Board of Governors of the Federal Reserve System (“FRB”). The Bank’s deposit accounts are insured up to applicable limits by the FDIC under its Deposit Insurance Fund (“DIF”), and the FDIC has certain regulatory authority as deposit insurer. A summary of the primary laws and regulations that govern the Bank’s operations are set forth below.
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Table of Contents 7 Loans and Investments The powers of a New York commercial bank (which include, for this purpose, trust companies such as the Bank) are established by New York law and applicable federal law. New York commercial banks have authority to originate and purchase any type of loan, including commercial, commercial real estate, residential mortgage, and consumer loans. Aggregate loans by a state commercial bank to any single borrower or group of related borrowers are generally limited to 15% of the Bank’s capital and surplus, plus an additional 10% if secured by specified readily marketable collateral. Federal and state law and regulations limit the Bank’s investment authority. Generally, a state member bank is prohibited from investing in corporate equity securities for its own account other than the equity securities of companies through which the bank conducts its business. Under federal and state regulations, a New York state member bank may invest in investment securities for its own account up to a specified limit depending upon the type of security. “Investment securities” are generally defined as marketable obligations that are investment grade and not predominantly speculative in nature. Applicable regulations classify investment securities into five different types and, depending on its type, a state member bank may have the authority to deal in and underwrite the security. New York state member banks may also purchase certain non-investment securities that can be reclassified and underwritten as loans. Lending Standards The federal banking agencies adopted uniform regulations prescribing standards for extensions of credit that are secured by liens on interests in real estate or made for the purpose of financing the construction of a building or other improvements to real estate. Under these regulations, all insured depository institutions, like the Bank, adopted and maintain written policies that establish appropriate limits and standards for extensions of credit that are secured by liens or interests in real estate or are made for the purpose of financing permanent improvements to real estate. These policies must establish loan portfolio diversification standards, prudent underwriting standards (including loan-to-value limits) that are clear and measurable, loan administration procedures, and documentation, approval and reporting requirements. The real estate lending policies must reflect consideration of the Interagency Guidelines for Real Estate Lending Policies that have been adopted by the federal bank regulators. Federal Deposit Insurance The Bank is a member of the DIF, which is administered by the FDIC. Our deposit accounts are insured by the FDIC. The deposit insurance available on all deposit accounts (for each depositor) is $250,000 per depositor for each account ownership category. The FDIC assesses insured depository institutions to maintain the DIF. Under the FDIC’s risk-based assessment system, institutions deemed less risky pay lower assessments. Assessments for institutions with $10 billion or more of assets are primarily based on a scorecard approach by the FDIC, including factors such as examination ratings, financial measures, and modeling measuring the institution’s ability to withstand asset-related and funding-related stress and potential loss to the DIF in the event of the institution’s failure. The assessment range (inclusive of possible adjustments specified by the regulations) for institutions with total assets of more than $10 billion is 2.5 to 42 basis points, effective January 1, 2023. In 2023, the FDIC approved a final rule to implement a special assessment to recover the loss to the DIF associated with the closures of Silicon Valley Bank and Signature Bank, which the Bank continues to pay. Insurance of deposits may be terminated by the FDIC upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, order, rule or condition imposed by the FDIC. The Company does not know of any practice, condition or violation that might lead to termination of deposit insurance. Capitalization Federal regulations require FDIC-insured depository institutions, including state member banks, to meet several minimum capital standards: a common equity tier 1 capital to risk-based assets ratio of 4.5%, a tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets ratio of 8.0%, and a tier 1 capital to total assets leverage ratio of 4.0%. The existing capital requirements were effective January 1, 2015 and are the result of a final rule implementing regulatory
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Table of Contents 8 amendments based on recommendations of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (the “Dodd-Frank Act”). Common equity tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital is generally defined as common equity tier 1 and additional tier 1 capital. Additional tier 1 capital generally includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes tier 1 capital (common equity tier 1 capital plus additional tier 1 capital) and tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus meeting specified requirements, and may include cumulative preferred stock, mandatory convertible securities, and subordinated debt. Also included in tier 2 capital is the allowance for credit losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of accumulated other comprehensive income (“AOCI”), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity tier 1 capital (including unrealized gains and losses on available-for- sale-securities). The Bank has exercised this opt-out election. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations. In determining the amount of risk-weighted assets for purposes of calculating risk-based capital ratios, assets, including certain off-balance sheet assets (e.g., recourse obligations, direct credit substitutes, residual interests), are multiplied by a risk weight factor assigned by the regulations based on the risks believed inherent in the type of asset. Higher levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is assigned to cash and U.S. Government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one-to-four family residential mortgages, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to permissible equity interests, depending on certain specified factors. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. Safety and Soundness Standards Each federal banking agency, including the FRB, has adopted guidelines establishing general standards relating to internal controls, information and internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, asset quality, earnings and compensation, fees, and benefits. In general, the guidelines require, among other things, appropriate systems and practices to identify and manage the risks and exposures specified in the guidelines. The guidelines prohibit excessive compensation as an unsafe and unsound practice and describe compensation as excessive when the amounts paid are unreasonable or disproportionate to the services performed by an executive officer, employee, director, or principal shareholder. In 2016, the federal regulatory agencies approved a proposed joint rulemaking to implement Section 956 of the Dodd-Frank Act, which prohibits incentive-based compensation that encourages inappropriate risk taking. In May 2024, several federal banking agencies sought to re-propose the incentive compensation regulation, but the FRB did not adopt the 2024 proposal; in 2025, the FDIC withdrew its authorization for the proposal. In addition, the NYSDFS issued guidance applicable to incentive compensation in October 2016. Prompt Corrective Action Federal law requires, among other things, that federal bank regulatory authorities take “prompt corrective action” with respect to institutions that do not meet minimum capital requirements. For these purposes, the statute establishes five capital tiers: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized.
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Table of Contents The FRB may order member banks which have insufficient capital to take corrective actions. For example, a bank which is categorized as “undercapitalized” would be subject to other growth limitations, would be required to submit a capital restoration plan, and a holding company that controls such a bank would be required to guarantee that the bank complies with the capital restoration plan. A “significantly undercapitalized” bank would be subject to additional restrictions. Member banks deemed by the FRB to be “critically undercapitalized” would generally be subject to the appointment of a receiver or conservator. Under the prompt corrective action requirements, insured depository institutions are required to meet the following in order to qualify as “well capitalized”: (1) a common equity tier 1 risk-based capital ratio of 6.5%; (2) a tier 1 risk-based capital ratio of 8.0%; (3) a total risk-based capital ratio of 10.0%; and (4) a tier 1 leverage ratio of 5.0%. Dividends Under federal law and applicable regulations, a New York state member bank may generally declare a dividend, without prior regulatory approval, in an amount equal to its year-to-date retained net income plus the prior two years’ retained net income that is still available for dividend. Dividends exceeding those amounts require application to and approval by the NYSDFS and FRB. In addition, a member bank may be limited in paying cash dividends if it does not maintain the capital conservation buffer described previously under “Capitalization.” Liquidity Pursuant to federal regulations, the Bank is required to maintain sufficient liquidity to ensure its safe and sound operation. Branching Subject to certain limitations, with approval of the FRB, New York state-chartered banks and trust companies can open their initial branches in other states by establishing a de novo branch at any location at which a bank chartered by that state could also establish a branch. Federal law also permits an interstate merger transaction involving the acquisition of a branch without the acquisition of the bank only if the law of the state in which the branch is located permits out-of-state banks to acquire a branch of a bank in such state without acquiring the bank. Acquisitions Under the federal Bank Merger Act, if the Bank is the resulting bank, prior approval of the FRB is required for the Bank to merge with or purchase the assets or assume the deposits of another insured depository institution. In reviewing applications seeking approval of merger and acquisition transactions, the FRB will consider, among other factors, the competitive effect and public benefits of the transactions, the capital position of the combined organization, the risks to the stability of the U.S. banking or financial system, the applicant’s performance record under the CRA (see “Community Reinvestment”) and its compliance with fair housing and other consumer protection laws, and the effectiveness of the subject organizations in combating money laundering activities. Privacy and Security Protection The federal banking agencies have adopted regulations for consumer privacy protection that require financial institutions to adopt procedures to protect customers and their “non-public personal information.” The regulations require the Bank to disclose its privacy policy, including identifying with whom it shares “non- public personal information,” to customers at the time of establishing the customer relationship, and annually thereafter if there are changes to its policy. In addition, the Bank is required to provide its customers the ability to “opt-out” of: (1) the sharing of their personal information with unaffiliated third parties if the sharing of such information does not satisfy any of the permitted exceptions; and (2) the receipt of marketing solicitations from Bank affiliates. The Bank is additionally subject to regulatory guidelines establishing standards for safeguarding customer information. The guidelines describe the federal banking agencies’ expectations for the creation, implementation and maintenance of an information security program, including administrative, technical and physical safeguards appropriate for the size and complexity of the institution and the nature and scope of its activities. The standards set forth in the guidelines are intended
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Table of Contents 10 to ensure the security and confidentiality of customer records and information, and protect against anticipated threats or hazards to the security or integrity of such records and unauthorized access to or use of such records or information that could result in substantial customer harm or inconvenience. Federal law additionally permits each state to enact legislation that is more protective of consumers’ personal information. There are periodically privacy bills considered by the New York legislature. Management of the Company cannot predict the impact, if any, of these bills if enacted. Cybersecurity more broadly has become a focus of federal and state banking agencies, including during the regulators’ examinations. In March 2017, the NYSDFS issued regulations requiring financial institutions regulated by the NYSDFS, including the Bank, to, among other things, (i) establish and maintain a cybersecurity program designed to ensure the confidentiality, integrity and availability of their information systems; (ii) implement and maintain a written cybersecurity policy setting forth policies and procedures for the protection of their information systems and nonpublic information; and (iii) designate a Chief Information Security Officer (“CISO”). In November 2023, NYSDFS amended these regulations to include heightened governance requirements and an expansion of the breadth and depth of required policies and procedures, among other things. Transactions with Affiliates and Insiders Sections 23A and 23B of the Federal Reserve Act govern transactions between a member bank and its affiliates, which includes the Company. The FRB has adopted Regulation W, which comprehensively implements and interprets Sections 23A and 23B, and codifies prior FRB interpretations under those sections. An affiliate of a bank includes, among other things, any company or entity that controls, is controlled by or is under common control with the bank. A subsidiary of a bank that is not also a depository institution or a “financial subsidiary” under federal law is generally not treated as an affiliate of the bank for the purposes of Sections 23A and 23B and Regulation W; however, the FRB has the discretion to treat subsidiaries of a bank as affiliates on a case-by-case basis. Section 23A and Regulation W limit the extent to which a bank or its subsidiaries may engage in “covered transactions” with any one affiliate to an amount equal to 10% of such bank’s capital stock and surplus, and limit all such transactions with all affiliates to an amount equal to 20% of such capital stock and surplus. Section 23A and Regulation W also require that all “covered transactions” be on terms that are consistent with safe and sound banking practices. The term “covered transaction” includes the making of loans, purchase of assets, issuance of guarantees and other similar types of transactions. Further, most loans by a bank to any of its affiliates must be secured by collateral in amounts ranging from 100 to 130 percent of the loan amounts. In addition, under Section 23B and Regulation W, bank transactions with affiliates, including “covered transactions,” sales of assets, and the furnishing of services, must be on terms that are substantially the same, or at least as favorable, to the bank as those prevailing at the time for comparable transactions with or involving a non-affiliate. A bank’s loans to its affiliates and its affiliates’ executive officers, directors, any owner of more than 10% of its stock (each, an insider) and entities controlled by such person (an insider’s related interest) are subject to the conditions and limitations imposed by Section 22(h) of the Federal Reserve Act and the FRB’s Regulation O implemented thereunder. Under these restrictions, the aggregate amount of the loans to any insider and the insider’s related interests may not exceed the loans-to-one-borrower limit applicable to national banks. All loans by a bank to all insiders and insiders’ related interests in the aggregate may not exceed the bank’s unimpaired capital and unimpaired surplus. With certain exceptions, loans to an executive officer, other than loans for the education of the officer’s children and certain loans secured by the officer’s residence, may not exceed the greater of $25,000 or 2.5% of the bank’s unimpaired capital and unimpaired surplus, and in no event can be more than $100,000. Regulation O also requires that any proposed loan to an insider or a related interest of that insider be approved in advance by a majority of the board of directors of the bank, with any interested director not participating in the voting, if such loan, when aggregated with any existing loans to that insider and the insider’s related interests, would exceed either $500,000 or the greater of $25,000 or 5% of the bank’s unimpaired capital and surplus. Generally, such loans must be made on substantially the same terms as, and follow credit underwriting procedures that are no less stringent than, those that are prevailing at the time for comparable transactions with other persons and must not present more than a normal risk of repayment or present other unfavorable features. An exception is made for extensions of credit made pursuant to a benefit or compensation plan of a bank that is widely available to employees of the bank and that does not give any preference to insiders of the bank over other employees of the bank.
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Table of Contents 11 Examinations and Assessments The Bank is required to file periodic reports with and is subject to periodic examination by the NYSDFS and the FRB. Applicable laws and regulations generally require periodic on-site examinations and annual audits by independent public accountants for all insured institutions. The Bank is required to pay an annual assessment to the NYSDFS to fund its supervision. Federal law provides that institutions with more than $10 billion in total assets, such as the Bank, are examined by the Consumer Financial Protection Bureau (“CFPB”) as to compliance with certain federal consumer protection and fair lending laws and regulations. Community Reinvestment Act Under the federal Community Reinvestment Act (“CRA”), the Bank has a continuing and affirmative obligation consistent with its safe and sound operation to help meet the credit needs of its entire community, including low and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. The CRA requires the FRB, in connection with its examination of the Bank, to assess its record of meeting the credit needs of its community and to take that record into account in its evaluation of certain applications by the Bank. For example, the regulations specify that a bank’s CRA performance will be considered in its expansion (e.g., branching or mergers) proposals and may be the basis for approving, denying or conditioning the approval of an application. As of the date of its most recent CRA examination, on July 15, 2024, the Bank was rated “Outstanding” by the Federal Reserve Bank of New York. New York law imposes a similar obligation on the Bank to serve the credit needs of its community. New York law contains its own community invested-related provisions, which are substantially similar to federal law. The Bank Secrecy Act and USA PATRIOT Act The Bank Secrecy Act (“BSA”) and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) require the Bank to implement a compliance program to detect and prevent money laundering, terrorist financing, and illicit financial activities. Together, the BSA and USA PATRIOT Act require the Bank to implement internal controls, conduct customer due diligence, maintain records, and file reports. The USA PATRIOT Act also required the federal banking agencies to take into consideration the effectiveness of controls designed to combat money laundering activities in determining whether to approve a merger or other acquisition application. Accordingly, if the Bank engages in a merger or other acquisition, its controls designed to combat money laundering would be considered as part of the application process. The Bank has established policies, procedures and systems designed to comply with the BSA, USA PATRIOT Act, and regulations implemented thereunder. Dime Community Bancshares, Inc. The Holding Company, as a bank holding company controlling the Bank, is subject to the Bank Holding Company Act of 1956, as amended (“BHCA”), and the rules and regulations of the FRB under the BHCA applicable to bank holding companies. We are required to file reports with, and otherwise comply with the rules and regulations of the FRB. The FRB previously adopted consolidated capital adequacy guidelines for bank holding companies structured similarly, but not identically, to those applicable to the Bank. The Dodd-Frank Act directed the FRB to issue consolidated capital requirements for depository institution holding companies that are no less stringent, both quantitatively and in terms of components of capital, than those applicable to institutions themselves. The FRB subsequently issued regulations amending its regulatory capital requirements to implement the Dodd- Frank Act as to bank holding company capital standards. Consolidated regulatory capital requirements identical to those applicable to the subsidiary banks applied to bank holding companies as of January 1, 2015. As is the case with institutions themselves, the capital conservation buffer was phased-in between 2016 and 2019. The Company met all capital adequacy requirements under the FRB’s capital rules on December 31, 2025.
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Table of Contents 12 The policy of the FRB is that a bank holding company must serve as a source of strength to its subsidiary banks by providing capital, managerial and other support in times of distress. The Dodd-Frank Act and FRB regulations have codified the source of strength policy. Under the prompt corrective action provisions of federal law, a bank holding company parent of an undercapitalized subsidiary bank is required to guarantee, within specified limits, the capital restoration plan that is required of an undercapitalized bank. If an undercapitalized bank fails to file an acceptable capital restoration plan or fails to implement an accepted plan, the FRB may prohibit the bank holding company parent of the undercapitalized bank from paying dividends or making any other capital distribution. As a bank holding company, we are required to obtain the prior approval of the FRB to acquire more than 5% of a class of voting securities of any additional bank or bank holding company or to acquire all, or substantially all, the assets of any additional bank or bank holding company. In addition, bank holding companies may generally only engage in activities that are closely related to banking as determined by the FRB. Bank holding companies that meet certain criteria may opt to become a financial holding company and thereby engage in a broader array of financial activities. The Company has not elected to become a financial holding company. FRB policy is that a bank holding company should pay cash dividends only to the extent that the company’s net income is sufficient to fund the dividends and the prospective rate of earnings retention that is consistent with the company’s capital needs, asset quality and overall financial condition. In addition, FRB guidance sets forth the supervisory expectation that bank holding companies will inform and consult with FRB staff in advance of issuing a dividend that exceeds earnings for the quarter and should inform the FRB and should eliminate, defer or significantly reduce dividends if (i) net income available to stockholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends, (ii) prospective rate of earnings retention is not consistent with the bank holding company’s capital needs and overall current and prospective financial condition, or (iii) the bank holding company will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, the guidance indicates that a bank holding company should notify the FRB in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the organization’s capital structure. FRB guidance also provides for consultation and nonobjection for material increases in the amount of a bank holding company’s common stock dividend. Current FRB regulations provide that a bank holding company that is not well capitalized or well managed, as such terms are defined in the regulations, or that is subject to any unresolved supervisory issues, is required to give the FRB prior written notice of any repurchase or redemption of its outstanding equity securities if the gross consideration for repurchase or redemption, when combined with the net consideration paid for all such repurchases or redemptions during the preceding 12 months, will be equal to 10% or more of the company’s consolidated net worth. The FRB may disapprove such a repurchase or redemption if it determines that the proposal would constitute an unsafe and unsound practice or violate a law or regulation. FRB guidance generally provides for bank holding company consultation with FRB staff prior to engaging in a repurchase or redemption of a bank holding company’s stock, even if a formal written notice is not required. The guidance provides that the purpose of such consultation is to allow the FRB to review the proposed repurchases or redemption from a supervisory perspective and possibly object. The NYSDFS and FRB have extensive enforcement authority over the institutions and holding companies that they regulate to prohibit or correct activities that violate law, regulation or written agreements with the agencies or which are deemed to be unsafe or unsound banking practices. Enforcement actions may include: the appointment of a conservator or receiver for an institution; the issuance of a cease and desist order; the termination of deposit insurance; the imposition of civil money penalties on the institution, its directors, officers, employees and institution-affiliated parties; the issuance of directives to increase capital; the issuance of formal and informal agreements; the removal of or restrictions on directors, officers, employees and institution-affiliated parties; and the enforcement of any such mechanisms through restraining orders or other court actions. Any change in applicable New York or federal laws and regulations could have a material adverse impact on us and our operations and stockholders.
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Table of Contents 13 We file certain reports with the SEC under the federal securities laws. Our operations are also subject to extensive regulation by other federal, state and local governmental authorities and the Company is subject to various laws and judicial and administrative decisions imposing requirements and restrictions on part or all of its operations. We believe that we are in substantial compliance, in all material respects, with applicable federal, state and local laws, rules and regulations. Because our business is highly regulated, the laws, rules and regulations applicable to it are subject to regular modification and change. There can be no assurance that laws, rules and regulations currently proposed, or any other laws, rules or regulations, will not be adopted in the future, which could make compliance more difficult or expensive or otherwise adversely affect our business, financial condition or prospects. Other Information Through a link on the Investor Relations section of our website of www.dime.com, copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) for 15(d) of the Exchange Act, are made available, free of charge, as soon as reasonably practicable after electronically filing such material with, or furnishing it to, the SEC. Copies of such reports and other information also are available at no charge to any person who requests them or at www.sec.gov. Such requests may be directed to Dime Community Bancshares, Inc., Investor Relations, 898 Veterans Memorial Highway, Suite 560, Hauppauge, NY 11788, (631) 537-1000. Information on our website is not incorporated by reference and is not a part of this annual report on Form 10-K.
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Table of Contents Item 1A. Risk Factors Risks Related to our Loan Portfolio The concentration of our loan portfolio in loans secured by commercial, multi-family and residential real estate properties located in Greater Long Island and Manhattan could materially adversely affect our financial condition and results of operations if general economic conditions or real estate values in this area decline. Unlike larger banks that are more geographically diversified, our loan portfolio consists primarily of real estate loans secured by commercial, multi-family and residential real estate properties located in Greater Long Island and Manhattan. The local economic conditions in Greater Long Island and Manhattan have a significant impact on the volume of loan originations and the quality of loans, the ability of borrowers to repay these loans, and the value of collateral securing these loans. A considerable decline in the general economic conditions caused by inflation, recession, unemployment or other factors beyond our control would impact these local economic conditions and could negatively affect our financial condition and results of operations. Additionally, decreases in tenant occupancy may also have a negative effect on the ability of borrowers to make timely repayments of their loans, which would have an adverse impact on our earnings. The performance of our multi-family real estate loans could be adversely impacted by regulation. Multi-family real estate loans generally involve a greater risk than residential real estate loans because of legislation and government regulations involving rent control and rent stabilization, which are outside the control of the borrower or the Bank, and could impair the value of the security for the loan or the future cash flow of such properties. For example, on June 14, 2019, the State of New York enacted legislation increasing the restrictions on rent increases in a rent-regulated apartment building, including, among other provisions, (i) repealing the vacancy bonus and longevity bonus, which allowed a property owner to raise rents as much as 20% each time a rental unit became vacant, (ii) eliminating high rent vacancy deregulation and high-income deregulation, which allowed a rental unit to be removed from rent stabilization once it crossed a statutory high-rent threshold and became vacant, or the tenant’s income exceeded the statutory amount in the preceding two years, and (iii) eliminating an exception that allowed a property owner who offered preferential rents to tenants to raise the rent to the full legal rent upon renewal. The legislation still permits a property owner to charge up to the full legal rent once the tenant vacates. As a result of this legislation as well as previously existing laws and regulations, it is possible that rental income might not rise sufficiently over time to satisfy increases in the loan rate at repricing or increases in overhead expenses (e.g., utilities, taxes, maintenance, etc.). For example, the New York City Rent Guidelines Board established the maximum rent increase on certain apartments at 3% for a one-year lease and 4.5% for a two-year lease, beginning on or after October 1, 2025 and through September 30, 2026. In addition, overhead (including maintenance) expenses often increase significantly during inflationary periods. Finally, if the cash flow from a collateral property is reduced (e.g., if leases are not obtained or renewed), the borrower’s ability to repay the loan and the value of the security for the loan may be impaired. The recent election of Zohran Mamdani as Mayor of New York City introduces potential policy changes that could affect the city’s multifamily housing market. The administration has expressed support for rent freezes and expanded tenant protections, which, if enacted, may reduce rental income and property values across multifamily properties. These market dynamics could adversely impact the credit quality of our borrowers. Lower property cash flows may impair borrowers’ ability to service existing debt. In addition, a sustained decline in collateral values could elevate loan-to-value ratios and reduce recovery prospects in the event of foreclosure. If we experience greater credit losses than anticipated, earnings may be adversely impacted. As a lender, we are exposed to the risk that customers may not repay their loans according to the original terms, and the collateral securing the payment of those loans may be insufficient to pay any remaining loan balance. Additionally, at December 31, 2025, our portfolio of business loans totaled $3.24 billion, or 30.1% of our total loan portfolio, and our portfolio of non-owner occupied commercial real estate totaled $2.93 billion, or 27.3% of our total loan portfolio. We plan to continue to emphasize the origination of these types of loans, which generally expose us to a greater risk of nonpayment and loss than residential real estate loans because repayment of such loans often depends on the successful operations and income stream of the borrowers. Additionally, such loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to consumer loans or residential real estate loans. Furthermore, these loans expose us to
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14 greater credit risk than loans secured by residential real estate because the collateral securing these loans typically
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Table of Contents 15 cannot be liquidated as easily as residential real estate. If we foreclose on these loans, our holding period for the collateral is typically longer than for a single or multi-family residential property because there are fewer potential purchasers of the collateral. Hence, we may experience significant credit losses, which could have a material adverse effect on our operating results. We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of borrowers and the value of the real estate and other assets serving as collateral for the repayment of loans. In determining the amount of the allowance for credit losses, we rely on loan quality reviews, our past loss experience and that of our peer group, and the accuracy of macro-economic forecasts over a reasonable and supportable forecast period, among other factors. If our assumptions prove to be incorrect, the allowance for credit losses may not be sufficient to cover expected losses in the loan portfolio, resulting in additions to the allowance for credit losses. Material additions to the allowance for credit losses through charges to earnings would materially decrease our net income. Additionally, bank regulators periodically review our allowance for credit losses and may require us to increase our provision for credit losses or loan charge-offs. Any increase in our allowance for credit losses or loan charge-offs as required by these regulatory authorities could have a material adverse effect on our results of operations and/or financial condition. We are subject to the CRA and fair lending laws, and failure to comply with these laws could lead to material penalties. The CRA, the Equal Credit Opportunity Act, the Fair Housing Act and other fair lending laws and regulations impose nondiscriminatory lending requirements on financial institutions. With respect to the Bank, the NYSDFS, FRB, CFPB, the United States Department of Justice and other federal and state agencies are responsible for enforcing these laws and regulations. A successful regulatory challenge to an institution’s performance under the CRA or fair lending laws and regulations could result in a wide variety of sanctions, including the required payment of damages and civil money penalties, injunctive relief, imposition of restrictions on mergers and acquisitions activity and restrictions on expansion. Private parties may also have the ability to challenge an institution’s performance under fair lending laws in private class action litigation. Such actions could have a material adverse effect on our business, financial condition and results of operations. If our regulators impose limitations on our commercial real estate lending activities, earnings could be adversely affected. In 2006, the federal bank regulatory agencies (collectively, the “Agencies”) issued joint guidance entitled “Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices” (the “CRE Guidance”). Although the CRE Guidance did not establish specific lending limits, it provides that a bank’s commercial real estate lending exposure may receive increased supervisory scrutiny where total non-owner- occupied CRE loans, including loans secured by apartment buildings, investor CRE and construction and land loans, represent 300% or more of an institution’s total risk-based capital and the outstanding balance of the CRE loan portfolio has increased by 50% or more during the preceding 36 months. The Consolidated Company’s non-owner-occupied CRE level equaled 387% of total risk-based capital at December 31, 2025. If our regulators were to impose restrictions on the amount of CRE loans we can hold in our portfolio, or require higher capital ratios as a result of the level of CRE loans held, our earnings would be adversely affected. The Company is subject to environmental liability risk associated with lending activities. A significant portion of the Company’s loan portfolio is secured by real property. During the ordinary course of business, the Company may foreclose on and take title to properties securing certain loans. In doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous or toxic substances are found, the Company may be liable for remediation costs, as well as for personal injury and property damage. Environmental laws may require the Company to incur substantial expenses and may materially reduce the affected property’s value or limit the Company’s ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase the Company’s exposure to environmental liability. Environmental reviews of real property before initiating foreclosure may not be sufficient to detect all potential environmental hazards. The
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Table of Contents 16 remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on the Company’s business, financial condition and results of operations. Risks Related to Interest Rates Changes in interest rates could affect our profitability. Our ability to earn a profit, like most financial institutions, depends primarily on net interest income, which is the difference between the interest income that we earn on our interest-earning assets, such as loans and investments, and the interest expense that we pay on our interest-bearing liabilities, such as deposits and borrowings. Our profitability depends on our ability to manage our assets and liabilities during periods of changing market interest rates. During 2022 and 2023, in response to accelerated inflation, the Federal Reserve implemented monetary tightening policies, resulting in significantly increased interest rates. In a period of rising interest rates, the interest income earned on our assets may not increase as rapidly as the interest paid on our liabilities, demand for loan products may decline, and borrower defaults on loan payments may increase. A sustained decrease in market interest rates could also adversely affect our earnings. When interest rates decline, borrowers tend to refinance higher-rate, fixed-rate loans at lower rates. Under those circumstances, we may not be able to reinvest those prepayments in assets earning interest rates as high as the rates on those prepaid loans or in investment securities. Changes in interest rates also affect the fair value of the securities portfolio. Generally, the fair value of securities moves inversely with changes in interest rates. As of December 31, 2025, the carrying value of the securities portfolio totaled $1.42 billion. Management is unable to predict fluctuations of market interest rates, which are affected by many factors, including inflation, recession, unemployment, monetary policy, domestic and international disorder and instability in domestic and foreign financial markets, and investor and consumer demand. Risks Related to Regulation We operate in a highly regulated environment, Federal and state regulators periodically examine our business, and we may be required to remediate adverse examination findings. The FRB and the NYSDFS periodically examine our business, including our compliance with laws and regulations. If, as a result of an examination, a federal banking agency were to determine that our financial condition, capital resources, asset quality, earnings prospects, management, liquidity or other aspects of any of our operations had become unsatisfactory, or that we were in violation of any law or regulation, we may take a number of different remedial actions as we deem appropriate. These actions include the power to enjoin “unsafe or unsound” practices, to require affirmative action to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in our capital, to restrict our growth, to assess civil monetary penalties against our officers or directors, to remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to depositors, to terminate our deposit insurance and place it into receivership or conservatorship. If we become subject to any regulatory actions, it could have a material adverse effect on our business, results of operations, financial condition and growth prospects. Additionally, the CFPB has the authority to issue consumer finance regulations and is authorized, individually or jointly with bank regulatory agencies, to conduct investigations to determine whether any person is, or has, engaged in conduct that violates new and existing consumer financial laws or regulations. Banks with assets in excess of $10 billion are subject to requirements imposed by the Dodd-Frank Act and its implemented regulations, including the examination authority of the CFPB to assess our compliance with federal consumer financial laws, imposition of higher FDIC premiums, reduced debit card interchange fees, and enhanced risk management frameworks, all of which increase operating costs and reduce earnings. In addition, in accordance with a memorandum of understanding entered into between the CFPB and U.S.
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Table of Contents 17 Department of Justice, the two agencies have agreed to coordinate efforts related to enforcing the fair lending laws, which includes information sharing and conducting joint investigations, and have done so on a number of occasions. We face a risk of noncompliance and enforcement action with the federal Bank Secrecy Act (the “BSA”) and other anti-money laundering and counter terrorist financing statutes and regulations. The BSA, the USA PATRIOT Act and other laws and regulations require financial institutions, among others, to institute and maintain an effective anti-money laundering compliance program and to file reports such as suspicious activity reports and currency transaction reports. Our products and services, including our debit card issuing business, are subject to an increasingly strict set of legal and regulatory requirements intended to protect consumers and to help detect and prevent money laundering, terrorist financing and other illicit activities. We are required to comply with these and other anti-money laundering requirements. The federal banking agencies and the U.S. Treasury Department’s Financial Crimes Enforcement Network are authorized to impose significant civil money penalties for violations of those requirements and have recently engaged in coordinated enforcement efforts against banks and other financial services providers with the U.S. Department of Justice, Drug Enforcement Administration and Internal Revenue Service. We are also subject to increased scrutiny of compliance with the regulations administered and enforced by the U.S. Treasury Department’s Office of Foreign Assets Control. If we violate these laws and regulations, or our policies, procedures and systems are deemed deficient, we would be subject to liability, including fines and regulatory actions, which may include restrictions on our ability to pay dividends and the ability to obtain regulatory approvals to proceed with certain aspects of our business plan, including acquisitions. Failure to maintain and implement adequate programs to combat money laundering and terrorist financing could also have serious reputational consequences for us. Any of these results could have a material adverse effect on our business, financial condition, results of operations and growth prospects. Risks Related to our Debt Securities The subordinated debentures that we issued have rights that are senior to those of our common shareholders. In 2015, the Company issued $40.0 million of 5.75% Fixed-to-Floating Rate Subordinated Debentures due 2030. In 2022, the Company issued $160.0 million of 5.00% Fixed-to-Floating Rate Subordinated Debentures due 2032. In 2024, the Company issued $74.8 million of 9.00% Fixed-to-Floating Rate Subordinated Debentures due 2034. Because these subordinated debentures rank senior to our common stock, if we fail to make timely principal and interest payments on the subordinated debentures, we may not pay any dividends on our common stock. Further, if we declare bankruptcy, dissolve or liquidate, we must satisfy all of our subordinated debenture obligations before we may pay any distributions on our common stock. Strategic Risks Expansion of our branch network may adversely affect our financial results. The Bank has in the past and may in the future establish new branch offices. We cannot be certain that the opening of new branches will be accretive to earnings or that it will be accretive to earnings within a reasonable period of time. Numerous factors contribute to the performance of a new branch, such as suitable location, qualified personnel, and an effective marketing strategy. Additionally, it takes time for a new branch to gather sufficient loans and deposits to generate income sufficient to cover its operating expenses. Difficulties we experience in opening new branches may have a material adverse effect on our financial condition and results of operations. Mergers and acquisitions involve numerous risks and uncertainties. The Company has in the past and may in the future pursue mergers and acquisitions opportunities. Mergers and acquisitions involve a number of risks and challenges, including the expenses involved; potential diversion of management’s attention from other strategic matters; integration of branches and operations acquired; outflow of customers from the acquired branches; retention of personnel from acquired companies or branches; competing effectively in geographic areas not
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Table of Contents 18 previously served; managing growth resulting from the transaction; and dilution in the acquirer's book and tangible book value per share. Our growth or future losses may require us to raise additional capital in the future, but that capital may not be available when it is needed or the cost of that capital may be very high. We are required by federal and state regulatory authorities to maintain adequate levels of capital to support our operations. While we anticipate that our capital resources will satisfy our capital requirements for the foreseeable future, we may at some point need to raise additional capital to support our operations or continued growth, both internally and through acquisitions. Any capital we obtain may result in the dilution of the interests of existing holders of our common stock, or otherwise adversely affect your investment. Our ability to raise additional capital, if needed, will depend on conditions in the capital markets at that time, which are outside our control, and on our financial condition and performance. Accordingly, we cannot make assurances of our ability to raise additional capital if needed, or if the terms will be acceptable to us. If we cannot raise additional capital when needed, our ability to further expand our operations through internal growth and acquisitions could be materially impaired and our financial condition and liquidity could be materially and adversely affected. Operational Risk Factors A lack of liquidity could adversely affect the Company’s financial condition and results of operations. Liquidity is essential to our business. The Company relies on its ability to generate deposits and effectively manage the repayment of its liabilities to ensure that there is adequate liquidity to fund operations. An inability to raise funds through deposits, borrowings, the sale and maturities of loans and securities and other sources could have a substantial negative effect on liquidity. The Company’s most important source of funds is its deposits. Deposit balances can decrease when customers perceive alternative investments as providing a better risk adjusted return, which are strongly influenced by such external factors as the direction of interest rates, local and national economic conditions and the availability and attractiveness of alternative investments. Further, the demand for deposits may be reduced due to a variety of factors such as negative trends in the banking sector, the level of and/or composition of our uninsured deposits, demographic patterns, changes in customer preferences, reductions in consumers’ disposable income, the monetary policy of the Federal Reserve or regulatory actions that decrease customer access to particular products. If customers move money out of bank deposits and into other investments such as money market funds, the Company would lose a relatively low-cost source of funds, which would increase its funding costs and reduce net interest income. Any changes made to the rates offered on deposits to remain competitive with other financial institutions may also adversely affect profitability and liquidity. Other primary sources of funds consist of cash flows from operations, maturities and sales of investment securities and/or loans, brokered deposits, borrowings from the FHLB and/or FRB discount window, and unsecured borrowings. The Company also may borrow funds from third-party lenders, such as other financial institutions. The Company’s access to funding sources in amounts adequate to finance or capitalize its activities, or on terms that are acceptable, could be impaired by factors that affect the Company directly or the financial services industry or economy in general, such as disruptions in the financial markets or negative views and expectations about the prospects for the financial services industry, a decrease in the level of the Company’s business activity as a result of a downturn in markets or by one or more adverse regulatory actions against the Company or the financial sector in general. Any decline in available funding could adversely impact the Company’s ability to originate loans, invest in securities, meet expenses, or to fulfill obligations such as meeting deposit withdrawal demands, any of which could have a material adverse impact on its liquidity, business, financial condition and results of operations. Our business may be adversely affected by conditions in the financial markets, the economic environment and governmental policies. A favorable business environment is generally characterized by, among other factors, economic growth, efficient capital markets, low inflation, high business and investor confidence, and strong business earnings. Unfavorable or uncertain economic and market conditions can be caused by declines in economic growth, declines in housing and real estate valuations, business activity or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation; changes in market interest rates; tariffs; geopolitical conflicts; natural disasters; or a combination of these or other factors.
