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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):  January 24, 2019



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 January 24, 2019, Dime Community Bancshares, Inc. (the “Registrant”) issued a press release containing a discussion of its results of operations and financial condition for the quarter and year ended December 31, 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 January 24, 2019 the Registrant announced that its Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable on February 13, 2019 to stockholders of record on February 6, 2019. 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.

Item 9.01
Financial Statements and Exhibits


(d)
Exhibits.

 
Press release of the Registrant, dated January 24, 2019, containing a discussion of the Registrant's results of operations and financial condition for the quarter and year ended December 31, 2018
     
 
Press release of the Registrant, dated January 24, 2019, containing a discussion of the Registrant’s declaration of a cash dividend


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:  January 24, 2019
   



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)


Exhibit 99.1


DIME COMMUNITY BANCSHARES, INC. REPORTS 175% YEAR-OVER-YEAR INCREASE
IN BUSINESS BANKING LOAN PORTFOLIO

Net interest margin expands by 13 basis points versus the linked quarter

Brooklyn, NY – January 24, 2019 - Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income of $51.3 million for the fiscal year ended December 31, 2018, or $1.38 per diluted common share. For the quarter ended December 31, 2018, net income was $12.4 million, or $0.34 per diluted common share.

Excluding the impact of $0.7 million of pre-tax severance-related expenses related to a workforce reduction and a $0.7 million reduction in income tax expense associated with a one-time tax rate benefit recognized in conjunction with the filing of the prior year tax return, earnings per share (“EPS”) for the quarter ended December 31, 2018 would have been $0.34, which represents a 6.3% increase versus EPS of $0.32 for the quarter ended September 30, 2018.

The increase in linked quarter EPS was primarily attributable to a 13 basis points linked quarter increase in the net interest margin (“NIM”). Excluding the impact of prepayment related fee income, the NIM increased by 1 basis point on a linked quarter basis.

Relationship Based Business Banking Division Drives Net Interest Margin Expansion

Commenting on the linked quarter NIM expansion, Kenneth J. Mahon, President and CEO of the Company, stated, “The increase in our NIM (excluding the impact of prepayment fees) was driven by the growing contribution of our Business Banking division. The Business Banking division’s loan portfolio reached $648 million (or 12% of total loans) at December 31, 2018, versus $511 million (or 9% of total loans) at September 30, 2018. As the Business Banking portfolio increasingly becomes a larger percentage of our overall balance sheet, we expect our overall loan yields to continue trending upwards. Notably, the ending weighted average rate on the total loan portfolio increased nine basis points when comparing the fourth quarter of 2018 to the third quarter of 2018, versus a seven basis points increase when comparing the third quarter of 2018 to the second quarter of 2018.”

Mr. Mahon continued: “In addition, the linked quarter increase in our cost of deposits was only nine basis points, compared to a twelve basis point increase when comparing the third quarter of 2018 with the second quarter of 2018. Total Business Banking deposits grew to approximately $188 million at year-end and contributed to the lower linked quarter deposit beta. Dime’s new business model is beginning to bear fruit, and the results are becoming more apparent on our financial statements as each quarter passes.”


Page 2
Repricing Loans, That Have Low Existing Coupons, Provide Significant Re-Mixing Opportunity

Mr. Mahon commented: “As outlined in the table below, Dime has $1.54 billion of real estate loans on its 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, and the loan origination capabilities we have developed as part of our Business Banking build out, provides us the opportunity to continue growing the core NIM in the year ahead.”

 
(As of December 31, 2018)
 
FY 2019
   
FY 2020
 
 
Amount of Repricing Real Estate Loans
 
$613.3 million
   
$924.5 million
 
 
Weighted Average Rate
   
3.24 %

   
3.55 %


Highlights for the fourth quarter of 2018 included:


·
Continued robust Business Banking originations of $142.4 million in the fourth quarter of 2018, a 176% increase versus the fourth quarter of 2017;

·
New Business Banking loan originations for the fourth quarter of 2018 were at significantly higher rates than the overall portfolio. The weighted average rate (“WAR”) on new Business Banking real estate originations was 5.08% and the WAR on new C&I originations was 6.12% for the quarter ended December 31, 2018, compared to the total real estate and C&I loan portfolio WAR of 3.82% for the quarter ended December 31, 2018;

·
Strong growth in checking account balances. Compared to the fourth quarter of 2017, the sum of average non-interest bearing checking account balances and average interest bearing checking account balances for the fourth quarter of 2018 increased by 18.4% to $502.1 million;

·
In December 2018, the Bank was designated a “Preferred Lender” by the U.S. Small Business Administration ("SBA"). The designation will enable the Bank to make SBA lending approvals more rapidly.  In January 2019, the Bank hired Kevin Gallagher as Senior Vice President and Head of SBA Lending, to lead its SBA Lending division;

·
The Company repurchased 494,249 shares, which represented approximately 1.4% of beginning period shares outstanding, in the fourth quarter of 2018 at a weighted average price of $17.13;

·
Consolidated Company commercial real estate (“CRE”) concentration ratio of 703% at December 31, 2018, versus 775% at December 31, 2017;

·
Nonperforming assets and loans 90 days or more past due on accrual status declined by 42% on a linked quarter basis to $2.4 million at December 31, 2018, and represented only 0.04% 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 the number of shares outstanding) grew to $16.68 and $15.14, respectively, at December 31, 2018 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Mr. Mahon commented,We surpassed our internal full year 2018 loan portfolio net growth target for the Business Banking division by over $90 million and expect continued strong growth for this portfolio during 2019. We remain steadfast in our belief that the 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 commercial-bank like margins and returns.”


