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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2025

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

For the transition period from to

Commission file number 001-34096

DIME COMMUNITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

N/A

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


New York		11-2934195
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification number)

898 Veterans Memorial Highway, Suite 560, Hauppauge, NY		11788
(Address of principal executive offices)		(Zip Code)

(631) 537-1000

(Registrant’s telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	DCOM	The NASDAQ Stock Market
Preferred Stock, Series A, $0.01 Par Value	DCOMP	The NASDAQ Stock Market
9.000% Subordinated Notes, $25.00 Par Value	DCOMG	The NASDAQ Stock Market

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

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

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


Large Accelerated Filer ☒	Accelerated Filer ☐
Non-Accelerated Filer ☐	Smaller Reporting Company ☐
	Emerging Growth Company ☐

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

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

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


Classes of Common Stock		Number of shares outstanding at October 30, 2025
$0.01 Par Value		43,894,345

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PART I – FINANCIAL INFORMATION		Page
Item 1.	Unaudited Condensed Consolidated Financial Statements
	Consolidated Statements of Financial Condition at September 30, 2025 and December 31, 2024	5
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024	6
	Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024	7
	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2025 and 2024	8
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	10
	Notes to Unaudited Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	61

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	62
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	62
Item 3.	Defaults Upon Senior Securities	62
Item 4.	Mine Safety Disclosures	62
Item 5.	Other Information	62
Item 6.	Exhibits	63
	Signatures	64

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Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions. Examples of forward-looking statements include, but are not limited to, the proposed use of proceeds from any offering, 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.

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. Such 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 the current 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 effect 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 matters before regulatory agencies;

●

the risks referred to in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K; and/or

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●

other unexpected material adverse changes in our financial condition, operations or earnings.

Accordingly, you should not place undue reliance on forward-looking statements. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.

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Item 1. Condensed Consolidated Financial Statements

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(Dollars in thousands except share amounts)


	September 30,		December 31,
	2025		2024
Assets:
Cash and due from banks	$	1,715,044	$	1,283,571
Securities available-for-sale, at fair value		662,667		690,693
Securities held-to-maturity		623,094		637,339
Loans held for sale		—		22,625
Loans held for investment, net of fees and costs		10,725,674		10,871,943
Allowance for credit losses		(94,061)		(88,751)
Total loans held for investment, net		10,631,613		10,783,192
Premises and fixed assets, net		32,525		34,858
Restricted stock		66,989		69,106
Bank Owned Life Insurance ("BOLI")		396,904		290,665
Goodwill		155,797		155,797
Other intangible assets		3,173		3,896
Operating lease assets		45,402		46,193
Derivative assets		81,440		116,496
Accrued interest receivable		57,048		55,970
Other assets		67,247		162,857
Total assets	$	14,538,943	$	14,353,258

Liabilities:
Interest-bearing deposits	$	8,380,680	$	8,275,591
Non-interest-bearing deposits		3,597,682		3,355,829
Deposits (excluding mortgage escrow deposits)		11,978,362		11,631,420
Non-interest-bearing mortgage escrow deposits		83,240		54,715
Interest-bearing mortgage escrow deposits		5		6
Total mortgage escrow deposits		83,245		54,721
Federal Home Loan Bank of New York ("FHLBNY") advances		508,000		608,000
Other short-term borrowings		—		50,000
Subordinated debt, net		272,459		272,325
Derivative cash collateral		57,260		112,420
Operating lease liabilities		48,138		48,993
Derivative liabilities		77,637		108,347
Other liabilities		61,500		70,515
Total liabilities		13,086,601		12,956,741