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Table of Contents 19 The Company's performance could be negatively affected to the extent there is deterioration in business and economic conditions, including persistent inflation, an inverted yield curve, rising prices, unemployment rates, supply chain issues, or labor shortages, which have direct or indirect material adverse impacts on us, our customers, and our counterparties. Recessionary conditions may significantly affect the markets in which we do business, the financial condition of our borrowers, the value of our loans and investments, and our ongoing operations, costs and profitability. Declines in real estate values and sales volumes and increased unemployment levels may result in higher than expected loan delinquencies, increases in our levels of nonperforming and classified assets and a decline in demand for our products and services. Such events may cause us to incur losses and may adversely affect our capital, liquidity, and financial condition. Governmental policies, including, but not limited to, changes in government spending, the freezing of government funding or grants, or changes to the government workforce could have an adverse affect on consumers’ or businesses’ ability to pay their debts and/or affect the demand for loans and deposits. Strong competition within our market area may limit our growth and profitability. Our primary market area is located in Greater Long Island and Manhattan. Competition in the banking and financial services industry remains intense. Our profitability depends on the continued ability to successfully compete. We compete with commercial banks, savings banks, credit unions, insurance companies, and brokerage and investment banking firms. Many of our competitors have substantially greater resources and lending limits than us and may offer certain services that we do not provide. In addition, competitors may offer deposits at higher rates and loans with lower fixed rates, more attractive terms and less stringent credit structures than we have been willing to offer. Our future success depends on the success and growth of Dime Community Bank. Our primary business activity for the foreseeable future will be to act as the holding company of the Bank. Therefore, our future profitability will depend on the success and growth of this subsidiary. The continued and successful implementation of our growth strategy will require, among other things that we increase our market share by attracting new customers that currently bank at other financial institutions in our market area. In addition, our ability to successfully grow will depend on several factors, including favorable market conditions, the competitive responses from other financial institutions in our market area, and our ability to maintain good asset quality. While we believe we have the management resources, market opportunities and internal systems in place to obtain and successfully manage future growth, growth opportunities may not be available, and we may not be successful in continuing our growth strategy. In addition, continued growth requires that we incur additional expenses, including salaries, data processing and occupancy expense related to new branches and related support staff. Many of these increased expenses are considered fixed expenses. Unless we can successfully continue our growth, our results of operations could be negatively affected by these increased costs. The loss of key personnel could impair our future success. Our future success depends in part on the continued service of our executive officers, other key management, and staff, as well as our ability to continue to attract, motivate, and retain additional highly qualified employees. The loss of services of one or more of our key personnel or our inability to timely recruit replacements for such personnel, or to otherwise attract, motivate, or retain qualified personnel could have an adverse effect on our business, operating results and financial condition. Our business may be adversely affected by fraud and other financial crimes. Our loans to businesses and individuals and our deposit relationships and related transactions are subject to exposure to the risk of loss due to fraud and other financial crimes. While we have policies and procedures designed to prevent such losses, losses may still occur. In the past, we have experienced losses due to fraud.
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Table of Contents 20 Risks associated with system failures, interruptions, or breaches of security could negatively affect our operations and earnings. Information technology systems are critical to our business. We collect, process and store sensitive customer data by utilizing computer systems and telecommunications networks operated by us and third-party service providers. We have established policies and procedures to prevent or limit the impact of system failures, interruptions, and security breaches, but such events may still occur or may not be adequately addressed if they do occur. Although we take numerous protective measures and otherwise endeavor to protect and maintain the privacy and security of confidential data, these systems may be vulnerable to unauthorized access, computer viruses, other malicious code, cyberattacks, including distributed denial of service attacks, hacking, social engineering and phishing attacks, cyber-theft and other events that could have a security impact. Cyber threats are rapidly evolving, and we may not be able to anticipate or prevent all such attacks. If one or more of such events were to occur, this potentially could jeopardize confidential and other information processed and stored in, and transmitted through, our systems or otherwise cause interruptions or malfunctions in our operations or our customers' operations. In addition, we maintain interfaces with certain third-party service providers. If these third-party service providers encounter difficulties, or if we have difficulty communicating with them, our ability to adequately process and account for transactions could be affected, and our business operations could be adversely affected. Threats to information security also exist in the processing of customer information through various other vendors and their personnel. The occurrence of any system failures, interruption, or breach of security could damage our reputation and result in a loss of customers and business, subject us to additional regulatory scrutiny, and expose us to litigation and possible financial liability. We may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are not fully covered by our insurance. Any of these events could have a material adverse effect on our financial condition and results of operations. Severe weather, acts of terrorism and other external events could impact our ability to conduct business. Weather-related events have adversely impacted our market area in recent years, especially areas located near coastal waters and flood prone areas. Such events that may cause significant flooding and other storm-related damage may become more common events in the future. Financial institutions have been, and continue to be, targets of terrorist threats aimed at compromising operating and communication systems and the metropolitan New York area remains a central target for potential acts of terrorism. Such events could cause significant damage, impact the stability of our facilities and result in additional expenses, impair the ability of borrowers to repay their loans, reduce the value of collateral securing repayment of loans, and result in the loss of revenue. While we have established and regularly test disaster recovery procedures, the occurrence of any such event could have a material adverse effect on our business, operations and financial condition. Additionally, global markets may be adversely affected by natural disasters, the emergence of widespread health emergencies or pandemics like COVID-19, cyberattacks or campaigns, military conflict, terrorism or other geopolitical events. Global market fluctuations may affect our business liquidity. Also, any sudden or prolonged market downturn in the U.S. or abroad, as a result of the above factors or otherwise could result in a decline in revenue and adversely affect our results of operations and financial condition, including capital and liquidity levels. Damage to the Company’s reputation could adversely impact our business. The Company's reputation is important to our success. Our ability to attract and retain customers, investors, employees and advisors may depend upon external perceptions of the Company. Damage to the Company's reputation could cause significant harm to our business and prospects and may arise from numerous sources, including litigation or regulatory actions, compliance failures, cybersecurity incidents, errors in the use of artificial intelligence, customer services failures, or unethical behavior or misconduct of employees, advisors and counterparties. In addition, third parties with whom the Company has relationships with may take actions the Company has limited control over that could negatively impact perceptions about the Company or the financial services industry. Adverse developments with respect to the financial services industry may also, by association, negatively impact the Company's reputation or result in greater regulatory or
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Table of Contents 21 legislative scrutiny of or litigation against the Company. The proliferation of social media may increase the likelihood that negative information about the Company, whether or not accurate, could impact the Company’s reputation and business. Accounting-Related Risks Changes in our accounting policies or in accounting standards could materially affect how we report our financial results. Our accounting policies are fundamental to understanding our financial results and condition. Some of these policies require the use of estimates and assumptions that may affect the value of our assets or liabilities and financial results. Some of our accounting policies are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions. If such estimates or assumptions underlying our financial statements are incorrect, we may experience material losses. From time to time, the Financial Accounting Standards Board (“FASB”) and the SEC change the financial accounting and reporting standards or the interpretation of those standards that govern the preparation of our external financial statements. These changes are beyond our control, can be hard to predict and could materially impact how we report our results of operations and financial condition. We could be required to apply a new or revised standard retroactively, resulting in our restating prior period financial statements in material amounts. If we determine our goodwill or other intangible assets to be impaired, the Company’s financial condition and results of operations would be negatively affected. When the Company completes a business combination, a portion of the purchase price of the acquisition is allocated to goodwill and other identifiable intangible assets. The amount of the purchase price which is allocated to goodwill and other intangible assets is determined by the excess of the purchase price over the net identifiable assets acquired. At least annually (or more frequently if indicators arise), the Company evaluates goodwill for impairment. If the Company determines goodwill or other intangible assets are impaired, the Company will be required to write down these assets. Any write-down would have a negative effect on the consolidated financial statements. Technology-Related Risks The potential reliance on and integration of artificial intelligence (“AI”) and machine learning (“ML”) technologies expose us to various risks, including operational, data, regulatory, and reputational risks, which could materially affect our business and financial results. ● Operational & Model Risk: Potential AI/ML models, used for credit scoring, fraud detection, customer service, and investment decisions, rely on complex algorithms and vast datasets. Errors, biases, or "hallucinations" (generating false information) in these models, or unexpected system failures, could lead to flawed decisions, financial losses, compliance failures, or degraded customer experiences, impacting profitability and client retention. ● Data Security & Privacy: AI systems process sensitive customer data. Security breaches or unauthorized access to these systems could result in data theft, loss of intellectual property, and significant penalties, damaging customer trust. ● Regulatory & Compliance Risk: The regulatory landscape for AI is rapidly evolving. New laws could impose costly compliance burdens, restrict AI use, or introduce liabilities, particularly concerning algorithmic bias and fair lending practices (e.g., "digital redlining"), potentially increasing operational costs and limiting service offerings. ● Talent & Third-Party Risk: Attracting and retaining skilled AI professionals is crucial and competitive. We also depend on third-party AI vendors, creating dependency risks and potential issues with data handling, model reliability, and licensing, all of which could disrupt operations. ● Reputational & Ethical Risk: Misuse of AI, biased outcomes, or privacy violations can harm our brand, erode customer confidence, and attract negative public attention, potentially affecting demand for our services.
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Table of Contents 22 If we cannot effectively manage these challenges, including adapting to rapid technological change and ensuring responsible AI governance, our reputation, competitive position, and financial performance could be significantly harmed. IP Rights – Infringement by Registrant or Its Customers We may be subject to IP rights claims from third parties claiming ownership of, or demanding the release or license of, modifications or derivative works that we have developed using open-source software (which could include our proprietary source code or AI models), or otherwise seeking to enforce the terms of the applicable open-source license. Our applications and uses of trademarks relating to our design, software or AI technologies could be found to infringe upon existing trademark ownership and rights. We may fail to apply for key trademarks in a timely manner. We may face IP infringement claims in the future. If we are determined to have infringed upon a third party's IP rights, we may be required to cease selling, leasing, licensing, incorporating certain components into, and/or using or offering goods or services that incorporate or use the challenged IP. IP Rights – Generative AI-Related Infringement by Registrant We utilize some open-source software that may include generative AI software or other software that incorporates or relies on generative AI. Software that includes generative AI may incorporate data from entities and the use of that data may itself be illegal and/or violate contractual or IP rights. By using such software, we may expose the company to risks as the IP ownership and license rights, including copyright, of generative AI software and tools, have not been fully interpreted by U.S. courts or been fully addressed by federal, state, or international regulations. In addition, any use of generative AI by our customers may lead to additional claims of IP infringement. Item 1B. Unresolved Staff Comments Not applicable. Item 1C. Cybersecurity Overview ● The Bank maintains comprehensive information technology and cybersecurity programs which encompass policies, procedures, assessments, monitoring, response plans, and testing to ensure technical, administrative, and physical controls are effective. ● The Bank’s Cybersecurity Incident Response and Business Continuity Programs are inclusive of cyber resiliency, business continuity and disaster recovery strategies to help mitigate the impact of a cybersecurity incident across all business lines. Management Role and Board Oversight. ● The cybersecurity program is overseen by the CISO reporting to the Chief Risk Officer (“CRO”); the Enterprise Risk Management Committee, which consists of the Chief Executive Officer, Chief Operating Officer/ Chief Financial Officer, and Chief Technology Officer, among others; and the Enterprise Risk Committee of the Board of Directors, which consists of three independent directors. Our Board of Directors includes members who have expertise in cybersecurity, data privacy law, fraud and risk management. Cybersecurity risks are primarily assessed, monitored, and remediated by the CISO, who has extensive experience in the Information Technology and cybersecurity fields and maintains advanced cybersecurity centric certifications. The CISO’s extensive knowledge and experience in the cybersecurity field are critical to executing our cybersecurity program. Our CISO oversees proactive initiatives, remediation plans of known risks, compliance with regulations and standards, Disaster Recovery, Business Continuity, and Incident Response efforts. Additionally, the Bank’s Risk Management function is led by the CRO, who has extensive experience in risk management and audit. The cybersecurity program includes a cross-sectional team of internal and external Information Security professionals, all of which are provided with relevant training and are required to maintain industry accredited certifications. Our Incident Response Team is chaired by our CISO and is comprised of executive management and designated managers throughout the organization. The purpose of the Incident Response Plan is to manage Information
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Table of Contents 23 Security, and related incidents, efficiently and effectively to minimize loss and destruction, mitigate weaknesses, restore services, and notify customers, as required by state law, comply with regulatory requirements, and any third-party contractual obligations. ● The CISO and CRO play a pivotal role in informing the Board of all cybersecurity risks. These positions provide comprehensive updates to the Enterprise Risk Committee of the Board, at least quarterly. The briefings combine a range of updates, including the cybersecurity program, emerging risks, status of operational changes, status of regulatory compliance, and risk reporting. Managing Material Risks & Integrated Overall Risk Management ● The Bank maintains documented processes, procedures, and controls for assessing, identifying, and managing material risks from cybersecurity threats. Cybersecurity threats are identified utilizing risk assessments, detection tools, information gathering and performing internal, external, and third-party contracted security assessments. Cybersecurity Threats ● To assess and manage cybersecurity threats from material risks, the Bank maintains an Incident Response Team comprised of members from the major business areas in the Bank to ensure appropriate subject matter experts are represented. All cybersecurity events include a determination of whether the incident has materially affected or is reasonably likely to materially affect the Bank’s business strategy, results of operations, or financial condition by following implemented processes. ● The Bank has not identified any cybersecurity threats that have materially affected operations or financial position. Oversee Third-Party Risk ● The Bank has processes to oversee and identify material risks from reported cybersecurity threats from any third-party service providers or vendors. The Bank’s Third-Party Risk Management Program requires an initial due diligence, on-going monitoring, and annual recertification of third- party cybersecurity controls. Cybersecurity Risks ● The Bank considers Cybersecurity Risks as part of our strategic planning process. Management and the Board of Directors acknowledge that technology systems, managed both by the Bank and third- party service providers, are critical to business operations and therefore require appropriate risk management. Engagement With Third-Parties on Risk Management ● Cybersecurity is part of the Bank’s overall risk management program, which is supported through the use of consultants, auditors and other third-parties who assist with reviewing and validating the effectiveness of cybersecurity controls. Internal Audit actively participates and engages with those managing the cybersecurity program to validate the effectiveness of implemented safeguards. External audit results are reviewed and reported on in our annual filing. Additionally, the Bank is a regulated entity and undergoes regulatory reviews to ensure it remains in compliance with all appropriate standards.
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Table of Contents 24 Item 2. Properties The Company’s corporate headquarters is located at 898 Veterans Memorial Highway in Hauppauge, New York. The Bank’s main office is located at 2200 Montauk Highway in Bridgehampton, New York. As of December 31, 2025, we operated 63 branch locations throughout Greater Long Island, the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, Westchester County, and New Jersey, of which 53 were leased and 10 were owned. For additional information on our premises and equipment, see Note 6. “Premises and Fixed Assets, net and Premises Held for Sale” in the Notes to the Consolidated Financial Statements. Item 3. Legal Proceedings In the ordinary course of business, the Holding Company and the Bank are routinely named as a defendant in or party to various pending or threatened legal actions or proceedings. Certain of these matters may seek substantial monetary damages against the Holding Company or the Bank. In the opinion of management, as of December 31, 2025, neither the Holding Company nor the Bank were involved in any actions or proceedings that were likely to have a material adverse impact on the Company’s consolidated financial condition and results of operations. Item 4. Mine Safety Disclosures Not applicable.
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Table of Contents 25 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock trades on the NASDAQ® Stock Market under the symbol “DCOM”. Prior to the Merger, our common shares were traded under the symbol “BDGE”. At February 13, 2026, we had approximately 1,062 shareholders of record, not including the number of persons or entities holding stock in nominee or the street name through various banks and brokers. DCOM Performance Graph Pursuant to the regulations of the SEC, the graph below compares our performance with that of the total return for the NASDAQ® Composite Index and the S&P SmallCap 600 Banks Index from December 31, 2020 through December 31, 2025. The graph assumes the reinvestment of dividends in additional shares of the same class of equity securities as those listed below. The following performance graph reflects the performance of BDGE prior to the Merger. Year Ended December 31, Index 2020 2021 2022 2023 2024 2025 Dime Community Bancshares, Inc. 100.00 149.29 139.13 123.11 146.53 148.64S&P SmallCap 600 Banks Index 100.00 134.24 120.97 121.01 138.72 145.06NASDAQ Composite Index 100.00 122.18 82.43 119.22 154.48 187.14
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Table of Contents 26 Issuer Purchases of Equity Securities In May 2022, we announced the adoption of a new stock repurchase program of up to 1,948,314 shares, upon the completion of our existing authorized stock repurchase program. The stock repurchase program may be suspended, terminated, or modified at any time for any reason, and has no termination date. As of December 31, 2025, there were 1,566,947 shares remaining to be purchased in the program. There were no repurchases of common stock during the year ended December 31, 2025. Item 6. [Reserved] Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations In this Annual Report on Form 10-K, unless otherwise mentioned, the terms the “Company”, “we”, “us” and “our” refer to Dime Community Bancshares, Inc. and our wholly-owned subsidiary, Dime Community Bank (the “Bank”). We use the term “Holding Company” to refer solely to Dime Community Bancshares, Inc. and not to our consolidated subsidiary. Overview Dime Community Bancshares, Inc., a New York corporation, is a bank holding company formed in 1988. On a parent-only basis, the Company has minimal operations, other than as owner of Dime Community Bank. The Company is dependent on dividends from its wholly-owned subsidiary, Dime Community Bank, its own earnings, additional capital raised, and borrowings as sources of funds. The information in this report reflects principally the financial condition and results of operations of the Bank. The Bank's results of operations are primarily dependent on its net interest income, which is the difference between interest income on loans and investments and interest expense on deposits and borrowings. The Bank also generates non-interest income, such as fee income on deposit and loan accounts, merchant credit and debit card processing programs, loan swap fees, investment services, income from its title insurance subsidiary, and net gains on sales of securities and loans and other assets. The level of non-interest expenses, such as salaries and benefits, occupancy and equipment costs, other general and administrative expenses, expenses from the Bank’s title insurance subsidiary, and income tax expense, further affects our net income. Critical Accounting Estimates Critical accounting estimates are those estimates made in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or the results of the operations of the Registrant. Note 1 Summary of Significant Accounting Policies (page 53), to the Company’s Audited Consolidated Financial Statement for the year ended December 31, 2025 contains a summary of significant accounting policies. These critical accounting estimates involve a significant degree of complexity and require management to make difficult and subjective judgments which often necessitate assumptions or estimates about highly uncertain matters. Policies with respect to the methodologies used to determine the allowance for credit losses on loans held for investment are important to the presentation of the Company’s consolidated financial condition and results of operations. The use of different judgments, assumptions or estimates could result in material variations in the Company’s consolidated results of operations or financial condition. Management has reviewed the following critical accounting estimates and related disclosures with its Audit Committee. Allowance for Credit Losses on Loans Held for Investment Methods and Assumptions Underlying the Estimate The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent in our loan portfolio. Management evaluates the adequacy of the allowance on a quarterly basis, and additions to the allowance are charged to expense and realized losses, net of recoveries, are charged against the allowance.
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Table of Contents 27 Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In determining the allowance for credit losses for loans that share similar risk characteristics, the Company utilizes a model which compares the amortized cost basis of the loan to the net present value of expected cash flows to be collected. Expected credit losses are determined by aggregating the individual cash flows and calculating a loss percentage by loan segment, or pool, for loans that share similar risk characteristics. For a loan that does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of a peer group of banks that operate in and around Dime’s footprint. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro- economic variables. Adjustments to the quantitative results are made using qualitative factors, which are subjective and require significant management judgment. These factors include: (1) lending policies and procedures and the experience, ability, and depth of the lending management and other relevant staff; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the volume and severity of past due loans; (5) the quality of our loan review system; (6) the value of underlying collateral for collateralized loans; (7) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (8) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Although management believes that it uses the best information available to establish the Allowance for Credit Losses (“ACL”), management assesses the sensitivity of key quantitative assumptions including macroeconomic forecasts and prepayment rate assumptions. Changes in quantitative inputs may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs may offset improvement in others. For example, if at June 30, 2025, the four-quarter national unemployment rate forecast had increased 100 basis points our quantitative ACL reserve would have increased 8.3%, or conversely, if the four-quarter national unemployment rate forecast had decreased 100 basis points our quantitative ACL reserve would have decreased 7.7%. The sensitivity analysis does not represent a change to our expectations of the economic environment but provides a hypothetical result to assess the sensitivity of the ACL to a change in a key quantitative input. Additionally, the sensitivity analysis described above does not incorporate changes to management’s judgment of qualitative loss factors. Uncertainties Regarding the Estimate Estimating the timing and amounts of future losses is subject to significant management judgment as these projected cash flows rely upon the estimates discussed above and factors that are reflective of current or future expected conditions. These estimates depend on the duration of current overall economic conditions, industry, borrower, or portfolio specific conditions. Volatility in certain credit metrics and differences between expected and actual outcomes are to be expected. Customers may not repay their loans according to the original terms, and the collateral securing the payment of those loans may be insufficient to pay any remaining loan balance. Bank regulators periodically review our allowance for credit losses and may require us to increase our provision for credit losses or loan charge-offs. Impact on Financial Condition and Results of Operations If our assumptions prove to be incorrect, the allowance for credit losses may not be sufficient to cover expected losses in the loan portfolio, resulting in additions to the allowance. Future additions or reductions to the allowance may be necessary based on changes in economic, market or other conditions. Changes in estimates could result in a material change in the allowance through charges to earnings and would materially decrease our net income. We may experience significant credit losses if borrowers experience financial difficulties, which could have a material adverse effect on our operating results.
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Table of Contents 28 In addition, various federal bank regulatory agencies (“Agencies”), as an integral part of the examination process, periodically review the allowance for credit losses. Such agencies may require the Bank to recognize adjustments to the allowance based on their judgments of the information available to them at the time of their examination. Comparison of Operating Results For The Years Ended December 31, 2025, 2024 and 2023 General. Net income was $110.7 million in 2025, compared to $29.1 million in 2024, and $96.1 million in 2023. During 2025, net interest income increased by $89.9 million, non-interest income increased by $48.9 million, partially offset by an increase in non-interest expense of $26.6 million, an increase in income tax expense of $23.8 million and an increase in provision for credit losses of $6.9 million. During 2024, non- interest income decreased by $40.2 million, non-interest expense increased by $13.4 million and provision for credit losses increased by $33.3 million, partially offset by an increase in net interest income of $1.5 million and a decrease in income tax expense of $18.4 million. During 2023, net interest income decreased by $63.3 million, non-interest expense increased by $12.4 million and non-interest income decreased by $2.0 million, partially offset by a decrease of $18.6 million in income tax expense and a decrease of $2.6 million in provision for credit losses. The discussion of net interest income for the years ended December 31, 2025, 2024, and 2023 should be read in conjunction with the following tables, which set forth certain information related to the Consolidated Statements of Operations for those periods, and which also present the average yield on assets and average cost of liabilities for the periods indicated. The average yields and costs were derived by dividing income or expense by the average balance of their related assets or liabilities during the periods represented. Average balances were derived from average daily balances. No tax-equivalent adjustments have been made for interest income exempt from Federal, state, and local taxation. The yields include loan fees consisting of amortization of loan origination and commitment fees and certain direct and indirect origination costs, prepayment penalty fees, and late charges that are considered adjustments to yields. Net loan fees included in interest income were $4.2 million in 2025, $1.0 million in 2024, and $1.5 million in 2023. The increase in net loan fees was primarily due to increases in deferred fees and prepayment penalty fees on loans in 2025.
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Table of Contents 29 Average Balance Sheets Year Ended December 31, 2025 2024 2023 Average Average Average Average Yield/ Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost Balance Interest Cost Assets: (Dollars in thousands) Interest-earning assets: Business loans (1) (3) (6) $ 2,915,035 $ 195,250 6.70% $ 2,500,904 $ 175,604 7.02% $ 2,246,442 $ 147,530 6.57% One-to-four family residential and coop/condo apartment (3) (6) 1,001,532 47,102 4.70 910,096 41,823 4.60 847,706 35,148 4.15 Multifamily residential and residential mixed-use (3) (6) 3,646,284 165,962 4.55 3,927,197 181,736 4.63 4,096,025 180,286 4.40 Non-owner-occupied commercial real estate (3) (6) 3,103,489 162,740 5.24 3,323,299 177,173 5.33 3,353,805 171,475 5.11 Acquisition, development, and construction ("ADC") (3) 137,824 11,882 8.62 155,279 13,936 8.97 214,106 19,656 9.18 Other loans (3) 6,837 116 1.70 5,046 220 4.36 6,514 393 6.03 Total loans 10,811,001 583,052 5.39 10,821,821 590,492 5.46 10,764,598 554,488 5.15 Securities 1,356,423 45,368 3.34 1,515,962 33,563 2.21 1,640,066 32,179 1.96 Other short-term investments 1,367,094 57,022 4.17 499,633 26,094 5.22 442,574 22,693 5.13 Total interest-earning assets 13,534,518 685,442 5.06% 12,837,416 650,149 5.06% 12,847,238 609,360 4.74% Non-interest earning assets 800,280 781,373 777,977 Total assets $ 14,334,798 $ 13,618,789 $ 13,625,215 Liabilities and Stockholders' Equity: Interest-bearing liabilities: Interest-bearing checking $ 1,041,965 $ 19,987 1.92% $ 731,709 $ 12,472 1.70% $ 775,904 $ 8,562 1.10% Money market 4,314,464 130,741 3.03 3,650,266 134,367 3.68 2,882,859 83,950 2.91 Savings (2) 1,870,216 52,893 2.83 2,177,372 80,239 3.69 2,311,275 73,270 3.17 Certificates of deposit ("CDs") 1,072,589 36,510 3.40 1,351,408 57,667 4.27 1,444,554 53,263 3.69 Total interest-bearing deposits 8,299,234 240,131 2.89 7,910,755 284,745 3.60 7,414,592 219,045 2.95 FHLBNY advances 508,274 16,417 3.23 699,940 27,268 3.90 1,251,871 56,140 4.48 Subordinated debt, net 272,408 17,427 6.40 236,738 13,765 5.81 200,243 10,212 5.10 Other short-term borrowings 208 15 7.21 189 3 1.59 3,150 120 3.81 Total borrowings 780,890 33,859 4.34 936,867 41,036 4.38 1,455,264 66,472 4.57 Derivative cash collateral 74,867 3,454 4.61 116,567 6,314 5.42 143,735 7,272 5.06 Total interest-bearing liabilities 9,154,991 277,444 3.03% 8,964,189 332,095 3.70% 9,013,591 292,789 3.25% Non-interest-bearing checking (2) 3,538,436 3,140,423 3,126,575 Other non-interest-bearing liabilities 192,037 230,910 270,033 Total liabilities 12,885,464 12,335,522 12,410,199 Stockholders' equity 1,449,334 1,283,267 1,215,016 Total liabilities and stockholders' equity $ 14,334,798 $ 13,618,789 $ 13,625,215 Net interest income $ 407,998 $ 318,054 $ 316,571 Net interest rate spread (4) 2.03% 1.36% 1.49% Net interest-earning assets $ 4,379,527 $ 3,873,227 $ 3,833,647 Net interest margin (5) 3.01% 2.48% 2.46% Ratio of interest-earning assets to interest-bearing liabilities 147.84% 143.21% 142.53% Deposits (including non-interest- bearing checking accounts) (2) $ 11,837,670 $ 240,131 2.03% $ 11,051,178 $ 284,745 2.58% $ 10,541,167 219,045 2.08% (1) Business loans include commercial and industrial loans (“C&I”), owner-occupied commercial real estate loans (“CRE”) and Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans. (2) Includes mortgage escrow deposits. (3) Amounts are net of deferred origination costs/(fees) and allowance for credit losses, and include loans held for sale. (4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (5) Net interest margin represents net interest income divided by average interest-earning assets. (6) At December 31, 2025 and 2024, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged one-to-four family residential mortgage loans, multifamily residential mortgage loans and commercial real estate (“CRE”) loans.
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Table of Contents Rate/Volume Analysis Years Ended December 31, 2025 over 2024 2024 over 2023Increase/(Decrease) Due to Increase/(Decrease) Due to Volume Rate Total Volume Rate Total Interest-earning assets: (In thousands)Business loans $ 28,361 $ (8,715) $ 19,646 $ 17,341 $ 10,733 $ 28,074One-to-four family residential and coop/condo apartment 4,287 992 5,279 2,724 3,951 6,675 Multifamily residential and residential mixed-use (12,819) (2,955) (15,774) (7,700) 9,150 1,450 Non-owner-occupied commercial real estate (11,579) (2,854) (14,433) (1,620) 7,318 5,698ADC (1,538) (516) (2,054) (5,335) (385) (5,720)Other loans 54 (158) (104) (76) (97) (173)Securities (4,426) 16,231 11,805 (2,574) 3,958 1,384 Other short-term investments 40,728 (9,800) 30,928 2,965 436 3,401 Total interest-earning assets 43,068 (7,775) 35,293 5,725 35,064 40,789 Interest-bearing liabilities: Interest-bearing checking 5,589 1,926 7,515 (616) 4,526 3,910 Money market 22,272 (25,898) (3,626) 25,275 25,142 50,417 Savings (9,977) (17,369) (27,346) (4,648) 11,617 6,969 CDs (10,653) (10,504) (21,157) (3,706) 8,110 4,404 FHLBNY advances (6,818) (4,033) (10,851) (23,169) (5,703) (28,872) Subordinated debt, net 2,168 1,494 3,662 1,996 1,557 3,553 Other short-term borrowings — 12 12 (80) (37) (117) Derivative cash collateral (2,088) (772) (2,860) (1,425) 467 (958) Total interest-bearing liabilities 493 (55,144) (54,651) (6,373) 45,679 39,306 Net change in net interest income $ 42,575 $ 47,369 $ 89,944 $ 12,098 $ (10,615) $ 1,483 Net Interest Income. Net interest income was $408.0 million in 2025, $318.1 million in 2024, and $316.6 million in 2023. Average interest-earning assets were $13.53 billion in 2025, $12.84 billion in 2024 and $12.85 billion in 2023. Net interest margin was 3.01% in 2025, 2.48% in 2024, and 2.46% in 2023. Interest Income. Interest income was $685.4 million in 2025, $650.1 million in 2024, and $609.4 million in 2023. During 2025, interest income increased $35.3 million from 2024, primarily reflecting increases in interest income of $30.9 million on other short-term investments, $19.6 million on business loans, $11.8 million in securities and $5.3 million on one-to-four family loans, partially offset by a decrease of $15.8 million on multifamily residential and residential mixed-use loans and a decrease of $14.4 million on non- owner-occupied commercial real estate loans. The increased interest income from short-term investments, which is comprised of cash and due from banks and restricted stock, was related to an $867.5 million increase in the average balances, partially offset by an 105-basis point decrease in the yield of such investments in the period. The increased interest income on business loans was due to a $414.1 million increase in the average balances, partially offset by a 32-basis point decrease in the yield of such loans in the period. The increased interest income on securities was related to a 113-basis point increase in the yield, partially offset by a decrease of $159.5 million in the average balances of such securities in the period. The increased interest income on one-to-four family residential and coop/condo apartment loans was a result of a $91.4 million increase in the average balances and a 10-basis point increase in the yield of such loans in the period. The decreased interest income on multifamily residential and residential mixed-use loans was related to a $280.9 million decrease in the average balance and an 8-basis point decrease in the yield of such loans in the period. The decreased interest income on non- owner-occupied commercial real estate loans reflected a $219.8 million decrease in the average balance and a 9-basis point decrease in the yield of such loans in the period. During 2024, interest income increased $40.7 million from 2023, primarily reflecting increases in interest income of $28.1 million on business loans, $6.7 million on one-to-four family loans, $5.7 million on non- owner-occupied Commercial Real Estate loans, $3.4 million on other short-term investments, $1.5 million on multifamily loans, and $1.4 million in securities. The increased interest income on business loans was primarily due to an increase of $254.5 million in the average balances of business loans and a 45-basis point increase in yield of such loans in the period. The increased interest income on one-to-four family loans was primarily due to a 45-basis point increase in the yield of one-to four family loans and an increase of $62.4 million in the average balances of such loans in the period. The increased interest income on non-owner- occupied Commercial Real Estate loans was primarily due to a 22-basis point increase in yield of non-owner- occupied Commercial Real Estate loans, offset by a decrease of $30.5 million in the average balances of such loans in the period. The increased
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Table of Contents 31 interest income from short-term investments was primarily due to an increase of $57.1 million in the average balances of short-term investments and a 9-basis point increase in yield of such investments in the period. The increased interest income on multifamily loans was primarily due to a 23-basis point increase in yield of multifamily loans, offset by a decrease of $168.9 million in the average balances of such loans in the period. The increased interest income on securities was primarily due to a 25-basis point increase in yield of securities, offset by a decrease of $124.1 million in the average balances of such securities in the period. Interest Expense. Interest expense was $277.4 million in 2025, $332.1 million in 2024, and $292.8 million in 2023. During 2025, interest expense decreased $54.7 million from 2024, primarily reflecting decreases in interest expense of $27.3 million on savings accounts, $21.2 million on CDs, $10.9 million on FHLBNY advances and $2.9 million on derivative cash collateral, partially offset by an increase in interest expense of $7.5 million on interest-bearing checking accounts and an increase in interest expense of $3.7 million on subordinated debt. The decreased interest expense on savings accounts was primarily due to an 86-basis point decrease in rates paid on savings accounts and a $307.2 million decrease in average balances of such deposits. The decrease in interest expense on CDs was related to a decrease of $278.8 million in the average balances of CDs and an 87-basis point decrease in rates paid on CDs. The decreased interest expense on FHLBNY advances was due to a $191.7 million decrease in the average balance on FHLB advances and a 67-basis point decrease in the cost of such advances in the period. The decrease in interest expense on money market accounts was due to a 65-basis point decrease in rates paid on money market accounts, partially offset by a $664.2 million increase in average balances of such deposits in the period. The decreased interest expense on derivative cash collateral was due to a $41.7 million decrease in the average balance of derivative cash collateral and an 81- basis point decrease in the cost of such derivatives in the period. The increase in interest expense on interest- bearing checking accounts was related to a $310.3 million increase in average balances of interest-bearing checking accounts and a 22-basis point increase in the rates paid on such deposits. The increase in interest expense on subordinated debt was due to a $35.7 million increase in the average balance of subordinated debt and a 59-basis point increase in the cost of such debt in the period. During 2024, interest expense increased $39.3 million from 2023, primarily reflecting increases in interest expense of $65.7 million on deposits and $3.6 million on subordinated debt, partially offset by a decrease of $28.9 million in FHLBNY advances. The increase in interest expense on deposits primarily reflects a $767.4 million increase in the average balances of money market accounts and a 77-basis point increase in rates paid on such deposits in the period. The increase in interest expense on savings accounts was primarily due to a 52-basis point increase in rates paid on saving accounts, offset by a decrease of $133.9 million in the average balances of such deposits in the period. The increase in interest expense on CDs was primarily due to a 58- basis point increase in rates paid on CDs, offset by a decrease of $93.1 million in the average balances of such deposits in the period. The increase in interest expense on interest-bearing checking accounts was primarily due to a 60-basis point increase in rates paid on interest-bearing checking accounts, offset by a decrease of $44.2 million in the average balances of such deposits in the period. The increase in interest expense on subordinated debt primarily reflects a $36.5 million increase in the average balances of subordinated debt and a 71-basis point increase in rates paid on such debt. The decreased interest expense on FHLBNY advances was related to a $551.9 million decrease in the average balance of FHLB advances and a 58-basis point decrease in the cost of such advances in the period. Provision for Credit Losses. The Company recorded a credit loss provision of $43.0 million in 2025, $36.1 million in 2024 and $2.8 million in 2023. The $43.0 million provision for credit losses recognized in 2025 was attributable to updates in the macroeconomic forecast, updated loss driver models, and charge-offs on non-owner-occupied real estate loans. The $36.1 million provision for credit losses recognized in 2024 was related to additional provisioning for the pooled multifamily, C&I, and criticized loan portfolios. The $2.8 million provision for credit losses recognized in 2023 was associated with increased provisioning for individually analyzed loans. Non-Interest Income. Non-interest income was $44.9 million in 2025, compared to a loss of $4.0 million in 2024, and income of $36.2 million in 2023. During 2025, non-interest income increased $48.9 million from 2024, primarily driven by a $43.0 million change in the net loss on sale of securities resulting from the 2024 securities portfolio restructuring, a $7.0 million increase in BOLI income and a $3.2 million increase in service charges and other fees, partially offset by a change of $8.4 million from gain on sale of other assets. During 2024, non-interest income decreased $40.2 million from 2023, primarily due to an increase of $41.4 million in net loss on sale of securities resulting from the 2024 securities
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Table of Contents 32 portfolio restructuring and a decrease of $5.0 million in loan level derivative income, partially offset by an increase of $7.2 million from a gain on sale of other assets. Non-Interest Expense. Non-interest expense was $253.1 million in 2025, $226.5 million in 2024, and $213.1 million in 2023. During 2025, non-interest expense increased $26.6 million from 2024, primarily due to a $14.9 million increase in salaries and employee benefits due to hiring bankers to support core deposit and business loan growth. In addition, during 2025, the Company recorded a $7.2 million loss from a pension settlement recorded during the first quarter of 2025. During 2024, non-interest expense increased $13.4 million from 2023, primarily due to a $18.7 million increase in salaries and employee benefits and a $2.5 million increase in professional services, partially offset by a $7.8 million decrease in severance expense. In addition, during 2024, the Company recorded a $1.2 million loss from a pension settlement. Non-interest expense was 1.77%, 1.66%, and 1.56% of average assets during 2025, 2024, and 2023, respectively. Income Tax Expense. Income tax expense was $46.1 million in 2025, $22.4 million in 2024, and $40.8 million in 2023. Income tax expense increased $23.8 million during 2025 compared to 2024, primarily as a result of higher pre-tax income during 2025 and discrete items related to an uncertain tax position and a deferred tax item from prior tax years. Income tax expense decreased $18.4 million during 2024 compared to 2023, primarily as a result of lower pre-tax income during 2024. Income tax expense during 2024 included $9.1 million of expense related to the taxable gain and Modified Endowment Contract (“MEC”) Tax on the surrender of legacy bank owned life insurance (“BOLI”) assets. The Company’s consolidated tax rate was 29.4%, 43.5% and 29.8% in 2025, 2024, and 2023, respectively. Comparison of Financial Condition at December 31, 2025 and December 31, 2024 Assets. Assets totaled $15.34 billion at December 31, 2025, $988.4 million above their level at December 31, 2024, primarily due to an increase in cash and due from banks of $1.07 billion, an increase in BOLI of $110.5 million and an increase in total securities of $88.8 million, partially offset by a decrease in the loan portfolio of $122.4 million, a decrease in other assets of $88.0 million, a decrease in derivative assets of $40.2 million and a decrease in loans held for sale of $20.6 million. Total net loans held for investment decreased $122.4 million during the year ended December 31, 2025, to $10.66 billion at period end. During the period, loan originations, excluding new lines, were $701.1 million. Total securities increased $88.8 million during the year ended December 31, 2025, to $1.42 billion at period end, primarily due to purchases of $274.4 million and a decrease in unrealized losses of $23.7 million, offset in part by proceeds from principal payments, calls and maturities of $170.8 million and the proceeds from the sale of available for sale securities of $38.8 million. There were no transfers to or from securities held-to- maturity for the year ended December 31, 2025 or 2024. BOLI increased $110.5 million during the year ended December 31, 2025, to $401.2 million. The increase in BOLI is primarily due to completion of the restructuring initiative that began in late 2024, as well as purchases of new BOLI assets. Liabilities. Total liabilities increased $909.1 million during the year ended December 31, 2025, to $13.87 billion at period end, primarily due to an increase in deposits of $1.16 billion, partially offset by a decrease in FHLBNY advances of $100.0 million, a decrease in derivative cash collateral of $60.0 million, a decrease in other short-term borrowings of $50.0 million and a decrease in derivative liabilities of $34.8 million. Stockholders’ Equity. Stockholders’ equity increased $79.3 million during the year ended December 31, 2025, to $1.48 billion at period end, primarily due to net income for the period of $110.7 million and a decrease in accumulated other comprehensive loss of $13.6 million, offset in part by common stock dividends of $43.8 million and preferred stock dividends of $7.3 million.