Page 3
Management’s Discussion of Fiscal Year 2018 Operating Results

Net Interest Income

Net interest income in 2018 was $146.3 million, a decrease of $6.4 million (-4.2%) from 2017. The decrease reflects a $9.6 million increase in interest income offset by a $16.0 million increase in interest expense. Net interest margin was 2.41% during 2018, compared to 2.54% in 2017.

Balance Sheet

Total assets decreased by $82.9 million (-1.3%) in 2018, primarily the result of a decrease in loans of $209.0 million, partially offset by an increase in securities of $150.4 million.  Mr. Mahon commented, “We are pleased that our decision to contain asset growth for 2018 produced the desired results on core NIM. While the size of our balance sheet contracted a modest amount in 2018, we were focused on creating a higher quality balance sheet with the intermediate-term goal of growing linked quarter core NIM by year-end, which we successfully accomplished. As mentioned previously, relationship-based Business Banking loans now comprise 12% of our loan portfolio and we intend to continue growing this component of our balance sheet in 2019.” Total deposits decreased $46.7 million from 2018 to 2017. Mr. Mahon continued, “Total deposits declined by approximately 1% on a year-over-year basis, primarily due to approximately $415 million of net outflows from our DimeDirect internet channel, as we did not raise our posted rates beyond 1.35%. The current internet channel deposit portfolio is down to approximately $291 million at year-end 2018, and we expect the magnitude of dollar outflows to decline over time, resulting in less of a headwind to grow overall deposits over time. Most importantly, we improved the quality of our deposit base over the course of 2018, as evidenced by the non-interest- bearing deposits to total deposits ratio increasing by over 200 basis points on a year-over-year basis. We continue to manage our deposit pricing to remain competitive with the market while keeping our loan-to-deposit ratio range 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. This past year, the results have met our financial objectives.” We reduced our reliance on Federal Home Loan Bank advances, as that portfolio declined by approximately $44.7 million on a year-over-year basis.

Non-Interest Income

Non-interest income of $9.5 million in 2018 included gains of $1.4 million on securities and other assets and $0.3 million from the sale of loans. Non-interest income of $21.5 million in 2017 included gains of $10.4 million from the sale of premises, $2.6 million from securities and other assets, and $1.5 million from the sale of loans. Excluding these gains, non-interest income was $7.9 million in 2018 and $7.0 million in 2017.

Non-Interest Expense

Non-interest expense was $86.9 million in 2018 and $85.0 million during 2017. During 2018, the Company recognized $0.7 million of severance expense related to a reduction in the workforce in the fourth quarter of 2018.  During 2017, the Company recognized non-recurring expenses of $1.3 million for loss on extinguishment of debt related to the redemption of trust preferred securities and $1.7 million related to de-conversion costs associated with the planned change in the Bank’s core processor. Excluding these items, non-interest expense was $86.2 million in 2018 and $82.0 million in 2017, an increase of $4.2 million in 2018. The increase was primarily the result of increased salaries and employee benefits as the Company added relationship bankers and support staff for its Business Banking buildout.


Page 4
The ratio of non-interest expense to average assets was 1.38% in 2018 compared to 1.37% in 2017. Excluding the non-recurring expenses mentioned above, the ratio was 1.37% and 1.32% for 2018 and 2017, respectively. The efficiency ratio was 56.25% in 2018, up from 53.24% in 2017. Excluding the non-recurring expenses mentioned above, the ratio was 55.77% and 51.37% for 2018 and 2017, respectively.

Management’s Discussion of Quarterly Operating Results

Net Interest Income

Net interest income in the fourth quarter of 2018 was $37.2 million, higher than the $35.0 million for the third quarter of 2018, and a decrease of $1.6 million (-4.1%) over the fourth quarter of 2017.  NIM was 2.46% during the fourth quarter of 2018, compared to 2.33% in the third quarter of 2018, and 2.50% in the fourth quarter of 2017. For the fourth quarter of 2018, income from prepayment activity totaled $3.2 million, benefiting NIM by 21 basis points, compared to $1.3 million, or 9 basis points, during the third quarter of 2018, and $1.3 million, or 8 basis points, during the fourth quarter of 2017.

Average interest-earning assets were $6.03 billion for the fourth quarter of 2018, representing a 1.0% (annualized) increase from $6.02 billion for the third quarter of 2018 and a 2.8% decrease from $6.20 billion for the fourth quarter of 2017.

For the fourth quarter of 2018, the average yield on interest-earning assets was 3.85%, an increase of 22 basis points compared with the third quarter of 2018, and an increase of 33 basis points compared to the fourth quarter of 2017.  The average cost of funds (which includes Federal Home Loan Bank advances) was 1.63% for the fourth quarter of 2018, an increase of 11 basis points versus the third quarter of 2018, and an increase of 44 basis points versus the fourth quarter of 2017.