Commitments and contingencies		—		—

Stockholders' equity:
Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 10,000,000 shares authorized and 5,299,200 shares issued and outstanding at September 30, 2025 and December 31, 2024)		116,569		116,569
Common stock ($0.01 par, 80,000,000 shares authorized, 46,146,806 shares and 46,141,361 shares issued at September 30, 2025 and December 31, 2024 respectively, and 43,888,927 shares and 43,622,292 shares outstanding at September 30, 2025 and December 31, 2024, respectively)		461		461
Additional paid-in capital		622,657		624,822
Retained earnings		835,083		794,526
Accumulated other comprehensive loss, net of deferred taxes		(33,596)		(45,018)
Unearned equity awards		(11,332)		(7,640)
Treasury stock, at cost (2,257,879 shares and 2,519,069 shares at September 30, 2025 and December 31, 2024, respectively)		(77,500)		(87,203)
Total stockholders' equity		1,452,342		1,396,517
Total liabilities and stockholders' equity	$	14,538,943	$	14,353,258

See Notes to unaudited condensed Consolidated Financial Statements.

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DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands except per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Interest income:
Loans	$	147,756	$	151,828	$	435,909	$	442,492
Securities		11,338		7,766		34,014		23,553
Other short-term investments		16,449		4,645		35,035		18,621
Total interest income		175,543		164,239		504,958		484,666
Interest expense:
Deposits and escrow		62,950		74,025		181,205		219,972
Borrowed funds		8,406		8,764		25,141		32,494
Derivative cash collateral		788		1,526		2,903		5,244
Total interest expense		72,144		84,315		209,249		257,710
Net interest income		103,399		79,924		295,709		226,956
Provision for credit losses		13,294		11,603		32,141		22,398
Net interest income after provision for credit losses		90,105		68,321		263,568		204,558

Non-interest income:
Service charges and other fees		5,209		4,267		14,494		12,783
Title fees		126		190		342		617
Loan level derivative income		650		132		1,653		1,623
BOLI income		4,956		2,606		13,135		7,551
Gain on sale of SBA Loans		38		19		507		385
Gain on sale of residential loans		37		38		119		142
Fair value change in equity securities and loans held for sale		51		39		152		(1,219)
Net gain on securities		14		—		163		—
(Loss) gain on sale of other assets		(1,117)		2		(1,117)		6,665
Other		2,247		338		3,991		1,359
Total non-interest income		12,211		7,631		33,439		29,906
Non-interest expense:
Salaries and employee benefits		38,344		36,132		110,213		100,353
Severance		6		—		218		42
Occupancy and equipment		8,107		7,448		23,838		22,225
Data processing costs		4,798		4,544		14,495		13,262
Marketing		1,961		1,629		5,383		4,763
Professional services		2,228		2,036		6,441		6,269
Federal deposit insurance premiums		1,799		2,105		5,538		6,594
Loss from extinguishment of debt for FHLBNY advances		—		1		—		454
Loss due to pension settlement		—		—		7,231		—
Amortization of other intangible assets		236		286		723		878
Other		4,745		3,548		13,954		11,094
Total non-interest expense		62,224		57,729		188,034		165,934
Income before income taxes		40,092		18,223		108,973		68,530
Income tax expense		12,421		4,896		30,147		19,033
Net income		27,671		13,327		78,826		49,497
Preferred stock dividends		1,822		1,822		5,465		5,465
Net income available to common stockholders	$	25,849	$	11,505	$	73,361	$	44,032
Earnings per common share:
Basic	$	0.59	$	0.29	$	1.67	$	1.13
Diluted	$	0.59	$	0.29	$	1.67	$	1.13

See Notes to unaudited condensed Consolidated Financial Statements.

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DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	27,671	$	13,327	$	78,826	$	49,497
Other comprehensive income:
Change in unrealized gain (loss) on securities:
Change in net unrealized gain during the period		6,563		25,135		17,829		32,254
Reclassification adjustment for net gain included in net gain on securities and other assets		(14)		—		(163)		—
Accretion of net unrealized loss on securities transferred to held-to-maturity		740		765		2,223		2,301
Credit loss expense		300		—		2,100		—
Change in pension and other postretirement obligations:
Reclassification adjustment for benefit (expense) included in other expense		127		(317)		168		(952)
Change in the net actuarial gain		106		520		5,064		1,560
Change in unrealized gain (loss) on derivatives:
Change in net unrealized loss during the period		(3,635)		(14,500)		(16,609)		(15,483)
Reclassification adjustment for expense included in interest expense		2,077		2,752		5,867		7,707
Other comprehensive income before income taxes		6,264		14,355		16,479		27,387
Deferred tax expense		1,923		4,545		5,057		8,778
Total other comprehensive income, net of tax		4,341		9,810		11,422		18,609
Total comprehensive income	$	32,012	$	23,137	$	90,248	$	68,106

See Notes to unaudited condensed Consolidated Financial Statements.