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Table of Contents 33 Loan Portfolio Composition The following table presents an analysis of outstanding loans by loan type, excluding loans held for sale, net of unearned discounts and premiums and deferred origination fees and costs, at the dates presented: December 31, (In thousands) 2025 2024 2023 Business loans (1) $ 3,240,436 30.1 % $ 2,725,726 25.1 % $ 2,308,171 21.4 % One-to-four family residential and coop/condo apartment 1,035,803 9.6 951,528 8.8 887,555 8.2Multifamily residential and residential mixed-use 3,424,522 31.8 3,820,283 35.1 4,017,176 37.3Non-owner-occupied commercial real estate 2,933,011 27.3 3,230,535 29.7 3,379,667 31.4ADC 117,215 1.1 136,172 1.3 168,513 1.6 Other loans 6,558 0.1 5,084 - 5,755 0.1 Total 10,757,545 100.0 % 10,869,328 100.0 % 10,766,837 100.0 % Fair value hedge basis point adjustments (2) 663 2,615 6,591 Total loans, net of fair value hedge basis pointadjustments 10,758,208 10,871,943 10,773,428Allowance for credit losses (97,372) (88,751) (71,743) Loans held for investment, net $ 10,660,836 10,783,192 10,701,685 (1) Business loans include C&I loans and owner-occupied commercial real estate loans. (2) The loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged owner- occupied commercial real estate in business loans, one-to-four family residential mortgage loans, multifamily residential mortgage loans and non-owner-occupied commercial real estate loans. During the year ended December 31, 2025, business loans increased $514.7 million and one-to-four family loans increased $84.3 million, multifamily loans decreased $395.8 million, non-owner-occupied CRE loans decreased $297.5 million, and ADC loans decreased $19.0 million. Loan Purchases, Sales and Servicing In the event that the Bank sells loans in the secondary market or through securitization, it generally retains servicing rights on the loans sold. Servicing fees are typically derived based upon the difference between the actual origination rate and contractual pass-through rate of the loans at the time of sale. At December 31, 2025 and 2024, the Bank had recorded servicing rights assets ("SRAs") of $2.1 million and $2.4 million, respectively, associated with the sale of loans to third-party institutions in which the Bank retained the servicing of the loan. The Bank outsources the servicing of a portion of our one-to-four family mortgage loan portfolio to an unrelated third-party under a sub-servicing agreement. Fees paid under the sub-servicing agreement are reported as a component of Other non-interest expense in the Consolidated Statements of Operations. Loan Maturity and Repricing The following table presents the portfolio of fixed and adjustable rate loans (“ARMs”) by the earlier of the maturity or next reprice date as of December 31, 2025. ARMs have repricing frequencies of greater than or equal to one year and are included in the period during which their interest rates are next scheduled to adjust or mature. The table does not include scheduled principal amortization. (In thousands) Less than 1 year 1 to 2 years 2 to 3 years 3 to 5 years Over 5years Total Business loans $ 128,261 $ 151,338 $ 137,937 $ 330,260 $ 304,190 $ 1,051,986One-to-four family residential and coop/condoapartment 103,220 67,012 105,720 303,661 455,110 1,034,723Multifamily residential and residential mixed-use 735,542 991,956 246,893 602,869 245,667 2,822,927 Non-owner-occupied commercial real estate 518,505 501,418 468,308 405,784 348,181 2,242,196ADC 91 1,683 — — 7,601 9,375Other loans 19 151 278 296 5,620 6,364 Total $ 1,485,638 $ 1,713,558 $ 959,136 $ 1,642,870 $ 1,366,369 $ 7,167,571
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Table of Contents 34 Variable rate loans have repricing frequencies less than one year. The following table presents variable rate loans by time to maturity as of December 31, 2025: (In thousands) Less than 1 year 1 to 2 years 2 to 3 years 3 to 5 years Over 5years Total Variable rate loans $ 888,819 $ 395,565 $ 676,184 $ 856,130 $ 773,276 $ 3,589,974 Concentrations of Lending Activities Non-owner-occupied commercial real estate loans and multifamily residential and residential mixed-use loans have collectively represented the largest percentage of the Company’s loan portfolio, accounting for 59% and 65% of total loans held for investment as of December 31, 2025 and 2024, respectively. Non-owner-occupied commercial real estate loans represent 27% and 30% of total loans held for investment as of December 31, 2025 and 2024, respectively. Multifamily residential and residential mixed-use loans made up 32% and 35% of total loans held for investment as of December 31, 2025 and 2024, respectively. The Company expects that non-owner-occupied commercial real estate loans and multifamily residential and residential mixed-use loans will continue to be a significant portion of the Company’s total loan portfolio. Non-owner-occupied commercial real estate loans and multifamily residential and residential mixed-use loans are subject to a varying degree of risk associated with changing general economic conditions. The Company employs heightened risk management practices that address key elements, including board and management oversight and strategic planning, portfolio management, development of underwriting standards, risk assessment and monitoring through market analysis and stress testing, and maintenance of appropriate capital levels as needed to support lending activities. Despite the Company's concentration in non-owner-occupied commercial real estate and multifamily residential and residential mixed-use loans, the properties securing these portfolios are diversified in terms of type and geographic location. This diversity helps reduce the exposure to adverse economic events that affect any single market or industry. As a matter of policy, the non-owner-occupied commercial real estate loan and the multifamily residential and residential mixed-use loan portfolios are subject to risk exposure limits by individual asset classes as well as geographic collateral locations outside of our market areas. We regularly identify and assess concentration levels through ongoing reporting to our Board of Directors as well as committees at both the Board and Management levels. The Management team has extensive knowledge and experience in underwriting non-owner-occupied commercial real estate loans and multifamily residential and residential mixed-use loans. Management has established the Credit Risk Management Committee which meets quarterly to review all policies and procedures, large lending exposures, and emerging trends including trends related to delinquency, debt service coverage ratios, loan-to-value, and loan ratings to aid in early detection and escalation of potential issues. The Company has a dedicated team responsible for conducting comprehensive annual reviews of the portfolios, ensuring consistent oversight. Credit underwriting standards are periodically reviewed and adjusted based upon observations from our ongoing monitoring of economic conditions in major real estate markets in which we lend. In response to the current dynamic interest rate environment and changes in the benchmark rates that determine loan pricing, the Company has enhanced its stress testing and loan review activities to mitigate interest rate reset risk with a specific emphasis on borrowers' abilities to absorb the impact of higher interest loan rates and measure the resiliency of the portfolios. As a general rule, Management takes a selective approach to originating non- owner-occupied commercial real estate and multifamily residential and residential mixed-use loans, prioritizing quality and strategic alignment.
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Table of Contents 35 The following tables present the composition by property type and weighted average loan-to-value (“LTV”) of the Company’s non-owner-occupied commercial real estate loans: December 31, 2025 WeightedAverage(Dollars in thousands) NY NJ Other Balance LTV Investor commercial real estate:Retail $ 956,123 $ 65,449 $ 3,463 $ 1,025,035 51 %Investor office 386,265 141,502 3,055 530,822 59Warehouse/ Industrial 301,698 14,510 68,057 384,265 54Hotels 329,424 419 11,709 341,552 56Supportive housing 168,858 — — 168,858 57Medical office 73,319 — 27,852 101,171 60Educational facility or library 112,360 — — 112,360 57 Medical facility 60,383 — — 60,383 71Other (1) 203,268 2,663 2,634 208,565 54 Total investor commercial real estate $ 2,591,698 224,543 116,770 $ 2,933,011 55 % (1) Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties. December 31, 2024 WeightedAverage(Dollars in thousands) NY NJ Other Balance LTV Investor commercial real estate:Retail $ 1,085,618 $ 62,990 $ 3,594 $ 1,152,202 51 %Investor office 439,359 162,367 3,127 604,853 58Warehouse/ Industrial 337,288 16,675 69,314 423,277 53Hotels 356,450 425 11,934 368,809 57Supportive housing 161,207 — — 161,207 59 Medical office 106,403 — 28,470 134,873 62Educational facility or library 120,719 — — 120,719 59Medical facility 60,866 — — 60,866 71Other (1) 196,304 2,763 4,662 203,729 54 Total investor commercial real estate $ 2,864,214 245,220 121,101 $ 3,230,535 55 % (1) Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties. The following tables present the composition by property type and weighted average LTV of the Company’s multifamily residential and residential mixed-use loans: December 31, 2025 Weighted Total Average (Dollars in thousands) Balance LTV Multifamily residential and residential mixed-use: New York City (1) 100% rent regulated (2) $ 514,403 59% Majority rent regulated (2) 585,325 59 Majority free market (2) 1,644,100 54 Total New York City 2,743,828 56 Outside New York City 680,694 57 Total multifamily residential and residential mixed-use $ 3,424,522 56% (1) New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan. (2) Composition based on revenue.
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Table of Contents 36 December 31, 2024 Weighted Total Average (Dollars in thousands) Balance LTV Multifamily residential and residential mixed-use: New York City (1) 100% rent regulated (2) $ 581,692 58% Majority rent regulated (2) 643,908 59 Majority free market (2) 1,846,525 55 Total New York City 3,072,125 56 Outside New York City 748,158 59 Total multifamily residential and residential mixed-use $ 3,820,283 57% (1) New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan. (2) Composition based on revenue. Additional information related to the granularity in the non-owner-occupied commercial real estate and multifamily residential and residential mixed-use portfolios is presented in the tables below. December 31, 2025 Number of Average loans (Dollars in thousands) Loan Size > $20 million Investor commercial real estate: Retail $ 2,582 3 Investor Office 5,964 8 Warehouse/ Industrial 3,805 4 Hotels 8,758 8 Supportive housing 21,107 3 Medical office 5,621 1 Educational facility or library 10,215 — Medical facility 7,548 1 Other (1) 1,968 — Multifamily residential and residential mixed-use: New York City (2) 100% rent regulated (3) 2,485 — Majority rent regulated (3) 3,728 2 Majority free market (3) 3,850 6 Outside New York City 4,760 7 (1) Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties. (2) New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan. (3) Composition based on revenue.
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Table of Contents 37 December 31, 2024 Number of Average loans (Dollars in thousands) Loan Size > $20 million Investor commercial real estate: Retail $ 2,613 4 Investor Office 5,989 9 Warehouse/ Industrial 3,779 4 Hotels 8,781 8 Supportive housing 20,151 3 Medical office 6,423 2 Educational facility or library 10,060 — Medical facility 7,608 1 Other (1) 1,922 — Multifamily residential and residential mixed-use: New York City (2) 100% rent regulated (3) 2,507 — Majority rent regulated (3) 3,810 2 Majority free market (3) 3,904 7 Outside New York City 4,562 8 (1) Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties. (2) New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan. (3) Composition based on revenue. Asset Quality General We do not originate or purchase loans, either whole loans or loans underlying mortgage-backed securities (“MBS”), which would have been considered subprime loans at origination, i.e., real estate loans advanced to borrowers who did not qualify for market interest rates because of problems with their income or credit history. See Note 3 of our Consolidated Financial Statements for a discussion and evaluation for impaired securities. Monitoring and Collection of Delinquent Loans Our management reviews delinquent loans on a monthly basis and reports to our Board of Directors or Committees of the Board of the Directors at each regularly scheduled Board or Committee meeting regarding the status of all non-performing and otherwise delinquent loans in our loan portfolio. Our loan servicing policies and procedures require that an automated late notice be sent to a delinquent borrower as soon as possible after a payment is ten days late in the case of business loans, multifamily residential and mixed use, non-owner-occupied commercial real estate loans, and ADC loans, or fifteen days late in connection with one-to-four family and consumer loans. Thereafter, periodic letters are mailed and phone calls are placed to the borrower until payment is received or the loan is transferred to workout. When contact is made with the borrower at any time prior to foreclosure, we will attempt to obtain the full payment due or negotiate a repayment schedule with the borrower to avoid foreclosure. Accrual of interest is generally discontinued on a loan that meets any of the following three criteria: (i) full payment of principal or interest is not expected; (ii) principal or interest has been in default for a period of 90 days or more (unless the loan is both deemed to be well secured and in the process of collection); or (iii) an election has otherwise been made to maintain the loan on a cash basis due to deterioration in the financial condition of the borrower. Such non-accrual determination practices are applied consistently to all loans regardless of their internal classification or designation. Upon entering non-accrual status, the system will reverse all outstanding accrued interest receivable.
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Table of Contents 38 We generally initiate foreclosure proceedings on real estate loans when a loan enters non-accrual status based upon non-payment, unless the borrower is paying in accordance with an agreed upon modified payment agreement. We obtain an updated appraisal upon the commencement of legal action to calculate a potential collateral shortfall and to reserve appropriately for the potential loss. If a foreclosure action is instituted and the loan is not brought current, paid in full, or refinanced before the foreclosure action is completed, the property securing the loan is transferred to Other Real Estate Owned (“OREO”) status. We generally attempt to utilize all available remedies, such as note sales in lieu of foreclosure, in an effort to resolve non-accrual loans and OREO properties as quickly and prudently as possible in consideration of market conditions, the physical condition of the property and any other mitigating circumstances. In the event that a non-accrual loan is subsequently brought current, it is returned to accrual status once the doubt concerning collectability has been removed and the borrower has demonstrated performance in accordance with the loan terms and has made at least six months of payments. The C&I portfolio, which is within our business loans, is actively managed by our lenders. Most credit facilities typically require an annual review of the exposure and borrowers are required to submit annual financial reporting and loans are structured with financial covenants to indicate expected performance levels. Smaller C&I loans are monitored based on performance and the ability to draw against a credit line is curtailed if there are any indications of credit deterioration. Guarantors are also required to update their financial reporting on an annual basis or alternative schedule as provided in their loan documents. All exposures are credit risk rated and those entering adverse ratings due to financial performance concerns of the borrower or material delinquency of any payments or financial reporting are subjected to added management scrutiny and monitoring. Measures taken typically include amendments to the amount of the available credit facility, requirements for increased collateral, additional guarantor support or a material enhancement to the frequency and quality of financial reporting. Loans determined to reach adverse risk rating standards are monitored closely by Credit Administration to identify any potential credit losses. When warranted, loans reaching a Substandard rating could be reassigned to the Workout Group for direct handling. Non-accrual Loans Within our held-for-investment loan portfolio, non-accrual loans totaled $52.3 million at December 31, 2025 and $49.5 million at December 31, 2024. Loan Restructurings The Company applies the loan refinancing and restructuring guidance to determine whether a modification or other forms of restructuring result in a new loan or a continuation of an existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows, include conditions where there is principal forgiveness, interest rate reductions, other- than-insignificant payment delays, term extensions, and/or a combination of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows. Please refer to Note 4 of our condensed Consolidated Financial Statements for further discussion on loan restructurings. OREO Property acquired by the Bank, or a subsidiary, as a result of foreclosure on a mortgage loan or a deed in lieu of foreclosure is classified as OREO. Upon entering OREO status, we obtain a current appraisal on the property and reassesses the likely realizable value (a/k/a fair value) of the property quarterly thereafter. OREO is carried at the lower of the fair value or book balance, with any write downs recognized through a provision recorded in non-interest expense. Only the appraised value, or either a contractual or formal marketed value that falls below the appraised value, is used when determining the likely realizable value of OREO at each reporting period. We typically seek to dispose of OREO properties in a timely manner. As a result, OREO properties have generally not warranted subsequent independent appraisals. There was no carrying value of OREO properties on our Consolidated Statements of Financial Condition at December 31, 2025 or December 31, 2024. We did not recognize any provisions for losses on OREO properties during the years ended December 31, 2025, 2024 or 2023.
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Table of Contents 39 Past Due Loans Loans Delinquent 30 to 59 Days At December 31, 2025, we had loans totaling $28.8 million that were past due between 30 and 59 days, compared to $10.3 million at December 31, 2024. The 30 to 59-day delinquency levels fluctuate monthly, and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans. Loans Delinquent 60 to 89 Days At December 31, 2025, we had loans totaling $30.1 million that were past due between 60 and 89 days, compared to $31.3 million at December 31, 2024. The 60 to 89-day delinquency levels fluctuate monthly, and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans. Accruing Loans 90 Days or More Past Due There were no accruing loans 90 days or more past due at December 31, 2025 or 2024. Reserve for Unfunded Loan Commitments The Bank maintains a reserve, recorded in other liabilities, associated with unfunded loan commitments accepted by the borrower. The amount of reserve was $2.2 million and $2.7 million at December 31, 2025 and 2024, respectively. This reserve is determined based upon the outstanding volume of unfunded loan commitments at each period end. Any increases or reductions in this reserve are recognized in provision for credit losses. Allowance for Credit Losses Provision for credit losses of $43.0 million and $36.1 million were recorded during the twelve-month periods ended December 31, 2025 and 2024, respectively. The credit loss provision for the year ended December 31, 2025, was attributable to updates in the macroeconomic forecast, updated loss driver models, and charge-offs on non-owner-occupied real estate loans. The $36.1 million provision for credit losses recognized in 2024 was related to additional provisioning for the pooled multifamily, C&I, and criticized loan portfolios. For further discussion of the allowance for credit losses and related activity during the years ended December 31, 2025, 2024 and 2023, please see Note 4 “Loans Held for Investment, Net” to the Consolidated Financial Statements. The following table presents our allowance for credit losses allocated by loan type and the percent of each to total loans at the dates indicated: December 31, 2025 2024 2023 Percent Percent Percent of Loans of Loans of Loans in Each in Each in Each Category Category Category Allocated to Total Allocated to Total Allocated to Total (Dollars in thousands) Amount Loans Amount Loans Amount Loans Business loans $ 49,770 30.12 % $ 42,898 25.08 % 35,962 21.44One-to-four family residential and coop/condoapartment 10,034 9.63 9,501 8.75 6,813 8.24Multifamily residential and residential mixed-use 14,053 31.84 11,946 35.16 7,237 37.31Non-owner-occupied commercial real estate 21,130 27.26 21,876 29.72 19,623 31.39ADC 2,070 1.09 2,323 1.25 1,989 1.57Other loans 315 0.06 207 0.04 119 0.05 Total $ 97,372 100.00 % $ 88,751 100.00 % $ 71,743 100.00 %
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Table of Contents 40 The following table sets forth information about our allowance for credit losses at or for the dates indicated: At or for the Year Ended December 31, (Dollars in thousands) 2025 2024 2023 Total loans outstanding at end of period (1) $ 10,757,545 $ 10,869,328 $ 10,766,837 Average total loans outstanding during the period (2) 10,811,001 10,821,821 10,764,598Allowance for credit losses balance at end of period 97,372 88,751 71,743Allowance for credit losses to total loans at end of period 0.91 % 0.82 % 0.67 %Non-performing loans to total loans at end of period 0.49 0.46 0.27Allowance for credit losses to total non-performing loans at end of period 186.14 179.37 246.55 Ratio of net charge-offs to average loans outstanding during the period:Business loans 0.23 % 0.30 % 1.37 % One-to-four family residential and coop/condo apartment — — — Multifamily residential and residential mixed-use — 0.12 —Non-owner-occupied commercial real estate 0.82 0.21 —Other loans 0.72 1.80 4.34Total 0.30 0.18 0.14 (1) Total loans represent gross loans (excluding loans held for sale), fair value hedge basis point adjustments, inclusive of deferred fees/costs and premiums/discounts. (2) Total average loans represent gross loans (including loans held for sale and fair value hedge basis point adjustments), inclusive of deferred loan fees/costs and premiums/discounts. Investment Activities Securities available-for-sale The following table presents the amortized cost, fair value and weighted average yield of our securities available-for-sale at December 31, 2025, categorized by remaining period to contractual maturity: Weighted Amortized Fair Average (Dollars in thousands) Cost Value Yield Due within 1 year $ 23,377 $ 23,192 2.36% Due after 1 year but within 5 years 180,118 180,004 4.61 Due after 5 years but within 10 years 137,066 134,787 5.37 Due after ten years 477,101 459,952 3.95 Total $ 817,662 $ 797,935 4.29% The entire carrying amount of each security at December 31, 2025 is reflected in the above table in the maturity period that includes the final security payment date and, accordingly, no effect has been given to periodic repayments or possible prepayments. The weighted average duration of our securities available-for- sale approximated 2.7 years as of December 31, 2025, when giving consideration to anticipated repayments or possible prepayments, which is significantly less than their weighted average maturity. The following table presents the weighted average contractual maturity of our securities available-for-sale at December 31, 2025: (In years) Agency notes 0.85 Corporate securities 6.85 Pass-through MBS issued by U.S. GSEs and agency CMOs 17.16 State and municipal obligations 3.08
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Table of Contents 41 Securities held-to-maturity The following table presents the amortized cost, fair value and weighted average yield of our securities held- to-maturity at December 31, 2025, categorized by remaining period to contractual maturity: Weighted Amortized Fair Average (Dollars in thousands) Cost Value Yield Due within 1 year $ 1,692 $ 1,655 1.50% Due after 1 year but within 5 years 81,529 77,381 2.34 Due after 5 years but within 10 years 145,824 134,916 2.99 Due after ten years 389,856 346,130 2.95 Total $ 618,901 $ 560,082 2.87% The entire carrying amount of each security at December 31, 2025 is reflected in the above table in the maturity period that includes the final security payment date and, accordingly, no effect has been given to periodic repayments or possible prepayments. The weighted average duration of our securities held-to- maturity approximated 4.7 years as of December 31, 2025 when giving consideration to anticipated repayments or possible prepayments, which is significantly less than their weighted average maturity. The following table presents the weighted average contractual maturity of our securities held-to-maturity at December 31, 2025: (In years) Agency notes 4.26 Corporate securities 7.80 Pass-through MBS issued by U.S. GSEs and agency CMOs 19.86 Sources of Funds Deposits The following table presents our deposit accounts and the related weighted average interest rates at the dates indicated: December 31, 2025 2024 2023 Percent Percent Percent of Weighted of Weighted of Weighted Total Average Total Average Total Average (Dollars in thousands) Amount Deposits Rate Amount Deposits Rate Amount Deposits Rate Savings accounts $ 1,777,143 13.8% 2.37% $ 1,927,909 16.5% 2.98% $ 2,335,490 22.2% 3.67% CDs 1,117,118 8.7 3.26 1,069,081 9.1 3.73 1,607,683 15.3 4.43 Money market accounts 4,806,572 37.4 2.38 4,198,784 36.0 3.01 3,125,996 29.6 3.46 Interest-bearing checking accounts 1,178,281 9.2 1.66 1,079,823 9.2 1.92 515,987 4.9 0.77 Non-interest-bearing checking accounts 3,962,132 30.9 — 3,410,544 29.2 — 2,945,499 28.0 — Totals $ 12,841,246 100.00% 1.66% $ 11,686,141 100.00% 2.09% $ 10,530,655 100.00% 2.56% The weighted average maturity of our CDs (excluding brokered deposits) at December 31, 2025 was 4.9 months, compared to 5.8 months at December 31, 2024. Non-insured deposits (excluding collateralized deposits and deposits with pass through insurance) represented 34.0% and 31.2% of total deposits as of December 31, 2025 and 2024, respectively. The Bank had $2.12 billion and $1.89 billion of public funds collateralized by securities and Municipal Letters of Credit (“MULOC”), and $1.80 billion and $1.55 billion of deposits with pass through insurance as of December 31, 2025, and 2024, respectively.
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Table of Contents 42 The following table presents the time deposits with balances exceeding the $250,000 Federal Deposit Insurance Corporation (“FDIC”) insurance limit by maturity at December 31, 2025: (Dollars in thousands) Three months or less $ 137,680 Over three through six months 116,443 Over six through twelve months 46,170 Over twelve months 10,621 Total $ 310,914 As of December 31, 2025, the portion of uninsured time deposits in excess of the $250,000 FDIC insurance limit was $130.7 million. Our Board of Directors authorized the Bank to accept brokered deposits up to an aggregate limit of 10.0% of total assets. Brokered deposits totaled $200.0 million and $422.8 million at December 31, 2025 and 2024, respectively. Core deposit growth was used to reduce the brokered deposit position over the course of 2025. Borrowings The Bank’s total borrowing line with Federal Home Loan Bank New York (“FHLBNY”) equaled $3.46 billion at December 31, 2025. The Bank had $508.0 million of FHLBNY advances outstanding at December 31, 2025, and $608.0 million at December 31, 2024. The Bank maintained sufficient collateral, as defined by the FHLBNY (principally in the form of real estate loans), to secure such advances. The Company had no outstanding securities sold under agreements to repurchase (“repurchase agreements”) at December 31, 2025 or December 31, 2024. Liquidity and Capital Resources The Board of Directors of the Bank has approved a liquidity policy that it reviews and updates at least annually. Senior management is responsible for implementing the policy. The Bank’s Asset Liability Committee (“ALCO”) is responsible for general oversight and strategic implementation of the policy and management of the appropriate departments are designated responsibility for implementing any strategies established by ALCO. On a daily basis, appropriate senior management receives a current cash position report and 30-day forecast to ensure that all short-term obligations are timely satisfied, and that adequate liquidity exists to fund future activities. Reports detailing the Bank’s liquidity reserves are presented to appropriate senior management on at least a monthly basis, and the Board of Directors at each of its meetings. In addition, a twelve-month liquidity forecast is presented to ALCO in order to assess potential future liquidity concerns. A forecast of cash flow data for the upcoming 12 months is presented to the Board of Directors no less than annually. Given recent banking industry events, management monitors the level of uninsured deposits on a regular basis. Liquidity is primarily needed to meet customer borrowing commitments and deposit withdrawals, either on demand or on contractual maturity, to repay borrowings as they mature, to fund current and planned expenditures and to make new loans and investments as opportunities arise. The Bank’s primary sources of funding for its lending and investment activities include deposits, loan payments, investment security principal and interest payments and advances from the FHLBNY. The Bank may also sell or securitize selected multifamily residential, mixed-use or one-to-four family residential real estate loans to private sector secondary market purchasers and has in the past sold such loans to Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”). The Company may additionally issue debt or equity under appropriate circumstances. Although maturities and scheduled amortization of loans and investments are predictable sources of funds, deposit flows and prepayments on real estate loans and MBS are influenced by interest rates, economic conditions and competition. The Bank is a member of American Financial Exchange (“AFX”), through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily. At December 31, 2025, the Bank did not utilize funds available through the AFX. At December 31, 2024, the Bank had $50.0 million of
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Table of Contents 43 such borrowings outstanding through the AFX, which was included in Other short-term borrowings on the Consolidated Statements of Financial Condition. The Bank utilizes repurchase agreements as part of its borrowing policy to add liquidity. Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities. The Bank did not have any repurchase agreements as of December 31, 2025 or 2024, respectively. The Bank gathers deposits in direct competition with commercial banks, savings banks and brokerage firms, many among the largest in the nation. It must additionally compete for deposit monies against the stock and bond markets, especially during periods of strong performance in those arenas. The Bank’s deposit flows are affected primarily by the pricing and marketing of its deposit products compared to its competitors, as well as the market performance of depositor investment alternatives such as the U.S. bond or equity markets. To the extent that the Bank is responsive to general market increases or declines in interest rates, its deposit flows should not be materially impacted. However, favorable performance of the equity or bond markets could adversely impact the Bank’s deposit flows. Total deposits (including mortgage escrow deposits) increased $1.16 billion during the year ended December 31, 2025 and $1.16 billion during the year ended December 31, 2024, respectively. Within deposits, core deposits (i.e., non-CDs) increased $1.26 billion during the year ended December 31, 2025 compared to an increase of $1.74 billion during the year ended December 31, 2024. The increase in core deposits during the 2025 period was primarily due to an increase in money market deposits, non interest bearing checking and interest-bearing checking accounts, partially offset by a decrease in savings accounts. During 2025 and 2024, the Company made significant investments in its Private and Commercial Bank, including the hiring and onboarding of several deposit-gathering teams. CDs increased $48.0 million during the year ended December 31, 2025 compared to a decrease of $538.6 million during the year ended December 31, 2024. The increase in CDs during the current period was primarily due to a $118.0 million increase in non-brokered time deposits, offset by a decrease of $70.0 million in brokered CDs. The Bank reduced its outstanding FHLBNY advances by $100.0 million during the year ended December 31, 2025, compared to a $705.0 million reduction during the year ended December 31, 2024. See Note 12. “Federal Home Loan Bank Advances” to our Consolidated Financial Statements for further information. Subordinated debentures totaled $272.5 million at December 31, 2025 compared to $272.3 million at December 31, 2024. On January 26, 2026 the Company announced that it intends to redeem at par on March 30, 2026 all of its outstanding $40,000,000 principal amount of Fixed/Floating Subordinated Debentures due 2030. See Note 13, “Subordinated Debentures” to our Consolidated Financial Statements for further information. In the event that the Bank should require funds beyond its ability or desire to generate them internally, additional sources of liquidity are available through its collateralized borrowing lines at the FHLBNY and the Federal Reserve Bank (“FRB”), as well as unsecured borrowing capacity through the AFX and lines of credit with unaffiliated correspondent banks. At December 31, 2025, the Bank had remaining borrowing capacity of $1.52 billion through the FHLBNY, subject to customary minimum FHLBNY common stock ownership requirements (i.e., 4.5% of the Bank’s drawn FHLBNY borrowings). The Bank also had access to the FRB Discount Window. At December 31, 2025, an available line of credit totaling $349.2 million was in place at the FRB backed by investment securities with no advances drawn. Additionally, at December 31, 2025, a line of credit totaling $3.56 billion was in place at the FRB secured by certain qualifying one-to-four family residential mortgage loans, construction loans and CRE loans with no amounts drawn. During the year ended December 31, 2025 and 2024, business loan originations excluding new lines were $402.2 million and $371.2 million, respectively. During the year ended December 31, 2025 and 2024, real estate loan originations excluding new lines (excluding owner-occupied commercial real estate) totaled $298.9 million and $199.6 million, respectively. The Company and the Bank are subject to minimum regulatory capital requirements imposed by its primary federal regulator. As a general matter, these capital requirements are based on the amount and composition of an institution’s assets. At December 31, 2025, each of the Company and the Bank were in compliance with all applicable regulatory capital requirements and the Bank was considered "well capitalized" for all regulatory purposes.
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Table of Contents 44 The Company did not repurchase any shares of its common stock during the year ended December 31, 2025 or 2024, respectively. As of December 31, 2025, up to 1,566,947 shares remained available for purchase under the authorized share repurchase programs. See "Part II - Item 5, Issuer Purchases of Equity Securities" for additional information about repurchases of common stock. The Company paid $7.3 million in cash dividends on its preferred stock during the years ended December 31, 2025 and 2024, respectively. The Company paid $42.9 million and $38.0 million in cash dividends on its common stock during the years ended December 31, 2025 and 2024, respectively. Contractual Obligations The Bank generally has borrowings outstanding in the form of FHLBNY advances, short-term or overnight borrowings, subordinated debt, as well as customer CDs with fixed contractual interest rates. In addition, the Bank is obligated to make rental payments under leases on certain of its branches and equipment. Off-Balance Sheet Arrangements As part of its loan origination business, the Bank generally has outstanding commitments to extend credit to borrowers, which are originated pursuant to its regular underwriting standards. Available lines of credit may not be drawn on or may expire prior to funding, in whole or in part, and amounts are not estimates of future cash flows. As of December 31, 2025, the Bank had $115.8 million of firm loan commitments that were accepted by the borrowers. Additionally, in connection with a loan securitization completed in 2017, the Bank executed a reimbursement agreement with FHLMC that obligates the Company to reimburse FHLMC for any contractual principal and interest payments on defaulted loans, not to exceed 10% of the original principal amount of the loans comprising the aggregate balance of the loan pool at securitization. The maximum exposure under this reimbursement obligation is $28.0 million. The Bank has pledged $27.9 million of pass-through MBS issued by U.S. Government-Sponsored Enterprises (“U.S. GSEs”) as collateral. Recently Issued Accounting Standards For a discussion of the impact of recently issued accounting standards, please see Note 1 to the Company’s Consolidated Financial Statements. Item 7A. Quantitative and Qualitative Disclosures About Market Risk General The Company’s largest component of market risk remains interest rate risk. The Company is not subject to foreign currency exchange or commodity price risk. During the year ended December 31, 2025, we conducted zero transactions involving derivative instruments requiring bifurcation in order to hedge interest rate or market risk. Asset/Liability Management Management considers interest rate risk to be the most significant market risk for the Company. Market risk is the risk of losses from adverse changes in market prices and rates. Interest rate risk is the exposure to adverse changes in net income as a result of changes in interest rates. The Company’s primary earnings source is net interest income, which is affected by changes in the level of interest rates, the relationship between rates, the impact of interest rate fluctuations on asset prepayments, the level and composition of deposits and liabilities, and the credit quality of earning assets. Our asset and liability management objectives are to maintain a strong, stable net interest margin, to utilize its capital effectively without taking undue risks, to maintain adequate liquidity, and to reduce vulnerability of our operations to changes in interest rates.
