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Section 1: 8-K (8-K)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K



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

Date of report (Date of earliest event reported):  October 26, 2018



DIME COMMUNITY BANCSHARES, INC.
(Exact name of the registrant as specified in its charter)



Delaware
000-27782
11-3297463
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)

300 Cadman Plaza West, 8th Floor
   
Brooklyn, New York
 
11201
(Address of principal executive offices)
 
(Zip Code)

(718) 782-6200
(Registrant’s telephone number)

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



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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.



Item 2.02
Results of Operations and Financial Condition

On October 26, 2018, Dime Community Bancshares, Inc. (the “Registrant”) issued a press release containing a discussion of its results of operations and financial condition for the quarter ended September 30, 2018. The text of the press release is included as Exhibit 99.1 to this report and is incorporated herein by reference. Exhibit 99.1 to this report is being “furnished” to the SEC and shall not be deemed “filed” for any purposes.

Item 7.01
Regulation FD Disclosure

On October 26, 2018, the Registrant announced that its Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable on November 13, 2018 to stockholders of record on November 6, 2018. The text of the press release is attached as Exhibit 99.2 and is incorporated herein by reference. Exhibit 99.2 to this report is being “furnished” to the SEC and shall not be deemed “filed” for any purpose.

On October 26, 2018, the Board of Directors of the Registrant authorized a stock repurchase program pursuant to which the Registrant may repurchase up to 1,824,040 shares, or 5.0% of the Registrant’s currently outstanding common stock.   The repurchase program permits shares to be repurchased through open market purchases, privately negotiated stock repurchases and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Registrant and its stockholders.  The stock repurchase program does not obligate the Registrant to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Registrant.

The Registrant also announced the completion of its most recent stock repurchase plan, which was announced on June 21, 2007.

A copy of the press release, dated October 26, 2018, announcing the stock repurchase program is attached as Exhibit 99.3 to this report and is incorporated herein by reference.  Exhibit 99.3 to this report is being “furnished” to the SEC and shall not be deemed “filed” for any purposes.

Item 9.01
Financial Statements and Exhibits

 
(d)
Exhibits.

 
Press release of the Registrant, dated October  26, 2018, containing a discussion of the Registrant's results of operations and financial condition for the quarter ended September 30, 2018
     
 
Press release of the Registrant, dated October 26, 2018, containing a discussion of the Registrant’s declaration of a cash dividend
     
 
Press release of the Registrant, dated October 26, 2018, containing a discussion of the Registrant’s stock repurchase program


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
Dime Community Bancshares, Inc.
 
(Registrant)
   
 
/s/ JAMES L. RIZZO
 
 
James L. Rizzo
 
Senior Vice President  & Comptroller
 
(Principal Financial Officer)
   
Dated:  October 26, 2018
 



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Section 2: EX-99.1 (EXHIBIT 99.1)


Exhibit 99.1


DIME COMMUNITY BANCSHARES, INC. REPORTS 70% YEAR-OVER-YEAR INCREASE IN BUSINESS BANKING ORIGINATIONS

Repurchased Approximately 3% of Outstanding Shares During the Third Quarter

Brooklyn, NY – October 26, 2018 - Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime” or “its”), the parent company of Dime Community Bank (the “Bank”), today reported net income of $11.8 million for the quarter ended September 30, 2018, or $0.32 per diluted common share, compared with net income of $12.3 million for the quarter ended June 30, 2018, or $0.33 per diluted common share, and net income of $13.3 million for the quarter ended September 30, 2017, or $0.35 per diluted common share.

The linked quarter decline in EPS was attributable to a 12 basis point increase in the cost of funds which was partially offset by an 8 basis point increase in overall loan yields (excluding prepayment fee income), a $0.8 million increase in marketing-related non-interest expenses, and a $0.2 million reduction in prepayment fee income.

Commenting on the linked quarter decline in earnings, Kenneth J. Mahon, President and CEO of the Company, stated “Since the start of the rate tightening cycle in December 2016, our deposit betas have been fairly low as our cost of deposits increased by only 22 basis point on a cumulative basis from the fourth quarter of 2016 to the second quarter of 2018, while the Federal Reserve raised rates 150 basis points over the corresponding period.  During the third quarter of 2018, our cost of deposits increased by 12 basis points as we took proactive steps to retain money market customers, and grow our certificates of deposit portfolio. We are managing our deposit pricing to remain competitive with the market while keeping our loan-to-deposit ratio range bound at approximately 125%. We remain committed to managing the balance sheet and the loan-to-deposit ratio with the goal of keeping deposit betas as low as possible. At the same time, low-cost Business Banking deposits are growing and helping to reduce our overall deposit betas.

Loan Portfolio Yield Turns Upward

Mr. Mahon continued, “The Business Banking division loan portfolio reached $511 million at September 30, 2018, versus $375 million at June 30, 2018. As the Business Banking portfolio becomes a larger percentage of our overall balance sheet, we expect our overall loan yields to continue trending upwards. Notably, overall loan yields excluding prepayment fee income increased by 8 basis points when comparing the third quarter of 2018 to the second quarter of 2018, versus a 2 basis point decline when comparing the second quarter of 2018 to the first quarter of 2018. Given the tremendous opportunity we see for this division to re-mix our balance sheet and create long-term commercial-bank like margins and returns, we remain focused on adding relationship bankers and support staff, which may result in modest increases in near-term operating expenses.”