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DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands)


	Nine Months Ended September 30, 2025
										Accumulated
										Other
										Comprehensive
	Number of					Additional				Loss,		Unearned		Treasury		Total
	Shares of	Preferred		Common		Paid-in		Retained		Net of Deferred		Equity		Stock,		Stockholders’
	Common Stock	Stock		Stock		Capital		Earnings		Taxes		Awards		at cost		Equity
Beginning balance as of January 1, 2025	43,622,292	$	116,569	$	461	$	624,822	$	794,526	$	(45,018)	$	(7,640)	$	(87,203)	$	1,396,517
Net income	—		—		—		—		21,458		—		—		—		21,458
Other comprehensive income, net of tax	—		—		—		—		—		5,973		—		—		5,973
Release of shares, net of forfeitures	252,273		—		—		(1,514)		—		—		(7,153)		8,835		168
Stock-based compensation	—		—		—		—		—		—		1,884		—		1,884
Shares received related to tax withholding	(75,489)		—		—		(3)		—		—		—		(1,202)		(1,205)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders	—		—		—		—		(10,960)		—		—		—		(10,960)
Ending balance as of March 31, 2025	43,799,076		116,569		461		623,305		803,202		(39,045)		(12,909)		(79,570)		1,412,013

Net income	—		—		—		—		29,697		—		—		—		29,697
Other comprehensive income, net of tax	—		—		—		—		—		1,108		—		—		1,108
Release of shares, net of forfeitures	100,690		—		—		(649)		—		—		(2,407)		3,371		315
Stock-based compensation	—		—		—		—		—		—		1,791		—		1,791
Shares received related to tax withholding	(10,828)		—		—		4		—		—		—		(1,244)		(1,240)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,821)		—		—		—		(1,821)
Cash dividends declared to common stockholders	—		—		—		—		(10,857)		—		—		—		(10,857)
Ending balance as of June 30, 2025	43,888,938	$	116,569	$	461	$	622,660	$	820,221	$	(37,937)	$	(13,525)	$	(77,443)	$	1,431,006

Net income			—		—		—		27,671		—		—		—		27,671
Other comprehensive income, net of tax	—		—		—		—		—		4,341		—		—		4,341
Release of shares, net of forfeitures	906		—		—		(3)		—		—		130		32		159
Stock-based compensation	—		—		—		—		—		—		2,063		—		2,063
Shares received related to tax withholding	(917)		—		—		—		—		—		—		(89)		(89)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders	—		—		—		—		(10,987)		—		—		—		(10,987)
Ending balance as of September 30, 2025	43,888,927	$	116,569	$	461	$	622,657	$	835,083	$	(33,596)	$	(11,332)	$	(77,500)	$	1,452,342

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DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands)


	Nine Months Ended September 30, 2024
										Accumulated
										Other
										Comprehensive
	Number of					Additional				Loss,		Unearned		Treasury		Total
	Shares of	Preferred		Common		Paid-in		Retained		Net of Deferred		Equity		Stock,		Stockholders’
	Common Stock	Stock		Stock		Capital		Earnings		Taxes		Awards		at cost		Equity
Beginning balance as of January 1, 2024	38,822,654	$	116,569	$	416	$	494,454	$	813,007	$	(91,579)	$	(8,622)	$	(98,020)	$	1,226,225
Net income	—		—		—		—		17,691		—		—		—		17,691
Other comprehensive loss, net of tax	—		—		—		—		—		6,113		—		—		6,113
Release of shares, net of forfeitures	155,782		—		—		(1,619)		—		—		(3,299)		5,128		210
Stock-based compensation	—		—		—		—		—		—		1,730		—		1,730
Shares received related to tax withholding	(46,603)		—		—		(1)		—		—		—		(1,029)		(1,030)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,821)		—		—		—		(1,821)
Cash dividends declared to common stockholders	—		—		—		—		(9,747)		—		—		—		(9,747)
Ending balance as of March 31, 2024	38,931,833		116,569		416		492,834		819,130		(85,466)		(10,191)		(93,921)		1,239,371