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Table of Contents Our Asset Liability Management Committee evaluates periodically, but no less than four times annually, the impact of changes in market interest rates on assets and liabilities, net interest margin, capital and liquidity. Risk assessments are governed by policies and limits established by senior management, which are reviewed and approved by the Board of Directors at least annually. The economic environment continually presents uncertainties as to future interest rate trends. The Asset Liability Management Committee regularly utilizes a model that projects net interest income based on increasing or decreasing interest rates, in order to be better able to respond to changes in interest rates. At December 31, 2025, $315.8 million, or 22.3%, of our available-for-sale and held-to-maturity securities had adjustable interest rates. At December 31, 2025, $7.98 billion, or 74.2%, of the loan portfolio had contractual terms with adjustable or floating interest rates. Changes in interest rates affect the value of interest-earning assets and, in particular, the securities portfolio. Generally, the value of securities fluctuates inversely with changes in interest rates. Increases in interest rates could result in decreases in the market value of interest- earning assets, which could adversely affect stockholders’ equity and the results of operations if sold. The Company is also subject to reinvestment risk associated with changes in interest rates. Changes in market interest rates also could affect the type (fixed-rate or adjustable-rate) and amount of loans originated and the average life of loans and securities, which can impact the yields earned on loans and securities. In periods of decreasing interest rates, the average life of loans and securities held may be shortened to the extent increased prepayment activity occurs during such periods which, in turn, may result in the investment of funds from such prepayments in lower yielding assets. Under these circumstances, the Company is subject to reinvestment risk to the extent that management is unable to reinvest the cash received from such prepayments at rates that are comparable to the rates on existing loans and securities. Additionally, increases in interest rates may result in decreasing loan prepayments with respect to fixed rate loans (and, therefore, an increase in the average life of such loans), may result in a decrease in loan demand, and may make it more difficult for borrowers to repay adjustable rate loans. In addition, increases in interest rates may result in the extensions of the average life of securities which may result in lower cash flows to the Bank. Interest Rate Risk Exposure Analysis Economic Value of Equity ("EVE") Analysis. In accordance with agency regulatory guidelines, the Company simulates the impact of interest rate volatility upon EVE using several interest rate scenarios. EVE is the difference between the present value of the expected future cash flows of the Company’s assets and liabilities and the value of any off-balance sheet items, such as derivatives, if applicable. Traditionally, the fair value of fixed-rate instruments fluctuates inversely with changes in interest rates. Increases in interest rates thus result in decreases in the fair value of interest-earning assets, which could adversely affect the Company’s consolidated results of operations in the event they were to be sold, or, in the case of interest-earning assets classified as available-for-sale, reduce the Company’s consolidated stockholders’ equity, if retained. The changes in the value of assets and liabilities due to fluctuations in interest rates measure the interest rate sensitivity of those assets and liabilities. In order to measure the Company’s sensitivity to changes in interest rates, EVE is calculated under market interest rates prevailing at a given quarter-end ("Pre-Shock Scenario"), and under various other interest rate scenarios ("Rate Shock Scenarios") representing immediate, permanent, parallel shifts in the term structure of interest rates from the actual term structure observed in the Pre-Shock Scenario, with this shift occurring equally across all points on the yield curve. An increase in the EVE is considered favorable, while a decline is considered unfavorable. The changes in EVE between the Pre-Shock Scenario and various Rate Shock Scenarios due to fluctuations in interest rates reflect the interest rate sensitivity of the Company’s assets, liabilities, and off-balance sheet items that are included in the EVE. Management reports the EVE results to the Board of Directors on a quarterly basis. The report compares the Company’s estimated Pre-Shock Scenario EVE to the estimated EVE calculated under the various Rate Shock Scenarios. The Company’s valuation model makes various estimates regarding cash flows from principal repayments on loans and deposit decay rates at each level of interest rate change. The Company’s estimates for loan repayment levels are influenced by the recent history of prepayment activity in its loan portfolio, as well as the interest rate composition of the existing portfolio, especially in relation to the existing interest rate environment. Regarding deposit decay rates, the Company tracks and analyzes the decay rate of its deposits over time, with the assistance of a reputable third-party, and over various interest rate scenarios. Such results are utilized in determining estimates of deposit decay rates in the valuation model. The Company also generates a series of spot discount rates that are integral to the valuation of the projected monthly cash flows of its assets and liabilities. The valuation model employs discount rates that it considers representative of prevailing market
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Table of Contents rates of interest with appropriate adjustments it believes are suited to the heterogeneous characteristics of the Company’s various asset and liability portfolios. No matter the care and precision with which the estimates are derived, actual cash flows could differ significantly from the Company’s estimates resulting in significantly different EVE calculations. The analysis that follows presents, as of December 31, 2025 and 2024, the estimated EVE at both the Pre- Shock Scenario and the -200 Basis Point Rate, -100 Basis Point Rate, +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios. December 31, 2025 2025 2024 Dollar Percentage Dollar Percentage (Dollars in thousands) EVE Change Change EVE Change Change Rate Shock Scenarios + 200 Basis Points $ 2,234,467$ 233,127 11.6 % $ 1,862,712$ 101,644 5.8 % + 100 Basis Points 2,157,136 155,796 7.8 % 1,843,160 82,092 4.7 % Pre-Shock Scenario 2,001,340 — — 1,761,068 — — - 100 Basis Points 1,778,529 (222,811) (11.1) % 1,636,011 (125,057) (7.1) % - 200 Basis Points 1,502,903 (498,437) (24.9) % 1,439,251 (321,817) (18.3) % The Company’s Pre-Shock Scenario EVE increased from $1.76 billion at December 31, 2024, to $2.00 billion at December 31, 2025. The primary factors contributing to the increase in EVE were core deposit growth that occurred during the year, coupled with an increase in the value of the Bank’s loan and investment portfolios, partially offset by a decline in value of the Bank’s non-maturity deposit base. The Company’s EVE in the +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios increased from $1.84 billion and $1.86 billion, respectively, at December 31, 2024, to $2.16 billion and $2.23 billion, respectively, at December 31, 2025. In the -100 Basis Point Rate and -200 Basis Point Rate Shock Scenarios the Company’s EVE increased from $1.64 billion and $1.44 billion, respectively, at December 31, 2024, to $1.78 billion and $1.50 billion, respectively, at December 31, 2025. Income Simulation Analysis. As of the end of each quarterly period, the Company also monitors the impact of interest rate changes through a net interest income simulation model. This model estimates the impact of interest rate changes on the Company’s net interest income over forward-looking periods typically not exceeding 36 months (a considerably shorter period than measured through the EVE analysis). Management reports the net interest income simulation results to the Company’s Board of Directors on a quarterly basis. The following table discloses the estimated changes to the Company’s net interest income in various time periods assuming gradual changes in interest rates occurring equally across all points on the yield curve over a 12-month period beginning December 31, 2025, for the given rate scenarios: Percentage Change in Net Interest Income Gradual Change in Interest rates of: Year-One Year-Two + 200 Basis Points 4.2 % 11.3% + 100 Basis Points 2.1 % 5.7% - 100 Basis Points (0.7)% (3.8)% - 200 Basis Points (1.9)% (8.7)% Management also examines the potential impact to net interest income by simulating the impact of instantaneous changes to interest rates occurring equally across all points on the yield curve. The following table discloses the estimated changes to the Company’s net interest income in various time periods associated with the given interest rate shock scenarios: Percentage Change in Net Interest Income Instantaneous Rate Shock Scenarios Year-One Year-Two + 200 Basis Points 9.4 % 14.3% + 100 Basis Points 4.8 % 7.3% - 100 Basis Points (2.5)% (5.7)% - 200 Basis Points (5.8)% (12.9)%
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Table of Contents 47 Item 8. Financial Statements and Supplementary Data For the Company’s Consolidated Financial Statements with the notes thereto, see pages hereafter. DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands except share amounts) December 31, 2025 2024 Assets: Cash and due from banks $ 2,353,966 $ 1,283,571Securities available-for-sale, at fair value 797,935 690,693Securities held-to-maturity 618,901 637,339Loans held for sale 1,989 22,625Loans held for investment, net of fees and costs 10,758,208 10,871,943Allowance for credit losses (97,372) (88,751) Total loans held for investment, net 10,660,836 10,783,192 Premises and fixed assets, net 31,255 34,858Restricted stock 67,197 69,106BOLI 401,163 290,665Goodwill 155,797 155,797Other intangible assets 2,938 3,896Operating lease assets 42,876 46,193Derivative assets 76,315 116,496Accrued interest receivable 55,572 55,970Other assets 74,891 162,857 Total assets $ 15,341,631 $ 14,353,258 Liabilities: Interest-bearing deposits $ 8,879,114 $ 8,275,591Non-interest-bearing deposits 3,915,081 3,355,829 Deposits (excluding mortgage escrow deposits) 12,794,195 11,631,420 Non-interest-bearing mortgage escrow deposits 47,051 54,715Interest-bearing mortgage escrow deposits — 6 Total mortgage escrow deposits 47,051 54,721 Total deposits (including mortgage escrow deposits) 12,841,246 11,686,141 FHLBNY advances 508,000 608,000Other short-term borrowings — 50,000Subordinated debt, net 272,503 272,325Derivative cash collateral 52,400 112,420Operating lease liabilities 45,729 48,993Derivative liabilities 73,573 108,347Other liabilities 72,411 70,515 Total liabilities 13,865,862 12,956,741 Commitments and contingencies — Stockholders' equity: Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 10,000,000 shares authorized and5,299,200 shares issued and outstanding at December 31, 2025 and December 31, 2024) 116,569 116,569Common stock ($0.01 par, 80,000,000 shares authorized, 46,151,302 shares and 46,141,361 sharesissued at December 31, 2025 and December 31, 2024 respectively, and 43,862,327 shares and43,622,292 shares outstanding at December 31, 2025 and December 31, 2024, respectively) 462 461Additional paid-in capital 623,041 624,822Retained earnings 854,167 794,526Accumulated other comprehensive loss, net of deferred taxes (31,468) (45,018)Unearned equity awards (8,661) (7,640)Treasury stock, at cost (2,288,975 shares and 2,519,069 shares at December 31, 2025 andDecember 31, 2024, respectively) (78,341) (87,203) Total stockholders' equity 1,475,769 1,396,517 Total liabilities and stockholders' equity $ 15,341,631 $ 14,353,258 See Notes to Consolidated Financial Statements.
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Table of Contents 48 DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except per share amounts) Year Ended December 31, 2025 2024 2023 Interest income: Loans $ 583,052 $ 590,492 $ 554,488 Securities 45,368 33,563 32,179 Other short-term investments 57,022 26,094 22,693 Total interest income 685,442 650,149 609,360 Interest expense: Deposits and escrow 240,131 284,745 219,045 Borrowed funds 33,859 41,036 66,472 Derivative cash collateral 3,454 6,314 7,272 Total interest expense 277,444 332,095 292,789 Net interest income 407,998 318,054 316,571 Provision for credit losses 43,030 36,113 2,770 Net interest income after provision for credit losses 364,968 281,941 313,801 Non-interest income: Service charges and other fees 19,907 16,725 16,437 Title fees 659 843 1,295 Loan level derivative income 1,938 2,114 7,081 BOLI income 17,394 10,376 9,748 Gain on sale of SBA Loans 994 407 1,592 Gain on sale of residential loans 194 225 115 Fair value change in equity securities and loans held for sale 200 (1,204) (758) Gain (loss) on securities 163 (42,810) (1,447) (Loss) gain on sale of other assets (1,228) 7,219 (22) Other 4,712 2,150 2,165 Total non-interest income (loss) 44,933 (3,955) 36,206 Non-interest expense: Salaries and employee benefits 150,982 136,114 117,437 Severance 2,711 1,296 9,093 Occupancy and equipment 31,897 29,794 29,055 Data processing costs 19,363 17,745 16,474 Marketing 7,421 6,660 6,781 Professional services 7,822 8,614 6,155 Federal deposit insurance premiums 7,329 8,710 8,853 Loss from extinguishment of debt for FHLBNY advances — 454 — Loss due to pension settlement 7,231 1,215 — Amortization of other intangible assets 958 1,163 1,425 Other 17,388 14,782 17,855 Total non-interest expense 253,102 226,547 213,128 Income before income taxes 156,799 51,439 136,879 Income tax expense 46,117 22,355 40,785 Net income 110,682 29,084 96,094 Preferred stock dividends 7,286 7,286 7,286 Net income available to common stockholders $ 103,396 $ 21,798 $ 88,808 Earnings per common share: Basic $ 2.36 $ 0.55 $ 2.29 Diluted $ 2.36 $ 0.55 $ 2.29 See Notes to Consolidated Financial Statements.
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Table of Contents 49 DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands except per share amounts) Year Ended December 31, 2025 2024 2023 Net income $ 110,682 $ 29,084 $ 96,094 Other comprehensive income: Change in unrealized gain (loss) on securities: Change in net unrealized gain during the period 21,327 23,218 10,355Reclassification adjustment for net (gain) loss realized in net income on securities andother assets (163) 42,810 1,447 Accretion of net unrealized loss on securities transferred to held-to-maturity 2,907 3,028 3,142 Credit loss expense 2,550 — — Change in pension and other postretirement obligations: Reclassification adjustment for benefit (expense) included in other expense 172 26 (1,547) Change in the net actuarial gain (loss) 4,281 (1,426) (190) Change in unrealized gain (loss) on derivatives: Change in net unrealized loss during the period (19,035) (8,453) (11,782) Reclassification adjustment for expense included in interest expense 7,360 10,008 2,092 Other comprehensive income before income taxes 19,399 69,211 3,517 Deferred tax expense 5,849 22,650 717 Total other comprehensive income, net of tax 13,550 46,561 2,800 Total comprehensive income $ 124,232 $ 75,645 $ 98,894 See Notes to Consolidated Financial Statements.
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Table of Contents 50 DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Dollars in thousands except per share data) Accumulated Other Comprehensive Number of Additional Loss, UnearnedTreasury Total Shares of Preferred Common Paid-in RetainedNet of Deferred Equity Stock, Stockholders’ Common Stock Stock Stock Capital Earnings Taxes Awards at cost Equity Balance as of January 1, 2023 38,573,000$116,569 $ 416 $ 495,410 $762,762 $ (94,379) $ (8,078) $(103,117) $ 1,169,583 Net income — — — — 96,094 — — — 96,094 Other comprehensive income, net of tax — — — — — 2,800 — — 2,800 Release of shares, net of forfeitures 331,395 — — (955) — — (5,182) 7,301 1,164 Stock-based compensation — — — — — — 4,638 — 4,638 Shares received related to tax withholding (44,928) — — (1) — — — (1,257) (1,258) Cash dividends declared to preferred stockholders — — — — (7,286) — — — (7,286) Cash dividends declared to common stockholders — — — — (38,563) — — — (38,563) Purchase of treasury stock (36,813) — — — — — — (947) (947) Ending balance as of December 31, 2023 38,822,654$116,569 $ 416 $ 494,454 $813,007 $ (91,579) $ (8,622) $ (98,020) $ 1,226,225 Net income — — — — 29,084 — — — 29,084 Other comprehensive income, net of tax — — — — — 46,561 — — 46,561 Shares issued in common stock offering, net of offering costs 4,492,187 — 45 135,719 — — — — 135,764 Release of shares, net of forfeitures 369,563 — — (5,350) — — (5,708) 12,163 1,105 Stock-based compensation — — — — — — 6,690 — 6,690 Shares received related to tax withholding (62,112) — — (1) — — — (1,346) (1,347) Cash dividends declared to preferred stockholders — — — — (7,286) — — — (7,286) Cash dividends declared to common stockholders — — — — (40,279) — — — (40,279) Ending balance as of December 31, 2024 43,622,292$116,569 $ 461 $ 624,822 $794,526 $ (45,018) $ (7,640) $ (87,203) $ 1,396,517 Net income — — — — 110,682 — — — 110,682 Other comprehensive income, net of tax — — — — — 13,550 — — 13,550 Release of shares, net of forfeitures 334,928 — 1 (1,782) — — (8,704) 11,409 924 Stock-based compensation — — — — — — 7,683 — 7,683 Shares received related to tax withholding (94,893) — — 1 — — — (2,547) (2,546) Cash dividends declared to preferred stockholders — — — — (7,286) — — — (7,286) Cash dividends declared to common stockholders — — — — (43,755) — — — (43,755) Ending balance as of December 31, 2025 43,862,327$116,569 $ 462 $ 623,041 $854,167 $ (31,468) $ (8,661) $ (78,341) $ 1,475,769 See Notes to Consolidated Financial Statements.
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Table of Contents 51 DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Year Ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 110,682 $ 29,084 $ 96,094 Adjustments to reconcile net income to net cash provided by operating activities: Net (gain) loss on securities available-for-sale (163) 42,810 1,447 Loss (gain) on sale of other assets 1,228 (7,219) 22 Fair value change in equity securities and loans held for sale (200) 1,204 758 Gain on sale of loans held for sale (1,188) (632) (1,707) Net depreciation, amortization and accretion 4,664 5,694 6,025 (Accretion) amortization of fair value hedge basis point adjustments (398) 1,607 561 Amortization of other intangible assets 958 1,163 1,425 Loss on extinguishment of debt — 454 — Stock-based compensation 7,683 6,690 4,638 Provision for credit losses 43,030 36,113 2,770 Originations of loans held for sale (16,964) (12,531) (8,219) Proceeds from sale of loans originated for sale 29,385 18,786 32,433 Increase in cash surrender value of BOLI (16,560) (10,376) (9,103) Gain from death benefits from BOLI (834) — (645) Decrease in other assets 91,331 9,224 10,332 Decrease in other liabilities (66,088) (23,015) (45,957) Net cash provided by operating activities 186,566 99,056 90,874 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales of securities available-for-sale 38,842 379,053 77,804 Purchases of securities available-for-sale (265,335) (335,167) (86,084) Purchases of securities held-to-maturity (9,030) (67,560) (28,328) Proceeds from calls and principal repayments of securities available-for-sale 140,259 172,767 76,858 Proceeds from calls and principal repayments of securities held-to-maturity 30,673 28,285 22,986 Purchase of BOLI (97,317) (15,000) (8,000) Proceeds received from cash surrender value of BOLI 4,213 — 1,224 Loans purchased (10,628) (6,594) — Proceeds from the sale of portfolio loans transferred to held for sale 38,826 18,310 5,000 Decrease (increase) in loans 60,266 (152,623) (259,805) Purchases of fixed assets, net (4,131) (6,258) (5,721) Proceeds from the sale of fixed assets and premises held for sale 2,004 19,268 25 Sales (purchases) of restricted stock, net 1,909 29,644 (10,005) Net cash (used in) provided by investing activities (69,449) 64,125 (214,046) CASH FLOWS FROM FINANCING ACTIVITIES: Increase in deposits 1,155,111 1,155,559 276,411 (Repayments) proceeds from FHLBNY advances, short-term, net (100,000) (615,000) 20,000 (Repayments) proceeds of FHLBNY advances, long-term — (150,000) 162,000 Proceeds (repayments) from FHLBNY advances, long-term — 60,000 (1,360) (Repayments) proceeds of other short-term borrowings, net (50,000) 50,000 — Proceeds from subordinated debentures issuance, net — 72,084 — Proceeds from common stock issuance, net — 135,764 — Release of stock for benefit plan awards 924 1,105 1,164 Payments related to tax withholding for equity awards (2,546) (1,347) (1,258) Purchase of treasury stock — — (947) Cash dividends paid to preferred stockholders (7,286) (7,286) (7,286) Cash dividends paid to common stockholders (42,925) (38,036) (37,302) Net cash provided by financing activities 953,278 662,843 411,422 Increase in cash and cash equivalents 1,070,395 826,024 288,250 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 1,283,571 457,547 169,297 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,353,966 $ 1,283,571 $ 457,547 See Notes to Consolidated Financial Statements.
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Table of Contents 52 DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (Dollars in thousands) Year Ended December 31, 2025 2024 2023 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for income taxes $ 53,836 $ 28,828 37,910 Cash paid for interest 278,278 343,249 280,815 Loans transferred to loans held for sale 54,006 37,334 37,346 Loans transferred to loans held for investment 21,617 2,912 — Premises transferred to held for sale — 9,227 905 Operating lease assets in exchange for operating lease liabilities 9,915 5,855 6,333 Surrender of BOLI assets — 84,527 — See Notes to Consolidated Financial Statements.
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Table of Contents 53 DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands except for share amounts) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation The audited consolidated financial statements presented in this Annual Report on Form 10-K include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.” As of December 31, 2025, we operated 63 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island and the Bronx, Westchester County and New Jersey. The Company is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank. The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Holding Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations include Dime Community Inc., a real estate investment trust subsidiary which was formerly known as Bridgehampton Community, Inc., as an operating subsidiary. Our bank operations also include Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. The accompanying consolidated financial statements have been prepared in accordance with GAAP and general practices within the financial institution industry. The accompanying consolidated financial statements include the accounts of the Holding Company and the Bank and its subsidiaries. Inter-company accounts and transactions have been eliminated in consolidation. The following is a description of the significant accounting policies that the Company follows in preparing its consolidated financial statements. Use of Estimates To prepare consolidated financial statements in conformity with GAAP, management makes judgments, estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Summary of Significant Accounting Policies Cash and Cash Equivalents - Cash and cash equivalents include cash and deposits with other financial institutions with original maturities fewer than 90 days. Net cash flows are reported for customer loan and deposit transactions, and interest bearing deposits in other financial institutions. Securities - Debt securities are classified as held-to-maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax (“OCI”). Equity securities are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting in observable price changes in orderly transactions for the identical or a similar investment. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in accrued interest receivable in the Consolidated Statements of Financial Condition. A debt security is placed on non- accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual is reversed against interest income. There was one non-accrual available-for-sale debt
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Table of Contents 54 security of $450 thousand at December 31, 2025 and there were no non-accrual debt securities at December 31, 2024. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Restricted Stock – Restricted stock represents FHLBNY capital stock, FRB capital stock, and Atlantic Community Bankers Bank (“ACBB”) capital stock, which are reported at cost. The Bank is a member of the FHLB system. Members are required to own a particular amount of stock based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock is periodically evaluated for impairment based on ultimate recovery of par value. The Bank is a member of the FRB. Membership requires the purchase of shares of FRB capital stock. The Bank has a relationship with ACBB. The relationship requires the purchase of shares of ACBB capital stock. Both cash and stock dividends are reported as income. Loans Held for Sale - Loans originated and intended for sale in the secondary market, as well as identified problem loans which are subject to an executed note sale agreement, are carried at the lower of aggregate cost or net realizable proceeds. Loans originated and intended for sale are generally sold with servicing rights retained. Problem loans in which the borrower does not adhere to all of the terms and conditions of the legal contract are generally resolved through the sale of the loan rather than through litigation through our workout department. Loans - Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, net of partial charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination, commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as adjustments to yield. When a loan prepays, the remaining unamortized net deferred origination fees or costs are recognized in the current year. Interest on loans is credited to income based on the principal outstanding during the period. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance in accrued interest receivable on the Consolidated Statements of Financial Condition. Past due status is based on the contractual terms of the loan. Loans that are 90 days past due are automatically placed on non- accrual and previously accrued interest is reversed and charged against interest income. However, if the loan is in the process of collection and the Bank has reasonable assurance that the loan will be fully collectable based upon an individual loan evaluation assessing such factors as collateral and collectability, accrued interest will be recognized as earned. If a payment is received when a loan is non-accrual, the payment is applied to the principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Unless otherwise noted, the above policy is applied consistently to all loan segments. Allowance for Credit Losses - The CECL Standard requires that the measurement of all expected credit losses for financial assets at amortized cost, such as loans receivable, securities, and off-balance sheet credit exposures, held as of the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts to cover lifetime expected credit losses. Accrued interest receivable is excluded from amortized cost basis. The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent within the financial asset holdings. Management evaluates the adequacy of the allowance on a quarterly basis, and additions to the allowance are charged to expense and realized losses, net of recoveries, are charged against the allowance. Allowance for credit losses on held-to-maturity securities - Management classifies its held-to- maturity portfolio into the following major security types: Pass-through MBS issued by U.S. GSEs, Agency Collateralized Mortgage Obligations, Agency Notes and Corporate Securities. The majority of the securities in the held-to-maturity portfolio are issued by U.S. Government-sponsored entities or agencies. These securities are either explicitly or implicitly guaranteed by the U.S. Government, are highly rated by major rating agencies, and have a long history of no credit losses. To the extent that debt securities in the held-to- maturity portfolio share common risk characteristics, expected credit losses are calculated by pools of such debt securities. The historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lifetime of the securities.
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Table of Contents For a debt security in the held-to-maturity portfolio that does not share common risk characteristics with any of the pools of debt securities, expected credit loss on each security is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities or agencies, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. Government were to technically default. Therefore, for those securities, the Company does not record expected credit losses. Allowance for credit losses on available-for-sale securities - Management evaluates available-for- sale debt securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. For securities in an unrealized loss position, management considers the extent of the unrealized loss, and the near-term prospects of the issuer. Impairment may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of whether any decline in fair value is due to a credit loss, all relevant information is considered at the individual security level. For asset-backed securities performance indicators considered related to the underlying assets include default rates, delinquency rates, percentage of non-performing assets, debt-to- collateral ratios, third party guarantees, current levels of subordination, vintage, geographic concentration, analyst reports and forecasts, credit ratings and other market data. In assessing whether a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are excluded from earnings and reported, net of tax, in OCI. Management also assesses whether it intends to sell or is more likely than not that it will be required to sell a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Allowance for credit losses on loans held for investment - The Company utilizes a model which compares the amortized cost basis of the loan to the net present value of expected cash flows to be collected. Expected credit losses are determined by aggregating the individual cash flows and calculating a loss percentage by loan segment, or pool, for loans that share similar risk characteristics. For a loan that does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The methodology for determining the allowance for credit losses on loans held for investment is considered a critical accounting policy by management given the judgment required for determining assumptions used, uncertainty of economic forecasts, and subjectivity of any qualitative factors considered. The Company evaluates its loan pooling methodology at least annually. The Company has identified the following loan pools for purposes of measuring the allowance for credit losses: Business loans - Loans in this classification consist of commercial and industrial and owner-occupied commercial real estate loans. Commercial and industrial loans consist of lines of credit, revolving lines of credit, and term loans, generally to businesses or high net worth individuals. The owners of these businesses typically provide recourse such that they guarantee the debt. The lines of credit are generally secured by the assets of the business, though they may at times be issued on an unsecured basis. Generally speaking, they are subject to renewal on an annual basis based upon review of the borrower’s financial statements. Term loans are generally secured by either specific or general asset liens of the borrower’s business. These loans are granted based upon the strength of the cash generation ability of the borrower. Included in C&I loans are also certain SBA loans in which the loan is secured by underlying assets of the business. The Bank may sell a portion of the loan, guaranteed by the SBA, to a third-party investor. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates. Owner-occupied commercial real estate may have a residential component of less than 50% of the property’s rental income. The Bank’s underwriting standards generally require: (1) a maximum LTV ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.25x. Included in owner-occupied loans are also certain SBA loans in which the loan is secured by underlying real estate as collateral. The Bank may sell a portion of the loan, guaranteed
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55 by the SBA, to a third-party investor. Repayment of the loans is often dependent upon the success of the business occupying
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Table of Contents the properties. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates. One-to-four family residential, including condominium and cooperative apartment loans - Loans in this classification consist of residential real estate and one-to-four family real estate properties, and may have a mixed-use commercial aspect. Included in one-to-four family loans are also certain SBA loans in which the loan is secured by underlying real estate as collateral. The Bank may sell a portion of the loan, guaranteed by the SBA, to a third-party investor. Owner-occupied properties are generally underwritten based upon an appraisal performed by an independent, state licensed appraiser and the credit quality of the individual borrower. Investment properties require: (1) a maximum LTV ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.25x. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates and housing prices. Multifamily residential and residential mixed-use loans - Loans in this classification consist of multifamily residential real estate with a minimum of five residential units, and may have a mixed-use commercial aspect of less than 50% of the property’s rental income. The Bank’s underwriting standards for multifamily residential loans generally require: (1) a maximum LTV ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.20x. Repayment of multifamily residential loans is dependent, in significant part, on cash flow from the collateral property sufficient to satisfy operating expenses and debt service. Future increases in interest rates, increases in vacancy rates on multifamily residential or commercial buildings, and other economic events, such as unemployment rates, which are outside the control of the borrower or the Bank could negatively impact the future net operating income of such properties. Similarly, government regulations, such as the existing New York City Rent Regulation and Rent Stabilization laws, could limit future increases in the revenue from these buildings. Non-owner-occupied commercial real estate loans - Loans in this classification consist of mortgage loans on nonresidential properties. Nonresidential properties may have a residential aspect of less than 50% of the property’s rental income. Nonresidential properties include investor owned assets such as retail, warehouses/ industrial facilities, hotels, supportive housing, non-medical and medical offices, educational facilities and medical facilities among others. The Bank’s underwriting standards for non-owner-occupied commercial real estate loans generally require: (1) a maximum LTV ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.25x. Repayment of non-owner-occupied commercial real estate loans is often dependent upon successful operation or management of the collateral properties, as well as the success of the business and retail tenants occupying the properties. Repayment of such loans is generally dependent on economic factors such as unemployment rates and commercial real estate prices. Acquisition, development, and construction loans - Loans in this classification consist of loans to purchase land intended for further development, including single-family homes, multi- family housing, and commercial income properties. In general, the maximum LTV ratio for a land acquisition loan is 50% of the appraised value of the property. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates and CRE prices. Other loans - Loans in this classification consist of installment and consumer loans. Repayment is dependent on the credit quality of the individual borrower. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates. Loan restructurings - The Company applies the loan refinancing and restructuring guidance to determine whether a modification or other forms of restructuring result in a new loan or a continuation of an existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include conditions where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and/or a combination of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows.
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Table of Contents 57 Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historically observed credit loss experience of peer banks within our geography provide the basis for the estimation of expected credit losses on similar loan pools. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of the peer group. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro- economic variables. The Company considers qualitative adjustments to expected credit loss estimates for information not already captured in the loss estimation process. These factors include: (1) lending policies and procedures and the experience, ability, and depth of the lending management and other relevant staff; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the volume and severity of past due loans; (5) the quality of our loan review system; (6) the value of underlying collateral for collateralized loans; (7) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (8) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Individually evaluated loans - Loans that do not share risk characteristics are evaluated on an individual basis based on various factors and are not included in the collective pool evaluation. Factors that may be considered are borrower delinquency trends and non-accrual status, probability of foreclosure or note sale, changes in the borrower’s circumstances or cash collections, borrower’s industry, or other facts and circumstances of the loan or collateral. For a loan that does not share risk characteristics with other loans, expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, the Company recognizes expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell the collateral if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The fair value of real estate collateral is determined based on recent appraised values. Appraisals are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Appraisals undergo a second review process to ensure that the methodology employed, and the values derived are reasonable. Generally, collateral values for real estate loans for which measurement of expected losses is dependent on collateral values are updated every twelve months. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. Once the expected credit loss amount is determined, an allowance is provided for equal to the calculated expected credit loss and included in the allowance for credit losses. Pursuant to the Company’s policy, credit losses must be charged- off in the period the loans, or portions thereof, are deemed uncollectable. Allowance for credit losses on off-balance sheet credit exposures - The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures, which is included in Other liabilities on the Consolidated Statements of Financial Condition, is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which is the same as the expected loss factor as determined based on the corresponding portfolio segment. For further discussion of our loan accounting, see Note 4 - Loans.
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Table of Contents 58 Derivatives - The Company may engage in three types of derivatives depending on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (2) a hedge with the exposure to changes in fair value of an asset, liability, or firm commitment attributable to particular risk, such as interest risk (“fair value hedge”) or (3) an instrument with no hedging designation (“freestanding derivatives”). For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in fair value of the fair value derivative and the hedged item related to the hedged risk are recognized in earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk- management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific liabilities on the Consolidated Statements of Financial Condition. The Company also formally assesses, both at the hedge’s inception and on an on-going basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges from each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business. Other Real Estate Owned (“OREO”) - Properties acquired as a result of foreclosure on a real estate loan or a deed in lieu of foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate collateralizing a one-to-four family residential loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through execution of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Declines in the recorded balance subsequent to acquisition by the Company are recorded through expense. Operating costs after acquisition are expensed. Premises and Fixed Assets, Net - Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives generally ranging from forty to fifty years. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives generally ranging from three to ten years. Leases – Leases are classified as operating or finance leases at the lease commencement date. The Company recorded leases on the Consolidated Statements of Financial Condition with the operating lease asset and lease liability determined at the commencement date of the lease based on the present value of the remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of inception.
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Table of Contents The Company made a policy election to exclude the recognition requirements of ASC 2016-02 on short-term leases with original terms of 12 months or less. Short-term lease payments are recognized in the Company’s Consolidated Statements of Operations on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. Lease expenses are included in Occupancy and equipment on the Company’s Consolidated Statements of Operations. The Company does not sublease any of its leased properties and does not lease properties from any related parties. Disclosures about the Company’s leasing activities are presented in Note 7 Leases. Goodwill and Other Intangible Assets - Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually, or more frequently if events and circumstances exist that indicate the carrying amount of the asset may be impaired. The Company performs its annual goodwill impairment test in the fourth quarter of every year, or more frequently if events or changes in circumstance indicate the asset might be impaired. Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. Servicing Rights Assets (“SRAs”) - When real estate or C&I loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. SRAs are carried at the lower of cost or fair value and are amortized in proportion to, and over the period of, anticipated net servicing income. All separately recognized SRAs are required to be initially measured at fair value, if practicable. The estimated fair value of loan servicing assets is determined by calculating the present value of estimated future net servicing cash flows, using assumptions of prepayments, defaults, servicing costs and discount rates derived based upon actual historical results for the Bank, or, in the absence of such data, from historical results for the Bank’s peers. Capitalized loan servicing assets are stratified based on predominant risk characteristics of the underlying loans (i.e., collateral, interest rate, servicing spread and maturity) for the purpose of evaluating impairment. A valuation allowance is then established in the event the recorded value of an individual stratum exceeds its fair value. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds, default rates, and losses. Transfers of Financial Assets - Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been legally isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Bank Owned Life Insurance (“BOLI”) - BOLI is carried at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Increases in the contract value are recorded as non-interest income in the Consolidated Statements of operations and insurance proceeds received are recorded as a reduction of the contract value.
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59 Income Taxes - Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount deemed more likely than not to be realized. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The Company recognizes only those tax positions that meet the more-likely-than-not recognition threshold, and establishes tax reserves for uncertain tax positions that do not meet this threshold. Interest associated with income tax matters are included in the provision for income taxes.
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Table of Contents Employee Benefits - The Bank maintains two noncontributory pension plans: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees. As the sponsor of a single employer defined benefit plan, the Company must do the following for the Employee Retirement Plan and BNB Bank Pension Plan: (1) recognize the funded status of the benefit plans in its statements of financial condition, measured as the difference between plan assets at fair value (with limited exceptions) and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement benefit plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation; (2) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit or cost. Amounts recognized in accumulated other comprehensive income (“AOCI”), including the gains or losses, prior service costs or credits, and the transition asset or obligation are adjusted as they are subsequently recognized as components of net periodic benefit cost; (3) measure defined benefit plan assets and obligations as of the date of the employer’s fiscal year-end statements of financial condition (with limited exceptions); and (4) disclose in the notes to financial statements additional information about certain effects on net periodic benefit cost for the next fiscal year that arise from delayed recognition of the gains or losses, prior service costs or credits, and transition asset or obligation. The Company provides a 401(k) plan, which covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the 60th day of employment, unless they elect not to participate. The Holding Company and Bank maintain the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”), the Dime Community Bancshares, Inc. 2019 Equity Incentive Plan, (the “2019 Equity Incentive Plan”), and the 2012 Stock-Based Compensation Plan (the “2012 Equity Incentive Plan”), (collectively the “Stock Plans”); which are discussed more fully in Note 17 Stock-Based Compensation. Under the Stock Plans, compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Holding Company’s common stock (“Common Stock”) at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Basic and Diluted EPS - Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award ("RSA") shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA and performance-based share awards (“PSA”) shares are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Comprehensive Income - Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income includes unrealized gains and losses on available-for-sale securities, unrealized gains and losses on cash flow hedges, and changes in the funded status of the pension plan, which are also recognized as separate components of equity. Comprehensive and accumulated comprehensive income are summarized in Note 2. Disclosures about Segments of an Enterprise and Related Information - The Company has one reportable segment, "Community Banking." All of the Company’s activities are interrelated, and each activity is dependent and assessed based on the manner in which it supports the other activities of the Company. For example, lending is dependent upon the ability of the Bank to fund itself with retail deposits and other borrowings and to manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. For the years ended December 31, 2025, 2024 and 2023, there was no customer that accounted for more than 10% of the Company's consolidated revenue. Reclassifications – There have been no material reclassifications to prior year amounts to conform to their current presentation.