 
Page 2
Mr. Mahon concluded, “Finally, prepayment related fee income has been a smaller contributor to earnings over this rate-tightening cycle than prior cycles. Thus far, many existing borrowers, especially those with low coupon loans, appear to be waiting to get close to the reset date on their loans before refinancing rather than prepaying early in anticipation of higher rates. On the positive side, and as outlined in the table below, this behavior has resulted in Dime having a significant amount of real estate loans, on our balance sheet, that will reach contractual repricings (generally at 200-250 basis points over the then current 5-Year Federal Home Loan Bank advance rate) over the next two years. The presence of these loans on our balance sheet significantly increases our asset sensitivity and provides us the opportunity to increase net interest margin (“NIM”) going forward.”

(As of September 30, 2018)
FY 2019
FY 2020
Amount of Repricing Real Estate Loans
$717 million
$925 million
Current Weighted Average Rate
3.25%
3.42%

Highlights for the third quarter of 2018 included:


·
Continued strong Business Banking originations of $146.0 million in the third quarter, a 70% increase versus the third quarter of 2017,

·
New Business Banking loan originations for the third quarter were at significantly higher rates than the overall portfolio; the weighted average rate (“WAR”) on new Business Banking real estate originations was 4.99% and the WAR on new C&I originations was 5.67% for the three months ended September 30, 2018, compared to the total real estate and C&I loan portfolio WAR of 3.73% at September 30, 2018,

·
Strong growth in checking account balances; on a year-over-year basis, the sum of average non-interest bearing checking account balances and average interest bearing checking account balances increased by 14.3% to $477.7 million for the current quarter,

·
Loan-to-deposit ratio declined to 123.5% at September 30, 2018, versus 136.8% at September 30, 2017,

·
The Company repurchased 973,200 shares, which represented approximately 3% of beginning period shares outstanding in the third quarter of 2018 at a weighted average price of $17.88,

·
Consolidated Company commercial real estate (“CRE”) concentration ratio of 706% at September 30, 2018, versus 849% for the year-ago period,

·
Successfully launched the Residential Lending division, which is actively taking applications and has closed several loans already,

·
Non-performing assets and loans 90 days or more past due on accrual status declined to $4.2 million at September 30, 2018, and represented only 0.07% of total assets at that date, and

·
Reported book value per share and tangible book value per share (which consists of common equity less goodwill, divided by number of shares outstanding) grew to $16.49 and $14.97, respectively, at September 30, 2018 (See “Non-GAAP Reconciliation” tables at the end of this news release).

Mr. Mahon commented, “The talented staff, core commercial bank platform, and processes that are now in place at Dime will serve us well in the future and continue to improve our franchise value. We are on track to surpass our internal full year 2018 portfolio growth target for the Business Banking division. As we commence the planning process for FY 2019, we are even more confident that our Business Banking division will accelerate the re-mixing of our balance sheet towards a more relationship-driven model and drive solid, long-term risk adjusted margins. We remain committed to responsible growth and efficiently managing our capital base. Notably, during the third quarter, we returned $17 million of capital to shareholders via share repurchases.”


 
Page 3
Management’s Discussion of Quarterly Operating Results

Net Interest Income

Net interest income in the third quarter of 2018 was $35.0 million, a decrease of $1.0 million (3.1%) from the second quarter of 2018 and a decrease of $3.4 million (8.9%) over the third quarter of 2017. NIM was 2.33% during the third quarter of 2018, compared to 2.39% in the second quarter of 2018, and 2.53% during the third quarter of 2017.  The linked quarter decrease in NIM was mainly due to a 12 basis point increase in the average cost of funds and a $0.2 million linked quarter reduction in income related to loan prepayment activity.  Net interest margin, excluding income related to prepayment activity decreased by 5 basis points versus the second quarter of 2018.

Average interest-earning assets were $6.02 billion for the third quarter of 2018, a 2.0% (annualized) decrease from $6.05 billion for the second quarter of 2018, and a 1.1% decrease from $6.08 billion for the third quarter of 2017. The decrease in average interest earnings assets was primarily driven by a decrease in the level of real estate loans.

Average securities and other short-term investments were $628.7 million for the third quarter of 2018, a 21.5% (annualized) increase from $596.6 million for the second quarter of 2018, and a 308.0% increase from $154.1 million for the third quarter of 2017.

“Over the course of the past five quarters, we have significantly increased the level of on balance sheet liquidity, such that the ratio of cash and unencumbered securities to total assets was 9.2% at September 30, 2018, versus 2.0% at June 30, 2017. While this liquidity build has negatively impacted our level of reported earnings, we believe it was the right strategic decision for the Company as it relates to our strategic asset diversification objectives, and the enhanced overall scrutiny on liquidity management practices for the banking industry. Having run numerous liquidity stress testing scenarios over the past year, we believe that our current level of on balance sheet liquidity is at an appropriate level for an institution of our size, risk profile, and customer base,” stated Mr. Mahon.

For the third quarter of 2018, the average yield on interest-earning assets was 3.63%, an increase of 6 basis points compared with the second quarter of 2018, and an increase of 10 basis points compared to the third quarter of 2017.  The average cost of funds (which includes Federal Home Loan Bank advances) was 1.52% for the third quarter of 2018, an increase of 12 basis points versus the second quarter of 2018, and an increase of 38 basis points versus the third quarter of 2017.

Loans

The real estate loan portfolio decreased by $25.9 million (2.0% annualized) during the third quarter of 2018.  Real estate loan originations were $149.0 million during the third quarter of 2018, at a weighted average interest rate of 4.90%, compared to $122.9 million of originations for the prior quarter, at a weighted average interest rate of 4.82% during the second quarter of 2018. Real estate loan amortization and satisfactions totaled $181.9 million, or 14.0% (annualized) of the portfolio balance, at an average rate of 3.75%. The annualized loan payoff rate of 14.0% for the third quarter of 2018 was lower the second quarter of 2018 (19.2%) and the third quarter of 2017 (10.2%). The elevated real estate loan payoffs during the second quarter of 2018 were primarily due to one large relationship that paid off totaling approximately $53.5 million. Average real estate loans were $5.20 billion in the third quarter of 2018, a decrease of $107.7 million (8.1% annualized) from the second quarter of 2018, and a decrease of $642.9 million (11.0%) from the third quarter of 2017.