Net income	—		—		—		—		18,479		—		—		—		18,479
Other comprehensive loss, net of tax	—		—		—		—		—		2,686		—		—		2,686
Release of shares, net of forfeitures	223,202		—		—		(4,074)		—		—		(3,128)		7,549		347
Stock-based compensation	—		—		—		—		—		—		1,296		—		1,296
Shares received related to tax withholding	(7,185)		—		—		—		—		—		—		(54)		(54)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders, net	—		—		—		—		(9,707)		—		—		—		(9,707)
Ending balance as of June 30, 2024	39,147,850	$	116,569	$	416	$	488,760	$	826,080	$	(82,780)	$	(12,023)	$	(86,426)	$	1,250,596

Net income	—		—		—		—		13,327		—		—		—		13,327
Other comprehensive loss, net of tax	—		—		—		—		—		9,810		—		—		9,810
Release of shares, net of forfeitures	11,669		—		—		(153)		—		—		(44)		403		206
Stock-based compensation	—		—		—		—		—		—		1,956		—		1,956
Shares received related to tax withholding	(7,869)		—		—		—		—		—		—		(249)		(249)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders	—		—		—		—		(9,895)		—		—		—		(9,895)
Ending balance as of September 30, 2024	39,151,650	$	116,569	$	416	$	488,607	$	827,690	$	(72,970)	$	(10,111)	$	(86,272)	$	1,263,929

See Notes to unaudited condensed Consolidated Financial Statements.

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DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)


	Nine Months Ended September 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	78,826	$	49,497
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on securities available-for-sale		(163)		—
Loss (gain) on sale of other assets		1,117		(6,665)
Fair value change in equity securities and loans held for sale		(152)		1,219
Gain on sale of loans held for sale		(626)		(527)
Net depreciation, amortization and accretion		3,581		4,445
(Accretion) amortization of fair value hedge basis point adjustments		(848)		1,862
Amortization of other intangible assets		723		878
Loss on extinguishment of debt		—		454
Stock-based compensation		5,738		4,982
Provision for credit losses		32,141		22,398
Originations of loans held for sale		(11,369)		(7,451)
Proceeds from sale of loans originated for sale		18,763		13,346
Increase in cash surrender value of BOLI		(12,301)		(7,551)
Gain from death benefits from BOLI		(834)		—
Decrease in other assets		95,858		6,234
Decrease in other liabilities		(69,877)		(73,080)
Net cash provided by operating activities		140,577		10,041
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale		38,842		—
Purchases of securities available-for-sale		(101,324)		(4,000)
Purchases of securities held-to-maturity		(5,030)		(16,973)
Proceeds from calls and principal repayments of securities available-for-sale		108,059		146,026
Proceeds from calls and principal repayments of securities held-to-maturity		21,728		21,808
Purchase of BOLI		(97,317)		(15,000)
Proceeds received from cash surrender value of BOLI		4,213		—
Loans purchased		(9,613)		(4,979)
Proceeds from the sale of portfolio loans transferred to held for sale		24,139		7,405
Decrease (increase) in loans		120,671		(141,747)
Purchases of fixed assets, net		(3,540)		(4,207)
Proceeds from the sale of fixed assets and premises held for sale		2,004		16,318
Sales of restricted stock, net		2,117		34,515
Net cash provided by investing activities		104,949		39,166
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits		375,472		886,730
Repayments from FHLBNY advances, short-term, net		(100,000)		(715,000)
Repayments of FHLBNY advances, long-term		—		(150,000)
Proceeds from FHLBNY advances, long-term		—		60,000
Repayments of other short-term borrowings, net		(50,000)		—
Proceeds from subordinated debentures issuance, net		—		72,103
Release of stock for benefit plan awards		642		763
Payments related to tax withholding for equity awards		(2,534)		(1,333)
Cash dividends paid to preferred stockholders		(5,465)		(5,465)
Cash dividends paid to common stockholders		(32,168)		(28,496)
Net cash provided by financing activities		185,947		119,302
Decrease in cash and cash equivalents		431,473		168,509
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		1,283,571		457,547
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,715,044	$	626,056