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Table of Contents 61 Adoption of New Accounting Standards Standards Adopted in 2025 Accounting Standards Updates (“ASU”) No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, intended to enhance the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. Specifically, the amendments in this ASU require disclosure of: (i) a tabular reconciliation, using both percentages and reporting currency amounts, with prescribed categories that are required to be disclosed, and the separate disclosure and disaggregation of prescribed reconciling items with an effect equal to 5% or more of the amount determined by multiplying pretax income from continuing operations by the applicable statutory rate; (ii) a qualitative description of the states and local jurisdictions that make up the majority (greater than 50%) of the effect of the state and local income taxes; and (iii) amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions that comprise 5% or more of total income taxes paid, net of refunds received. The ASU also includes other amendments to improve the effectiveness of income tax disclosures. Effective January 1, 2025, ASU 2023 ‑ 09 was adopted by the Company on a prospective basis for annual reporting periods, resulting in expanded disclosures in Note 15 of our Consolidated Financial Statements. 2. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Activity in accumulated other comprehensive income (loss), net of tax, was as follows: Total Accumulated SecuritiesDefined Other Available-Benefit Comprehensive (In thousands) for-Sale Plans Derivatives Loss Balance as of January 1, 2024 $ (90,242) $(6,430) $ 5,093 $ (91,579) Other comprehensive income (loss) before reclassifications 14,703 (1,087) (5,782) 7,834 Amounts reclassified from accumulated other comprehensive income 31,772 18 6,937 38,727 Net other comprehensive income (loss) during the period 46,475 (1,069) 1,155 46,561 Balance as of December 31, 2024 $ (43,767) $(7,499) $ 6,248 $ (45,018) Other comprehensive income (loss) before reclassifications 16,639 2,982 (13,170) 6,451 Amounts reclassified from accumulated other comprehensive income 1,896 119 5,084 7,099 Net other comprehensive income (loss) during the period 18,535 3,101 (8,086) 13,550 Balance as of December 31, 2025 $ (25,232) $(4,398) $ (1,838) $ (31,468)
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Table of Contents 62 The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated. Year Ended December 31, (In thousands) 2025 2024 2023 Change in unrealized gain (loss) on securities: Change in net unrealized gain during the period $ 21,327 $ 23,218 $ 10,355 Reclassification adjustment for net (gain) loss realized in net income on securities and other assets (163) 42,810 1,447 Accretion of net unrealized loss on securities transferred to held-to-maturity2,907 3,028 3,142 Credit loss expense 2,550 — — Net change 26,621 69,056 14,944 Tax expense 8,086 22,581 4,316 Net change in unrealized gain on securities, net of reclassification adjustments and tax 18,535 46,475 10,628 Change in pension and other postretirement obligations: Reclassification adjustment for benefit (expense) included in other expense 172 26 (1,547) Change in the net actuarial gain (loss) 4,281 (1,426) (190) Net change 4,453 (1,400) (1,737) Tax expense (benefit) 1,352 (331) (573) Net change in pension and other postretirement obligations 3,101 (1,069) (1,164) Change in unrealized gain (loss) on derivatives: Change in net unrealized loss during the period (19,035) (8,453) (11,782) Reclassification adjustment for expense included in interest expense 7,360 10,008 2,092 Net change (11,675) 1,555 (9,690) Tax (benefit) expense (3,589) 400 (3,026) Net change in unrealized (loss) gain on derivatives, net of reclassification adjustments and tax (8,086) 1,155 (6,664) Other comprehensive income, net of tax $ 13,550 $ 46,561 $ 2,800 3. SECURITIES The following tables summarize the major categories of securities as of the dates indicated: December 31, 2025 Gross GrossAmortized Unrealized Unrealized Fair(In thousands) Cost Gains Losses Value Securities available-for-sale: Agency notes $ 10,000 $ — $ (120) $ 9,880Corporate securities 169,051 1,443 (4,035) 166,459Pass-through mortgage-backed securities ("MBS") issued byU.S.government sponsored entities ("U.S. GSEs") 387,549 4,782 (598) 391,733Agency CMOs 231,309 904 (21,280) 210,933 State and municipal obligations 19,753 1 (824) 18,930 Total securities available-for-sale $ 817,662 $ 7,130 $ (26,857) $ 797,935 December 31, 2025 Gross GrossAmortized Unrecognized Unrecognized Fair(In thousands) Cost Gains Losses Value Securities held-to-maturity: Agency notes $ 90,400 $ — $ (6,287) $ 84,113Corporate securities 17,000 290 (238) 17,052Pass-through MBS issued by U.S. GSEs 280,102 456 (31,101) 249,457 Agency CMOs 231,399 382 (22,321) 209,460 Total securities held-to-maturity $ 618,901 $ 1,128 $ (59,947) $ 560,082
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Table of Contents 63 December 31, 2024 Gross GrossAmortized Unrealized Unrealized Fair(In thousands) Cost Gains Losses Value Securities available-for-sale: Agency notes $ 10,000 $ — $ (393) $ 9,607Corporate securities 173,972 755 (10,778) 163,949Pass-through MBS issued by U.S. GSEs 303,303 30 (3,112) 300,221Agency CMOs 220,314 16 (28,442) 191,888State and municipal obligations 26,545 — (1,517) 25,028 Total securities available-for-sale $ 734,134 $ 801 $ (44,242) $ 690,693 December 31, 2024 Gross GrossAmortized Unrecognized Unrecognized Fair(In thousands) Cost Gains Losses Value Securities held-to-maturity: Agency notes $ 89,977 $ — $ (10,961) $ 79,016Corporate securities 13,000 140 (855) 12,285Pass-through MBS issued by U.S. GSEs 298,697 — (43,716) 254,981 Agency CMOs 235,665 29 (29,699) 205,995 Total securities held-to-maturity $ 637,339 $ 169 $ (85,231) $ 552,277 There were no transfers of securities from available-for-sale to securities held-to-maturity during the years ended December 31, 2025 or 2024. There were no transfers of securities from held-to-maturity to available- for-sale during the years ended December 31, 2025 or 2024. The Company previously reassessed the classification of certain investments and transferred securities from available-for-sale to securities held-to- maturity during the year ended December 31, 2022. The amount remaining in OCI from this transfer as of December 31, 2025 and 2024 was $16.8 million and $19.7 million, respectively. The unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer. The carrying amount of securities pledged at December 31, 2025 and 2024 was $766.2 million and $622.7 million, respectively. The pledged securities are mainly used as collateral for a portion of the Company’s municipal deposit portfolio. At December 31, 2025 and 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The following table presents the amortized cost and fair value of securities by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. December 31, 2025 Amortized Fair(In thousands) Cost Value Available-for-saleWithin one year $ 16,879 $ 16,719One to five years 50,553 49,294Five to ten years 125,872 123,728Beyond ten years 5,500 5,528 Pass-through MBS issued by U.S. GSEs and agency CMOs 618,858 602,666 Total $ 817,662 $ 797,935 Held-to-maturityWithin one year $ — $ —One to five years 56,411 52,993Five to ten years 50,989 48,172 Beyond ten years — —Pass-through MBS issued by U.S. GSEs and agency CMOs 511,501 458,917 Total $ 618,901 $ 560,082
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Table of Contents 64 The following table presents the information related to sales of securities available-for-sale for the periods indicated: Year Ended December 31, (In thousands) 2025 2024 2023 Securities available-for-sale Proceeds $ 38,842 $ 379,053 $ 77,804 Gross gains 1,073 — 130 Tax expense on gains 318 — 39 Gross losses 996 42,810 1,577 Tax benefit on losses 295 13,139 467 Equity securities included in Other assets in the Consolidated Statements of Financial Condition had a fair value of $2.7 million and $2.5 million as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025 and 2024, the Company recognized a net gain of $200 thousand and $281 thousand, respectively. There were no sales of securities held-to-maturity during the years ended December 31, 2025, 2024, or 2023. The following tables summarize the gross unrealized losses and fair value of available-for-sale securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated: December 31, 2025 Less than 12 12 Consecutive Consecutive MonthsMonths or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Agency notes $ — $ — $ 9,880 $ 120 $ 9,880 $ 120 Corporate securities 5,970 30 69,646 4,005 75,616 4,035 Pass-through MBS issued by U.S. GSEs— — 5,214 598 5,214 598 Agency CMOs 8,478 83 135,961 21,197 144,439 21,280 State and municipal obligations — — 14,984 824 14,984 824 December 31, 2024 Less than 12 12 Consecutive Consecutive MonthsMonths or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Agency notes $ — $ — $ 9,607 $ 393 $ 9,607 $ 393 Corporate securities 2,925 16 141,124 10,762 144,049 10,778 Pass-through MBS issued by U.S. GSEs 289,095 2,170 6,119 942 295,214 3,112 Agency CMOs 32,101 357 154,770 28,085 186,871 28,442 State and municipal obligations 3,469 31 21,559 1,486 25,028 1,517 During 2025, the Company recorded a $2.6 million allowance for credit losses on one available-for-sale debt security due to the issuer’s non-compliance with certain financial covenants, which was considered a credit deterioration event. As of December 31, 2025, the Company charged off the full amount of credit impairment through the allowance for credit losses. Given the high-quality composition of the Company’s held-to- maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. Government were to technically default. Accrued interest receivable on securities, which totaled $5.9 million and $5.7 million at December 31, 2025 and 2024 respectively, was included in Other assets in the Consolidated Statements of Financial Condition and excluded from the amortized cost and estimated fair value totals in the table above.
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Table of Contents 65 Management evaluates available-for-sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2025, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. The Company generally views changes in fair value caused by changes in interest rates as temporary, which is consistent with its experience. The following major security types held by the Company are all issued by U.S. Government entities and agencies and therefore either explicitly or implicitly guaranteed by the U.S. Government: Agency Notes, Treasury Securities, Pass-through MBS issued by U.S. GSEs, Agency Collateralized Mortgage Obligations. None of the unrealized losses are related to credit losses. The majority of the state and municipal obligations within the portfolio have all maintained an investment grade rating by either Moody’s or Standard and Poor’s. The Company does not have the intent to sell these securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the debt. The fair value is expected to recover as the securities approach maturity. The following table presents a rollforward of the allowance for credit losses for corporate securities available- for-sale for the twelve months, for the period ended as indicated: Year Ended December 31, (In thousands) 2025 2024 Beginning balance $ — $ — Provision for credit losses 2,550 — Charge-offs (2,550) — Ending balance $ — $ — 4. LOANS HELD FOR INVESTMENT, NET The following table presents the loan categories for the period ended as indicated: December 31, (In thousands) 2025 2024 Business loans (1) $ 3,240,436 $ 2,725,726One-to-four family residential and coop/condo apartment 1,035,803 951,528Multifamily residential and residential mixed-use 3,424,522 3,820,283Non-owner-occupied commercial real estate 2,933,011 3,230,535Acquisition, development, and construction ("ADC") 117,215 136,172Other loans 6,558 5,084 Total 10,757,545 10,869,328 Fair value hedge basis point adjustments (2) 663 2,615 Total loans, net of fair value hedge basis point adjustments 10,758,208 10,871,943 Allowance for credit losses (97,372) (88,751) Loans held for investment, net $ 10,660,836 $ 10,783,192 (1) Business loans include C&I loans, owner-occupied commercial real estate loans and PPP loans. (2) The loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged owner- occupied commercial real estate in business loans, one-to-four family residential mortgage loans, multifamily residential mortgage loans and non-owner-occupied commercial real estate loans.
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Table of Contents 66 The following tables present data regarding the allowance for credit losses activity on loans held for investment for the periods indicated: One-to-Four MultifamilyFamily Residential Non-OwnerResidential and and OccupiedBusiness Coop/Condo Residential Commercial Other(In thousands) Loans Apartment Mixed-Use Real Estate ADC Loans Total Beginning balance as of January 1,2023 47,029 5,969 8,360 20,153 1,723 273 83,507Provision (credit) for credit losses 3,273 858 (1,121) (530) 266 129 2,875Charge-offs (15,364) (14) (2) — — (300) (15,680)Recoveries 1,024 — — — — 17 1,041Ending balance as ofDecember 31, 2023 $ 35,962 $ 6,813 $ 7,237 $ 19,623 $ 1,989 $ 119 $ 71,743 Provision for credit losses 14,435 2,688 9,385 9,176 334 179 36,197Charge-offs (8,051) — (4,677) (6,926) — (110) (19,764) Recoveries 552 — 1 3 — 19 575 Ending balance as ofDecember 31, 2024 $ 42,898 $ 9,501 $ 11,946 $ 21,876 $ 2,323 $ 207 $ 88,751 Provision (credit) for credit losses 13,563 577 2,175 24,722 (253) 157 40,941Charge-offs (7,706) (44) (69) (25,468) — (76) (33,363)Recoveries 1,015 — 1 — — 27 1,043Ending balance as ofDecember 31, 2025 $ 49,770 $ 10,034 $ 14,053 $ 21,130 $ 2,070 $ 315 $ 97,372 The following tables present the amortized cost basis of loans on non-accrual status as of the periods indicated: December 31, 2025 Non-accrual with Non-accrual with Related(In thousands) No Allowance Allowance Allowance Business loans $ 3,973 $ 18,633 $ 14,877One-to-four family residential and coop/condo apartment — 3,623 35Non-owner-occupied commercial real estate 25,656 15 15 ADC — 412 316 Total $ 29,629 $ 22,683 $ 15,243 December 31, 2024 Non-accrual with Non-accrual with Related(In thousands) No Allowance Allowance Allowance Business loans $ 5,196 $ 17,428 $ 15,810One-to-four family residential and coop/condo apartment — 3,213 31Non-owner-occupied commercial real estate 16,456 6,504 432ADC — 657 287Other loans — 25 25 Total $ 21,652 $ 27,827 $ 16,585 The Company did not recognize interest income on non-accrual loans held for investment during the years ended December 31, 2025 or 2024.
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Table of Contents 67 The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated: December 31, 2025 Loans 90 Days or Total 30 to 59 60 to 89 More Past Due Past Due Days Days and Still and Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Non-accrual Current Loans Business loans $ 4,617 $ 2,075 $ — $ 22,606 $ 29,298 $ 3,211,138 $ 3,240,436One-to-four family residentialand coop/condo apartment 7,943 389 — 3,623 11,955 1,023,848 1,035,803Multifamily residential andresidential mixed-use 3,667 27,608 — — 31,275 3,393,247 3,424,522Non-owner-occupiedcommercial real estate 12,597 — — 25,671 38,268 2,894,743 2,933,011ADC — — — 412 412 116,803 117,215Other loans — — — — — 6,558 6,558 Total $ 28,824 $30,072 $ — $ 52,312 $ 111,208 $10,646,337 $10,757,545 December 31, 2024 Loans 90 Days or Total 30 to 59 60 to 89 More Past Due Past Due Days Days and Still and Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Non-accrual Current Loans Business loans $ 3,385 $ 2,441 $ — $ 22,624 $ 28,450 $ 2,697,276 $ 2,725,726One-to-four family residentialand coop/condo apartment 1,919 1,271 — 3,213 6,403 945,125 951,528Multifamily residential andresidential mixed-use 3,759 27,601 — — 31,360 3,788,923 3,820,283Non-owner-occupiedcommercial real estate 1,265 — — 22,960 24,225 3,206,310 3,230,535ADC — — — 657 657 135,515 136,172Other loans 2 — — 25 27 5,057 5,084 Total $ 10,330 $31,313 $ — $ 49,479 $ 91,122 $10,778,206 $10,869,328 Accruing Loans 90 Days or More Past Due: The Company did not have accruing loans 90 days or more past due at December 31, 2025 and 2024. Collateral Dependent Loans: The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as of the dates indicated: December 31, 2025 2024 Real Estate Associated Allowance Real Estate Associated Allowance(In thousands) Collateral Dependent for Credit Losses Collateral Dependent for Credit Losses Business loans $ 11,039 $ 3,507 $ 9,290 $ 1,408Non-owner-occupied commercial realestate 25,671 15 22,944 416 ADC 412 316 657 287 Total $ 37,122 $ 3,838 $ 32,891 $ 2,111 Related Party Loans Certain directors, executive officers, and their related parties, including their immediate families and companies in which they are principal owners, were loan customers of the Bank during 2025.
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Table of Contents 68 The following table sets forth selected information about related party loans: Year Ended December 31, (In thousands) 2025 2024 Beginning balance $ 3,745 $ 4,922New loans — 8Effect of changes in composition of related parties — (1,146) Repayments (2,261) (39) Balance at end of period $ 1,484 $ 3,745 Loan Restructurings The Company applies the loan refinancing and restructuring guidance to determine whether a modification or other forms of restructuring result in a new loan or a continuation of an existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include conditions where there is principal forgiveness, interest rate reductions, other- than-insignificant payment delays, term extensions, and/or a combination of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows. The following tables show the amortized cost basis as of December 31, 2025 and 2024 of the loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted: For the Year Ended December 31, 2025 Significant Term Payment Term Extension Delay Extension % of and and and Total Interest Significant Significant Interest Interest Class of Rate Term Payment Payment Rate Rate Financing (Dollars in thousands) Reduction Extension Delay Delay Reduction Reduction Total Receivable Business loans $ 1,039 $ 3,078 $ 938 $ — $ — $ 12,943 $ 17,998 0.6% Multifamily residential and residential mixed-use — — 59,195 — 14,783 — 73,978 2.2 Non-owner-occupied commercial real estate — 9,817 9,200 — — — 19,017 0.6 Total $ 1,039 $ 12,895 $ 69,333 $ — $ 14,783 $ 12,943 $ 110,993 1.0% For the Year Ended December 31, 2024 Significant Term Payment Term Extension Delay Extension % of and and and Total Interest Significant Significant Interest Interest Class of Rate Term Payment Payment Rate Rate Financing (Dollars in thousands) Reduction Extension Delay Delay Reduction Reduction Total Receivable Business loans — $ 19,668 $ 182 $ 187 $ 27 $ —$ 20,064 0.7% One-to-four family residential and coop/condo apartment — — — — — 896 896 0.1 Multifamily residential and residential mixed-use — — 34,087 — — — 34,087 0.9 Non-owner-occupied commercial real estate — — 31,102 — — — 31,102 1.0 Total $ — $ 19,668 $ 65,371 $ 187 $ 27 $ 896 $ 86,149 0.8% The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty as of the dates indicated: For the Year Ended December 31, 2025 Weighted Average Weighted AverageInterest Rate Months of Weighted Average(Dollars in thousands) Reductions Term Extensions Payment Delay Business loans 1.27 % 85 $ 115Multifamily residential and residential mixed-use 0.90 — 329Non-owner-occupied commercial real estate — 10 848
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Table of Contents 69 For the Year Ended December 31, 2024 Weighted Average Weighted AverageInterest Rate Months of Weighted Average(Dollars in thousands) Reductions Term Extensions Payment Delay Business loans 5.00 % 8 $ 59One-to-four family residential and coop/condo apartment 1.00 231 —Multifamily residential and residential mixed-use — — 256Non-owner-occupied commercial real estate — — 560 The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables describe the performance of loans that have been modified during the years ended December 31, 2025 and 2024. December 31, 2025 30-59 60-89 90+ (In thousands) Current Days PastDue Days PastDue Days PastDue Non-Accrual Total Business loans $ 16,192 $ 531 $ — $ — $ 1,275 $ 17,998Multifamily residential and residentialmixed-use 46,370 — 27,608 — — 73,978Non-owner-occupied commercial realestate 9,817 — — — 9,200 19,017 Total $ 72,379 $ 531 $ 27,608 $ — $ 10,475 $ 110,993 December 31, 2024 30-59 60-89 90+ (In thousands) Current Days PastDue Days PastDue Days PastDue Non-Accrual Total Business loans $ 19,668 $ 129 $ — $ — $ 267 $ 20,064One-to-four family residential andcoop/condo apartment — — — — 896 896Multifamily residential and residentialmixed-use 6,486 — 27,601 — — 34,087Non-owner-occupied commercial realestate 31,102 — — — — 31,102 Total $ 57,256 $ 129 $ 27,601 $ — $ 1,163 $ 86,149 As of December 31, 2025, there was one non-owner-occupied commercial loan totaling $9.2 million that was modified to borrowers experiencing financial difficulty during the year ended December 31, 2025, that subsequently defaulted. As of December 31, 2025 there were $1.3 million of non-accrual business loans that were modified to borrowers experiencing financial difficulty and remained on non-accrual status. There were no loans held for investment made to borrowers experiencing financial difficulty that were modified during the year ended December 31, 2024, that subsequently defaulted. For the purposes of this disclosure, a payment default is defined as 90 or more days past due. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit structure, loan documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying them as to credit risk. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.
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Table of Contents 70 Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of then existing facts, conditions, and values, highly questionable and improbable. The following is a summary of the credit risk profile of loans by internally assigned grade as of the periods indicated, the years represent the year of origination for non-revolving loans: December 31, 2025 (In thousands) 2025 2024 2023 2022 2021 2020 and Prior Revolving Revolving- Term Total Business loans Pass $444,515 $320,751 $212,384 $ 302,778 $ 182,244 $ 408,711 $1,170,533 $ 96,748 $ 3,138,664 Special mention — 107 265 2,856 15,143 20,428 7,822 2,457 49,078 Substandard — 85 2,944 3,669 7,611 10,613 4,320 22,841 52,083 Doubtful — — — — — 611 — — 611 Total business loans 444,515 320,943 215,593 309,303 204,998 440,363 1,182,675 122,046 3,240,436 YTD Gross Charge-Offs — — — 1,492 605 — 4,296 1,313 7,706 One-to-four family residential and coop/condo apartment Pass 170,056 125,945 145,449 192,988 91,910 270,964 23,035 8,598 1,028,945 Special mention — — 263 — — 28 — — 291 Substandard — — — 474 — 4,542 652 899 6,567 Doubtful — — — — — — — — — Total one-to-four family residential and coop/condo apartment 170,056 125,945 145,712 193,462 91,910 275,534 23,687 9,497 1,035,803 YTD Gross Charge-Offs — — — — — 44 — — 44 Multifamily residential and residential mixed-use: Pass 54,958 21,186 229,634 1,127,686 536,029 1,211,361 4,748 4,705 3,190,307 Special mention 1,824 — — 7,214 15,963 111,626 — — 136,627 Substandard — — — 20,821 3,069 73,698 — — 97,588 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 56,782 21,186 229,634 1,155,721 555,061 1,396,685 4,748 4,705 3,424,522 YTD Gross Charge-Offs — — — — — 69 — — 69 Non-owner-occupied commercial real estate Pass 95,771 54,625 202,035 695,850 573,086 1,157,080 7,908 15,961 2,802,316 Special mention — — — — 637 92,057 — — 92,694 Substandard — — — — 16,471 21,530 — — 38,001 Doubtful — — — — — — — — — Total non-owner-occupied commercial real estate 95,771 54,625 202,035 695,850 590,194 1,270,667 7,908 15,961 2,933,011 YTD Gross Charge-Offs — — — — — 23,644 1,824 — 25,468 ADC: Pass 28,379 18,907 41,151 6,075 4,805 — 15,345 2,141 116,803 Special mention — — — — — — — — — Substandard — — — — — — — 412 412 Doubtful — — — — — — — — — Total ADC 28,379 18,907 41,151 6,075 4,805 — 15,345 2,553 117,215 YTD Gross Charge-Offs — — — — — — — — — Total: Pass 793,679 541,414 830,653 2,325,377 1,388,074 3,048,116 1,221,569 128,153 10,277,035 Special mention 1,824 107 528 10,070 31,743 224,139 7,822 2,457 278,690 Substandard — 85 2,944 24,964 27,151 110,383 4,972 24,152 194,651 Doubtful — — — — — 611 — — 611 Total Loans $795,503 $541,606 $834,125 $2,360,411 $1,446,968 $3,383,249 $1,234,363 $ 154,762 $10,750,987 YTD Gross Charge-Offs $ — $ — $ — $ 1,492 $ 605 $ 23,757 $ 6,120 $ 1,313 $ 33,287
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Table of Contents 71 December 31, 2024 (In thousands) 2024 2023 2022 2021 2020 2019 and Prior Revolving Revolving- Term Total Business loans Pass $400,607 $232,017 $ 327,174 $ 201,799 $ 164,834 $ 348,388 $828,287 $ 67,238 $ 2,570,344 Special mention 135 754 36,740 4,220 4,333 17,226 26,292 14,497 104,197 Substandard — 398 1,985 2,482 3,944 11,298 — 30,467 50,574 Doubtful — — — — — 611 — — 611 Total business loans 400,742 233,169 365,899 208,501 173,111 377,523 854,579 112,202 2,725,726 YTD Gross Charge-Offs — — 158 166 267 586 89 6,785 8,051 One-to-four family residential and coop/condo apartment Pass 134,804 159,300 202,706 98,491 63,093 247,952 26,724 8,364 941,434 Special mention — — — — — 711 159 — 870 Substandard — — — — 984 7,326 — 914 9,224 Doubtful — — — — — — — — — Total one-to-four family residential and coop/condo apartment 134,804 159,300 202,706 98,491 64,077 255,989 26,883 9,278 951,528 YTD Gross Charge-Offs — — — — — — — — — Multifamily residential and residential mixed-use: Pass 21,810 252,975 1,285,619 560,039 286,653 1,239,261 4,285 4,267 3,654,909 Special mention — — 1,202 12,369 14,172 73,778 — — 101,521 Substandard — — — — — 63,853 — — 63,853 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 21,810 252,975 1,286,821 572,408 300,825 1,376,892 4,285 4,267 3,820,283 YTD Gross Charge-Offs 400 — — — 1,292 2,985 — — 4,677 Non-owner-occupied commercial real estate Pass 57,280 215,279 724,041 601,508 408,361 1,020,137 11,937 8,966 3,047,509 Special mention — — — 658 75,802 29,564 — — 106,024 Substandard — — — 16,471 34,236 26,295 — — 77,002 Doubtful — — — — — — — — — Total non-owner-occupied commercial real estate 57,280 215,279 724,041 618,637 518,399 1,075,996 11,937 8,966 3,230,535 YTD Gross Charge-Offs — — — 2,797 4,033 — — 96 6,926 ADC: Pass 16,154 34,169 25,950 4,810 — 2,468 24,868 12,122 120,541 Special mention — — — 14,974 — — — — 14,974 Substandard — — — — — — — 657 657 Doubtful — — — — — — — — — Total ADC 16,154 34,169 25,950 19,784 — 2,468 24,868 12,779 136,172 YTD Gross Charge-Offs — — — — — — — — — Total: Pass 630,655 893,740 2,565,490 1,466,647 922,941 2,858,206 896,101 100,957 10,334,737 Special mention 135 754 37,942 32,221 94,307 121,279 26,451 14,497 327,586 Substandard — 398 1,985 18,953 39,164 108,772 — 32,038 201,310 Doubtful — — — — — 611 — — 611 Total Loans $630,790 $894,892 $2,605,417 $1,517,821 $1,056,412 $3,088,868 $922,552 $ 147,492 $10,864,244 YTD Gross Charge-Offs $ 400 $ — $ 158 $ 2,963 $ 5,592 $ 3,571 $ 89 $ 6,881 $ 19,654 For other loans, the Company evaluates credit quality based on payment activity. Other loans that are 90 days or more past due are placed on non-accrual status, while all remaining other loans are classified and evaluated as performing. The following is a summary of the credit risk profile of other loans by internally assigned grade: December 31, (In thousands) 2025 2024 Performing $ 6,558 $ 5,059 Non-accrual — 25 Total $ 6,558 $ 5,084 5. LOAN SERVICING ACTIVITIES The Bank services real estate and C&I loans for others having principal balances outstanding of approximately $465.8 million and $329.1 million at December 31, 2025 and 2024, respectively. Loans serviced for others are not reported as assets. Servicing loans for others generally consists of collecting loan payments, maintaining escrow accounts, disbursing payments to investors, paying taxes and insurance and processing foreclosures. In connection with loans serviced for others, the Bank held borrowers’ escrow balances of $1.4 million and $1.3 million at December 31, 2025 and 2024, respectively.
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Table of Contents 72 There are no restrictions on the Company’s consolidated assets or liabilities related to loans sold with servicing rights retained. Upon sale of these loans, the Company recorded an SRA in other assets, and has elected to account for the SRA under the "amortization method" prescribed under GAAP. The activity for SRAs for the periods indicated are as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Servicing rights assets: Beginning of year $ 2,701 $ 3,168 $ 3,349 Additions 354 201 458 Amortized to expense (585) (668) (639) End of year 2,470 2,701 3,168 Valuation allowance: Beginning of year (282) (237) (201) Additions expensed (46) (45) (36) End of year (328) (282) (237) Servicing rights assets, net $ 2,142 $ 2,419 $ 2,931 The fair value of SRAs was $2.8 million and $3.0 million, at December 31, 2025 and 2024, respectively. The fair value at December 31, 2025 was determined using discount rates ranging from 9.5% to 13.0%, prepayment speeds ranging from 6.2% to 12.5%, depending on the stratification of the specific servicing rights, and a weighted average default rate of 0.69%. The fair value at December 31, 2024 was determined using discount rates ranging from 10.0% to 13.9%, prepayment speeds ranging from 6.1% to 12.3%, depending on the stratification of the specific servicing rights, and a weighted average default rate of 0.62%. 6. PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE Premises and Fixed Assets, Net The following is a summary of premises and fixed assets, net: December 31, (In thousands) 2025 2024 Land $ 5,709 $ 5,808 Buildings 13,580 14,417 Leasehold improvements 29,003 29,817 Furniture, fixtures and equipment 30,116 28,690 Premises and fixed assets, gross $ 78,408 $ 78,732 Less: accumulated depreciation and amortization (47,153) (43,874) Premises and fixed assets, net $ 31,255 $ 34,858 Depreciation and amortization expense amounted to $7.4 million, $7.0 million and $6.7 million during the years ended December 31, 2025, 2024 and 2023, respectively. Premises Held for Sale During the year ended December 31, 2025, the Company transferred one real estate property utilized as a retail branch to premises held for sale totaling $255 thousand. During the year ended December 31, 2024, the Company transferred two real estate properties utilized as retail branches to premises held for sale totaling $9.2 million. During the year ended December 31, 2025, the Company sold one real estate property utilized as a retail branch for $2.2 million and recorded an associated gain of $1.7 million in (Loss) gain on sale of other assets in the Consolidated Statements of Operations. There were no premises held for sale as of December 31, 2025. During the year ended December 31, 2024, the Company sold three real estate properties utilized as retail branches for $19.3 million and recorded an associated gain of $9.1 million in (Loss) gain on sale of other assets in the Consolidated Statements of Operations. There were no premises held for sale as of December 31, 2024.
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Table of Contents 73 7. LEASES The following table presents the Company’s remaining maturities of undiscounted lease payments, as well as a reconciliation to the discounted Operating lease liabilities in the Consolidated Statements of Financial Condition at December 31, 2025: (In thousands) 2026 $ 15,210 2027 13,488 2028 7,236 2029 4,706 2030 3,197 Thereafter 5,494 Total undiscounted lease payments 49,331 Less amounts representing interest (3,602) Operating lease liabilities $ 45,729 Other information related to our operating leases was as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Operating lease cost $ 14,119 $ 13,712$ 12,801 Cash paid for amounts included in the measurement of operating lease liabilities 13,930 13,684 12,560 As of December 31, 2025 2024 Weighted average remaining lease term 4.3years 4.4years Weighted average discount rate 3.18% 2.72% 8. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill At December 31, 2025 and 2024, the carrying amount of the Company’s goodwill was $155.8 million, respectively. The Company performs its annual goodwill impairment test in the fourth quarter of every year, or more frequently if events or changes in circumstance indicate the asset might be impaired. It was determined during the annual impairment testing that no impairment was needed for the years ended December 31, 2025, 2024 and 2023. The following table presents the change in Goodwill for the periods indicated: Year Ended December 31, (In thousands) 2025 2024 2023 Beginning of year $ 155,797 $ 155,797 $ 155,797 Impairment - - - End of year $ 155,797 $ 155,797 $ 155,797 Other Intangible Assets The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable, all of which are core deposit intangibles: Year Ended December 31, (In thousands) 2025 2024 Gross carrying value $ 10,204 $ 10,204 Accumulated amortization (7,266) (6,308) Net carrying amount $ 2,938 $ 3,896
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Table of Contents 74 Amortization expense recognized on intangible assets was $1.0 million, $1.2 million and $1.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. Estimated amortization expense for each of the next five years and thereafter is as follows: (In thousands) 2026 $ 795 2027 664 2028 560 2029 475 2030 411 Thereafter 33 Total $ 2,938 9. RESTRICTED STOCK The following is a summary of restricted stock: Year Ended December 31, (In thousands) 2025 2024 FHLBNY capital stock $ 37,225 $ 41,794 FRB capital stock 29,807 27,147 ACBB capital stock 165 165 Restricted stock $ 67,197 $ 69,106 FHLBNY Capital Stock The Bank is a member of the FHLBNY. Membership requires the purchase of shares of FHLBNY capital stock at $100 per share. Members are required to own a particular amount of stock based on the level of borrowings and other factors. The Bank decreased its outstanding FHLBNY advances by $100.0 million during the year ended December 31, 2025, resulting in a decrease of required FHLBNY stock. The Bank owned 372,249 shares and 417,937 shares at December 31, 2025 and 2024, respectively. The Bank recorded dividend income on the FHLBNY capital stock of $3.0 million, $5.1 million and $5.4 million during the years ended December 31, 2025, 2024 and 2023, respectively. FRB Capital Stock The Bank is a member of the FRB. Membership requires the purchase of shares of FRB capital stock at $50 per share. The Bank owned 596,143 shares at December 31, 2025 and 542,943 shares at December 31, 2024, respectively. The Bank recorded dividend income on the FRB capital stock of $1.3 million, $1.1 million, and $1.0 million during the years ended December 31, 2025, 2024, and 2023, respectively. ACBB Capital Stock The Bank has a relationship with ACBB. The relationship requires the purchase of shares of ACBB capital stock between $2,500 and $3,250 per share. The Bank owned 60 shares at December 31, 2025 and 2024, respectively. The Bank recorded dividend income on the ACBB capital stock of $5 thousand during the year ended December 31, 2025. The Bank did not record dividend income on the ACBB capital stock during the year ended December 31, 2024. The Bank recorded dividend income on the ACBB capital stock of $2 thousand during the year ended December 31, 2023.
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Table of Contents 75 10. DEPOSITS Deposits are summarized as follows: Year Ended December 31, 2025 2024 Weighted Weighted Average Average (Dollars in thousands) Rate Liability Rate Liability Savings (1) 2.37% $ 1,777,143 2.98% $ 1,927,909 Certificates of deposit ("CDs") 3.26 1,117,118 3.73 1,069,081 Money market 2.38 4,806,572 3.01 4,198,784 Interest-bearing checking 1.66 1,178,281 1.92 1,079,823 Non-interest-bearing checking (1) — 3,962,132 — 3,410,544 Total 1.66% $12,841,246 2.09% $11,686,141 (1) Includes mortgage escrow deposits. The following table presents a summary of scheduled maturities of CDs outstanding at December 31, 2025: Weighted Maturing Average (Dollars in thousands) Balance Interest Rate 2026 $ 855,954 3.27% 2027 87,258 3.07 2028 167,789 3.40 2029 3,494 0.42 2030 2,623 0.05 2031 and beyond — — Total $ 1,117,118 3.26% CDs that met or exceeded the FDIC insurance limit of $250 thousand were $130.7 million and $93.3 million at December 31, 2025 and 2024, respectively. 11. DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The Company engages in fair value hedges, cash flow hedges and freestanding derivatives.
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Table of Contents 76 Effect of Derivatives on the Consolidated Statements of Financial Condition The tables below present the notional amounts and the fair values of the Company’s derivative financial instruments as of the periods indicated: December 31, 2025 2024 Notional Fair Value Notional Fair Value (In thousands) Amount Assets Amount Assets Derivatives designated as hedging instruments: Cash flow hedges - interest rate products $ 600,000 $ 2,758 $ 150,000 $ 8,318 Derivatives not designated as hedging instruments: Interest rate products 1,655,545 73,557 1,665,949 108,178 December 31, 2025 2024 Notional Fair Value Notional Fair Value (In thousands) Amount Liabilities Amount Liabilities Derivatives designated as hedging instruments: Fair value hedges - interest rate products $ 350,000 $ 8 $ 500,000 $ — Cash flow hedges - interest rate products — — 350,000 159 Derivatives not designated as hedging instruments: Interest rate products 1,655,545 73,557 1,665,949 108,178 Risk participations 156,730 8 141,080 10 Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Operations The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the periods indicated: Year Ended December 31, 2025 2024 Interest Interest Interest Interest (In thousands) Income Expense Income Expense Effects of fair value or cash flow hedges are recorded$ (398) $ 7,360 $ 1,607 $ 10,008 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships Interest contracts: Hedged items (1,953) — (3,976) — Derivatives designated as hedging instruments 1,555 — 5,583 — Gain or (loss) on cash flow hedging relationships Interest contracts: Loss reclassified from AOCI into income — 7,360 — 10,008 Fair Value Hedges The Company uses fair value hedges to protect against changes in fair value of certain interest rate sensitive assets. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.
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Table of Contents 77 As of December 31, 2025 and December 31, 2024, the Company posted $660 thousand and $2.7 million, respectively to the Chicago Mercantile Exchange ("CME") clearing house related to the fair value derivatives settled daily to market. The Company pays an average fixed rate of 3.42% and receives a floating rate based on the US federal funds effective rate for the life of the agreement without an exchange of the underlying notional amount. The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on December 31, 2025 totaled $666.9 million. The amount identified as the last-of-layer in the open hedge relationship was $350.0 million, which is the amount of loans in the closed portfolio anticipated to be outstanding for the designated hedge period. The basis adjustment associated with the hedged item was a $663 thousand asset as of December 31, 2025, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship. The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on December 31, 2024 totaled $692.2 million. The amount identified as the last-of-layer in the open hedge relationship was $500.0 million, which is the amount of loans in the closed portfolio anticipated to be outstanding for the designated hedge period. The basis adjustment associated with the hedged item was a $2.6 million asset as of December 31, 2024, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship. During the years ended December 31, 2025 and 2024, the Company recorded a $398 thousand debit and $1.6 million credit, respectively, from the swap transaction as a component of interest income in the Consolidated Statements of Operations. The following amounts were recorded on the Consolidated Statements of Financial Condition related to cumulative basis adjustment for fair value hedges as of the periods indicated: December 31, 2025 December 31, 2024 (In thousands) Carrying Amountof the HedgedAssets CumulativeAmount of FairValue HedgingAdjustmentIncluded in theCarrying Amountof the HedgedAssets Carrying Amountof the HedgedAssets CumulativeAmount of FairValue HedgingAdjustmentIncluded in theCarrying Amountof the HedgedAssets Fixed Rate Loans $ 667,584 $ 663 $ 694,774 $ 2,615 Cash Flow Hedges The Company uses cash flow hedges to protect against variability in cash flows associated with existing or forecasted issuances of short-term borrowing. Cash flow hedges on liabilities involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that an additional $275 thousand will be reclassified as a decrease to interest expense. During the years ended December 31, 2025, 2024 and 2023, the Company did not terminate any derivatives. The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of the periods indicated: Year Ended December 31, (In thousands) 2025 2024 2023 Loss recognized in other comprehensive income (loss) $ (19,035) $ (8,453) $ (11,782) Loss reclassified from other comprehensive income into interest expense (7,360) (10,008) (2,092)
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Table of Contents All cash flow hedges are recorded gross on the Consolidated Statements of Financial Condition. Certain cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of December 31, 2025 and 2024, the Company did not post collateral to the third-party counterparties. As of December 31, 2025 and 2024, the Company received $3.4 million and $9.1 million, respectively, in collateral from its third-party counterparties under the agreements in a net asset position. Additionally, the Bank entered certain cash flow hedges that are CME exchanged and settled daily to market. As of December 31, 2025, the Company posted $5.4 million to the CME clearing house that are accounted for as settlements of the derivative asset. As of December 31, 2024, the Company posted $856 thousand to the CME clearing house that are accounted for as settlements of the derivative asset. Freestanding Derivatives The Company maintains an interest-rate risk protection program for its loan portfolio in order to offer loan level derivatives with certain borrowers and to generate loan level derivative income. The Company enters into interest rate swap or interest rate floor agreements with borrowers. These interest rate derivatives are designed such that the borrower synthetically attains a fixed-rate loan, while the Company receives floating rate loan payments. The Company offsets the loan level interest rate swap exposure by entering into an offsetting interest rate swap or interest rate floor with an unaffiliated and reputable bank counterparty. These interest rate derivatives do not qualify as designated hedges, under ASC 815; therefore, each interest rate derivative is accounted for as a freestanding derivative. The notional amounts of the interest rate derivatives do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate derivative agreements. The following tables reflect freestanding derivatives included in the Consolidated Statements of Financial Condition as of the dates indicated: December 31, 2025 NotionalFair Value Fair Value (Dollars in thousands) Count Amount Assets Liabilities Included in derivative assets/liabilities: Loan level interest rate swaps with borrower 66 $782,882 $ 13,491 $ — Loan level interest rate swaps with borrower 148 872,663 — 60,066 Loan level interest rate swaps with third-party counterparties 66 782,882 — 13,491 Loan level interest rate swaps with third-party counterparties148 872,663 60,066 — December 31, 2024 Notional Fair Value Fair Value (Dollars in thousands) Count Amount Assets Liabilities Included in derivative assets/liabilities: Loan level interest rate swaps with borrower 23 $ 321,745 $ 3,704 $ — Loan level interest rate swaps with borrower 202 1,344,204 — 104,474 Loan level interest rate swaps with third-party counterparties 23 321,745 — 3,704 Loan level interest rate swaps with third-party counterparties202 1,344,204 104,474 — Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed. Total loan level derivative income is included in non-interest income as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Loan level derivative income $ 1,938 $ 2,114 $ 7,081 The interest rate swap product with the borrower is cross collateralized with the underlying loan and, therefore, there is no posted collateral. Certain interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of December 31, 2025, the Company posted $3.0 million in collateral to its third-party counterparties, and did not post collateral to its third-party counterparties as of December 31, 2024. As of December 31, 2025 and 2024, the Company received $49.1 million and $103.3 million, respectively, in collateral from its third-party counterparties under the agreements in a net asset position.