 
Page 4
Included in total real estate loan originations during the third quarter of 2018 were $101.8 million of originations from the Business Banking division at a weighted average rate of 4.99%, compared to $74.2 million of originations at a weighted average rate of 4.81% during the second quarter of 2018.

Commercial and industrial (“C&I”) loan originations were $44.3 million during the third quarter of 2018, at a weighted average rate of 5.67%, compared to $68.3 million at a weighted average rate of 5.72% during the second quarter of 2018. Total C&I loan balances were $207.7 million at the end of the third quarter of 2018, compared to $172.5 million at the end of the second quarter of 2018.

Deposits and Borrowed Funds

The Company continues to focus on growing relationship-based business deposits sourced from its retail branches and its Business Banking division.  The Business Banking division ended the third quarter of 2018 with approximately $66 million of low-cost relationship-based checking and leasehold deposits at an average rate of approximately one basis point and total deposits of $110 million at an average rate of 50 basis points, compared to approximately $24 million of checking and leasehold deposits at an average rate of approximately zero basis points and total deposits of $35 million at an average rate of 21 basis points, respectively, for the year-ago time period.

The average rate of total deposits increased 12 basis points on a linked quarter basis to 1.21% as the Bank increased rates on selected money market and certificates of deposit products. Total deposits increased by $22.9 million (2.1% annualized) on a linked quarter basis to $4.38 billion, despite net outflows from the DimeDirect internet channel totaling $129.9 million in the third quarter.

The loan-to-deposit ratio was 123.5% at September 30, 2018, compared to 124.0% at June 30, 2018 and 136.8% at September 30, 2017.

Total borrowings remained relatively unchanged, at $1.04 billion, as compared to the second quarter of 2018.   At September 30, 2018, 27% of the $1.04 billion borrowing portfolio consisted of bullet advances that have a remaining term of less than a year, compared to 54% of the $1.22 billion borrowing portfolio from the prior year period.

Non-Interest Income

Non-interest income was $2.2 million during the third quarter of 2018, which was flat compared to the second quarter of 2018, and a decrease of $2.1 million compared to the third quarter of 2017.  Non-interest income for the third quarter of 2017 included a gain of $2.6 million from the sale of the Company’s pooled bank trust preferred securities portfolio.

Non-Interest Expense

Total non-interest expense was $21.6 million during the third quarter of 2018, $20.8 million during the second quarter of 2018, and $22.2 million during the third quarter of 2017. Non-interest expenses for the third quarter of 2017 included $1.3 million of expenses related to the extinguishment of debt. The linked quarter increase in non-interest expense was primarily driven by a $0.8 million increase in marketing expenses. On a year-over-year basis, salaries and employee benefits increased by $2.4 million as the Company added relationship bankers and support staff for its Business Banking division buildout.


 
Page 5
The ratio of non-interest expense to average assets was 1.39% during the third quarter of 2018, 1.33% during the second quarter of 2018, and 1.41% during the third quarter of 2017.

The efficiency ratio was 58.1% during the third quarter of 2018, 54.4% during the second quarter of 2018, and 55.3% during the third quarter of 2017.

Income Tax Expense

The reported effective tax rate for the third quarter of 2018 decreased to 23.1% from 25.0% for the second quarter of 2018.

Credit Quality

Non-performing loans at September 30, 2018 were $3.0 million, or 0.05% of total loans, an increase from $1.6 million, or 0.03% of total loans, at June 30, 2018.  The allowance for loan losses was 0.39% of total loans at both September 30, 2018 and June 30, 2018. At September 30, 2018, non-performing assets represented 0.7% of the sum of tangible common equity plus the allowance for loan losses and reserve for contingent liabilities (this non-Generally Accepted Accounting Principle (“GAAP”) statistic is otherwise known as the "Texas Ratio"), which is lower than the ratio of 1.1% at June 30, 2018 (see “Problem Assets as a Percentage of Tangible Capital and Reserves” table and “Non-GAAP Reconciliation” table at the end of this news release).  A loan loss provision of $0.3 million was recorded during the third quarter of 2018, compared to a loan loss provision of $1.1 million during the second quarter of 2018, and a loan loss provision of $0.02 million during the third quarter of 2017.

Capital Management

The Company’s consolidated Tier 1 capital to average assets (“leverage ratio”), which was 8.96% at September 30, 2018, was in excess of all applicable regulatory requirements.

The bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements inclusive of conservation buffer amounts.  At September 30, 2018, the bank’s leverage ratio was 10.07%, while Tier 1 capital to risk-weighted assets and Total capital to risk-weighted assets ratios were 13.26% and 13.71%, respectively.

Mr. Mahon commented, “During the third quarter, we repurchased approximately 3% of our outstanding shares.  Pro forma for this repurchase, our Tangible Common Equity to Tangible Assets Ratio was 8.78% at September 30, 2018.”

Diluted earnings per common share of $0.32 exceeded the quarterly $0.14 cash dividend per share by 129% during the third quarter of 2018, equating to a 43.75% dividend payout ratio.

Book value per share was $16.49 and tangible book value per share (common equity less goodwill divided by number of shares outstanding) (see “Non-GAAP Reconciliation” tables at the end of this news release) was $14.97 at September 30, 2018.


 
Page 6
Outlook for the Quarter Ending December 31, 2018

The Company continues to prioritize NIM stabilization over earning asset growth at lower margins. Its posted rack rates on multifamily loans continue to be above the rates offered by many competitors, thereby affecting the level of multifamily originations. As such, the multifamily portfolio is expected to be lower on a linked quarter basis. Declines in the multifamily portfolio are expected to be offset by growth in the Business Banking portfolio and the Residential Lending portfolio. As mentioned previously in the earnings release, the Business Banking division is expected to surpass its initial year-end 2018 portfolio growth targets.