Loans

The real estate loan portfolio decreased by $41.5 million during the fourth quarter of 2018.  Real estate loan originations were $232.8 million during the quarter, at a weighted average interest rate of 4.89%. Real estate loan amortization and satisfactions totaled $267.6 million, or 20.7% (annualized) of the portfolio balance, at an average rate of 3.69%. The annualized real estate loan payoff rate of 20.7% for fourth quarter 2018 was higher than both the third quarter 2018 (14.0%) and the fourth quarter 2017 (10.2%). Average real estate loans were $5.18 billion in the fourth quarter of 2018, a decrease of $20.2 million (-1.6% annualized) from the third quarter of 2018 and a decrease of $644.0 million (-11.1%) from the fourth quarter of 2017.

Outlined below are the loan originations for the current quarter, linked quarter and year-ago quarter.

 
($s in millions)
 
Originations/ Weighted Average Rate
 
 
Real Estate Originations
   
Q4 2018
     
Q3 2018
     
Q4 2017
 
 
Non-Business Banking
 
$
131.6/4.74
%
 
$
47.2/4.71
%
 
$
46.5/4.14
%
 
Business Banking
 
$
101.2/5.08
%
 
$
101.8/4.99
%
 
$
24.1/4.78
%
 
Total Real Estate
 
$
232.8/4.89
%
 
$
149.0/4.90
%
 
$
70.6/4.36
%
 
C&I Originations
 
$
41.2/6.12
%
 
$
44.3/5.67
%
 
$
27.5/4.94
%


Page 5
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 fourth quarter of 2018 with approximately $98.7 million of low-cost relationship-based checking and leasehold deposits at an average rate of approximately 1 basis point and total deposits of $188.2 million at an average rate of 51 basis points, compared to approximately $52.2 million of checking and leasehold deposits at an average rate of approximately 1 basis point and total deposits of $77.3 million at an average rate of 13 basis points, respectively, for the year-ago time period.

The cost of total deposits increased 9 basis points on a linked quarter basis, compared to a 12 basis points increase when comparing the third quarter of 2018 to the second quarter of 2018. Total deposits decreased by $25.5 million on a linked quarter basis to $4.36 billion, due to net outflows from the DimeDirect internet channel totaling $88.2 million offset by $62.7 million of growth in all other deposit categories.

The loan-to-deposit ratio was 123.8% at December 31, 2018, compared to 123.5% at September 30, 2018 and 127.2% at December 31, 2017.

Total borrowings increased $82.4 million during the fourth quarter of 2018 versus the third quarter of 2018.  At December 31, 2018, 32.7% of the $1.13 billion Federal Home Loan Bank borrowing portfolio consisted of bullet advances that have a remaining term of less than a year, compared to 45.5% of the $1.17 billion Federal Home Loan Bank borrowing portfolio from the prior year end.

Non-Interest Income

Non-interest income was $1.8 million during the fourth quarter of 2018.  Non-interest income for the third quarter of 2018 was $2.2 million. In the fourth quarter of 2017, non-interest income was $13.7 million which included $10.4 million from the sale of premises and $1.5 million on the sale of loans; excluding these items, non-interest income for the fourth quarter of 2017 was $1.8 million.

Non-Interest Expense

Non-interest expense was $22.7 million during the fourth quarter of 2018, $21.6 million during the third quarter of 2018, and $22.6 million during the fourth quarter of 2017. During the fourth quarter the Company recognized a non-recurring expense of $0.7 million for severance expense related to a reduction in the workforce.

Excluding the non-recurring item in the fourth quarter of 2018, non-interest expense was $22.0 million.

The ratio of non-interest expense to average assets was 1.46% during the fourth quarter of 2018, higher than the third quarter of 2018 (1.39%), and higher than the fourth quarter of 2017 (1.41%). The efficiency ratio was 57.98% during the fourth quarter of 2018, compared to 58.13% during the linked quarter and 55.63% during the fourth quarter of 2017. Excluding the non-recurring expenses mentioned above, the ratio of non-interest expense to average assets was 1.41% and the efficiency ratio was 56.12% during the fourth quarter of 2018.

Income Tax Expense and Deferred Tax Asset and Liability Re-evaluation

The effective income tax rate was 20.4% during the fourth quarter of 2018, lower than the 23.1% recorded in the third quarter of 2018. As disclosed previously, in the fourth quarter of 2018, the Company recognized a one-time tax rate benefit in conjunction with the filing of the prior year tax return.


Page 6
Credit Quality

Non-performing loans were $2.3 million, or 0.04% of total loans, at December 31, 2018, a decrease from $3.0 million, or 0.05% of total loans, at September 30, 2018. The allowance for loan losses was 0.40% of total loans at December 31, 2018, up slightly from the 0.39% at September 30, 2018. At December 31, 2018, non-performing assets represented 0.4% of the sum of tangible capital plus the allowance for loan losses (this non-Generally Accepted Accounting Principle (“GAAP”) statistic is otherwise known as the "Texas Ratio") (see table at the end of this news release).  A provision for loan losses of $0.6 million was recorded during the fourth quarter of 2018, compared to a loan loss provision of $0.3 million during the third quarter of 2018.