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Table of Contents 79 Risk Participation Agreements The Company enters into risk participation agreements to manage economic risks but does not designate the instruments in hedge relationships. As of December 31, 2025 and December 31, 2024, the notional amounts of risk participation agreements for derivative liabilities were $156.7 million and $141.1 million, respectively. The related fair values of the Company’s risk participation agreements as of December 31, 2025 and December 31, 2024 were $8 thousand and $10 thousand, respectively. Credit Risk Related Contingent Features The Company’s agreements with each of its derivative counterparties state that if the Company defaults on any of its indebtedness, it could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company’s agreements with certain of its derivative counterparties state that if the Bank fails to maintain its status as a well-capitalized institution, the Bank could be required to terminate its derivative positions with the counterparty. For derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, any breach of the above provisions by the Company may require settlement of its obligations under the agreements at the termination value with the respective counterparty. As of December 31, 2025, there were no derivatives in a net liability position, and therefore the termination value was zero. There were no provisions breached for the year ended December 31, 2025. 12. FHLBNY ADVANCES The Bank had borrowings from the FHLBNY (“Advances”) totaling $508.0 million and $608.0 million at December 31, 2025 and 2024, respectively, all of which were fixed rate. In accordance with the Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow or secure municipal letters of credit up to $3.46 billion as of December 31, 2025 and $3.87 billion as of December 31, 2024, and maintained sufficient qualifying collateral, as defined by the FHLBNY. We pledge real estate loans including Residential, Multifamily and CRE. At December 31, 2025 there were no callable Advances and the Bank had $1.52 billion of remaining borrowing capacity through the FHLBNY. During the year ended December 31, 2025, the Company did not have any prepayment penalty expense recognized as a loss on extinguishment of debt. During the year ended December 31, 2024, the Company recorded $454 thousand of prepayment penalty expense recognized as a loss on extinguishment of debt. During the year ended December 31, 2023, the Company did not have any prepayment penalty expense recognized as a loss on extinguishment of debt. The following table is a summary of FHLBNY extinguishments for the periods presented: Year Ended December 31, (Dollars in thousands) 2025 2024 2023 FHLBNY advances extinguished $ - $ 1,805,000$ - Weighted average rate - % 5.28% - % Loss on extinguishment of debt $ - $ 454 $ -
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Table of Contents 80 The following table presents the contractual maturities of FHLBNY advances for each of the next five years. December 31, (Dollars in thousands) 2025 2024 Overnight, fixed rate at 4.67% $ — $ 100,000 2025, fixed rate at rates from 4.54% to 4.84% — 400,000 2026, fixed rate at rates from 3.82% to 4.14% 400,000 — 2027, fixed rate at 4.25% 36,000 36,000 2028, fixed rate at 4.04% 12,000 12,000 2029, fixed rate at rates from 3.98% to 4.03% 60,000 60,000 Total FHLBNY advances $ 508,000$ 608,000 Total FHLBNY advances had a weighted average interest rate of 4.00% and 4.58% at December 31, 2025 and December 31, 2024, respectively. 13. SUBORDINATED DEBENTURES On June 28, 2024, the Company issued $65.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2034 (“the 2024 Notes”). The 2024 Notes are callable at par after five years, have a stated maturity of July 15, 2034, and bear interest at a fixed annual rate of 9.00% per year, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on October 15, 2024. The last interest payment for the fixed rate period will be July 15, 2029. From and including July 15, 2029, to, but excluding the stated maturity date or any earlier redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term Secured Overnight Financing Rate (“SOFR”)) plus 495.1 basis points, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on October 15, 2029. Subsequently, on July 9, 2024, the Company issued and sold an additional $9.8 million of the 2024 Notes, pursuant to an overallotment option granted to the underwriters of the offering. Including the overallotment option, the total gross proceeds from the offering were $74.8 million, before discounts and offering expenses. On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the Notes”). The Notes are callable at par after five years, have a stated maturity of May 15, 2032 and bear interest at a fixed annual rate of 5.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2022. The last interest payment for the fixed rate period will be May 15, 2027. From and including May 15, 2027 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term SOFR) plus 218 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2027. The Company used the net proceeds of the offering for the repayment of $115.0 million of the Company’s 4.50% fixed-to-floating rate subordinated notes due 2027 on June 15, 2022, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025 on June 30, 2022. The repayment of the subordinated notes due 2027 resulted in a pre-tax write-off of debt issuance costs of $740 thousand, which was recognized in loss on extinguishment of debt in non-interest expense. The remaining $40.0 million of fixed-to-floating rate subordinated debentures were issued by the Company in September 2015, are callable at par after ten years, have a stated maturity of September 30, 2030, and bear interest at a fixed annual rate of 5.75% per year, for the first ten years. From and including September 30, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month CME Term SOFR plus 372 basis points. On January 26, 2026 the Company announced that it intends to redeem at par on March 30, 2026 all of its outstanding $40,000,000 principal amount of Fixed/Floating Subordinated Debentures due 2030. The subordinated debentures totaled $272.5 million at December 31, 2025 and $272.3 million at December 31, 2024. Interest expense related to the subordinated debt was $17.4 million, $13.8 million and $10.2 million during the years ended December 31, 2025, 2024 and 2023, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.
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Table of Contents 81 14. OTHER SHORT-TERM BORROWINGS Repurchase Agreements The Bank utilizes securities sold under agreements to repurchase (“repurchase agreements”) as part of its borrowing policy to add liquidity. Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities, of which 100% were pass-through MBS issued by U.S. GSEs. There were no repurchase agreements at December 31, 2025 and December 31, 2024. Repurchase agreements are financing arrangements that at maturity, the securities underlying the agreements are returned to the Bank. The primary risk associated with these secured borrowings is the requirement to pledge a market value-based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with the Bank’s policies, eligible counterparties are defined and monitored to minimize exposure. There was no interest expense on repurchase agreements for the years ended December 31, 2025, 2024, or 2023. AFX The Bank is a member of AFX, through which it may either borrow or lend funds on an overnight or short- term basis with other member institutions. The availability of funds changes daily. As of December 31, 2025, the Bank did not have any AFX borrowings outstanding. As of December 31, 2024, the Bank had $50.0 million of such borrowings outstanding. Interest expense on AFX borrowings for the years ended December 31, 2025, 2024 and 2023 was $15 thousand, $3 thousand, and $101 thousand, respectively. 15. INCOME TAXES The Company’s consolidated Federal, State and City income tax provisions were comprised of the following: Year Ended December 31, (In thousands) 2025 2024 2023 Current expense Federal $ 30,982 $ 20,170 $ 24,469 State and city 30,551 8,479 15,681 Total current expense 61,533 28,649 40,150 Deferred expense Federal (10,834) (5,179) 1,393 State and city (4,582) (1,115) (758) Total deferred expense (15,416) (6,294) 635 Total $ 46,117 $ 22,355 $ 40,785 The preceding table excludes tax effects recorded directly to stockholders’ equity in connection with unrealized gains and losses on securities available-for-sale (including losses on such securities upon their transfer to held-to-maturity), interest rate derivatives, and adjustments to other comprehensive income relating to the minimum pension liability, unrecognized gains of pension and other postretirement obligations and changes in the non-credit component of OTTI. These tax effects are disclosed as part of the presentation of the Consolidated Statements of Changes in Stockholders’ Equity and Comprehensive Income. In December 2023, the FASB issued ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, intended to enhance the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 became effective for the Company on January 1, 2025 for annual reporting periods on a prospective basis.
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Table of Contents 82 The following table provides a reconciliation of the Income tax expense recognized in the Consolidated Statements of Operations to the amount computed by applying our statutory federal tax rate to pre-tax income. Year Ended December 31, 2025 (Dollars in thousands) Amount Percent U.S. federal statutory rate $ 32,928 21.00% State and local taxes, net of federal income tax benefit (1) 14,057 8.97 Nontaxable or nondeductible items: BOLI income (4,023) (2.57) Tax-exempt income (791) (0.50) Share-based payment awards (342) (0.22) Executive compensation 856 0.55 Changes in unrecognized tax benefits 6,748 4.30 Pension expense (4,059) (2.59) Other adjustments (2) 743 0.47 Total $ 46,117 29.41% (1) State taxes in New York and New York City made up the majority (greater than 50%) of the tax effect in this category. (2) The Other adjustments category includes items such as meals and entertainment, penalties, and other non-deductible expenses. None of those items individually or in the aggregate exceeded the 5% quantitative threshold for separate disaggregation in the current year. The provision for income taxes differed from that computed at the Federal statutory rate as follows: Year Ended December 31, (Dollars in thousands) 2024 2023 Tax at federal statutory rate $ 10,802 $ 28,745 State and local taxes, net of federal income tax benefit 5,583 12,237 Benefit plan differences (131) (127) Investment in BOLI (2,179) (2,047) Surrender of BOLI 7,415 — Equity based compensation 200 79 Salaries deduction limitation 653 2,381 Other, net 12 (483) Total $ 22,355 $ 40,785 Effective tax rate 43.46% 29.80%
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Table of Contents 83 Deferred tax assets and liabilities are recorded for temporary differences between the book and tax bases of assets and liabilities. The components of Federal, State and City deferred income tax assets and liabilities were as follows: December 31, (In thousands) 2025 2024 Deferred tax assets: Allowance for credit losses and other contingent liabilities $ 31,631 $ 29,013 Tax effect of other components of income on securities available-for-sale 6,100 14,251 Tax effect of other components of income on securities held-to-maturity 5,194 6,048 Operating lease liability 14,140 15,034 Tax effect of purchase accounting fair value adjustments 141 201 Employee benefit plans 3,976 4,092 Tax benefit for uncertain tax positions 2,036 — Other 5,607 3,546 Total deferred tax assets 68,825 72,185 Deferred tax liabilities: Tax effect of other components of income on derivatives 805 3,261 Pension and postretirement benefits 318 7,351 Difference in book and tax carrying value of fixed assets 525 670 Difference in book and tax basis of unearned loan fees 2,337 2,531 Operating lease asset 13,276 14,179 Other 808 951 Total deferred tax liabilities 18,069 28,943 Net deferred tax asset (recorded in other assets) $ 50,756 $ 43,242 The Company and its subsidiary are subject to U.S. federal income tax as well as income tax of the State of New York, City of New York, the State of New Jersey and the State of Florida. The Bank is subject to income tax in the state of Florida due to employees working remotely in the state. Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. No valuation allowances were recognized on deferred tax assets during the years ended December 31, 2025 or 2024, since, at each period end, it was deemed more likely than not that the deferred tax assets would be fully realized. In connection with the Merger, the Company acquired a federal net operating loss (“NOL”) carryforward subject to Internal Revenue Code Section 382. The Company recorded a deferred tax asset that it expects to realize within the carryforward period. At December 31, 2025, the remaining federal NOL carryforward was $1.8 million. At December 31, 2025, the Company had no New York State or New York City NOL carryforward. At December 31, 2025 and 2024, the Bank had accumulated bad debt reserves totaling $15.1 million for which no provision for income tax was required to be recorded. These bad debt reserves could be subject to recapture into taxable income under certain circumstances, including a distribution of the bad debt benefits to the Holding Company or the failure of the Bank to qualify as a bank for federal income tax purposes. Should the reserves as of December 31, 2025 be fully recaptured, the Bank would recognize $4.7 million in additional income tax expense. The Company expects to take no action in the foreseeable future that would require the establishment of a tax liability associated with these bad debt reserves. The Company is subject to regular examination by various tax authorities in jurisdictions in which it conducts significant business operations. The Company regularly assesses the likelihood of additional examinations in each of the tax jurisdictions resulting from ongoing assessments.
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Table of Contents 84 Under current accounting rules, all tax positions adopted are subjected to two levels of evaluation. Initially, a determination is made, based on the technical merits of the position, as to whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. In conducting this evaluation, management is required to presume that the position will be examined by the appropriate taxing authority possessing full knowledge of all relevant information. The second level of evaluation is the measurement of a tax position that satisfies the more-likely-than-not recognition threshold. The Company recognizes only those tax positions that meet the more-likely-than-not recognition threshold, and establishes tax reserves for uncertain tax positions that do not meet this threshold. To the extent these unrecognized tax benefits are ultimately recognized, approximately $6.9 million will impact the Company's effective tax rate in future periods. Interest associated with income tax matters are included in the provision for income taxes. As of December 31, 2025, the Company had an uncertain tax position of $6.9 million and accrued interest of $1.9 million, totaling $8.8 million within Other liabilities on the Consolidated Statements of Financial Condition. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Year Ended December 31, (Dollars in thousands) 2025 Gross unrecognized tax benefit, beginning of period $ — Additions based on tax positions related to the current year — Additions based on tax positions related to the prior years 6,852 Reductions due to lapse in statute of limitations and settlements — Gross unrecognized tax benefit, end of period $ 6,852 The Company had no unrecognized tax benefits as of December 31, 2024 or 2023. As of December 31, 2025, the tax years ended December 31, 2024, 2023, and 2022, remained subject to examination by all of the Company's relevant tax jurisdictions. Income taxes paid, net of refunds received, by jurisdiction for the year ended December 31, 2025 were as follows: (In thousands) Federal $ 33,186 State and local State of New York 12,161 City of New York 6,964 Other 1,525 Total income taxes paid, net $ 53,836 16. RETIREMENT AND POSTRETIREMENT PLANS The Bank maintains two noncontributory pension plans: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees. Bank of America, N.A. (“BANA”) was the Trustee for the Employee Retirement Plan and BNB Bank Pension Plan assets as of December 31, 2025 and 2024. The assets of both plans are overseen by the Retirement Committee (“Committee”), comprised of management, who meet quarterly and set investment policy guidelines. Merrill Lynch, Pierce, Fenner & Smith, Inc. (“MLPF&S”) and Blackrock are the investment managers of the assets of both plans. The Committee meets with representatives of MLPF&S and reviews the performance of the plan assets. Pension plan assets include cash and cash equivalents, equities and fixed income securities. Employee Retirement Plan The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the Employee Retirement Plan effective December 31, 2023. Retirement benefits of the plan were vested as they were earned. For the years ended December 31, 2025 and 2024, the Bank used December 31st as its measurement date for the Employee Retirement Plan.
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Table of Contents 85 The funded status of the Employee Retirement Plan was as follows: Year Ended December 31, (In thousands) 2025 2024 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 16,818 $ 18,721 Interest cost 884 847 Actuarial loss (gain) 684 (1,101) Benefit payments (1,442) (1,649) Projected benefit obligation at end of year 16,944 16,818 Plan assets at fair value (investments in trust funds managed by trustee): Balance at beginning of year 19,206 21,303 Return on plan assets 928 (448) Benefit payments (1,442) (1,649) Balance at end of year 18,692 19,206 Funded status at end of year $ 1,748 $ 2,388 The net periodic cost for the Employee Retirement Plan included the following components: Year Ended December 31, (In thousands) 2025 2024 2023 Interest cost $ 884 $ 847 $ 900 Expected return on plan assets (1,290) (1,429) (1,521) Amortization of unrealized loss 965 854 572 Net periodic benefit (credit) cost $ 559 $ 272 $ (49) The change in accumulated other comprehensive loss that resulted from the Employee Retirement Plan is summarized as follows: Year Ended December 31, (In thousands) 2025 2024 Balance at beginning of period $ (6,285) $ (6,363) Amortization of unrealized loss 965 854 Loss recognized during the year (1,046) (776) Balance at the end of the period (6,366) (6,285) Period end component of accumulated other comprehensive loss, net of tax$ 4,398 $ 4,356 Major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations were as follows: At or for the Year Ended December 31, 2025 2024 2023 Discount rate used for net periodic benefit cost 5.40% 4.70% 4.90% Discount rate used to determine benefit obligation at period end 5.15 5.40 4.70 Expected long-term return on plan assets used for net periodic benefit cost 7.00 7.00 7.00 Expected long-term return on plan assets used to determine benefit obligation at period end 7.00 7.00 7.00 Plan Assets At December 31, 2025, the Employee Retirement Plan’s assets included debt securities. Debt securities include corporate bonds, government issues, mortgage-backed securities, and high yield securities. The weighted average expected long-term rate of return is estimated based on current trends in Employee Retirement Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. 27 for the real and nominal rate of investment return for a specific mix of asset classes. The long-term rate of return considers historical returns for the S&P 500 index and corporate bonds representing cumulative returns of approximately 9.0% and 5.0%, respectively. These returns were considered along with
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Table of Contents 86 the target allocations of asset categories. When these overall return expectations were applied to the Employee Retirement Plan’s target allocation, the expected annual rate of return was determined to be 7.00% at both December 31, 2025 and 2024. The Bank did not make any contributions to the Employee Retirement Plan during the year ended December 31, 2025. The Bank does not expect to make contributions to the Employee Retirement Plan during the year ending December 31, 2026. The weighted-average allocation by asset category of the assets of the Employee Retirement Plan was summarized as follows: December 31, 2025 2024 Asset category: Debt securities 98% 99% Cash equivalents 2 1 Total 100% 100% The allocation percentages in the above table were consistent with future planned allocation percentages as of December 31, 2025 and 2024, respectively. The following tables present a summary of the Employee Retirement Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 21 for a discussion of the fair value hierarchy). December 31, 2025 Fair Value Measurements Using: Quoted Prices in SignificantActive Markets for Other SignificantIdentical Observable Unobservable(In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 288 $ — $ 288Fixed income securities: Government 18,404 — — 18,404 Total Plan Assets $ 18,404 $ 288 $ — $ 18,692 December 31, 2024 Fair Value Measurements Using: Quoted Prices in SignificantActive Markets for Other Significant Identical Observable Unobservable(In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description:Cash and cash equivalents $ — $ 136 $ — $ 136Fixed income securities: Government 19,070 — — 19,070 Total Plan Assets $ 19,070 $ 136 $ — $ 19,206 Benefit payments for the fiscal year ending December 31st are anticipated to be made as follows: (In thousands) 2026 $ 1,492 2027 1,456 2028 1,419 2029 1,379 2030 1,374 2031 to 2035 6,457
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Table of Contents 87 BNB Bank Pension Plan During 2012, Bridge amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan. Effective December 31, 2023, the Bank froze all participant benefits under the BNB Pension Plan, the impact of which is reflected in the recorded curtailment as of December 31, 2023. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the BNB Bank Pension Plan effective December 31, 2023. The termination was effectively completed by March 31, 2025, and all related liabilities were fully settled. Retirement benefits of the plan were vested as they were earned. For the years ended December 31, 2025 and 2024, the Bank used December 31st as its measurement date for the BNB Pension Plan. The funded status of the BNB Bank Pension Plan was as follows: Year Ended December 31, (In thousands) 2025 2024 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 20,451 $ 27,282 Service cost — — Interest cost 271 1,265 Actuarial loss (gain) 2,345 (1,575) Curtailment — — Impact of settlement (22,778) (5,481) Benefit payments (289) (1,040) Projected benefit obligation at end of year — 20,451 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year 30,107 38,170 Return on plan assets 307 (1,542) Impact of settlement (22,778) (5,481) Reversion of assets (7,000) — Benefit payments (289) (1,040) Balance at end of year 347 30,107 Funded status at end of year $ 347 $ 9,656 The net periodic cost for the BNB Bank Pension Plan included the following components: Year Ended December 31, (In thousands) 2025 2024 Service cost $ — $ — Interest cost 271 1,265 Expected return on plan assets (534) (2,726) Amortization of unrealized loss 49 — Net periodic benefit credit (214) (1,461) Settlement loss recognized 7,231 1,215 Total benefit cost $ 7,017 $ (246)
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Table of Contents 88 The change in accumulated other comprehensive income that resulted from the BNB Bank Pension Plan is summarized as follows: Year Ended December 31, (In thousands) 2025 2024 Balance at beginning of period $ (4,534) $ (3,056) Amortization of unrealized loss 49 — Recognition of loss as a result of settlement 7,231 1,215 Loss recognized during the year (2,746) (2,693) Balance at the end of the period — (4,534) Period end component of accumulated other comprehensive income, net of tax$ — $ 3,143 Major assumptions utilized to determine the net periodic cost of the BNB Bank Pension Plan benefit obligations were as follows: At or for the Year Ended December 31, 2025 2024 Discount rate used for net periodic benefit cost 5.47% 4.79% Discount rate used to determine benefit obligation at period end — 5.47 Expected long-term return on plan assets used for net periodic benefit cost 7.25 7.25 Expected long-term return on plan assets used to determine benefit obligation at period end 7.25 7.25 Plan Assets At December 31, 2025, the BNB Bank Pension Plan’s assets consisted of cash equivalents. The weighted average expected long-term rate of return is estimated based on current trends in BNB Bank Pension Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. 27 for the real and nominal rate of investment return for a specific mix of asset classes. The long-term rate of return considers historical returns for the S&P 500 index and corporate bonds representing cumulative returns of approximately 9.0% and 5.0%, respectively. These returns were considered along with the target allocations of asset categories. When these overall return expectations were applied to the BNB Bank Pension Plan’s target allocation, the expected annual rate of return was determined to be 7.25% at December 31, 2025 and 2024. The Bank did not make any contributions to the BNB Bank Pension Plan during the year ended December 31, 2025. The Bank does not expect to make contributions to the BNB Bank Pension Plan during the year ending December 31, 2026. The weighted-average allocation by asset category of the assets of the BNB Bank Pension Plan was summarized as follows: December 31, 2025 2024 Asset category: Debt securities - % 96% Cash equivalents 100 4 Total 100% 100%
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Table of Contents 89 The following tables present a summary of the BNB Bank Pension Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 21 for a discussion of the fair value hierarchy). Fair Value Measurements at December 31, 2025 Quoted Prices in SignificantActive Markets for Other SignificantIdentical Observable Unobservable(In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 347 $ — $ 347Fixed income securities: Government — — — — Total Plan Assets $ — $ 347 $ — $ 347 Fair Value Measurements at December 31, 2024 Quoted Prices in SignificantActive Markets for Other SignificantIdentical Observable Unobservable(In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 1,062 $ — $ 1,062Fixed income securities: Government 29,045 — — 29,045 Total Plan Assets $ 29,045 $ 1,062 $ — $ 30,107 The BNB Bank Pension Plan’s obligations were fully settled as of December 31, 2025. 401(k) Plan The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger. The 401(k) Plan covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the first day of the month following the 60th day of employment, unless they elect not to participate. Participants may contribute a portion of their pre-tax base salary, generally not to exceed $23,500 for the calendar year ended December 31, 2025. Under the provisions of the 401(k) Plan, Dime Community Bank provides an employer non-elective contribution to employee accounts equivalent to 3% of eligible compensation. Participants can invest their account balances into several investment alternatives. The 401(k) Plan does not allow for investment of new contributions in the Company’s common stock, nor does it allow participants to transfer existing balances into the Company’s common stock. Legacy Dime employees were allowed to rollover their common stock held in the former Dime Community Bank KSOP Plan (“Dime KSOP Plan”) and hold the shares in the 401(k) Plan. The 401(k) held Company common stock within the accounts of participants totaling $6.3 million and $6.6 million at December 31, 2025 and 2024, respectively. Total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $3.3 million during the year ended December 31, 2025 and $3.0 million during the year December 31, 2024, and $2.5 million during the year ended December 31, 2023. 17. STOCK-BASED COMPENSATION In May 2021, the Company’s stockholders approved the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) to provide the Company with sufficient equity compensation to meet the objectives of appropriately incentivizing its officers, other employees, and directors to execute our strategic plan to build shareholder value, while providing appropriate shareholder protections. The Company no longer makes grants under the Legacy Stock Plans. Awards outstanding under the Legacy Stock Plans will continue to remain outstanding and subject to the terms and conditions of the Legacy Stock Plans. An additional 1,185,000 shares of common stock were reserved to be issued under the 2021 Equity Incentive Plan following stockholder approval at the Annual Meeting of Shareholders on May 23, 2024. At December 31, 2025, there were 1,196,586 shares reserved for issuance under the 2021 Equity Incentive Plan.
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Table of Contents 90 Stock Option Activity The following table presents a summary of activity related to stock options granted under the Legacy Stock Plans, and changes during the period then ended: Weighted- Weighted- Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic (Dollars in thousands except share and per share amounts) Options Price Years Value Options outstanding at January 1, 2025 26,995 $ 35.39 4.2 $ — Options exercised — — Options forfeited — — Options outstanding at December 31, 2025 26,995 $ 35.39 3.2 $ — Options vested and exercisable at December 31, 2025 26,995 $ 35.39 3.2 $ — Information related to stock options during each period is as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Cash received for option exercise cost $ — $ — $ — Income tax (expense) benefit recognized on stock option exercises — — — Intrinsic value of options exercised — — — The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of December 31, 2025 were as follows: Outstanding Options Vested Options Weighted Weighted Average Average Number Contractual Number Contractual of Years of Years Options Remaining Options Remaining Exercise Prices: $34.87 10,061 4.1 10,061 4.1 $35.35 9,802 3.1 9,802 3.1 $36.19 7,132 2.1 7,132 2.1 Total 26,995 3.2 26,995 3.2 Restricted Stock Awards The Company has made RSA grants to outside Directors and certain officers under the Legacy Stock Plans and the 2021 Equity Incentive Plan. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers vest over a pre-determined requisite period. All awards were made at the fair value of the Company’s common stock on the grant date. Compensation expense on all RSAs is based upon the fair value of the shares on the respective dates of the grant. The following table presents a summary of activity related to the RSAs granted, and changes during the period then ended: Weighted- Average Number of Grant-Date Shares Fair Value Unvested allocated shares outstanding at January 1, 2025 470,236 $ 22.79 Shares granted 252,905 28.15 Shares vested (241,319) 24.21 Shares forfeited (24,454) 25.06 Unvested allocated shares outstanding at December 31, 2025 457,368 $ 24.88
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Table of Contents Information related to RSAs during each period is as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Compensation expense recognized $ 5,486 $ 5,780 $ 4,003 Income tax expense recognized on vesting of RSAs (371) (317) (188) As of December 31, 2025, there was $6.6 million of total unrecognized compensation cost related to unvested RSAs to be recognized over a weighted-average period of 1.9 years. Performance-Based Share Awards The Company maintains a Long Term Incentive Plan (“LTIP”) for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and stretch (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of common stock are issued on the grant date and held as unvested stock awards until the end of the performance period. Shares are issued at the stretch opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. Compensation expense on PSAs is based upon the fair value of the shares on the date of the grant for the expected aggregate share payout as of the period end. During the year ended December 31, 2025 and 2024, 102,002 shares and 96,049 shares were granted, respectively. The following table presents a summary of activity related to the PSAs granted, and changes during the period then ended: Weighted- Average Number of Grant-Date Shares Fair Value Maximum aggregate share payout at January 1, 2025 258,864 $ 18.69 Shares granted 102,002 28.19 Shares forfeited (31,664) 16.49 Shares vested (21,704) 28.04 Maximum aggregate share payout at December 31, 2025 307,498 $ 21.41 Minimum aggregate share payout — — Expected aggregate share payout 300,577 $ 21.36 Information related to PSAs during each period is as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Compensation expense recognized $ 2,197 $ 910 $ 635 Income tax benefit (expense) recognized on vesting of PSAs 17 (52) — As of December 31, 2025, there was $2.8 million of total unrecognized compensation cost related to unvested PSAs based on the expected aggregate share payout to be recognized over a weighted-average period of 1.6 years. 18. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock, and prior to 2021, if all likely aggregate PSAs were issued. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA and performance-based share awards (“PSA”) shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.
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Table of Contents The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented: Year Ended December 31, (In thousands except share and per share amounts) 2025 2024 2023 Net income available to common stockholders $ 103,396 $ 21,798 $ 88,808 Less: Dividends paid and earnings allocated to participating securities (1,891) (377) (1,240) Income attributable to common stock $ 101,505 $ 21,421 $ 87,568 Weighted-average common shares outstanding, including participating securities 43,818,515 39,657,985 38,754,346 Less: weighted-average participating securities (795,267) (724,931) (566,869) Weighted-average common shares outstanding 43,023,248 38,933,054 38,187,477 Basic EPS $ 2.36 $ 0.55 $ 2.29 Income attributable to common stock $ 101,505 $ 21,421 $ 87,568 Weighted-average common shares outstanding 43,023,248 38,933,054 38,187,477 Weighted-average common equivalent shares outstanding — — — Weighted-average common and equivalent shares outstanding 43,023,248 38,933,054 38,187,477 Diluted EPS $ 2.36 $ 0.55 $ 2.29 Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period. There were 26,995 weighted-average stock options outstanding for each of the years ended December 31, 2025 and 2024, and 69,479 weighted-average stock options outstanding for the year ended December 31, 2023. These options were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. 19. PREFERRED STOCK Dime Community Bancshares, Inc. has 5,299,200 shares currently outstanding, or $132.5 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the “Preferred Stock”). The Company expects to pay dividends when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year. The Preferred Stock is perpetual and has no stated maturity. The Company may redeem the Preferred Stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to regulatory approval, on or after June 15, 2026 or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering. 20. COMMITMENTS AND CONTINGENCIES Loan Commitments and Lines of Credit The contractual amounts of financial instruments with off-balance sheet risk were as follows: Year Ended December 31, 2025 2024 (In thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Available lines of credit $ 267,144 $ 1,133,512$ 195,714 $ 993,637 Other loan commitments 54,773 61,059 33,858 43,975 Stand-by letters of credit 31,871 — 31,374 —
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92 At December 31, 2025 and 2024, the Bank had outstanding firm loan commitments that were accepted by borrowers that aggregated to $115.8 million and $77.8 million, respectively. Substantially all of the Bank’s commitments expire within three months of their acceptance by the prospective borrowers. At December 31, 2025, the Bank had an available line of credit with the FHLBNY equal to its excess borrowing capacity. At December 31, 2025, this amount approximated $1.52 billion.
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Table of Contents 93 During the year ended December 31, 2017, the Bank completed a securitization of $280.2 million of its multifamily loans through a FHLMC sponsored “Q-deal” securitization. With respect to the securitization transaction, the Company also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse FHLMC for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date. Litigation The Company is subject to certain pending and threatened legal actions which arise out of the normal course of business. Litigation is inherently unpredictable, particularly in proceedings where claimants seek substantial or indeterminate damages, or which are in their early stages. The Company cannot predict with certainty the actual loss or range of loss related to such legal proceedings, the manner in which they will be resolved, the timing of final resolution or the ultimate settlement. Consequently, the Company cannot estimate losses or ranges of losses related to such legal matters, even in instances where it is reasonably possible that a loss will be incurred. In the opinion of management, after consultation with counsel, the resolution of all ongoing legal proceedings will not have a material adverse effect on the consolidated financial condition or results of operations of the Company. The Company accounts for potential losses related to litigation in accordance with GAAP. 21. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Significant other observable inputs such as any of the following: (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in markets that are not active, (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level 3 Inputs – Significant unobservable inputs for the asset or liability. Significant unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Significant unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities The Company’s available-for-sale securities are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data, and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions.
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Table of Contents 94 All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by U.S. GSEs as of December 31, 2025 and December 31, 2024. In accordance with the Company’s investment policy, corporate securities are rated "investment grade" at the time of purchase and the financials of the issuers are reviewed quarterly. Obtaining market values as of December 31, 2025 and December 31, 2024 for these securities utilizing significant observable inputs was not difficult due to their liquid nature. Equity investments Equity investments with readily determinable fair value are reported at fair value and are based on valuation models using observable market data as of the measurement date. Derivatives Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date. The following tables present financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value Measurements at December 31, 2025 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Agency notes $ 9,880 $ — $ 9,880 $ — Corporate securities 166,459 — 166,459 — Pass-through MBS issued by U.S. GSEs 391,733 — 391,733 — Agency CMOs 210,933 — 210,933 — State and municipal obligations 18,930 — 18,930 — Equity securities 2,723 — 2,723 — Derivative – cash flow hedges 2,758 — 2,758 — Derivative – freestanding derivatives, net 73,557 — 73,557 — Financial Liabilities: Derivative – fair value hedges 8 — 8 — Derivative – freestanding derivatives, net 73,557 — 73,557 — Derivative – risk participations 8 — 8 — Fair Value Measurements at December 31, 2024 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Agency Notes $ 9,607 $ — $ 9,607 $ — Corporate securities 163,949 — 163,949 — Pass-through MBS issued by U.S. GSEs 300,221 — 300,221 — Agency CMOs 191,888 — 191,888 — State and municipal obligations 25,028 — 25,028 — Equity securities 2,522 — 2,522 — Derivative – cash flow hedges 8,318 — 8,318 — Derivative – freestanding derivatives, net 108,178 — 108,178 — Financial Liabilities: Derivative – cash flow hedges 159 — 159 — Derivative – freestanding derivatives, net 108,178 — 108,178 — Derivative – risk participations 10 — 10 —
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Table of Contents 95 Assets Measured at Fair Value on a Non-recurring Basis Certain financial assets are measured at fair value on a nonrecurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. December 31, 2025 Fair Value Measurements Using: Quoted Prices In Active Significant Markets for Other SignificantIdentical Observable UnobservableCarrying Assets Inputs Inputs(In thousands) Value (Level 1) (Level 2) (Level 3) Individually evaluated loans $ 3,655 $ — $ — $ 3,655 December 31, 2024 Fair Value Measurements Using: Quoted Prices In Active SignificantMarkets for Other SignificantIdentical Observable UnobservableCarrying Assets Inputs Inputs(In thousands) Value (Level 1) (Level 2) (Level 3) Individually evaluated loans $ 7,584 $ — $ — $ 7,584 Individually evaluated loans with an allowance for credit losses at December 31, 2025 had a carrying amount of $3.7 million, which is made up of the outstanding balance of $7.5 million, net of a valuation allowance of $3.8 million. Collateral dependent individually analyzed loans as of December 31, 2025 resulted in a credit loss provision of $1.3 million, which is included in the amounts reported in the Consolidated Statements of Operations for the year ended December 31, 2025. Individually evaluated loans with an allowance for credit losses at December 31, 2024 had a carrying amount of $7.6 million, which is made up of the outstanding balance of $9.7 million, net of a valuation allowance of $2.1 million. Collateral dependent individually analyzed loans as of December 31, 2024 resulted in a credit loss recovery of $194 thousand, which is included in the amounts reported in the Consolidated Statements of Operations for the year ended December 31, 2024.
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Table of Contents Financial Instruments Not Measured at Fair Value The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or nonrecurring basis for the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value Measurements at December 31, 2025 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 2,353,966$ 2,353,966$ — $ — $ 2,353,966 Securities held-to-maturity 618,901 — 560,082 — 560,082 Loans held for sale 1,989 — — 1,989 1,989 Loans held for investment, net 10,657,181 — — 10,459,618 10,459,618 Accrued interest receivable 55,572 — 6,748 48,824 55,572 Financial Liabilities: Savings, money market and checking accounts (1) 11,724,128 11,724,128 — — 11,724,128 CDs 1,117,118 — 1,115,830 — 1,115,830 FHLBNY advances 508,000 — 511,074 — 511,074 Subordinated debt, net 272,503 — 267,493 — 267,493 Accrued interest payable 7,752 — 7,752 — 7,752 (3) Includes mortgage escrow deposits. Fair Value Measurements at December 31, 2024 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 1,283,571$ 1,283,571$ — $ — $ 1,283,571 Securities held-to-maturity 637,339 — 552,277 — 552,277 Loans held for sale 22,625 — — 22,625 22,625 Loans held for investment, net 10,775,608 — — 10,354,366 10,354,366 Accrued interest receivable 55,970 — 6,676 49,294 55,970 Financial Liabilities: Savings, money market and checking accounts (1) 10,617,060 10,617,060 — — 10,617,060 CDs 1,069,081 — 1,066,630 — 1,066,630 FHLBNY advances 608,000 — 608,908 — 608,908 Subordinated debt, net 272,325 — 257,464 — 257,464 Other short-term borrowings 50,000 50,000 — — 50,000 Accrued interest payable 8,586 — 8,586 — 8,586 (1) Includes mortgage escrow deposits. 22. REGULATORY CAPITAL MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital requirements that involve quantitative measures of the Company’s and Bank’s assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications also are subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total, tier 1, and common equity tier 1 capital to risk- weighted assets and of tier 1 capital to average assets. Tier 1 capital, risk-weighted assets and average assets are as defined by regulation. The required
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Table of Contents 97 minimums for the Company and Bank are set forth in the tables that follow. The Company and the Bank met all capital adequacy requirements at December 31, 2025 and 2024. Under the Basel III Capital Rules the Company and the Bank are subject to the following minimum capital to risk-weighted assets ratios: a) 4.5% based on common equity tier 1 capital ("CET1"); b) 6.0% based on tier 1 capital; and c) 8.0% based on total regulatory capital. A minimum leverage ratio (tier 1 capital as a percentage of total average assets) of 4.0% is also required under the Basel III Capital Rules. The Basel III Capital Rules additionally require institutions to retain a capital conservation buffer, composed of CET1, of 2.5% above these required minimum capital ratio levels. Including the capital conservation buffer, the Company and the Bank effectively have the following minimum capital to risk-weighted assets ratios: a) 7.0% based on CET1; b) 8.5% based on tier 1 capital; and c) 10.5% based on total regulatory capital. The Company and the Bank made the one-time, permanent election to continue to exclude the effects of accumulated other comprehensive income or loss items included in stockholders’ equity for the purposes of determining the regulatory capital ratios. As of December 31, 2025, the most recent notification from the FDIC categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk- based, and tier 1 leverage ratios as set forth in the tables below. Since that notification, there are no conditions or events that management believes have changed the institution’s category. The following tables present actual capital levels and minimum required levels for the Company and the Bank under Basel III rules at December 31, 2025 and 2024: At December 31, 2025 For Capital To Be CategorizedActual Adequacy Purposes(1) as “Well Capitalized”(1) Minimum Minimum (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $1,523,207 10.2% $598,814 4.0% $ 748,518 5.0%Consolidated Company 1,349,409 9.0 598,999 4.0 N/A N/ACommon equity Tier 1 capital / % of risk-weightedassets Bank 1,523,207 14.4 475,886 4.5 687,391 6.5Consolidated Company 1,232,840 11.7 475,969 4.5 N/A N/ATier 1 capital / % of risk-weighted assets Bank 1,523,207 14.4 634,515 6.0 846,019 8.0Consolidated Company 1,349,409 12.8 634,625 6.0 N/A N/ATotal capital / % of risk-weighted assets Bank 1,623,196 15.3 846,019 8.0 1,057,524 10.0Consolidated Company 1,716,149 16.2 846,167 8.0 N/A N/A (1) In accordance with the Basel III rules. At December 31, 2024 For Capital To Be CategorizedActual Adequacy Purposes(1) as “Well Capitalized”(1) Minimum Minimum(Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $1,469,047 10.7 % $546,759 4.0 % $ 683,449 5.0 %Consolidated Company 1,283,038 9.4 547,024 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weightedassets Bank 1,469,047 13.9 474,269 4.5 685,055 6.5Consolidated Company 1,166,469 11.1 474,521 4.5 N/A N/ATier 1 capital / % of risk-weighted assets Bank 1,469,047 13.9 632,358 6.0 843,144 8.0Consolidated Company 1,283,038 12.2 632,694 6.0 N/A N/ATotal capital / % of risk-weighted assets Bank 1,560,876 14.8 843,144 8.0 1,053,931 10.0Consolidated Company 1,649,617 15.6 843,592 8.0 N/A N/A (1) In accordance with the Basel III rules.