Loan loss provision for the fourth quarter of 2018 is expected to be driven by the composition of loan portfolio growth, subject to management’s assessment of the adequacy of the allowance for loan losses.

Non‐interest expense is currently expected to be approximately between $21.5 million and 22.0 million during the fourth quarter of 2018.

The Company projects that the consolidated effective tax rate will approximate 24% in the December 2018 quarter.

ABOUT DIME COMMUNITY BANCSHARES, INC.
The Company had $6.29 billion in consolidated assets as of September 30, 2018. The bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-nine branches located throughout Brooklyn, Queens, the Bronx, Nassau County and Suffolk County, New York. More information on the Company and the bank can be found on Dime's website at www.dime.com.

This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as "anticipate," "believe," “continue,” "could," "estimate," "expect," "intend," “likely,” "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company and/or the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates.

Contact: Avinash Reddy
Senior Vice President – Corporate Development and Treasurer
718-782-6200 extension 5909


DIME COMMUNITY BANCSHARES,  INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands except share amounts)

   
September 30,
2018
   
June 30,
2018
   
December 31,
2017
 
ASSETS:
                 
Cash and due from banks
 
$
132,822
   
$
150,992
   
$
169,455
 
Mortgage-backed securities available for sale
   
465,490
     
414,938
     
351,384
 
Marketable equity securities, at fair value
   
6,111
     
6,368
     
-
 
Investment securities available for sale
   
5,088
     
5,078
     
4,006
 
Trading securities
   
-
     
-
     
2,715
 
Real Estate Loans:
                       
One-to-four family and cooperative/condominium apartment
   
71,464
     
60,159
     
63,095
 
Multifamily residential and residential mixed use (1)(2)
   
4,015,424
     
4,106,094
     
4,381,180
 
Commercial real estate
   
1,106,430
     
1,053,582
     
1,010,603
 
Acquisition, development, and construction ("ADC")
   
11,144
     
10,526
     
9,189
 
Total real estate loans
   
5,204,462
     
5,230,361
     
5,464,067
 
Commercial and industrial ("C&I")
   
207,743
     
172,522
     
136,671
 
Other loans
   
1,162
     
1,477
     
1,379
 
Allowance for loan losses
   
(21,330
)
   
(20,984
)
   
(21,033
)
Total loans, net
   
5,392,037
     
5,383,376
     
5,581,084
 
Premises and fixed assets, net
   
24,736
     
25,340
     
24,326
 
Loans held for sale
   
-
     
430
     
-
 
Federal Home Loan Bank of New York capital stock
   
53,842
     
53,874
     
59,696
 
Bank Owned Life Insurance ("BOLI")
   
110,706
     
109,977
     
108,545
 
Goodwill
   
55,638
     
55,638
     
55,638
 
Other assets
   
47,723
     
47,164
     
46,611
 
TOTAL ASSETS
 
$
6,294,193
   
$
6,253,175
   
$
6,403,460
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
                       
Deposits:
                       
Non-interest bearing checking
 
$
368,780
   
$
356,626
   
$
307,746
 
Interest-bearing checking
   
112,180
     
121,060
     
124,283
 
Savings
   
342,908
     
349,790
     
362,092
 
Money Market
   
2,220,719
     
2,280,915
     
2,517,439
 
Sub-total
   
3,044,587
     
3,108,391
     
3,311,560
 
Certificates of deposit
   
1,337,663
     
1,251,002
     
1,091,887
 
Total Due to Depositors
   
4,382,250
     
4,359,393
     
4,403,447
 
Escrow and other deposits
   
119,796
     
89,302
     
82,168
 
Federal Home Loan Bank of New York advances
   
1,042,925
     
1,043,650
     
1,170,000
 
Subordinated Notes Payable, net
   
113,722
     
113,686
     
113,612
 
Other liabilities
   
31,923
     
31,612
     
35,666
 
TOTAL LIABILITIES
   
5,690,616
     
5,637,643
     
5,804,893
 
STOCKHOLDERS' EQUITY:
                       
Common stock ($0.01 par, 125,000,000 shares authorized, 53,690,825 shares and 53,624,453 shares issued at September 30, 2018 and December 31, 2017, respectively, and 36,612,153 shares and 37,419,070 shares outstanding at September 30, 2018 and December 31, 2017, respectively)
   
537
     
537
     
536
 
Additional paid-in capital
   
277,718
     
278,194
     
276,730
 
Retained earnings
   
558,357
     
551,818
     
535,130
 
Accumulated other comprehensive loss, net of deferred taxes
   
(5,734
)
   
(4,578
)
   
(3,641
)
Unearned Restricted Stock Award common stock
   
(4,699
)
   
(4,821
)
   
(2,894
)
Common stock held by the Benefit Maintenance Plan
   
(1,509
)
   
(2,148
)
   
(2,736
)
Treasury stock (17,053,672 shares and 16,205,383 shares at September 30, 2018 and December 31, 2017, respectively)
   
(221,093
)
   
(203,470
)
   
(204,558
)
TOTAL STOCKHOLDERS' EQUITY
   
603,577
     
615,532
     
598,567
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
6,294,193
   
$
6,253,175
   
$
6,403,460
 

(1)
Includes loans underlying cooperatives.
(2)
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant  component of the total loan portfolio.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except share and per share amounts)

   
For the Three Months Ended
   
For the Nine Months Ended
 
   
September 30,
2018
   
June 30,
2018
   
September 30,
2017
   
September 30,
2018
   
September 30,
2017
 
Interest income:
                             