Capital Management

The Company’s consolidated Tier 1 capital to average assets (“leverage ratio”), which was 8.92% at December 31, 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 December 31, 2018, the Bank’s leverage ratio was 10.31%, while Tier 1 capital to risk-weighted assets and Total capital to risk-weighted assets ratios were 13.36% and 13.82%, respectively.

Mr. Mahon commented, “During the fourth quarter of 2018, the Board of Directors approved our thirteenth share repurchase program. We believe that the share repurchase program is consistent with the Company’s objectives to enhance long-term shareholder value. As disclosed previously, the Company repurchased 1.4% of beginning period shares outstanding in the fourth quarter at a weighted average price of $17.13.”

Diluted earnings per common share exceeded the quarterly $0.14 cash dividend per share by 142.86% during the fourth quarter of 2018, equating to a 41.18% payout ratio.

Book value per share was $16.68 and tangible book value (common equity less goodwill divided by number of shares outstanding) per share was $15.14 at December 31, 2018.

Earnings Call Information

The Company will conduct a conference call at 5:30 p.m. (ET) on January 24, 2019, during which President and Chief Executive Officer, Kenneth J. Mahon, will discuss the Company’s fourth quarter and fiscal year performance, with a Q&A session to follow. Dial-in information for the live call is 1-888-317-6016. Upon dialing in, request to be joined into Dime Community Bancshares, Inc. call with the conference operator.

The conference call will be simultaneously webcast (listen only), and archived for a period of one year, at https://services.choruscall.com/links/dcom190124.html. Dial-in information for the replay is 1-877-344-7529 using access code #10127443. Replay will be available January 24, 2019 (6:30 p.m.) through January 31, 2019 (11:59 p.m.).


Page 7
ABOUT DIME COMMUNITY BANCSHARES, INC.

The Company had $6.32 billion in consolidated assets as of December 31, 2018, and is the parent company of 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, and Nassau County and Suffolk Counties, 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. These factors 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; changes in tax laws or 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; 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.  Accordingly, you should not place undue reliance on forward-looking statements.  See the section entitled “Risk Factors” in the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q that we file with the Securities and Exchange Commission for more information.

Contact: Avinash Reddy
Executive Vice President – Chief Financial Officer
718-782-6200 extension 5909


Page 8
DIME COMMUNITY BANCSHARES,  INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands except share amounts)

   
December 31,
2018
   
September 30,
2018
   
December 31,
2017
 
ASSETS:
                 
Cash and due from banks
 
$
147,256
   
$
132,822
   
$
169,455
 
Mortgage-backed securities available for sale
   
466,605
     
465,490
     
351,384
 
Investment securities available for sale
   
36,280
     
5,088
     
4,006
 
Marketable equity securities, at fair value
   
5,667
     
6,111
     
-
 
Trading securities
   
-
     
-
     
2,715
 
Real Estate Loans:
                       
One-to-four family and cooperative/condominium apartment
   
96,847
     
71,464
     
63,095
 
Multifamily residential and residential mixed use (1)(2)
   
3,866,788
     
4,015,424
     
4,381,180
 
Commercial real estate
   
1,170,085
     
1,106,430
     
1,010,603
 
Acquisition, development, and construction ("ADC")
   
29,402
     
11,144
     
9,189
 
Total real estate loans
   
5,163,122
     
5,204,462
     
5,464,067
 
Commercial and industrial ("C&I")
   
229,504
     
207,743
     
136,671
 
Other loans
   
1,192
     
1,162
     
1,379
 
Allowance for loan losses
   
(21,782
)
   
(21,330
)
   
(21,033
)
Total loans, net
   
5,372,036
     
5,392,037
     
5,581,084
 
Premises and fixed assets, net
   
24,713
     
24,736
     
24,326
 
Loans held for sale
   
1,097
     
-
     
-
 
Federal Home Loan Bank of New York capital stock
   
57,551
     
53,842
     
59,696
 
Bank Owned Life Insurance ("BOLI")
   
111,427
     
110,706
     
108,545
 
Goodwill
   
55,638
     
55,638
     
55,638
 
Other assets
   
42,308
     
47,723
     
46,611
 
TOTAL ASSETS
 
$
6,320,578
   
$
6,294,193
   
$
6,403,460
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
                       
Deposits:
                       
Non-interest bearing checking
 
$
395,477
   
$
368,780
   
$
307,746
 
Interest-bearing checking
   
115,972
     
112,180
     
124,283
 
Savings
   
336,669
     
342,908
     
362,092
 
Money Market
   
2,098,599
     
2,220,719
     
2,517,439
 
Sub-total
   
2,946,717
     
3,044,587
     
3,311,560
 
Certificates of deposit
   
1,410,037
     
1,337,663
     
1,091,887
 
Total Due to Depositors
   
4,356,754
     
4,382,250
     
4,403,447
 
Escrow and other deposits
   
85,234
     
119,796
     
82,168
 
Federal Home Loan Bank of New York advances
   
1,125,350
     
1,042,925
     
1,170,000
 
Subordinated Notes Payable, net
   
113,759
     
113,722
     
113,612
 
Other liabilities
   
37,400
     
31,923
     
35,666
 
TOTAL LIABILITIES
   
5,718,497
     
5,690,616
     
5,804,893
 
STOCKHOLDERS' EQUITY:
                       