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	34,912	$	28,003
Cash paid for interest		210,149		264,924
Loans transferred to held for sale		32,912		17,341
Loans transferred to held for investment		21,817		2,912
Operating lease assets in exchange for operating lease liabilities		8,967		5,005

See Notes to unaudited condensed Consolidated Financial Statements.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

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. As of September 30, 2025, we operated 62 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, the Bronx, Staten Island, and Westchester County. The Bank has received all requisite regulatory approvals to open a branch in Lakewood, New Jersey.

The unaudited Consolidated Financial Statements presented in this Quarterly Report on Form 10-Q include the collective results of the Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.”

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited Consolidated Financial Statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Such estimates are subject to change in the future as additional information becomes available or previously existing circumstances are modified. Actual future results could differ significantly from those estimates. The annualized results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain reclassifications have been made to prior year amounts, and the related discussion and analysis, to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity. The unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which remain significantly unchanged and have been followed similarly as in prior periods.

2. SUMMARY OF ACCOUNTING POLICIES

Summary of Significant Accounting Policies

In the opinion of management, the accompanying unaudited condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of September 30, 2025 and December 31, 2024, the results of operations and statements of comprehensive income for the three and nine months ended September 30, 2025 and 2024, the changes in stockholders’ equity for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024.

Please see “Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies” for a discussion of areas in the accompanying unaudited condensed Consolidated Financial Statements utilizing significant estimates.

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Adoption of Recent Accounting Standards

ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280)

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 to improve reportable segment disclosures by requiring public business entities to disclose significant expense categories and amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision-maker and included in a segment’s reported measures of profit or loss. ASU 2023-07 became effective for the Company for interim periods on January 1, 2025. The adoption of ASU 2023-07 did not have a material effect on the Company’s consolidated financial statements. For a further discussion please see Note 17 to the condensed Consolidated Financial Statements.

ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures

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.

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.

ASU 2023-09 became effective for the Company on January 1, 2025 for annual reporting periods, on a prospective basis and is not anticipated to have a material effect on the Company’s consolidated financial statements.

3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Activity in accumulated other comprehensive income (loss), net of tax, was as follows:


							Total
							Accumulated
			Defined				Other
			Benefit				Comprehensive
(In thousands)	Securities		Plans		Derivatives		Income (Loss)
Balance as of January 1, 2025	$	(43,767)	$	(7,499)	$	6,248	$	(45,018)
Other comprehensive income (loss) before reclassifications		13,813		3,510		(11,511)		5,812
Amounts reclassified from accumulated other comprehensive income		1,428		116		4,066		5,610
Net other comprehensive income (loss) during the period		15,241		3,626		(7,445)		11,422
Balance as of September 30, 2025	$	(28,526)	$	(3,873)	$	(1,197)	$	(33,596)

Balance as of January 1, 2024	$	(90,242)	$	(6,430)	$	5,093	$	(91,579)
Other comprehensive income (loss) before reclassifications		21,940		1,057		(10,564)		12,433
Amounts reclassified from accumulated other comprehensive income (loss)		1,569		(649)		5,256		6,176
Net other comprehensive income during the period		23,509		408		(5,308)		18,609
Balance as of September 30, 2024	$	(66,733)	$	(6,022)	$	(215)	$	(72,970)