Loans secured by real estate
 
$
47,486
   
$
47,828
   
$
51,621
   
$
144,889
   
$
153,233
 
Commercial and industrial ("C&I")
   
2,729
     
2,156
     
1,043
     
6,541
     
1,558
 
Other loans
   
18
     
18
     
19
     
55
     
55
 
Mortgage-backed securities
   
2,852
     
2,406
     
27
     
7,515
     
55
 
Investment securities
   
59
     
49
     
108
     
123
     
462
 
Other short-term investments
   
1,480
     
1,547
     
811
     
4,537
     
2,139
 
Total interest  income
   
54,624
     
54,004
     
53,629
     
163,660
     
157,502
 
Interest expense:
                                       
Deposits and escrow
   
13,361
     
11,988
     
9,408
     
36,100
     
28,424
 
Borrowed funds
   
6,235
     
5,882
     
5,763
     
18,384
     
15,080
 
Total interest expense
   
19,596
     
17,870
     
15,171
     
54,484
     
43,504
 
Net interest income
   
35,028
     
36,134
     
38,458
     
109,176
     
113,998
 
Provision for loan losses
   
335
     
1,113
     
23
     
1,641
     
1,520
 
Net interest income after  provision for loan losses
   
34,693
     
35,021
     
38,435
     
107,535
     
112,478
 
                                         
Non-interest income:
                                       
Service charges and other fees
   
1,233
     
1,299
     
948
     
3,443
     
2,661
 
Mortgage banking income, net
   
79
     
102
     
69
     
292
     
150
 
Gain on equity and trading securities
   
99
     
19
     
28
     
114
     
162
 
Gain on sale of securities and other assets
   
-
     
-
     
2,607
     
1,370
     
-
 
Gain on sale of loans
   
18
     
35
     
-
     
143
     
2,607
 
Income from BOLI
   
729
     
720
     
558
     
2,161
     
1,654
 
Other
   
63
     
62
     
73
     
179
     
574
 
Total non-interest income
   
2,221
     
2,237
     
4,283
     
7,702
     
7,808
 
Non-interest expense:
                                       
Salaries and employee benefits
   
10,963
     
10,884
     
8,593
     
33,024
     
27,577
 
Stock benefit plan compensation expense
   
403
     
407
     
353
     
1,198
     
1,030
 
Occupancy and equipment
   
3,845
     
3,697
     
3,492
     
11,414
     
10,620
 
Data processing costs
   
1,823
     
1,797
     
3,392
     
5,374
     
6,502
 
Marketing
   
975
     
146
     
1,467
     
2,168
     
4,399
 
Federal deposit insurance premiums
   
382
     
474
     
875
     
1,521
     
2,242
 
Loss from extinguishment of debt
   
-
     
-
     
1,272
     
-
     
1,272
 
Other
   
3,194
     
3,422
     
2,731
     
9,446
     
8,771
 
Total non-interest expense
   
21,585
     
20,827
     
22,175
     
64,145
     
62,413
 
                                         
Income before taxes
   
15,329
     
16,431
     
20,543
     
51,092
     
57,873
 
Income tax expense
   
3,547
     
4,110
     
7,230
     
12,244
     
21,414
 
                                         
Net Income
 
$
11,782
   
$
12,321
   
$
13,313
   
$
38,848
   
$
36,459
 
                                         
Earnings per Share ("EPS"):
                                       
Basic
 
$
0.32
   
$
0.33
   
$
0.36
   
$
1.05
   
$
0.97
 
Diluted
 
$
0.32
   
$
0.33
   
$
0.35
   
$
1.04
   
$
0.97
 
                                         
Average common shares outstanding for Diluted EPS
   
37,189,648
     
37,515,373
     
37,441,855
     
37,399,740
     
37,536,816
 


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
 UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share amounts)

   
At or For the Three Months Ended
   
At or For the Nine Months Ended
 
   
September 30,
2018
   
June 30,
2018
   
September 30,
2017
   
September 30,
2018
   
September 30,
2017
 
Per Share Data:
                             
Reported EPS (Diluted)
 
$
0.32
   
$
0.33
   
$
0.35
   
$
1.04
   
$
0.97
 
Cash dividends paid per share
   
0.14
     
0.14
     
0.14
     
0.42
     
0.42
 
Book value per share
   
16.49
     
16.37
     
15.66
     
16.49
     
15.66
 
Tangible book value per share (1)
   
14.97
     
14.89
     
14.17
     
14.97
     
14.17
 
Dividend payout ratio
   
43.75
%
   
42.42
%
   
40.00
%
   
40.38
%
   
43.30
%
                                         
Performance Ratios (Based upon Reported Net Income):
                                       
Return on average assets
   
0.76
%
   
0.79
%
   
0.85
%
   
0.82
%
   
0.79
%
Return on average common equity
   
7.71
%
   
8.06
%
   
9.14
%
   
8.51
%
   
8.43
%
Return on average tangible common equity (1)
   
8.49
%
   
8.87
%
   
10.11
%
   
9.37
%
   
9.34
%
Net interest spread
   
2.11
%
   
2.17
%
   
2.38
%
   
2.20
%
   
2.39
%
Net interest margin
   
2.33
%
   
2.39
%
   
2.53
%
   
2.40
%
   
2.56
%
Average interest-earning assets to average interest-bearing liabilities
   
117.46
%
   
117.93
%
   
115.62
%
   
117.06
%
   
116.38
%
Non-interest expense to average assets
   
1.39
%
   
1.33
%
   
1.41
%
   
1.36
%
   
1.35
%
Efficiency ratio
   
58.13
%
   
54.35
%
   
55.29
%
   
55.66
%
   
52.43
%
Loan-to-deposit ratio at end of period
   
123.53
%
   
123.97
%
   
136.78
%
   
123.53
%
   
136.78
%
Effective tax rate
   
23.14
%
   
25.01
%
   
35.19
%
   
23.96
%
   
37.00
%
                                         
Average Balance Data:
                                       