                       
Common stock ($0.01 par, 125,000,000 shares authorized, 53,690,825 shares, 53,690,825 shares and 53,624,453 shares issued at December 31, 2018, September 30, 2018, and December 31, 2017, respectively, and  36,092,952 shares, 36,612,153 shares and 37,419,070  shares outstanding at December 31, 2018, September 30, 2018 and December 31, 2017, respectively)
   
537
     
537
     
536
 
Additional paid-in capital
   
277,512
     
277,718
     
276,730
 
Retained earnings
   
565,713
     
558,357
     
535,130
 
Accumulated other comprehensive loss, net of deferred taxes
   
(6,500
)
   
(5,734
)
   
(3,641
)
Unearned Restricted Stock Award common stock
   
(3,623
)
   
(4,699
)
   
(2,894
)
Common stock held by the Benefit Maintenance Plan
   
(1,509
)
   
(1,509
)
   
(2,736
)
Treasury stock (17,597,873 shares, 17,078,672 shares and 16,205,383 shares at December 31, 2018, September 30, 2018, and December 31, 2017, respectively)
   
(230,049
)
   
(221,093
)
   
(204,558
)
TOTAL STOCKHOLDERS' EQUITY
   
602,081
     
603,577
     
598,567
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
6,320,578
   
$
6,294,193
   
$
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.


Page 9
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 Year Ended
 
   
December 31,
2018
   
September 30,
2018
   
December 31,
2017
   
December 31,
2018
   
December 31,
2017
 
Interest income:
                             
Loans secured by real estate
 
$
49,953
   
$
47,486
   
$
51,254
   
$
194,842
   
$
204,487
 
Commercial and industrial ("C&I")
   
3,200
     
2,729
     
1,514
     
9,741
     
3,072
 
Other loans
   
19
     
18
     
20
     
74
     
75
 
Mortgage-backed securities
   
3,279
     
2,852
     
487
     
10,794
     
542
 
Investment securities
   
240
     
59
     
115
     
363
     
577
 
Other short-term investments
   
1,359
     
1,480
     
1,204
     
5,896
     
3,343
 
Total interest  income
   
58,050
     
54,624
     
54,594
     
221,710
     
212,096
 
Interest expense:
                                       
Deposits and escrow
   
14,289
     
13,361
     
9,967
     
50,389
     
38,391
 
Borrowed funds
   
6,611
     
6,235
     
5,895
     
24,995
     
20,975
 
Total interest expense
   
20,900
     
19,596
     
15,862
     
75,384
     
59,366
 
Net interest income
   
37,150
     
35,028
     
38,732
     
146,326
     
152,730
 
Provision for loan losses
   
603
     
335
     
(1,000
)
   
2,244
     
520
 
Net interest income after  provision for loan losses
   
36,547
     
34,693
     
39,732
     
144,082
     
152,210
 
                                         
Non-interest income:
                                       
Service charges and other fees
   
1,199
     
1,233
     
1,167
     
4,642
     
3,828
 
Mortgage banking income, net
   
75
     
79
     
51
     
367
     
201
 
Gain (loss) on equity and trading securities
   
(416
)
   
99
     
(29
)
   
(302
)
   
133
 
Gain on sale of securities and other assets
   
-
     
-
     
-
     
1,370
     
2,607
 
Gain on sale of loans
   
159
     
18
     
1,475
     
302
     
1,475
 
Gain on the sale of premises held for sale
   
-
     
-
     
10,412
     
-
     
10,412
 
Income from BOLI
   
721
     
729
     
563
     
2,882
     
2,217
 
Other
   
83
     
63
     
67
     
262
     
641
 
Total non-interest income
   
1,821
     
2,221
     
13,706
     
9,523
     
21,514
 
Non-interest expense:
                                       
Salaries and employee benefits
   
12,042
     
10,963
     
9,777
     
45,066
     
37,354
 
Stock benefit plan compensation expense
   
326
     
403
     
339
     
1,524
     
1,369
 
Occupancy and equipment
   
3,836
     
3,845
     
3,581
     
15,250
     
14,201
 
Data processing costs
   
1,635
     
1,823
     
1,778
     
7,009
     
8,280
 
Marketing
   
1,030
     
975
     
1,375
     
3,198
     
5,774
 
Federal deposit insurance premiums
   
448
     
382
     
724
     
1,969
     
2,966
 
Loss from extinguishment of debt
           
-
     
-
     
-
     
1,272
 
Other
   
3,428
     
3,194
     
4,999
     
12,874
     
13,770
 
Total non-interest expense
   
22,745
     
21,585
     
22,573
     
86,890
     
84,986
 
                                         
Income before taxes
   
15,623
     
15,329
     
30,865
     
66,715
     
88,738
 
Income tax expense
   
3,183
     
3,547
     
15,442
     
15,427
     
36,856
 
                                         
Net Income
 
$
12,440
   
$
11,782
   
$
15,423
   
$
51,288
   
$
51,882
 
                                         
Earnings per Share ("EPS"):
                                       