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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.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2025		2024		2025		2024
Change in unrealized gain (loss) on securities:
Change in net unrealized gain during the period	$	6,563	$	25,135	$	17,829	$	32,254
Reclassification adjustment for net gain included in net gain on securities and other assets		(14)		—		(163)		—
Accretion of net unrealized loss on securities transferred to held-to-maturity		740		765		2,223		2,301
Credit loss expense		300		—		2,100		—
Net change		7,589		25,900		21,989		34,555
Tax expense		2,329		8,200		6,748		11,046
Net change in unrealized gain on securities, net of reclassification adjustments and tax		5,260		17,700		15,241		23,509
Change in pension and other postretirement obligations:
Reclassification adjustment for benefit (expense) included in other expense		127		(317)		168		(952)
Change in the net actuarial gain		106		520		5,064		1,560
Net change		233		203		5,232		608
Tax expense		72		65		1,606		200
Net change in pension and other postretirement obligations		161		138		3,626		408
Change in unrealized gain (loss) on derivatives:
Change in net unrealized loss during the period		(3,635)		(14,500)		(16,609)		(15,483)
Reclassification adjustment for expense included in interest expense		2,077		2,752		5,867		7,707
Net change		(1,558)		(11,748)		(10,742)		(7,776)
Tax benefit		(478)		(3,720)		(3,297)		(2,468)
Net change in unrealized loss on derivatives, net of reclassification adjustments and tax		(1,080)		(8,028)		(7,445)		(5,308)
Other comprehensive income, net of tax	$	4,341	$	9,810	$	11,422	$	18,609

4. EARNINGS PER COMMON 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. 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. Basic and diluted EPS on common stock and the basic and diluted EPS on participating securities are the same.

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The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands except share and per share amounts)	2025		2024		2025		2024
Net income available to common stockholders	$	25,849	$	11,505	$	73,361	$	44,032
Less: Dividends paid and earnings allocated to participating securities		(493)		(229)		(1,323)		(778)
Income attributable to common stock	$	25,356	$	11,276	$	72,038	$	43,254
Weighted-average common shares outstanding, including participating securities		43,888,983		39,147,845		43,795,578		39,025,751
Less: weighted-average participating securities		(836,085)		(781,226)		(784,659)		(708,528)
Weighted-average common shares outstanding		43,052,898		38,366,619		43,010,919		38,317,223
Basic EPS	$	0.59	$	0.29	$	1.67	$	1.13

Income attributable to common stock	$	25,356	$	11,276	$	72,038	$	43,254
Weighted-average common shares outstanding		43,052,898		38,366,619		43,010,919		38,317,223
Weighted-average common equivalent shares outstanding		—		—		—		—
Weighted-average common and equivalent shares outstanding		43,052,898		38,366,619		43,010,919		38,317,223
Diluted EPS	$	0.59	$	0.29	$	1.67	$	1.13

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 the three and nine months ended September 30, 2025 and 2024, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

5. 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, 2025, or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering.

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6. SECURITIES

The following tables summarize the major categories of securities as of the dates indicated:

September 30, 2025

Gross

Allowance

Amortized

Unrealized

For Credit

Fair

(In thousands)

Cost

Gains

Losses

Value

Securities available-for-sale:

Agency notes

10,000

—

(178)

—

9,822

Corporate securities

148,152

1,142

(5,158)

(2,100)

142,036

Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")

273,812

3,742

(691)

—

276,863

Agency CMOs

233,506

764

(22,403)

—

211,867

State and municipal obligations

22,972

(894)

—

22,079

Total securities available-for-sale

688,442

5,649

(29,324)

(2,100)

662,667

September 30, 2025

Gross

Amortized

Unrecognized

Fair

(In thousands)

Cost

Gains

Losses

Value

Securities held-to-maturity:

Agency notes

90,294

—

(7,093)

83,201

Corporate securities

13,000

260

(430)

12,830

Pass-through MBS issued by GSEs

286,080

286

(32,706)

253,660

Agency CMOs

233,720

382

(23,340)

Dime Community Bancshares, Inc. /NY/ 10-Q