Average assets
 
$
6,231,801
   
$
6,265,128
   
$
6,290,568
   
$
6,288,747
   
$
6,148,620
 
Average interest-earning assets
   
6,016,728
     
6,047,600
     
6,084,253
     
6,069,781
     
2,942,245
 
Average loans
   
5,388,065
     
5,450,973
     
5,930,165
     
5,472,116
     
5,807,893
 
Average deposits
   
4,386,631
     
4,395,589
     
4,355,770
     
4,050,336
     
4,439,095
 
Average common equity
   
611,022
     
611,477
     
582,545
     
608,685
     
576,319
 
Average tangible common equity (1)
   
555,385
     
555,840
     
526,907
     
553,047
     
520,681
 
                                         
Asset Quality Summary:
                                       
Non-performing loans (excluding loans held for sale)
 
$
2,978
   
$
1,554
   
$
806
   
$
2,978
   
$
806
 
Non-performing assets
   
2,978
     
1,554
     
806
     
2,978
     
806
 
Net charge-offs (recoveries)
   
(11
)
   
1,333
     
1
     
1,344
     
49
 
Non-performing loans/ Total loans
   
0.06
%
   
0.03
%
   
0.01
%
   
0.06
%
   
0.01
%
Non-performing assets/ Total assets
   
0.05
%
   
0.02
%
   
0.01
%
   
0.05
%
   
0.01
%
Allowance for loan loss/ Total loans
   
0.39
%
   
0.39
%
   
0.37
%
   
0.39
%
   
0.37
%
Allowance for loan loss/ Non-performing loans
   
716.25
%
   
1350.32
%
   
2730.40
%
   
716.25
%
   
2730.40
%
Loans delinquent 30 to 89 days at period end
 
$
531
   
$
745
   
$
84
   
$
531
   
$
84
 
                                         
Capital Ratios - Consolidated:
                                       
Tangible common equity to tangible assets (1)
   
8.78
%
   
9.03
%
   
8.30
%
   
8.78
%
   
8.30
%
Tier 1 common equity ratio
   
11.66
     
11.96
     
10.65
     
11.66
     
10.65
 
Tier 1 risk-based capital ratio
   
11.66
     
11.96
     
10.65
     
11.66
     
10.65
 
Total risk-based capital ratio
   
14.54
     
14.85
     
13.38
     
14.54
     
13.38
 
Tier 1 leverage ratio
   
8.96
     
9.09
     
8.58
     
8.96
     
8.58
 
                                         
Capital Ratios - Bank Only:
                                       
Tier 1 common equity ratio
   
13.26
%
   
13.09
%
   
11.47
%
   
13.26
%
   
11.47
%
Tier 1 risk-based capital ratio
   
13.26
     
13.09
     
11.47
     
13.26
     
11.47
 
Total risk-based capital ratio
   
13.71
     
13.55
     
11.91
     
13.71
     
11.91
 
Tier 1 leverage ratio
   
10.15
     
9.94
     
9.23
     
10.15
     
9.23
 

(1)
See "Non-GAAP Reconciliation" table for reconciliation of tangible common equity and tangible assets. Average balances are calculated using the ending balance for months during the period indicated.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars in thousands)

   
For the Three Months Ended
 
   
September 30, 2018
   
June 30, 2018
   
September 30, 2017
 
   
Average
Balance
   
Interest
   
Yield/
Cost
   
Average
Balance
   
Interest
   
Average
Yield/
Cost
   
Average
Balance
   
Interest
   
Average
Yield/
Cost
 
Assets:
                                                     
Interest-earning assets:
                                                     
Real estate loans
 
$
5,200,021
   
$
47,486
     
3.65
%
 
$
5,307,712
   
$
47,828
     
3.60
%
 
$
5,842,921
   
$
51,621
     
3.53
%
Commercial and industrial loans
   
186,686
     
2,729
     
5.85
%
   
142,224
     
2,156
     
6.06
     
86,014
     
1,043
     
4.85
 
Other loans
   
1,358
     
18
     
5.30
%
   
1,037
     
18
     
6.94
     
1,230
     
19
     
6.18
 
Mortgage-backed securities
   
432,213
     
2,852
     
2.64
%
   
389,373
     
2,406
     
2.47
     
5,631
     
27
     
1.92
 
Investment securities
   
11,158
     
59
     
2.12
%
   
10,243
     
49
     
1.91
     
9,304
     
108
     
4.64
 
Other short-term investments
   
185,292
     
1,480
     
3.19
%
   
197,011
     
1,547
     
3.14
     
139,153
     
811
     
2.33
 
Total interest-earning assets
   
6,016,728
     
54,624
     
3.63
%
   
6,047,600
     
54,004
     
3.57
%
   
6,084,253
   
$
53,629
     
3.53
%
Non-interest-earning assets
   
215,073
                     
217,528
                     
206,315
                 
Total assets
 
$
6,231,801
                   
$
6,265,128
                   
$
6,290,568
                 
                                                                         
Liabilities and Stockholders' Equity:
                                                                       
Interest-bearing liabilities:
                                                                       