Basic
 
$
0.34
   
$
0.32
   
$
0.41
   
$
1.38
   
$
1.38
 
Diluted
 
$
0.34
   
$
0.32
   
$
0.41
   
$
1.38
   
$
1.38
 
                                         
Average common shares outstanding for Diluted EPS
   
36,296,298
     
37,189,648
     
37,432,283
     
37,087,762
     
37,510,449
 


Page 10
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 Year Ended
 
   
December 31,
2018
   
September 30,
2018
   
December 31,
2017
   
December 31,
2018
   
December 31,
2017
 
Per Share Data:
                             
Reported EPS (Diluted)
 
$
0.34
   
$
0.32
   
$
0.41
   
$
1.38
   
$
1.38
 
Cash dividends paid per share
   
0.14
     
0.14
     
0.14
     
0.56
     
0.56
 
Book value per share
   
16.68
     
16.49
     
16.00
     
16.68
     
16.00
 
Tangible book value per share (1)
   
15.14
     
14.97
     
14.51
     
15.14
     
14.51
 
Dividend payout ratio
   
41.18
%
   
43.75
%
   
34.15
%
   
40.58
%
   
40.58
%
                                         
Performance Ratios (Based upon Reported Net Income):
                                       
Return on average assets
   
0.80
%
   
0.76
%
   
0.96
%
   
0.82
%
   
0.84
%
Return on average common equity
   
8.25
%
   
7.71
%
   
10.41
%
   
8.44
%
   
8.94
%
Return on average tangible common equity (1)
   
9.08
%
   
8.49
%
   
11.49
%
   
9.30
%
   
9.89
%
Net interest spread
   
2.22
%
   
2.11
%
   
2.33
%
   
2.20
%
   
2.38
%
Net interest margin
   
2.46
%
   
2.33
%
   
2.50
%
   
2.41
%
   
2.54
%
Average interest-earning assets to average interest-bearing liabilities
   
118.71
%
   
117.46
%
   
117.07
%
   
117.47
%
   
116.55
%
Non-interest expense to average assets
   
1.46
%
   
1.39
%
   
1.41
%
   
1.38
%
   
1.37
%
Efficiency ratio
   
57.98
%
   
58.13
%
   
55.63
%
   
56.25
%
   
53.24
%
Loan-to-deposit ratio at end of period
   
123.80
%
   
123.53
%
   
127.22
%
   
123.80
%
   
127.22
%
CRE consolidated concentration ratio (2)
   
702.7
%
   
706.1
%
   
775.2
%
   
702.7
%
   
775.2
%
Effective tax rate
   
20.37
%
   
23.14
%
   
50.03
%
   
23.12
%
   
41.53
%
                                         
Average Balance Data:
                                       
Average assets
 
$
6,251,691
   
$
6,231,801
   
$
6,400,719
   
$
6,279,483
   
$
6,211,645
 
Average interest-earning assets
   
6,031,823
     
6,016,728
     
6,203,511
     
6,060,291
     
6,007,562
 
Average loans
   
5,400,166
     
5,388,065
     
5,949,955
     
5,454,128
     
5,843,409
 
Average deposits
   
4,349,419
     
4,386,631
     
4,351,863
     
4,377,439
     
4,417,287
 
Average common equity
   
603,358
     
611,022
     
592,762
     
607,353
     
580,430
 
Average tangible common equity (1)
   
547,721
     
555,385
     
537,124
     
551,716
     
524,792
 
                                         
Asset Quality Summary:
                                       
Non-performing loans (excluding loans held for sale)
 
$
2,345
   
$
2,978
   
$
533
   
$
2,345
   
$
533
 
Non-performing assets
   
2,345
     
2,978
     
533
     
2,345
     
533
 
Net charge-offs (recoveries)
   
152
     
(11
)
   
(26
)
   
1,497
     
23
 
Non-performing loans/ Total loans
   
0.04
%
   
0.06
%
   
0.01
%
   
0.04
%
   
0.01
%
Non-performing assets/ Total assets
   
0.04
%
   
0.05
%
   
0.01
%
   
0.04
%
   
0.01
%
Allowance for loan loss/ Total loans
   
0.40
%
   
0.39
%
   
0.38
%
   
0.40
%
   
0.38
%
Allowance for loan loss/ Non-performing loans
   
928.87
%
   
716.25
%
   
3946.15
%
   
928.87
%
   
3946.15
%
Loans delinquent 30 to 89 days at period end
 
$
424
   
$
531
   
$
37
   
$
424
   
$
37
 
                                         
Capital Ratios - Consolidated:
                                       
Tangible common equity to tangible assets (1)
   
8.72
%
   
8.78
%
   
8.55
%
   
8.72
%
   
8.55
%
Tier 1 common equity ratio
   
11.52
     
11.66
     
11.42
     
11.52
     
11.42
 
Tier 1 risk-based capital ratio
   
11.52
     
11.66
     
11.42
     
11.52
     
11.42
 
Total risk-based capital ratio
   
14.38
     
14.54
     
14.27
     
14.38
     
14.27
 
Tier 1 leverage ratio
   
8.92
     
8.96
     
8.61
     
8.92
     
8.61
 
                                         
Capital Ratios - Bank Only:
                                       
Tier 1 common equity ratio
   
13.36
%
   
13.26
%
   
12.38
%
   
13.36
%
   
12.38
%
Tier 1 risk-based capital ratio
   
13.36
     
13.26
     
12.38
     
13.36
     
12.38
 
Total risk-based capital ratio
   
13.82
     
13.71
     
12.83
     
13.82
     
12.83
 
Tier 1 leverage ratio
   
10.31
     
10.15
     
9.32
     
10.31
     
9.32
 

(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.
(2)
The CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner occupied commercial real estate, multifamily, and ADC, divided by consolidated capital.