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Table of Contents 98 23. CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS The following statements of financial condition as of December 31, 2025 and 2024, and the related statements of operations and cash flows for the years ended December 31, 2025, 2024 and 2023, reflect the Holding Company’s investment in its wholly-owned subsidiary, the Bank, using, as deemed appropriate, the equity method of accounting: DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF FINANCIAL CONDITION December 31, (In thousands) 2025 2024 ASSETS: Cash and due from banks $ 111,489 $ 95,528 Securities available-for-sale, at fair value 450 2,850 Investment in subsidiaries 1,645,437 1,578,643 Other assets 4,693 6,180 Total assets $ 1,762,069$ 1,683,201 LIABILITIES AND STOCKHOLDERS’ EQUITY: Subordinated debt, net $ 272,503 $ 272,325 Other liabilities 13,797 14,359 Stockholders’ equity 1,475,769 1,396,517 Total liabilities and stockholders’ equity $ 1,762,069$ 1,683,201 DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (1) Year Ended December 31, (In thousands) 2025 2024 2023 Net interest loss $ (19,921) $ (13,501) $ (9,942) Dividends received from Bank 80,000 50,000 60,000 Non-interest expense (1,044) (1,115) (1,066) Income before income taxes and equity in undistributed earnings of direct subsidiaries 59,035 35,384 48,992 Income tax credit 5,768 5,308 7,822 Income before equity in undistributed earnings of direct subsidiaries 64,803 40,692 56,814 Equity in undistributed earnings of subsidiaries 45,879 (11,608) 39,280 Net income $ 110,682 $ 29,084 $ 96,094 (1) Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2025, 2024 and 2023.
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Table of Contents 99 DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (In thousands) 2025 2024 2023 Cash flows from operating activities: Net income $ 110,682 $ 29,084 $ 96,094 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of direct subsidiaries (45,879) 11,608 (39,280) Net amortization (accretion) 178 45 (87) Decrease (increase) in other assets 4,149 (1,863) (62) (Decrease) increase in other liabilities (1,336) 803 (931) Net cash provided by operating activities 67,794 39,677 55,734 Cash flows from investing activities: Net cash provided by investing activities — — — Cash flows from financing activities: Proceeds from subordinated debentures issuance, net — 72,084 — Proceeds from common stock issuance, net — 135,764 — Release of stock for benefit plan awards 924 1,105 1,164 Payments related to tax withholding for equity awards (2,546) (1,347) (1,258) Treasury shares repurchased — — (947) Cash dividends paid to preferred stockholders (7,286) (7,286) (7,286) Cash dividends paid to common stockholders (42,925) (38,036) (37,302) Other, net — (141,547) — Net cash (used in) provided by financing activities (51,833) 20,737 (45,629) Net increase in cash and due from banks 15,961 60,414 10,105 Cash and due from banks, beginning of period 95,528 35,114 25,009 Cash and due from banks, end of period $ 111,489 $ 95,528 $ 35,114 424. SEGMENT INFORMATION The Chief Executive Officer, who is designated as the chief operating decision maker (“CODM”), determines the Company’s reportable segment. The Chief Executive Officer along with others in the Company’s executive management evaluates performance and allocates resources based upon analysis of the Company as one operating segment or unit. The activities of the Company comprise one reportable segment, "Community Banking." All of the Company’s activities are interrelated, and each activity is dependent and assessed based on the manner in which it supports the other activities of the Company. All the consolidated assets are attributable to the Community Banking segment. The accounting policies of the Community Banking segment are the same as those described in the Note 1 “Summary of Significant Accounting Policies.” The Company provides a range of community banking services, including commercial and consumer lending, personal and business banking, treasury management and merchant services, and other financial services primarily to individuals, businesses, and municipalities in the Greater Long Island area. The CODM is provided with the Company’s Consolidated Statements of Financial Condition and Operations and evaluates the Company’s operating results based on consolidated net interest income, non-interest income, non-interest expense, and net income, which can be seen on the Consolidated Statement of Operations. These results are used to benchmark the Company against its competitors. Other significant non- cash items assessed by the CODM are depreciation, amortization and provision for credit losses consistent with the reporting on the Consolidated Statements of Cash Flows. Expenditures for long-lived assets are also evaluated and are consistent with the reporting on the Consolidated Statements of Cash Flows. Strategic plans and budget to actual monitoring are evaluated as one reportable segment. The actual results are used in assessing performance of the segment and in establishing management’s compensation. All revenues are derived from banking operations within the United States, and for the years ended December 31, 2025, 2024 and 2023, there was no customer that accounted for more than 10% of the Company's consolidated revenue.
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Table of Contents 100 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Disclosure Controls and Procedures An evaluation was performed under the supervision and with the participation of the Company’s management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a- 15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of December 31, 2025. Based on that evaluation, the Company’s Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by the annual report. Report by Management on Internal Control Over Financial Reporting Management is responsible for establishing and maintaining an effective system of internal control over financial reporting. The Company’s system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. There are inherent limitations in the effectiveness of any system of internal control over financial reporting, including the possibility of human error and circumvention or overriding of controls. Accordingly, even an effective system of internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the Company’s internal control over financial reporting as of December 31, 2025. This assessment was based on criteria for effective internal control over financial reporting described in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management believes that, as of December 31, 2025, the Company maintained effective internal control over financial reporting based on those criteria. The Company’s independent registered public accounting firm that audited the financial statements that are included in this annual report on Form 10-K, has issued an attestation report on the Company’s internal control over financial reporting. The attestation report of Crowe LLP appears on page 104. Changes in Internal Control Over Financial Reporting There has been no change in the Company’s internal control over financial reporting during the year ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. Item 9B. Other Information On March 6, 2025, Kenneth J. Mahon, Chairman of the Board, adopted a Rule 10b5-1 trading plan for the purpose of selling up to 75,000 shares of the Company’s common stock. The plan was adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 and is designed to allow for transaction to be made according to the pre-established terms without violating insider trading laws. The adoption of the plan was made at a time when Chairman Mahon was not in possession of any material non-public information regarding the Company. The plan specifies the transactions may occur beginning on or after March 6, 2025, and ending on the earlier of December 31, 2025, or the date on which all shares authorized for sale have been sold in conformance with the terms of the plan. The plan expired on December 31, 2025. No transactions occurred under the plan and Mr. Mahon did not adopt a new plan.
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Table of Contents 101 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections None.
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Table of Contents 102 PART III Item 10. Directors, Executive Officers and Corporate Governance The information regarding Directors, Executive Officers and Corporate Governance will be set forth in the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 28, 2026 and is incorporated herein by reference thereto. Item 11. Executive Compensation The information regarding Executive Compensation will be set forth in the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 28, 2026 and is incorporated herein by reference thereto. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information regarding Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters will be set forth in the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 28, 2026 and is incorporated herein by reference thereto. Set forth below is certain information as of December 31, 2025, regarding the Company’s equity compensation plans that have been approved by stockholders. The Company does not have any equity compensation plans that have not been approved by stockholders. Number of securities to Weighted averageEquity compensation be issued upon exercise exercise price with Number of securitiesplan approved by of outstanding options respect to outstanding remaining available forstockholders and awards stock options issuance under the plan 2012 Equity Incentive Plan 16,934 $ 35.70 —2019 Equity Incentive Plan 10,061 34.87 —2021 Equity Incentive Plan — — 1,196,586 Employee Stock Purchase Plan — — 919,810 Total 26,995 $ 35.39 2,116,396 Item 13. Certain Relationships and Related Transactions, and Director Independence The information regarding Certain Relationships and Related Transactions and Director Independence will be set forth in the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 28, 2026 and is incorporated herein by reference thereto. Item 14. Principal Accounting Fees and Services The information regarding the Company’s independent registered public accounting firm’s fees and services will be set forth in the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 28, 2026 and is incorporated herein by reference thereto.
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Table of Contents 103 PART IV Item 15. Exhibits and Financial Statement Schedules (a) The following consolidated financial statements, including notes thereto, and financial schedules of the Company, required in response to this item are included in Part II, Item 8, “Financial Statements and Supplementary Data.” Page No.1. Financial Statements Consolidated Statements of Financial Condition 47Consolidated Statements of Operations 48Consolidated Statements of Comprehensive Income 49Consolidated Statements of Stockholders’ Equity 50Consolidated Statements of Cash Flows 51Notes to Consolidated Financial Statements 53Report of Independent Registered Public Accounting Firm (PCAOB ID 173) 104 2. Financial Statement Schedules Financial Statement Schedules have been omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or Notes thereto in Part II, Item 8, “Financial Statements and Supplementary Data.” 3. Exhibits See Exhibit Index on page 106
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Table of Contents 104 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Stockholders and the Board of Directors of Dime Community Bancshares, Inc. and Subsidiaries Hauppauge, New York Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated statements of financial condition of Dime Community Bancshares, Inc. and Subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO. Basis for Opinions The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report by Management on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
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Table of Contents unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Allowance for Credit Losses for Loans – Qualitative Factors As described in Notes 1 and 4 to the financial statements, the Company estimates expected credit losses for its financial assets carried at amortized cost utilizing the current expected credit loss (“CECL”) methodology. In determining the allowance for credit losses (“ACL”) related to loans that are collectively evaluated, expected credit losses are determined by calculating a loss percentage by loan segment, or loan pool. Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historically observed credit loss experience of peer banks within the Company’s geography, adjusted for prepayment and curtailment assumptions as well as reasonable and supportable forecasts, provide the basis for the estimation of quantitatively modeled expected credit losses on similar loan pools. The quantitative results of the modeling are then adjusted using qualitative factors. These factors include: (1) lending policies and procedures and the experience, ability, and depth of the lending management and other relevant staff; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the volume and severity of past due loans; (5) the quality of the loan review system; (6) the value of underlying collateral for collateralized loans; (7) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (8) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. A significant amount of management judgment is required to assess the reasonableness of the qualitative factors. The qualitative factors contribute to the determination of the ACL related to loans that share similar risk characteristics. We identified the assessment of qualitative factors as a critical audit matter because auditing management’s estimate required especially subjective auditor judgment. The primary procedures we performed to address this critical audit matter were comprised of testing management’s process and controls related to the determination of qualitative factor adjustments, which included (i) testing the design and operating effectiveness of controls over the review and approval of qualitative factors, including significant assumptions and judgments made in those determinations, (ii) testing the relevance and reliability of data used as the basis for qualitative factors, and (iii) evaluating the reasonableness of management’s judgments and significant assumptions used in the assessment of qualitative factors, including determining that they are calculated to conform with management’s policies. Crowe LLP We have served as the Company’s auditor since 2009. Livingston, New Jersey February 20, 2026
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Table of Contents 106 Exhibit Number Description of Exhibit 3.1 Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed February 2, 2021 (SEC File No. 001-34096)) 3.2 Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Form 8-K, filed October 24, 2024 (SEC File No. 001-34096)) 4.1 Description of the Registrant’s Securities 4.2 Indenture, dated as of September 21, 2015, by and between the Registrant, as Issuer, and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K, filed on September 21, 2015 (SEC File No. 001-34096)) 4.3 First Supplemental Indenture, dated as of September 21, 2015, by and between the Registrant and Wilmington Trust, National Association, as Trustee, including the form of the 5.25% fixed-to-floating rate subordinated debentures due 2025 attached as Exhibit A thereto (incorporated by reference to Exhibit 4.2 to the Registrant’s Form 8-K, filed September 21, 2015 (SEC File No. 001-34096)) 4.4 Second Supplemental Indenture, dated as of September 21, 2015, by and between the Registrant and Wilmington Trust, National Association, as Trustee, including the form of the 5.75% fixed-to-floating rate subordinated debentures due 2030 attached as Exhibit A thereto (incorporated by reference to Exhibit 4.3 to the Registrant’s Form 8-K, filed September 21, 2015 (SEC File No. 001- 34096)) 4.5 Indenture, dated as of June 13, 2017, by and between Dime Community Bancshares, Inc., as Issuer, and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Dime Community Bancshares, Inc.’s Form 8-K, filed on June 13, 2017 (SEC File No. 000-27782)) 4.6 First Supplemental Indenture, dated as of June 13, 2017, by and between Dime Community Bancshares, Inc., as Issuer, and Wilmington Trust, National Association, as Trustee, including the form of the 4.50% fixed-to-floating rate subordinated debentures due 2027 attached as Exhibit A thereto (incorporated by reference to Exhibit 4.2 to Dime Community Bancshares, Inc.’s Form 8-K, filed on June 13, 2017 (SEC File No. 000-27782)) 4.7 Second Supplemental Indenture, dated as of February 1, 2021, by and between the Registrant and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to the Registrant’s Form 8-K, filed February 1, 2021 (SEC File No. 000-27782)) 4.8 Indenture, dated May 6, 2022, between the Registrant and Wilmington Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K, filed May 6, 2022 (SEC File No. 001-34096)) 4.9 First Supplemental Indenture, May 6, 2022, between the Registrant and Wilmington Trust National Association, as Trustee, including the form of 5.000% Fixed-to-Floating Rate Subordinated Notes due 2032 (incorporated by reference to Exhibit 4.2 to the Registrant’s Form 8-K, filed May 6, 2022 (SEC File No. 001-34096)) p
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Table of Contents 107 4.10 Second Supplemental Indenture, June 28, 2024, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee, including the form of 9.000% Fixed-to-Floating Rate Subordinated Notes due 2034 (incorporated by reference to Exhibit 4.2 and 4.3, respectively, to the Registrant’s Form 8-K, filed June 28, 2024 (SEC File No. 001-34096)) 10.1 Form of Employment Agreement entered into with Stuart H. Lubow, Avinash Reddy and Conrad J. Gunther (incorporated by reference to Exhibit 10.4 to Pre- Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-4, filed October 15, 2020 (File No. 333-248787)) 10.2 Form of Amendment to Employment Agreement entered into with Stuart H. Lubow, Avinash Reddy and Conrad J. Gunther (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed June 28, 2021 (File No. 001-34096)) 10.3 Second Amendment to Employment Agreement entered into with Stuart H. Lubow (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed December 23, 2021 (File No. 001-34096)) 10.4 Amended and Restated Change in Control Employment Agreement between Dime Community Bancshares, Inc. and Michael Fegan (incorporated by reference to Exhibit 10.4 to Registrant’s Annual Report on Form 10-K, filed February 20, 2025 (File No. 001-34096)) 10.5 Amended and Restated Change in Control Employment Agreement between Dime Community Bancshares, Inc. and Christopher J. Porzelt (incorporated by reference to Exhibit 10.5 to Registrant’s Annual Report on Form 10-K, filed February 20, 2025 (File No. 001-34096)) 10.6 Executive Chairman and Separation Agreement entered into with Kenneth J. Mahon (incorporated by reference to Exhibit 10.7 to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-4, filed October 15, 2020 (File No. 333-248787)) 10.7 Dime Community Bank Supplemental Executive Retirement Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed November 2, 2021 (File No. 001-34096)) 10.8 Amendment One to the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.10 to Registrant’s Annual Report on Form 10-K, filed February 28, 2023 (File No. 001-34096)) 10.9 Amendment Two to the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (incorporated by reference to the Registrant’s Definitive Proxy Statement, File No. 001-34096, filed April 4, 2024) 10.10 Amendment Three to the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q, filed May 6, 2025 (File No. 001-34096)) 10.11 Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (incorporated by reference to the Registrant’s Definitive Proxy Statement, File No. 001-34096, filed April 16, 2021) 10.12 Dime Community Bancshares, Inc. 2019 Equity Incentive Plan (incorporated by reference to the Registrant’s Definitive Proxy Statement, File No. 001-34096, filed April 1, 2019)
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Table of Contents 108 10.13 Employee Stock Purchase Plan (incorporated by reference to the Registrant’s Definitive Proxy Statement, filed April 2, 2018 (SEC File No. 001-34096)) 10.14 Employment Agreement by and between Dime Community Bancshares, Inc., Dime Community Bank and Thomas X. Geisel (incorporated by reference to Exhibit 10.14 to Registrant’s Annual Report on Form 10-K filed February 20, 2025 (SEC File No. 001-34096)) 10.15 Retirement, Consulting and Release Agreement, dated October 31, 2025, by and among Dime Community Bancshares, Inc., Dime Community Bank and Conrad J. Gunther (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q, filed November 3, 2025 (SEC File No. 001- 34096)) 19 Dime Community Bancshares, Inc. Insider Trading Policy 21.1 Subsidiaries of Registrant 23.1 Consent of Independent Registered Public Accounting Firm 31.1 Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) 31.2 Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) 32.1 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350 97 Dime Community Bancshares, Inc. Clawback Policy 101.INS XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definitions Linkbase Document 104 Cover page to this Annual Report on Form 10-K, formatted in Inline XBRL Item 16. Form 10-K Summary Not applicable.
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Table of Contents 109 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DIME COMMUNITY BANCSHARES, INC. Registrant February 20, 2026 /s/ Stuart H. Lubow Stuart H. Lubow President and Chief Executive Officer February 20, 2026 /s/ Avinash Reddy Avinash Reddy Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated. February 20, 2026 /s/ Kenneth J. Mahon Director Kenneth J. Mahon February 20, 2026 /s/ Paul M. Aguggia Director Paul M. Aguggia February 20, 2026 /s/ Rosemarie Chen Director Rosemarie Chen February 20, 2026 /s/ Judith H. Germano Director Judith H. Germano February 20, 2026 /s/ Matthew A. Lindenbaum Director Matthew A. Lindenbaum February 20, 2026 /s/ Stuart H. Lubow Director Stuart H. Lubow February 20, 2026 /s/ Albert E. McCoy, Jr. Director Albert E. McCoy, Jr. February 20, 2026 /s/ Raymond A. Nielsen Director Raymond A. Nielsen February 20, 2026 /s/ Joseph J. Perry Director Joseph J. Perry February 20, 2026 /s/ Kevin Stein Director Kevin Stein February 20, 2026 /s/ Dennis A. Suskind Director Dennis A. Suskind
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EXHIBIT 4.1 Description of Dime Community Bancshares, Inc. Securities Unless otherwise indicated or unless the context requires otherwise, all references in this prospectus to “Dime Community Bancshares,” the “Company,” “we,” “us,” “our” or similar references mean Dime Community Bancshares, Inc. Description of Common Stock We are authorized to issue 90,000,000 shares of capital stock, 80,000,000 of which are shares of common stock, par value of $0.01 per share, and 10,000,000 of which are shares of preferred stock, par value of $0.01 per share. Each share of common stock has the same relative rights as, and is identical in all respects to, each other share of common stock. All of our shares of common stock are duly authorized, fully paid and nonassessable. Dividends The holders of our common stock are entitled to receive and share equally in such dividends, if any, declared by the Board of Directors out of funds legally available therefor. Under the New York Business Corporation Law, we may pay dividends on our outstanding shares except when the Company is insolvent or would be made insolvent by the dividend. In addition, we may pay dividends and other distributions either (1) out of surplus, so that our net assets remaining after such payment or distribution shall at least equal the amount of our stated capital, or (2) if we have no such surplus, out of our net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year; provided, that, if our capital is less than the aggregate amount of the stated capital represented by the issued and outstanding shares of all classes having a preference upon the distribution of assets, we may not pay dividends out of such net profits until the deficiency in the amount of stated capital represented by the issued and outstanding shares of all classes having a preference upon the distribution of assets shall have been repaired. Under the terms of the Company’s 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, unless full dividends for the most recently completed preferred stock dividend period on all outstanding shares of preferred stock have been declared and paid in full or declared or a sum sufficient for the payment thereof has been set aside, dividends may not be paid to the holders of our common stock (except for stock dividends and a dividend in connection with a stockholders’ rights plan). Voting Rights The holders of our common stock are generally entitled to one vote per share. Board of Directors Our bylaws provide that the Board of Directors must consist of not less than five nor more than 25 directors, the exact number to be determined by resolution of a majority of the full Board of Directors. The members of the Board of Directors are elected on an annual basis. Directors are elected by a plurality of the votes cast by shareholders present at the annual shareholders’ meeting, or if the annual meeting is not held, at a special meeting called for the purpose of the election of directors. Holders of our common stock are not entitled to cumulate their votes in the election of directors. Liquidation In the event of our liquidation, dissolution or winding up, the holders of our common stock would be entitled to receive, after payment or provision for payment of all our debts and liabilities and the holders of any preferred stock, all of our assets available for distribution. No Preemptive or Redemption Rights Holders of our common stock are not entitled to preemptive rights with respect to any shares that may be issued. The common stock is not subject to redemption.
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EXHIBIT 4.1 Certain Provisions in Our Certificate of Incorporation, Our Bylaws, and Applicable Laws and Regulations Our certificate of incorporation, our bylaws, and applicable federal and New York laws and regulations contain a number of provisions relating to corporate governance and rights of shareholders that might have the effect of delaying, deferring or preventing a change in control of the Company. Such provisions are listed below. Provisions in our Certificate of Incorporation and Bylaws Prohibition of Cumulative Voting. Our shareholders are not entitled to cumulative voting in the election of directors. Restrictions on Call of Special Meetings. Our bylaws provide that special meetings of stockholders can be called by the Board of Directors. Amendments to Certificate of Incorporation. Our certificate of incorporation provides that certain provisions may only be amended by the approval of 75% of the shares entitled to vote on such amendment, unless such amendment has been approved by an affirmative vote of 75% of directors then in office. Business Combinations Involving Interested Shareholders. Our certificate of incorporation provides that an “interested shareholder” (a person who owns or an affiliate or associate of the Company who has owned in the previous two-year period more than 5% of the Company’s common stock) may engage in a business combination with the Company (i) if approved by the affirmative vote of not less than 75% of the votes entitled to be cast by the holders or (ii) (a) if approved by 75% or more of the continuing directors and (b) the per share value of the consideration for the transaction is equal to the higher of the highest per share price paid by the interested shareholder in acquiring Company common stock in the preceding two years and the fair market value per share of common stock on the date on which the interested shareholder became an interested shareholder. Evaluation of Offers. Our certificate of incorporation provides that the Board of Directors may, in the context of opposing a tender offer, take into account (i) the social and economic effects of the offer or transaction on the employees, depositors, loan and other customers, creditors, shareholders and other elements of the communities in which we operate or are located, (ii) the reputation and business practices of the offeror and its management and affiliates, and (iii) the business and financial condition and earnings prospects of the offer or, including the possible effect of such conditions on the other elements of the communities in which we operate or are located. Federal Laws and Regulations The Bank Holding Company Act generally would prohibit any company that is not engaged in financial activities and activities that are permissible for a bank holding company or a financial holding company from acquiring control of us. “Control” is generally defined as ownership of 25% or more of the voting stock or other exercise of a controlling influence. In addition, any existing bank holding company would need the prior approval of the Federal Reserve before acquiring 5% or more of our voting stock. The Change in Bank Control Act of 1978, as amended, prohibits a person or group of persons from acquiring control of a bank holding company unless the Federal Reserve has been notified and has not objected to the transaction. Under a rebuttable presumption established by the Federal Reserve, the acquisition of 10% or more of a class of voting stock of a bank holding company with a class of securities registered under Section 12 of the Exchange Act, such as us, could constitute acquisition of control of the bank holding company. New York Business Corporation Law The business combination provisions of the New York Business Corporation Law could prohibit or delay mergers or other takeovers or change in control attempts with respect to the Company and, accordingly, may discourage attempts to acquire the Company. In general such provisions prohibit an “interested shareholder” (i.e., a person who owns 20% or more of our outstanding voting stock) from engaging in various business combination transactions with our company, unless (a) the business combination transaction, or the transaction in which the interested shareholder became an interested
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shareholder, was approved by the Board of Directors prior to the interested shareholder's stock acquisition date, (b) the business combination transaction was approved by the disinterested
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EXHIBIT 4.1 shareholders at a meeting called no earlier than five years after the interested shareholder's stock acquisition date, or (c) if the business combination transaction takes place no earlier than five years after the interested stockholder's stock acquisition date, the price paid to all the stockholders under such transaction meets statutory criteria. Description of Series A Preferred Stock Our certificate of incorporation authorizes the Board of Directors, without further stockholder action, to issue up to 10,000,000 shares of preferred stock, par value $0.01 per share, in series, and to fix the designation, powers, preferences, and rights of the shares of such series and any qualifications, limitations, or restrictions thereof, without further vote or action by the Company’s stockholders. The number of authorized shares of preferred stock may be increased or decreased (but not below the number of shares then outstanding) by the affirmative vote of the holders of a majority of the shares of common stock, without a vote of the holders of the preferred stock, or of any series thereof, unless a vote of any such holders is required pursuant to the terms of any preferred stock designation. The Company has issued shares of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (which we refer to below as the “preferred stock”). Dividends Holders of the preferred stock are entitled to receive, when, as and if declared by the Board of Directors, out of assets legally available for payment of dividends under New York law, non- cumulative cash dividends based on the liquidation preference of the preferred stock at a rate equal to 5.50% per annum for each “Dividend Period,” which is the period from and including a dividend payment date to but excluding the next dividend payment date. Dividends payable on the preferred stock will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dollar amounts resulting from that calculation will be rounded to the nearest cent, with one-half cent being rounded upward. If declared by the Board of Directors, the Company will pay dividends on the preferred stock quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year, or the next business day thereafter. No dividends on the preferred stock will be declared, paid or set aside to the extent such act would cause us to fail to comply with any applicable laws and regulations, including applicable capital adequacy rules of any appropriate federal banking regulator or agency. Dividends on the preferred stock are not cumulative. If the Board of Directors does not declare a dividend on the preferred stock in respect of a Dividend Period, then no dividend will be deemed to have accrued for such Dividend Period, be payable on the applicable dividend payment date, or be cumulative, and the Company will have no obligation to pay any dividend for that Dividend Period, whether or not the Board of Directors declares a dividend on the preferred stock for any future Dividend Period. So long as any shares of preferred stock are outstanding, unless, in each case, the full dividends for the most recently completed Dividend Period on all outstanding shares of preferred stock have been declared and paid in full or declared or a sum sufficient for the payment thereof has been set aside: 1. no dividend shall be declared or paid or set aside for payment on any Junior Stock (as defined below) (other than (i) a dividend payable solely in Junior Stock, or (ii) any dividend in connection with the implementation of a stockholders’ rights plan, or the redemption or repurchase of any rights under any such plan), 2. no shares of Junior Stock shall be repurchased, redeemed or otherwise acquired for consideration by us, directly or indirectly (other than (i) as a result of a reclassification of Junior Stock for or into other Junior Stock, (ii) the exchange or conversion of one share of Junior Stock for or into another share of Junior Stock, (iii) through the use of the proceeds of a substantially contemporaneous sale of other shares of Junior Stock, (iv) purchases, redemptions or other acquisitions of shares of Junior Stock in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, (v) purchases of shares of Junior Stock pursuant to a contractually binding requirement to buy Junior Stock existing prior to the preceding Dividend Period, including under a contractually binding stock repurchase plan,
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or (vi) the purchase of fractional interests in shares of Junior Stock pursuant to the conversion or exchange provisions of such stock or
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EXHIBIT 4.1 the security being converted or exchanged) nor shall any monies be paid to or made available for a sinking fund for the redemption of any such securities by the Company; and 3. no shares of Parity Stock (as defined below) shall be repurchased, redeemed or otherwise acquired for consideration by us, directly or indirectly (other than (i) pursuant to offers to purchase all or a pro rata portion of the preferred stock and such Parity Stock, (ii) as a result of a reclassification of Parity Stock for or into other Parity Stock, (iii) the exchange or conversion of one share of Parity Stock for or into another share of Parity Stock or Junior Stock, (iv) through the use of the proceeds of a substantially contemporaneous sale of other shares of Parity Stock, (v) purchases, redemptions or other acquisitions of shares of Parity Stock in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants, (vi) purchases of shares of Parity Stock pursuant to a contractually binding requirement to buy Parity Stock existing prior to the preceding Dividend Period, including under a contractually binding stock repurchase plan, or (vii) the purchase of fractional interests in shares of Parity Stock pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged) nor shall any monies be paid to or made available for a sinking fund for the redemption of any such securities by the Company. When dividends are not paid in full upon the shares of the preferred stock and any Parity Stock, if any, all dividends declared upon shares of the preferred stock and any Parity Stock, if any, will be declared on a proportional basis so that the amount of dividends declared per share will bear to each other the same ratio that accrued dividends for the then-current per share on the preferred stock, and accrued dividends, including any accumulations, on any Parity Stock, bear to each other. No interest shall be payable in respect of any dividend payment on the preferred stock that may be in arrears. As used in this description of the preferred stock, “Junior Stock” means the Company’s common stock and any other class or series of stock hereafter authorized over which the preferred stock has preference or priority in the payment of dividends and/or in the distribution of assets upon any liquidation, dissolution or winding up of the Company. “Parity Stock” means any other class or series of Company stock that ranks equally with the preferred stock in the payment of dividends and/or in the distribution of assets upon any liquidation, dissolution or winding up of the Company. “Senior Stock” means any other class or series of Company stock ranking senior to the preferred stock with respect to payment of dividends and/or the distribution of assets upon liquidation, dissolution or winding up of the Company. Subject to the considerations described above, dividends (payable in cash, stock or otherwise) may be declared and paid on the Company’s common stock and any other stock ranking equally with or junior to the preferred stock, from time to time out of any assets legally available for such payment, and the holders of the preferred stock shall not be entitled to participate in any such dividend. Preemptive Rights The holders of the preferred stock do not have any preemptive rights with respect to any shares of the Company’s capital stock or any of its other securities convertible into or carrying rights or options to purchase any such capital stock. Conversion Rights The preferred stock is not convertible into or exchangeable for any other of the Company’s property, interests or any other class or series of securities. Redemption The preferred stock is not subject to any mandatory redemption, sinking fund or other similar provisions. The Company may redeem the preferred stock at our option, in whole or in part, from time to time, on or after June 15, 2025, subject to approval of the appropriate federal banking agency, at a redemption price equal to $25
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EXHIBIT 4.1 per share, plus declared and unpaid dividends for prior Dividend Periods and any accrued but unpaid (whether or not declared) dividends for the then current Dividend Period to, but excluding, the redemption date. The holders of preferred stock do not have the right to require the redemption or repurchase of the preferred stock. The Company may also redeem shares of the preferred stock at any time within 90 days following a “Regulatory Capital Treatment Event” (as defined below), in whole but not part, subject to the approval of the appropriate federal banking agency, at a redemption price equal to $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends for prior Dividend Periods and any accrued but unpaid (whether or not declared) dividends for the then- current Dividend Period to but excluding the redemption date. A “Regulatory Capital Treatment Event” means the Company’s good faith determination that, as a result of (i) any amendment to, or change in (including any announced prospective change), the laws or regulations of the United States or any political subdivision of or in the United States that is enacted or becomes effective after the initial issuance of the preferred stock; (ii) any proposed change in those laws or regulations that is announced after the initial issuance of the preferred stock; or (iii) final official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is made, adopted, approved, announced or becomes effective after the initial issuance of the preferred stock, there is more than an insubstantial risk that the Company will not be entitled to treat the full liquidation value of the shares of preferred stock then outstanding as “additional tier 1 capital” (or its equivalent) for purposes of the capital adequacy guidelines of Federal Reserve Regulation Y (or, as and if applicable, the capital adequacy guidelines or regulations of any successor appropriate federal banking agency), as then in effect and applicable, for as long as any preferred stock is outstanding. Our certificate of incorporation set forth the procedures for redemption. Subject to the provisions therein, the Board of Directors may prescribe the terms and conditions upon which shares of preferred stock are redeemed from time to time. Any redemption of the preferred stock is subject to receipt of any required prior approval of the Federal Reserve and to the satisfaction of any conditions set forth in the capital guidelines or regulations of the Federal Reserve applicable to redemption of the preferred stock. Liquidation Rights In the event of our liquidation, dissolution, or winding up, the holders of the preferred stock would be entitled to receive a liquidating distribution of $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends, after satisfaction of liabilities to creditors and subject to the rights of holders of any securities ranking senior to the preferred stock but before the Company makes any distribution of assets to the holders of the Company’s common stock or any other class or series of shares ranking junior to the preferred stock. If the Company’s assets are not sufficient to pay the liquidation preferences plus declared and unpaid dividends in full to all holders of the preferred stock and all holders of Parity Stock, the amounts paid to the holders of preferred stock and any Parity Stock will be paid pro rata in accordance with the respective aggregate liquidating distribution owed to those holders. Holders of the preferred stock will not be entitled to any other amounts from the Company after they have received their full liquidating distribution (including declared and unpaid dividends). Claims of holders of the preferred stock would be subordinate to all of the Company’s indebtedness, including any subordinated debt securities, and to other non-equity claims on the Company and its assets, including any interests held by the United States government. The merger or consolidation of the Company with any other entity or by another entity with or into the Company will not constitute a liquidation, dissolution or winding up of the Company. If the Company enters into any merger or consolidation transaction with or into any other entity and the Company is not the surviving entity in such transaction, the preferred stock may be converted into shares of the surviving or successor corporation, or its parent company, with terms that are substantially similar to the terms of the Company’s preferred stock. Voting Rights Except as provided below, the holders of the preferred stock have no voting rights.