Interest-bearing checking accounts
 
$
114,865
   
$
55
     
0.19
%
 
$
126,507
   
$
57
     
0.18
%
 
$
110,384
   
$
58
     
0.21
%
Money market accounts
   
2,264,082
     
7,542
     
1.32
%
   
2,351,935
     
6,893
     
1.18
     
2,643,537
     
5,961
     
0.89
 
Savings accounts
   
347,041
     
50
     
0.06
%
   
354,441
     
55
     
0.06
     
362,423
     
45
     
0.05
 
Certificates of deposit
   
1,297,857
     
5,714
     
1.75
%
   
1,226,812
     
4,983
     
1.63
     
932,208
     
3,344
     
1.42
 
Total interest-bearing deposits
   
4,023,845
     
13,361
     
1.32
%
   
4,059,695
     
11,988
     
1.18
     
4,048,552
     
9,408
     
0.92
 
Borrowed Funds
   
1,098,713
     
6,235
     
2.25
%
   
1,068,583
     
5,882
     
2.21
     
1,213,786
     
5,763
     
1.88
 
Total interest-bearing liabilities
   
5,122,558
     
19,596
     
1.52
%
   
5,128,278
     
17,870
     
1.40
%
   
5,262,338
   
$
15,171
     
1.14
%
Non-interest-bearing checking accounts
   
362,786
                     
335,894
                     
307,218
                 
Other non-interest-bearing liabilities
   
135,435
                     
189,479
                     
138,467
                 
Total liabilities
   
5,620,779
                     
5,653,651
                     
5,708,023
                 
Stockholders' equity
   
611,022
                     
611,477
                     
582,545
                 
Total liabilities and stockholders' equity
 
$
6,231,801
                   
$
6,265,128
                   
$
6,290,568
                 
Net interest income
         
$
35,028
                   
$
36,134
                   
$
38,458
         
Net interest spread
                   
2.11
%
                   
2.17
%
                   
2.38
%
Net interest-earning assets
 
$
894,170
                   
$
919,322
                   
$
821,915
                 
Net interest margin
                   
2.33
%
                   
2.39
%
                   
2.53
%
Ratio of interest-earning assets to interest-bearing liabilities
           
117.46
%
                   
117.93
%
                   
115.62
%
       
                                                                         
Deposits (including non-interest bearing checking accounts)
 
$
4,386,631
   
$
13,361
     
1.21
%
 
$
4,395,589
   
$
11,988
     
1.09
%
 
$
4,355,770
     
9,408
     
0.86
%


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SCHEDULE OF LOAN COMPOSITION AND WEIGHTED AVERAGE RATES ("WAR") (1)
(Dollars in thousands)

   
At September 30, 2018
   
At June 30, 2018
   
At December 31, 2017
 
   
Balance
   
WAR
   
Balance
   
WAR
   
Balance
   
WAR
 
Loan balances at period end:
                                   
One-to-four family residential, including condominium and cooperative apartment
 
$
71,464
     
4.42
%
 
$
60,159
     
4.42
%
 
$
63,095
     
4.33
%
Multifamily residential and residential mixed use (2)(3)
   
4,015,424
     
3.52
     
4,106,094
     
3.49
     
4,381,180
     
3.40
 
Commercial and commercial mixed use real estate
   
1,106,430
     
4.10
     
1,053,582
     
3.85
     
1,010,603
     
3.95
 
Acquisition, development, and construction ("ADC")
   
11,144
     
6.26
     
10,526
     
6.02
     
9,189
     
5.59
 
Total real estate loans
   
5,204,462
     
3.66
     
5,230,361
     
3.61
     
5,464,067
     
3.51
 
                                                 
Commercial and industrial ("C&I")
 
$
207,743
     
5.53
%
   
172,522
     
5.30
%
 
$
136,671
     
4.82
%

(1)
Weighted average rate is calculated by aggregating interest based on the current loan rate from each loan in the category, divided by the total amount of loans in the category.
(2)
Includes loans underlying cooperatives.
(3)
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant  component of the total loan portfolio.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS AND TROUBLED DEBT RESTRUCTURINGS ("TDRs")
(Dollars in thousands)

   
At September 30,
2018
   
At June 30,
2018
   
At December 31,
2017
 
Non-Performing Loans
                 
One-to-four family residential, including condominium and cooperative apartment
 
$
443
   
$
306
   
$
436
 
Multifamily residential and residential mixed use (1)(2)
   
1,473
     
-
     
-
 
Commercial real estate
   
975
     
1,158
     
93
 
Commercial mixed use real estate (2)
   
84
     
89
     
-
 
Other
   
3
     
1
     
4
 
Total Non-Performing Loans (3)
 
$
2,978
   
$
1,554
   
$
533
 
                         
Total Non-Performing Assets
 
$
2,978
   
$
1,554
   
$
533
 
                         
Performing TDR Loans
                       
One- to four-family and cooperative/condominium apartment
 
$
16
   
$
18
   
$
22
 
Multifamily residential and mixed use residential real estate (1)(2)
   
277
     
597
     
619
 
Mixed use commercial real estate (2)
   
4,107
     
4,130
     
4,174
 
Commercial real estate
   
-
     
-
     
3,296
 
Total Performing TDRs
 
$
4,400
   
$
4,745
   
$
8,111
 

(1)
Includes loans underlying cooperatives.
(2)
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant  component of the total loan portfolio.
(3)
There was one non-accruing TDR for September 30, 2018.  There were no non-accruing TDRs for June 30, 2018 or December 31, 2017.

PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE CAPITAL AND RESERVES (TEXAS RATIO)
(Dollars in thousands)

   
At September 30,
2018
   
At June 30,
2018
   
At December 31,
2017
 
Total Non-Performing Assets
 
$
2,978
   
$
1,554
   
$
533
 
Loans 90 days or more past due on accrual status (5)
   
1,242
     
4,873
     
19,935
 
TOTAL PROBLEM ASSETS
 
$
4,220
   
$
6,427
   
$
20,468
 
                         
Tangible common equity (6)
 
$
547,939
   
$
559,894
   
$
542,929
 
Allowance for loan losses and reserves for contingent liabilities
   
21,330
     
21,009
     
21,058
 
TANGIBLE COMMON EQUITY PLUS RESERVES
 
$
569,269
   
$
580,903
   
$
608,680
 
                         
TEXAS RATIO (PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE COMMON EQUITY AND RESERVES)
   
0.7
%
   
1.1
%
   
3.4
%

(5)
These loans were, as of the respective dates indicated, expected to be either satisfied, made current or re-financed in the near future, and were not expected to result in any loss of contractual principal or interest.  These loans are not included in non-performing loans.
(6)
See "Non-GAAP Reconciliation" table for reconciliation of tangible common equity and tangible assets.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)

   
For the Three Months Ended
   
For the Nine Months Ended
 
   
September 30,
2018
   
June 30,
2018
   
September 30,
2017
   
September 30,
2018
   
September 30,
2017
 
Reconciliation of Reported and Adjusted ("non-GAAP") Net Income:
                             
Reported net income
 
$
11,782
   
$
12,321
   
$
13,313
   
$
38,848
   
$
36,459
 
Adjustments to Net Income (1):
                                       
Add: Loss from extinguishment of debt
   
-
     
-
     
698
     
-
     
698
 
Add: De-conversion costs
   
-
     
-
     
946
     
-
     
946
 
Less: Gain on sale of securities
   
-
     
-
     
(1,430
)
   
(930
)
   
(1,430
)
Tax adjustment
   
(104
)
   
-
     
(985
)
   
(196
)
   
(985
)
Adjusted ("non-GAAP") net income
 
$
11,678
   
$
12,321
   
$
12,542
   
$
37,722
   
$
35,688
 
                                         
Adjusted Ratios (Based upon "non-GAAP Net Income" as calculated above):
                                       
Adjusted EPS (Diluted)
 
$
0.32
   
$
0.33
   
$
0.33
   
$
1.01
   
$
0.95
 
Adjusted return on average assets
   
0.75
%
   
0.79
%
   
0.80
%
   
0.80
%
   
0.77
%
Adjusted return on average common equity
   
7.64
%
   
8.06
%
   
8.61
%
   
8.26
%
   
8.26
%
Adjusted return on average tangible common equity
   
8.41
%
   
8.87
%
   
9.52
%
   
9.09
%
   
9.14
%

   
September 30,
2018
   
June 30,
2018
   
September 30,
2017
 
Reconciliation of Tangible Assets:
                 
Total assets
 
$
6,294,193
   
$
6,253,175
   
$
6,444,429
 
Less:
                       
Goodwill
   
55,638
     
55,638
     
55,638
 
Tangible assets
 
$
6,238,555
   
$
6,197,537
     
6,388,791
 
                         
Reconciliation of Tangible Common Equity - Consolidated:
                       
Total common equity
 
$
603,577
   
$
615,532
   
$
586,037
 
Less:
                       
Goodwill
   
55,638
     
55,638
     
55,638
 
Tangible common equity
 
$
547,939
   
$
559,894
   
$
530,399
 

(1)
Adjustments to net income are taxed at the company's statutory tax rate of approximately 32% for 2018 and 45% for 2017, unless otherwise noted.



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Section 3: EX-99.2 (EXHIBIT 99.2)


Exhibit 99.2


Dime Community Bancshares Declares Quarterly Cash Dividend

Brooklyn, NY – October 26, 2018 – Dime Community Bancshares, Inc. (Nasdaq: DCOM) (the “Company”) announced that its Board of Directors has declared a quarterly cash dividend of $0.14 per share, payable on November 13, 2018, to all stockholders of record as of November 6, 2018.  This dividend is the 86th consecutive quarterly cash dividend paid by the Company.

ABOUT DIME COMMUNITY BANCSHARES, INC.

The Company had $6.29 billion in consolidated assets as of September 30, 2018 and is the parent company of Dime Community Bank (the “Bank”). The Bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-nine branches located throughout Brooklyn, Queens, the Bronx, Nassau County and Suffolk County, New York. More information on the Company and the Bank can be found on Dime's website at www.dime.com.

Contact: Avinash Reddy, Senior Vice President - Corporate Development and Treasurer, 718-782-6200, extension 5909.



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Section 4: EX-99.3 (EXHIBIT 99.3)


Exhibit 99.3


Dime Community Bancshares, Inc. Authorizes Thirteenth Stock Repurchase Program

BROOKLYN, NY October 26, 2018 - Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime” or “its”), the parent company of Dime Community Bank, announced today that its Board of Directors approved the Company's thirteenth stock repurchase program, which authorizes the purchase of up to 1,824,040 shares, or 5% of its currently outstanding common stock. In conjunction with the commencement of a thirteenth stock repurchase plan, the Company also announced the completion of its twelfth stock repurchase plan.

Any shares repurchased will be held as treasury stock and will be available for general corporate purposes.

Such repurchases will be made from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission and applicable federal securities laws. Such repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses of capital, the Company’s liquidity and capital requirements, and the Company’s financial performance.

The thirteenth stock repurchase program may be suspended, terminated or modified at any time for any reason. These factors may also affect the timing and amount of share repurchases. The thirteenth stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

ABOUT DIME COMMUNITY BANCSHARES, INC.

The Company had $6.29 billion in consolidated assets as of September 30, 2018. The bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has twenty-nine branches located throughout Brooklyn, Queens, the Bronx, Nassau County and Suffolk County, New York. More information on the Company and the bank can be found on Dime's website at www.dime.com.

This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as "anticipate," "believe," “continue,” "could," "estimate," "expect," "intend," “likely,” "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions.


Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company and/or the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates.

Contact: Avinash Reddy
Senior Vice President – Corporate Development and Treasurer
718-782-6200 extension 5909



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