Page 11
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars in thousands)

   
For the Three Months Ended
 


December 31, 2018


September 30, 2018
   
December 31, 2017
 
   
Average
Balance
   
Interest
   
Average
Yield/
Cost
   
Average
Balance
   
Interest
   
Average
Yield/
Cost
   
Average
Balance
   
Interest
   
Average
Yield/
Cost
 
Assets:
                                                     
Interest-earning assets:
                                                     
Real estate loans
 
$
5,179,805
   
$
49,953
     
3.86
%
 
$
5,200,021
   
$
47,486
     
3.65
%
 
$
5,823,794
   
$
51,254
     
3.52
%
Commercial and industrial loans
   
219,295
     
3,200
     
5.84
     
186,686
     
2,729
     
5.85
     
125,095
     
1,514
     
4.84
 
Other loans
   
1,066
     
19
     
7.13
     
1,358
     
18
     
5.30
     
1,066
     
20
     
7.50
 
Mortgage-backed securities
   
472,965
     
3,279
     
2.77
     
432,213
     
2,852
     
2.64
     
84,942
     
487
     
2.29
 
Investment securities
   
19,728
     
240
     
4.87
     
11,158
     
59
     
2.12
     
6,500
     
115
     
7.08
 
Other short-term investments
   
138,964
     
1,359
     
3.91
     
185,292
     
1,480
     
3.19
     
162,114
     
1,204
     
2.97
 
Total interest-earning assets
   
6,031,823
     
58,050
     
3.85
%
   
6,016,728
     
54,624
     
3.63
%
   
6,203,511
     
54,594
     
3.52
%
Non-interest-earning assets
   
219,868
                     
215,073
                     
197,208
                 
Total assets
 
$
6,251,691
                   
$
6,231,801
                   
$
6,400,719
                 
                                                                         
Liabilities and Stockholders' Equity:
                                                                       
Interest-bearing liabilities:
                                                                       
Interest-bearing checking accounts
 
$
114,563
   
$
60
     
0.21
%
 
$
114,865
   
$
55
     
0.19
%
 
$
117,468
   
$
56
     
0.19
%
Money market accounts
   
2,131,276
     
7,630
     
1.42
     
2,264,082
     
7,542
     
1.32
     
2,491,423
     
5,986
     
0.95
 
Savings accounts
   
338,837
     
47
     
0.06
     
347,041
     
50
     
0.06
     
358,859
     
51
     
0.06
 
Certificates of deposit
   
1,377,207
     
6,552
     
1.89
     
1,297,857
     
5,714
     
1.75
     
1,077,376
     
3,874
     
1.43
 
Total interest-bearing deposits
   
3,961,883
     
14,289
     
1.43
     
4,023,845
     
13,361
     
1.32
     
4,045,126
     
9,967
     
0.98
 
Borrowed Funds
   
1,119,225
     
6,611
     
2.34
     
1,098,713
     
6,235
     
2.25
     
1,253,860
     
5,895
     
1.87
 
Total interest-bearing liabilities
   
5,081,108
     
20,900
     
1.63
%
   
5,122,558
     
19,596
     
1.52
%
   
5,298,986
     
15,862
     
1.19
%
Non-interest-bearing checking accounts
   
387,536
                     
362,786
                     
306,737
                 
Other non-interest-bearing liabilities
   
179,689
                     
135,435
                     
202,234
                 
Total liabilities
   
5,648,333
                     
5,620,779
                     
5,807,957
                 
Stockholders' equity
   
603,358
                     
611,022
                     
592,762
                 
Total liabilities and stockholders' equity
 
$
6,251,691
                   
$
6,231,801
                   
$
6,400,719
                 
Net interest income
         
$
37,150
                   
$
35,028
                   
$
38,732
         
Net interest spread
                   
2.22
%
                   
2.11
%
                   
2.33
%
Net interest-earning assets
 
$
950,715
                   
$
894,170
                   
$
904,525
                 
Net interest margin
                   
2.46
%
                   
2.33
%
                   
2.50
%
Ratio of interest-earning assets to interest-bearing liabilities
           
118.71
%
                   
117.46
%
                   
117.07
%
       
                                                                         
Deposits (including non-interest bearing checking accounts)
 
$
4,349,419
   
$
14,289
     
1.30
%
 
$
4,386,631
   
$
13,361
     
1.21
%
 
$
4,351,863
   
$
9,967
     
0.91
%


Page 12
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SCHEDULE OF LOAN COMPOSITION AND WEIGHTED AVERAGE RATES ("WAR") (1)
(Dollars in thousands)

   
At December 31, 2018
   
At September 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
 
$
96,847
     
4.59
%
 
$
71,464
     
4.42
%
 
$
63,095
     
4.33
%
Multifamily residential and residential mixed use (2)(3)
   
3,866,788
     
3.56
     
4,015,424
     
3.52
     
4,381,180
     
3.40
 
Commercial and commercial mixed use real estate
   
1,170,085
     
4.17
     
1,106,430
     
4.10
     
1,010,603
     
3.95
 
Acquisition, development, and construction ("ADC")
   
29,402
     
6.64
     
11,144
     
6.26
     
9,189
     
5.59
 
Total real estate loans
   
5,163,122
     
3.74
     
5,204,462
     
3.66
     
5,464,067
     
3.51
 
Commercial and industrial ("C&I")
   
229,504
     
5.76
     
207,743
     
5.53
     
136,671
     
4.82
 
Total
 
$
5,392,626
     
3.82
%
 
$
5,412,205
     
3.73
%
 
$
5,600,738
     
3.55
%

(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.