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EXHIBIT 4.1 Right to Elect Two Directors Upon Nonpayment. If the Company fails to pay, or declare and set apart for payment, dividends on outstanding shares of the preferred stock or any other series of our preferred stock for six quarterly Dividend Periods, whether or not consecutive, the holders of shares of the preferred stock will have the right, voting as a class with holders of any other voting Parity Stock, to vote for the election of two additional members of the board of directors of the Company to hold office for a term of one year (the “Preferred Directors”) at a special meeting called at the request of the holders of record of at least 20% of the aggregate voting power of the preferred stock or any other series of Parity Stock (unless such request is received less than 90 days before the date fixed for the Company’s next annual or special meeting of the stockholders, or if no such request is made, in either event such election shall be held at such next annual or special meeting of the stockholders). Upon payment, or declaration and setting apart for payment, in full, the terms of the two Preferred Directors will terminate, and the number of the Company’s directors will be reduced by two, and the voting right of the holders of the preferred stock (and holders of any other equally ranked series of our preferred stock that have similar voting rights) will cease, subject to increase in the number of directors as described above and to revesting of such voting right in the event of each and every additional failure in the payment of dividends for six quarterly Dividend Periods, or their equivalent, whether or not consecutive, as described above. Any Preferred Director may be removed and replaced at any time, with cause as provided by law or without cause by the affirmative vote of the holders of the preferred stock voting together as a class with the holders of voting Parity Stock, to the extent the voting rights of such holders described above are then exercisable. Any vacancy created by removal with or without cause may be filled only as described in the preceding sentence. If the office of any Preferred Director becomes vacant for any reason other than removal, the remaining Preferred Director may choose a successor who will hold office for the unexpired term in respect of which such vacancy occurred. In addition, if and when the rights of holders of the preferred stock terminate for any reason, including under circumstances described above under “—Redemption,” such voting rights will terminate along with the other rights (except, if applicable, the right to receive the redemption price plus any declared and unpaid dividends), and the terms of any Preferred Directors will terminate automatically and the number of directors will be reduced by two, assuming that the rights of holders of voting Parity Stock have similarly terminated. Under regulations adopted by the Federal Reserve, if the holders of any series of preferred stock are or become entitled to vote for the election of directors, such series will be deemed a class of voting securities. A company holding 25% or more of the series, or 10% or more if it otherwise exercises a “controlling influence” over the Company, will be subject to regulation as a bank holding company under the Bank Holding Company Act. In addition, at the time the series is deemed a class of voting securities, any other bank holding company will be required to obtain the prior approval of the Federal Reserve under the Bank Holding Company Act to acquire or retain more than 5% of that series. Any other person (other than a bank holding company) will be required to obtain the non- objection of the Federal Reserve under the Change in Bank Control Act of 1978, as amended, to acquire or retain 10% or more of that series. Other Voting Rights. So long as any shares of preferred stock remain outstanding, the affirmative vote or consent of the holders of at least two-thirds of the voting power of all outstanding shares of the preferred stock and any voting Parity Stock, voting together as a single class of the Company’s capital stock, will be required to authorize or increase the authorized amount of, or issue or create shares of, any class or series of Senior Stock, or reclassify any authorized capital stock into any such shares of Senior Stock, or issue any obligation or security convertible into or evidencing the right to purchase any such shares of Senior Stock. So long as any shares of preferred stock remain outstanding, the affirmative vote or consent of the holders of at least two-thirds of the voting power of all outstanding shares of the preferred stock, voting together as a separate class of the Company’s capital stock, will also be required to: ● amend, alter or repeal any provision of our certificate of incorporation, including by merger, consolidation or otherwise, so as to adversely affect the powers, preferences, privileges or rights of the preferred stock, taken as a whole; provided, however, that any increase in the amount of the authorized or issued preferred
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EXHIBIT 4.1 stock or common stock, or the creation and issuance or an increase or decrease in the authorized or issued amount of any other series of capital stock ranking equally with or junior to the preferred stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) or the distribution of assets upon liquidation, dissolution or winding up of the Company, will not be deemed to adversely affect the powers, preferences, privileges or rights of the preferred stock; or ● consummate a binding share exchange or reclassification involving the preferred stock, or a merger or consolidation of the Company with or into another entity, unless (i) the shares of preferred stock remain outstanding or are converted into or exchanged for preference securities of the new surviving entity, and (ii) the shares of the remaining preferred stock or new preferred securities have terms that are substantially similar to the terms of the preferred stock. The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding shares of preferred stock been redeemed. In exercising the voting rights described above or when otherwise granted voting rights by operation of law or by the Company, each share of preferred stock will be entitled to one vote. If the Company redeems or calls for redemption all outstanding shares of preferred stock and irrevocably deposits in trust sufficient funds to effect such redemption, at or prior to the time when the act with respect to which such vote would otherwise be required or upon which the holders of the preferred stock will be entitled to vote will be effected, the voting provisions described above will not apply. Voting Rights under New York Law. New York law provides that, notwithstanding any provision in the certificate of incorporation, the holders of preferred stock have the right to vote separately as a class on any amendment to the Company’s certificate of incorporation that would reduce the par value of the preferred shares, change the authorized preferred shares into a different number of shares of the same class or into one or more classes or series, or to fix, change or abolish the designation of or any of the relative rights, preferences and limitations of the shares, including any provisions in respect of any undeclared dividends, whether or not cumulative or accrued, or the redemption of any shares, or any sinking fund for the redemption or purchase of any shares, or any preemptive right to acquire shares or other securities. Other Preferred Stock The Company’s authorized capital stock includes 10,000,000 shares of our preferred stock, $0.01 par value. Our Board of Directors is authorized without further stockholder action to cause the issuance of additional shares of preferred stock, in addition to the 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A. Any additional preferred stock may be issued in one or more series, each with preferences, limitations, designations, conversion or exchange rights, voting rights, dividend rights, redemption provisions, voluntary and involuntary liquidation rights and other rights as the Board of Directors may determine at the time of issuance.
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EXHIBIT 19 DIME COMMUNITY BANCSHARES, INC. INSIDER TRADING POLICY Dime Community Bancshares, Inc. (the “Company”) is a public company, the common stock of which is traded on the Nasdaq Stock Market and registered under the Securities Exchange Act of 1934 (the “Exchange Act”). Pursuant to the Exchange Act, the Company files periodic reports and proxy statements with the Securities and Exchange Commission (the “SEC”). Dime Community Bank (the “Bank”) is the Company’s wholly owned subsidiary. The purchase or sale of securities while aware of material nonpublic information, or the disclosure of material nonpublic information to others who then trade in the Company’s securities, is prohibited by the federal securities laws. Insider trading violations are pursued vigorously by the SEC and the U.S. Attorneys and are punished severely. While the regulatory authorities concentrate their efforts on the individuals who trade, or who tip inside information to others who trade, the federal securities laws also impose potential liability on companies and other “controlling persons” if they fail to take reasonable steps to prevent insider trading by company personnel. The Company’s Board of Directors has adopted this Policy both to satisfy the Company’s obligation to prevent insider trading and to help Company personnel avoid the severe consequences associated with violations of insider trading laws. This Policy is also intended to prevent even the appearance of improper conduct on the part of anyone employed by or associated with the Company (not just so-called insiders). We have all worked hard over the years to establish a reputation for integrity and ethical conduct, and we do not want to have that reputation damaged. There are harsh civil and criminal penalties that may apply to any individual who trades in Company securities while in possession of material nonpublic information, or who gives that information to another person who then uses it in buying or selling securities. Anyone who trades while in possession of material nonpublic information will not only have to pay back any profit they made, but may be subject to significant additional monetary penalties, suspended from serving as an officer or director of a public company, and could face lengthy prison terms. Additionally, the Company could be held liable for any violations of insider trading laws and subjected to significant monetary penalties. Statement of Policies It is the policy of the Company that no director, officer or other employee of the Company (references to the Company include the Bank and other subsidiaries of the Company and the Bank) who is aware of material nonpublic information relating to the Company may, directly or through family members or other persons or entities, (a) buy, sell or gift securities of the Company (other than pursuant to a pre-approved trading plan that complies with SEC Rule 10b5-1), or engage in any other action to take personal advantage of that information, or (b) pass that information on to others outside the Company, including family and friends. In addition, it is the policy of the Company that no director, officer or other employee of the Company who, in the course of working for the Company, learns of material nonpublic information about a company with which the Company does business, including a customer or supplier of the Company, may trade in that company’s securities until the information becomes public or is no longer material.
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EXHIBIT 19 Furthermore, the Company prohibits “shadow trading,” which involves trading another company’s stock based on material nonpublic information acquired through your role at the Company, including but not limited to a customer or partner of the Company or an economically-linked company such as a competitor of the Company. Therefore, you cannot buy or sell securities of another company at any time when you have material nonpublic information obtained through the Company that is about that other company or that could affect the share price of that other company’s stock (i.e., if you work here at Company A and you learn material nonpublic information at a Company A meeting that, if made public, could affect the share price of Company B—don’t trade in A or B). Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure) are not excepted from the policy. The securities laws do not recognize such mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company’s reputation for adhering to the highest standard of conduct. If there is any uncertainty whether one is in possession of material nonpublic information, whether a transaction is subject to this Policy or whether a person is in a blackout period, one should check with the Company’s General Counsel prior to initiating any trade. Policy Regarding the Confidentiality of Information Regarding the Company and the Disclosure of Information to Others. Personnel of the Company should not discuss internal matters or developments with anyone outside of the Company, except as required in the performance of regular corporate duties. Personnel of the Company with knowledge of material nonpublic information should only disclose such information to other such personnel on a need-to-know basis. The Company is required under Regulation FD of the federal securities laws to avoid the selective disclosure of material nonpublic information. The Company has established procedures for releasing material information in a manner designed to achieve broad public dissemination of the information immediately upon its release. You may not, therefore, disclose information to anyone outside the Company or its business in any manner, including an internet forum or similar internet-based forum. Material Information. Material information is any information that a reasonable investor would consider important in making a decision to buy, hold, or sell securities. Any information that could be expected to affect the Company’s stock price, whether it is positive or negative, should be considered material. Some examples of information that ordinarily would be regarded as material are: ● Projections of future earnings or losses, or other earnings guidance; ● Earnings that are inconsistent with the consensus expectations of the investment community; ● A pending or proposed merger, acquisition or tender offer; ● A pending or proposed acquisition or disposition of a significant asset;
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EXHIBIT 19 ● An increase or decrease in non-performing assets; ● Information regarding the ability of a borrower to repay a significant loan; ● A change in dividend policy, the declaration of a stock split, or an offering of additional securities; ● A decision to repurchase securities; ● A change in management or the Board of Directors; ● A cybersecurity incident that may have a significant impact on the Company; ● Significant legal proceedings or regulatory matters, whether actual, pending or threatened, or the resolution of those proceedings or matters; ● Information about significant misstatements or omissions in the Company’s disclosure documents; ● Development of a significant new product or process; ● Impending bankruptcy or the existence of severe liquidity problems of the Company; and ● The gain or loss of a significant customer or supplier. Twenty-Twenty Hindsight. Remember, anyone scrutinizing your transactions will be doing so after the fact, with the benefit of hindsight. As a practical matter, before engaging in any transaction, you should carefully consider how enforcement authorities and others might view the transaction in hindsight. When Information is “Public”. If you are aware of material nonpublic information, you may not trade until the information has been disclosed broadly to the marketplace (such as by press release or an SEC filing) and the investing public has had time to absorb the information fully. To avoid the appearance of impropriety, as a general rule, information should not be considered fully absorbed by the marketplace until the second business day after the information is released. If, for example, the Company were to make an announcement during the day on a Monday, you should not trade in the Company’s securities until Wednesday. If an announcement were made on a Friday (or before the market opens on Monday), Tuesday generally would be the first eligible trading day. Transactions by Family Members. This Policy also applies to your family members who reside with you, anyone else who lives in your household, and any family members who do not live in your household but whose transactions in Company securities are directed by you or are subject to your influence or control (such as parents or children who consult with you before they trade in Company securities). You are responsible for the transactions of these and other persons and therefore should make them aware of the need to confer with you before they trade in the Company’s securities.
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EXHIBIT 19 Gifting of Shares. Under the Exchange Act, directors and Section 16 Officers (as defined below) are required to report giving gifts of Company securities on Form 4 before the end of the second business day following the date of execution of the transaction. Additionally, directors and Section 16 Officers (as defined below), are required to report the receipt of Company securities through a gift or inheritance on Form 5 within 45 days following the end of the Company’s fiscal year in which the transaction occurred. Prior to giving or receiving a gift or inheritance of Company securities, directors and Section 16 Officers must pre-clear the transaction with the Company’s General Counsel or its designee by emailing insidertrades@dime.com (who will also assist in the preparation of the required Form 4 or Form 5, as applicable) pursuant to the pre- clearance procedures included in the Insider Trading Policy Addendum to this Policy (the “Addendum”). Applicability of Policy to Inside Information Regarding Other Companies. This Policy and the guidelines described herein also apply to material nonpublic information relating to other companies, including the Company’s customers, vendors, suppliers or acquisition candidates (“business partners”) when that information is obtained in the course of employment with, or other services performed on behalf of, the Company. Civil and criminal penalties and termination of employment may result from trading on inside information regarding the Company’s business partners. All employees should treat material nonpublic information about the Company’s business partners with the same care required with respect to information related directly to the Company. Blackout Periods Relating to Earnings Releases. As a precaution, the Company specifically prohibits directors, Senior Officers and certain designated employees from engaging in any transaction involving a purchase, sale or gift of the Company’s securities during any period commencing with the 20th day of the last month of each quarter (i.e., on March 20, June 20, September 20 and December 20) and ending at the end of the first full trading day after the public release of the Company’s earnings for such quarter (“blackout period”). The blackout period applies to signing up for, modifying participation in, changing or withdrawing from participation in 10b5-1 plans and the Employee Stock Purchase Plan (“ESPP”), as well as optional cash purchases under the dividend reinvestment plan. In addition, the blackout period applies to changes to the election of a tax withholding right pursuant to which you elect to have the Company withhold shares subject to an option or restricted stock award to satisfy tax withholding requirements. An email will be sent to each director, Senior Officer and designated employee confirming the commencement of the quarterly blackout period. This Policy is set forth in the Addendum to this Policy. It should be noted that just because an individual is not specifically “blacked-out” from trading does not exclude them from this Policy. Once again, any person who possesses material nonpublic information regarding the Company is prohibited from engaging in transactions involving the Company’s stock until such information becomes available to the public. Standing Orders. Standing orders (except standing orders under approved Rule 10b5-1 plans) for the purchase or sale of shares of the Company’s securities should not be used (other than on a daily basis).
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EXHIBIT 19 Transactions Under Company Plans Stock Option Exercises. This Policy does not apply to the exercise of an employee stock option, or to the exercise of a tax withholding right pursuant to which you elect, in accordance with Company policy, to have the Company withhold shares subject to an option to satisfy tax withholding requirements. The Policy does apply, however, to any sale of stock following exercise or as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option. Restricted Stock Awards. This Policy does not apply to the vesting of restricted stock, or the exercise of a tax withholding right pursuant to which you elect, in accordance with Company policy, to have the Company withhold shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock. The Policy does apply, however, to any market sale of vested restricted stock. Dividend Reinvestment and Stock Purchase Plan. This Policy does not apply to purchases of Company stock under the Company’s dividend reinvestment plan resulting from your reinvestment of dividends paid on Company securities. The Policy does apply, however, to voluntary purchases of Company stock resulting from additional contributions you choose to make to the plan, and to your election to participate in the plan or increase or decrease your level of participation in the plan. The Policy also applies to your sale of any Company stock purchased pursuant to the plan. Employee Stock Purchase Plan. This Policy and quarterly blackout periods apply to the ESPP. An officer or employee having material inside information regarding the Company, or during a quarterly blackout period, may not sign up for, modify his or her participation in, or withdraw from, the ESPP. However, ongoing payroll deductions through the ESPP pursuant to a prior election are not prohibited. Company Stock Repurchase Program. This Policy applies to purchases proposed to be made by the Company pursuant to any ongoing stock repurchase program. The Company will not repurchase shares while in possession of material nonpublic information and will not repurchase shares during quarterly blackout periods (unless a 10b5-1 trading plan is in effect). 401(k) Plan. This Policy applies to (a) an intra-plan transfer of an existing account balance into or out of Company stock, (b) a borrowing against a 401(k) plan account if the loan will result in liquidation of some or all of your Company’s stock account balance, and (c) a prepayment of a loan if the prepayment will result in allocation of funds to the Company stock. Transactions Pursuant to a 10b5-1 Trading Plan. s a matter of general practice, directors, officers who are required to file reports under Section 16 of the Exchange Act (“Section 16 Officers”) and any other employee of the Company who may have access to or possession of material nonpublic information regarding the Company should transact purchases, sales, or gifts of the Company’s securities only during open trading windows. Rule 10b5-1 of the Exchange Act provides an affirmative defense from insider trading liability if trades occur under a pre-arranged “trading plan” that meets certain conditions. Under Rule 10b5-1, if you enter into a binding contract, instruction or written plan with an institutional broker/dealer
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EXHIBIT 19 that specifies the amount, price and date on which securities are to be purchased or sold, or a pre-determined formula by which the amount, price and date of trades will be determined, and these arrangements are established at a time when you do not possess material non-public information, then you may claim a defense to insider trading liability if the transactions under the trading plan occur at a time when you have subsequently learned material non-public information. Directors, Senior Officers and designated employees will be authorized to engage in transactions in Company securities without following the procedures in the Addendum (other than the Pre- clearance and Notification subsections, which will continue to apply) only under the following conditions: 1. The transaction occurs pursuant to a contract, instruction or plan meeting the requirements of 12 CFR 240.10b5-1; 2. The contract, instruction or plan is pre-cleared with and approved by the Company’s General Counsel or its designee by submitting the plan to the General Counsel or its designee at least five business days prior to executing such plan; 3. The contract, instruction or plan must provide for a “cooling-off period.” For directors and Section 16 Officers, the cooling-off period is the greater of (i) ninety days after the adoption or modification of the contract, instruction or plan and (ii) two business days following the filing of the Form 10-Q or Form 10-K for the fiscal quarter in which the plan was adopted or modified (subject to a maximum cooling-off period of one hundred twenty days). For all other Senior Officers and designated employees, the cooling-off period is thirty days after the adoption of or modification of the contract, instruction or plan; 4. The contract, instruction or plan must be in writing and executed by the director, Senior Officer or designated employee during an open trading window period; 5. The contract, instruction or plan must include a representation certifying that the director, Senior Officer or designated employee (i) is not aware of material nonpublic information about the issuer or its securities and (ii) is adopting or modifying the plan in good faith and not as part of a plan or scheme to evade the prohibition of Rule 10b5-1 on trading on the basis of material nonpublic information; 6. The contract, instruction or plan must provide for a same-day reporting mechanism by the person authorized to engage in the transaction on behalf of the director, Senior Officer or designated employee and all transactions under the contract, instruction or plan must be reported to the Company on the day they occur; 7. A director, Senior Officer or designated employee who conducts transactions under a contract, instruction or plan approved in advance by the Company will be responsible for and will be required to acknowledge in writing their responsibility for preparing and filing all Forms 144 for sale transactions; 8. The party authorized under the contract, instruction or plan to engage in transactions must be an institutional broker/dealer or registered investment
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advisor acceptable to the
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EXHIBIT 19 Company and in which the director, Senior Officer or designated employee has no relationship other than as a customer; 9. Contracts, instructions or plans may not provide for both purchases and sales. Any such contract, instruction or plan will not be approved; 10. If the director or Section 16 Officer has engaged in a sale or purchase transaction within six months of the submission for approval of the contract, instruction or plan and the contract, instruction or plan submitted provides for a purchase or sale, respectively, the contract, instruction or plan will not be approved, (i.e. if the director or officer has sold shares within the last six months, a contract, instruction or plan that provides for purchases will not be approved); 11. The contract, instruction or plan may be terminated, revoked or amended only during an open trading window period, only with the prior written approval of the Company; 12. The contract, instruction or plan must be of finite duration, and, in any event, not longer than one year, subject to renewal only during an open trading window period with the Company’s approval; and 13. A director, Senior Officer or designated employee shall not have more than one contract, instruction or plan in place at any one time. Proposed contracts, instructions or plans will not be prepared by the Company. Approval or disapproval of any proposed contracts, instructions or plans shall be solely for the benefit of and solely within the discretion of the Company for purposes of assuring compliance with this Policy. Transactions effected in accordance with a Rule 10b5-1 trading plan are not exempt from relevant securities law requirements and prohibitions. Insiders must comply with the reporting and short-swing profit rules under Section 16 of the Exchange Act and the limitations on resales by affiliates under Rule 144. Review and approval of any contract, instruction or plan is not intended to assure or guarantee compliance with Rule 10b5-1, which is solely the responsibility of each individual director, officer and employee. Accordingly, you may wish to consult with your own advisors in connection with the preparation of any such contact, instruction or plan. Additional Prohibited Transactions The Company considers it improper and inappropriate for any director, officer or other employee of the Company to engage in short-term or speculative transactions in the Company’s securities. It therefore is the Company’s policy that directors, officers and other employees may not engage in any of the following transactions: Short-term Trading. An employee’s short-term trading of the Company’s securities may be distracting to the employee and may unduly focus the employee on the Company’s short-term
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EXHIBIT 19 stock market performance instead of the Company’s long-term business objectives. For these reasons, any director, officer or other employee of the Company who purchases Company securities in the open market may not sell any company securities of the same class during the six months following the purchase. Short-Swing Profits. Section 16 of the Exchange Act subjects directors and officers of a public company to various reporting requirements and liability provisions. Section 16(a) of the Exchange Act requires all executive officers, directors and beneficial owners of greater than 10% of the common stock of the Company (“Insiders”) to file Forms 3, 4 and 5 with the SEC, reporting their stock ownership and transactions in Company securities, as applicable. Section 16(b) of the Exchange Act provides that any profit realized by an Insider, based on their lowest-priced purchase and highest-priced sale of the Company’s stock in a six-month period (also called a “short-swing” profit), without regard to overall profit or loss during the six-month period, is recoverable by the Company. The Company’s program for compliance with the reporting obligations of Insiders and with the “short-swing” transactions restrictions of the federal securities laws is set forth in the Addendum attached to this Policy. Short Sales. Short sales of the Company’s securities evidence an expectation on the part of the seller that the securities will decline in value, and therefore signal to the market that the seller has no confidence in the Company or its short-term prospects. In addition, short sales may reduce the seller’s incentive to improve the Company’s performance. For these reasons, short sales of the Company’s securities are prohibited by this Policy. In addition, Section 16(c) of the Exchange Act prohibits officers and directors from engaging in short sales. Margin Accounts and Pledges. Securities held in a margin account may be sold by the broker without the customer’s consent if the customer fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledger is aware of material nonpublic information or otherwise is not permitted to trade in Company securities, directors, officers and other employees are prohibited from holding Company securities in a margin account or pledging Company securities as collateral for a loan. Hedging Transactions. The Board of Directors believes that ownership of the Company’s stock by the Company’s directors, officers and employees promotes the alignment of our interests with those of the Company’s shareholders. The Board recognizes that transactions that are designed to hedge or offset declines in the market value of the Company’s stock can disrupt this alignment, interfere with the Company’s compensation programs and philosophies, and undermine policies regarding stock ownership. Further, hedging is highly speculative and gives the appearance of a lack of confidence in the Company’s future prospects and therefore is inappropriate. Accordingly, any hedging, derivative or other equivalent transaction that is specifically designed to reduce or limit the extent to which declines in the trading price of the Company’s stock would affect the value of the stock owned by a director, officer or employee is prohibited. Examples of prohibited hedging transactions include (i) short sales of Company stock (the practice of selling a security borrowed from another), (ii) buying put options or selling call options relating to Company stock, (iii) selling security futures contracts relating to Company stock, (iv) entering into prepaid variable
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forward sale contracts, equity swaps, or zero cost collars relating to Company stock, and (v)
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EXHIBIT 19 contributing Company stocks to an exchange fund in exchange for an interest in the fund. Cashless exercises of employee stock options are not deemed short sales for purposes of this Policy. Post-Termination Transactions. This Policy continues to apply to your transactions in Company securities even after employment in the Company or membership on the Company’s Board is terminated. If you are in possession of material nonpublic information when your employment or membership terminates, you may not trade in Company securities until that information has become public or is no longer material. Strict Compliance Required The Company requires the strictest compliance with these procedures by all personnel at every level. Failure to follow these procedures may result in severe legal difficulties for you, as well as for the Company. A failure to follow both the letter and the spirit of this memorandum shall be considered a matter of extreme seriousness and may be grounds for termination of employment or other disciplinary action, whether or not the failure to comply results in a violation of law. Needless to say, a violation of law, or even an SEC investigation that does not result in prosecution, can tarnish the Company’s and an individual’s reputation and irreparably damage a career. Company Assistance. Any person who has a question about this Policy or its application to any proposed transaction may obtain additional guidance from Judy Wu, General Counsel, whose telephone number is (631) 537-1000 ext. 3066. Ultimately, however, the responsibility for adhering to this Policy and avoiding unlawful transactions rests with individual employee. Retention Pre-clearance requests/communications, approvals, and corresponding confirms shall be retained in the insidertrades@dime.com mailbox. The retention period for this mailbox is seven (7) years to comply with applicable regulations.
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EXHIBIT 19 Insider Trading Policy Addendum Dime Community Bancshares, Inc. (the “Company”) is a public company the common stock of which is traded on the Nasdaq Global Select Market and registered under the Securities and Exchange Act of 1934 (the “Exchange Act”). Pursuant to the Exchange Act, the Company files periodic reports and proxy statements with the Securities and Exchange Commission (the “SEC”). Dime Community Bank (the “Bank”) is the Company’s wholly owned subsidiary. As a public company, the directors, officers and employees of the Company have a responsibility not to participate in the market for the Company’s stock while in possession of “material information” about the Company that has not been publicly disclosed. Under the Insider Trading and Securities Enforcement Act of 1988 (“Act”), the Company can be held liable for employee violations of the insider trading laws, unless it has adopted policies and procedures to prevent insider trading. Recent efforts by the SEC to police insider trading laws have highlighted the need for awareness of the responsibilities and potential liability in this area. Executive officers and directors of the Company are also subject to various reporting obligations regarding their ownership, and changes in their ownership, of Company securities. The Company has adopted policies and procedures regarding insider trading and the confidentiality of information that are applicable to all employees, officers and directors. This Addendum addresses additional restrictions that are applicable only to Directors, Senior Officers and designated employees of the Company. Additional Restrictions on Purchases and Sales During Certain “Blackout” Periods The following additional procedures with respect to the participation in the market for the Company’s stock by the directors, Senior Officers and designated employees of the Company have been adopted by the Board of Directors in order to assure compliance with the federal securities laws. It should be emphasized that these procedures are designed to: (i) avoid even the appearance of trading on insider information, (ii) as a cautionary matter, eliminate the ongoing question of when knowledge of unreported quarterly and year-end financial information may be considered “material” under the insider trading laws, and (iii) enable the Company to assure that the insider trading reporting requirements of Section 16 of the Securities Exchange Act of 1934 are being complied with. This is in addition to the general prohibition on participation in the market for the Company’s stock while in possession of material, nonpublic information, regardless of the time period. The following procedures should be followed by directors, senior officers and designated employees: 1. Quarterly Blackout Periods. During the period commencing with the tenth day of the last month of the quarter and ending on the second business day after the financial results of the quarter/year end have been publicly announced (a blackout period), directors, Senior Officers and designated employees should refrain from participating, directly or indirectly, in the market for Company securities, including making gifts of Company securities. The blackout period applies to
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EXHIBIT 19 signing up for, modifying participation in, changing or withdrawing from participation in 10b5-1 plans and the Employee Stock Purchase Plan (“ESPP”), as well as optional cash purchases under the dividend reinvestment plan. In addition, the blackout period applies to changes to the election of a tax withholding right pursuant to which you elect to have the Company withhold shares subject to an option or restricted stock award to satisfy tax withholding requirements. An email will be sent to each director, Senior Officer and designated employee confirming commencement of the quarterly blackout period. The prohibition on trading during the blackout periods is in addition to the general prohibition, which could apply at any time during the year, on trading while in possession of material, nonpublic information regarding the Company. 2. Pre-Clearance of all Trades. To prevent inadvertent violations and avoid even the appearance of inappropriate transactions (which could result, for example, where an officer engages in a trade while unaware of a pending major development), the policy of the Company is the following: Before any director, Senior Officer or designated employee buys, sells or gifts any Company securities, or enters into a 10b5-1 trading plan, that person is required to notify, in writing, and receive, in writing, the pre-clearance of the Company’s General Counsel or its designee for the proposed transaction by emailing insidertrades@dime.com. The General Counsel or its designee will generally respond - and approve or prohibit the proposed transaction - on the same business day, but no assurance can be given as to the timing of pre-clearance. Under certain circumstances, the Company may ask that person not to proceed with the proposed transaction. Additionally, because new material information could develop at any time, a pre- approved securities transaction must be completed promptly and, in any event, within 48 hours of approval being granted. If the transaction is not completed, the director, Senior Officer or designated employee must notify the General Counsel and its designee at insidertrades@dime.com. 3. Notification of all Trades. To keep an accurate record of transactions in Company securities by individuals most likely to be in possession of material non- public information, the Company is also implementing the following procedure: Immediately after any transaction, any director, Senior Officer or designated employee that buys, sells, or gifts any Company securities, including pursuant to a 10b5-1 trading plan, must email the Company’s General Counsel and its designee at insidertrades@dime.com a copy of the trade confirmation.
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EXHIBIT 19 4. Senior Officers and Designated Employees The following positions are hereby designated “Senior Officer” positions for purposes of the Policy on participating in the market for the Company’s stock during the blackout periods and for the requirements of pre-clearance and notification of all trades: All Named Executive Officers All Executive Vice Presidents Chief Accounting Officer Director of Internal Audit Corporate Secretary Assistant Corporate Secretary Executive Assistants All Employees that work in Accounting, Audit, Corporate Planning, Marketing, and Treasury are designated employees for purposes of the Policy on participating in the market for the Company’s stock during the blackout periods and for the requirements of pre-clearance and notification of all trades and gifts. The General Counsel or its designee will utilize the list provided by Human Resources to distribute quarterly blackout period notification emails to Senior Officers and designated employees. A separate quarterly blackout period notification email will be sent by the General Counsel or its designee to directors. Anti-Hedging Policy Insert No director, officer or employee can enter into a hedge or short transaction/position in Company securities while serving as a member of the Board of Directors or as an officer or employee. Potential hedging transactions/positions can take many forms, some of which are quite complex. Accordingly, any director, officer or employee considering an arrangement or transaction that might constitute a hedging transaction/position in Company securities should speak to their financial and/or legal advisor. You may reach out to the Company’s General Counsel if you have questions on the Anti-Hedging Policy.
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EXHIBIT 19 DIME COMMUNITY BANCSHARES, INC. & DIME COMMUNITY BANK INSIDER TRADING POLICY AND CONFIDENTIALITY OF INFORMATION ACKNOWLEDGMENT FORM I certify that: I have read and understand the Insider Trading Policy and Confidentiality of Information dated June 26, 2025 and the Addendum thereto covering backout periods and the pre-clearance procedures and notification of trades (collectively, the “Insider Trading Policy”). I understand that the General Counsel and Corporate Secretary is available to answer any questions I have regarding the Insider Trading Policy. I will comply with this Insider Trading Policy for as long as I am subject to the policy. Signature: ________________________ Date: ___________________________ Print Name: _______________________
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EXHIBIT 21.1 SUBSIDIARIES OF THE REGISTRANT Subsidiary of Dime Community Bancshares, Inc.: Name Incorporation Percent Owned Dime Community Bank New York 100% Subsidiaries of Dime Community Bank: Name Incorporation Percent Owned 195 Havemeyer Corp. New York 100% Boulevard Funding Corporation New York 100% Dime Abstract LLC New York 100% Dime Equipment Corp. New York 100% Dime Land Corp. New York 100% Dime Financial Services, Inc. New York 100% Dime Community, Inc. New York 100% Dime Insurance Agency Inc. (f/k/a Havemeyer Investments, Inc.) New York 100% Dime Reinvestment Corporation Delaware 100%
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EXHIBIT 23.1 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in Registration Statements on Form S-3 (Nos. 333-291222 and 333-199123) and on Form S-8 (Nos. 333-187262, 333-225221, 333-233406, 333-253391, 333-257220 and 333-279841) of Dime Community Bancshares, Inc. of our report dated February 20, 2026 relating to the consolidated financial statements of Dime Community Bancshares, Inc. and Subsidiaries and the effectiveness of internal control over financial reporting, which report appears in this Annual Report on Form 10-K of Dime Community Bancshares, Inc. for the year ended December 31, 2025. Crowe LLP Livingston, New Jersey February 20, 2026
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EXHIBIT 31.1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) I, Stuart H. Lubow, certify that: 1) I have reviewed this annual report on Form 10-K of Dime Community Bancshares, Inc.; 2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; 5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 20, 2026 /s/ Stuart H. Lubow Stuart H. Lubow President and Chief Executive Officer
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EXHIBIT 31.2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) I, Avinash Reddy, certify that: 1) I have reviewed this annual report on Form 10-K of Dime Community Bancshares, Inc.; 2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; 5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: February 20, 2026 /s/ Avinash Reddy Avinash Reddy Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer
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This certification is being furnished as required by Rule 13a-14(b) under the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing. EXHIBIT 32.1 CERTIFICATION PURSUANT TO RULE 13A-14(B) 18 U.S.C. SECTION 1350, As adopted pursuant to SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Dime Community Bancshares, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on February 20, 2026, (the “Report”), we, Stuart H. Lubow, President and Chief Executive Officer of the Company and, Avinash Reddy, Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: February 20, 2026 /s/ Stuart H. Lubow Stuart H. Lubow President and Chief Executive Officer /s/ Avinash Reddy Avinash Reddy Senior Executive Vice President, Chief Operating Officer and Chief Financial Officer A signed original of this written statement required by Section 906 has been provided to Dime Community Bancshares, Inc. and will be retained by Dime Community Bancshares, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
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EXHIBIT 97 DIME COMMUNITY BANCSHARES, INC. CLAWBACK POLICY The Board of Directors (the “Board”) of Dime Community Bancshares, Inc. (the “Company”) believes that it is in the best interests of the Company and its shareholders to adopt this Clawback Policy (this “Policy”), which provides for the recovery of certain incentive compensation in the event of an accounting restatement. The Company has adopted this Policy as a supplement to any other clawback policies or provisions in effect now or in the future at the Company. To the extent this Policy applies to compensation payable to a person covered by this Policy, it shall supersede any other conflicting provision or policy maintained by the Company and shall be the only clawback policy applicable to such compensation and no other clawback policy shall apply; provided that, if such other policy or provision provides that a greater amount of such compensation shall be subject to clawback, such other policy or provision shall apply to the amount in excess of the amount subject to clawback under this Policy. This Policy shall be interpreted to comply with the clawback rules found in 17 C.F.R. §240.10D and the related listing rules of the national securities exchange or national securities association (the “Exchange”) on which the Company has listed securities, and, to the extent this Policy is any manner deemed inconsistent with such rules, this Policy shall be treated as retroactively amended to be compliant with such rules. 1. Definitions. The terms “Executive Officer”, “Incentive-Based Compensation”, and “Received” shall have the same meaning as defined in regulation 17 C.F.R. §240.10D-1(d). 2. Application of the Policy. This Policy shall only apply in the event that the Company is required to prepare an accounting restatement due to its material noncompliance with any financial reporting requirement under the Federal securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. 3. Recovery Period. The Incentive-Based Compensation subject to clawback is the Incentive-Based Compensation Received during the three completed fiscal years immediately preceding the date that the Company is required to prepare an accounting restatement as described in Section 2; provided that the individual served as an Executive Officer at any time during the performance period applicable to the Incentive-Based Compensation in question. The date that the Company is required to prepare an accounting restatement shall be determined pursuant to 17 C.F.R. §240.10D-1(b)(1)(ii). (a) Notwithstanding the foregoing, the Policy shall only apply if the Incentive- Based Compensation is Received (1) while the Company has a class of securities listed on an Exchange and (2) on or after October 2, 2023. (b) See 17 C.F.R. §240.10D-1(b)(1)(i)(D) for certain circumstances under which this Policy will apply to Incentive-Based Compensation received during a transition period arising due to a change in the Company’s fiscal year.
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EXHIBIT 97 4. Erroneously Awarded Compensation. The amount of Incentive-Based Compensation subject to the Policy (“Erroneously Awarded Compensation”) is the amount of Incentive- Based Compensation Received that exceeds the amount of Incentive Based-Compensation that otherwise would have been Received had it been determined based on the restated amounts in the Company’s financial statements and shall be computed without regard to any taxes paid. (a) For Incentive-Based Compensation based on stock price or total shareholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an accounting restatement: (1) the amount shall be based on a reasonable estimate of the effect of the accounting restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was received; and (2) the Company must maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange. 5. Recovery Exceptions. The Company shall recover reasonably promptly any Erroneously Awarded Compensation except to the extent that the conditions of paragraphs (a), (b), or (c) below apply. The Compensation and Human Resources Committee of the Board of Directors (the “Committee”) shall determine the repayment schedule for each amount of Erroneously Awarded Compensation in a manner that complies with this “reasonably promptly” requirement. Such determination shall be consistent with any applicable legal guidance, by the Securities and Exchange Commission, judicial opinion, or otherwise. The determination of “reasonably promptly” may vary from case to case and the Committee is authorized to adopt additional rules to further describe what repayment schedules satisfy this requirement. (a) Erroneously Awarded Compensation need not be recovered if the direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered and the Committee has made a determination that recovery would be impracticable. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Company shall make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to recover, and provide that documentation to the Exchange, as required. (b) If applicable, Erroneously Awarded Compensation need not be recovered if recovery would violate home country law where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Company shall obtain an opinion of home country counsel, acceptable to the Exchange, that recovery would result in such a violation and shall provide such opinion to the Exchange. (c) Erroneously Awarded Compensation need not be recovered if recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. §401(a)(13) or 26 U.S.C. §411(a) and regulations thereunder. 6. Committee Decisions. Decisions of the Committee with respect to this Policy shall be final, conclusive and binding on all Executive Officers subject to this Policy, unless determined by a court of competent jurisdiction to be an abuse of discretion.
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EXHIBIT 97 7. No Indemnification. Notwithstanding anything to the contrary in any other policy of the Company or any agreement between the Company and an Executive Officer, no Executive Officer shall be indemnified by the Company against the loss of any Erroneously Awarded Compensation. 8. Agreement to Policy by Executive Officers. The Committee shall take reasonable steps to inform Executive Officers of this Policy and the Executive Officers shall acknowledge receipt and adherence to this Policy in writing. 9. Exhibit Filing Requirement. A copy of this Policy and any amendments thereto shall be filed as an exhibit to the Company’s annual report on Form 10-K. 10. Amendment. The Board may amend, modify or supplement all or any portion of this Policy at any time and from time to time in its discretion.
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EXHIBIT 97 [TO BE SIGNED BY EACH OF THE COMPANY’S EXECUTIVE OFFICERS] Clawback Policy Acknowledgment I, the undersigned, agree and acknowledge that I am fully bound by, and subject to, all of the terms and conditions of Dime Community Bancshares, Inc.’s Clawback Policy (as may be amended, restated, supplemented or otherwise modified from time to time, the “Policy”) and that I have been provided a copy of the Policy. In the event of any inconsistency between the Policy and the terms of any employment or similar agreement to which I am a party, or the terms of any compensation plan, program or agreement under which any compensation has been granted, awarded, earned or paid, the terms of the Policy shall govern. If the Committee determines that any amounts granted, awarded, earned or paid to me must be forfeited or reimbursed to the Company, I will promptly take any action necessary to effectuate such forfeiture and/or reimbursement. Name Date: Title