Page 13
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS AND TROUBLED DEBT RESTRUCTURINGS ("TDRs")
(Dollars in thousands)

   
December 31,
2018
   
September 30,
2018
   
At December 31,
2017
 
Non-Performing Loans
                 
One-to-four family residential, including condominium and cooperative apartment
 
$
712
   
$
443
   
$
436
 
Multifamily residential and residential mixed use (1)(2)
   
280
     
1,473
     
-
 
Commercial real estate
   
964
     
975
     
-
 
Commercial mixed use real estate (2)
   
77
     
84
     
93
 
C&I
   
309
     
-
     
-
 
Other
   
3
     
3
     
4
 
Total Non-Performing Loans (3)
 
$
2,345
   
$
2,978
   
$
533
 
Total Non-Performing Assets
 
$
2,345
   
$
2,978
   
$
533
 
                         
Performing TDR Loans
                       
One- to four-family and cooperative/condominium apartment
 
$
14
   
$
16
   
$
22
 
Multifamily residential and mixed use residential real estate (1)(2)
   
271
     
277
     
619
 
Mixed use commercial real estate (2)
   
4,084
     
4,107
     
4,174
 
Commercial real estate
   
-
     
-
     
3,296
 
Total Performing TDRs
 
$
4,369
   
$
4,400
   
$
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 December 31, 2018 or December 31, 2017.

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

     
At December 31,
2018
     
At September 30,
2018
     
At December 31,
2017
  
Total Non-Performing Assets
 
$
2,345
   
$
2,978
   
$
533
 
Loans 90 days or more past due on accrual status (5)
   
100
     
1,242
     
19,935
 
TOTAL PROBLEM ASSETS
 
$
2,445
   
$
4,220
   
$
20,468
 
                         
Tangible common equity (6)
 
$
546,443
   
$
547,939
   
$
542,929
 
Allowance for loan losses and reserves for contingent liabilities
   
21,807
     
21,355
     
21,058
 
TANGIBLE COMMON EQUITY PLUS RESERVES
 
$
568,250
   
$
569,294
   
$
563,987
 
                         
TEXAS RATIO (PROBLEM ASSETS AS A PERCENTAGE OF
                       
TANGIBLE COMMON EQUITY AND RESERVES)
   
0.4
%
   
0.7
%
   
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.


Page 14
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)

   
For the Three Months Ended
   
For the Year Ended
 
   
December 31,
2018
   
September 30,
2018
   
December 31,
2017
   
December 31,
2018
   
December 31,
2017
 
Reconciliation of Reported and Adjusted ("non-GAAP") Net Income:
                             
Reported net income
 
$
12,440
   
$
11,782
   
$
15,423
   
$
51,288
   
$
51,882
 
Adjustments to Net Income (1):
                                       
Add: Severance payment
   
496
     
-
     
-
     
496
     
-
 
Add: Loss from extinguishment of debt
   
-
     
-
     
-
     
-
     
698
 
Add: De-conversion costs
   
-
     
-
     
-
     
-
     
946
 
Less: Gain on sale of securities
   
-
     
-
     
-
     
(930
)
   
(1,430
)
Less: After tax gain on the sale of real estate
   
-
     
-
     
(5,724
)
   
-
     
(5,724
)
Tax adjustment
   
(716
)
   
(104
)
   
3,135
     
(912
)
   
2,150
 
Adjusted ("non-GAAP") net income
 
$
12,220
   
$
11,678
   
$
12,834
   
$
49,942
   
$
48,522
 
                                         
Adjusted Ratios (Based upon "non-GAAP Net Income" as calculated above):
                                       
Adjusted EPS (Diluted)
 
$
0.34
   
$
0.32
   
$
0.34
   
$
1.35
   
$
1.29
 
Adjusted return on average assets
   
0.78
%
   
0.75
%
   
0.80
%
   
0.80
%
   
0.78
%
Adjusted return on average common equity
   
8.10
     
7.64
     
8.66
     
8.22
     
8.36
 
Adjusted return on average tangible common equity
   
8.92
     
8.41
     
9.56
     
9.05
     
9.25
 
Adjusted non-interest expense to average assets
   
1.41
     
1.39
     
1.41
     
1.37
     
1.32
 
Adjusted efficiency ratio
   
56.12
     
58.13
     
55.63
     
55.77
     
51.37
 

   
December 31,
2018
   
September 30,
2018
   
December 31,
2017
 
Reconciliation of Tangible Assets:
                 
Total assets
 
$
6,320,578
   
$
6,294,193
   
$
6,403,460
 
Less:
                       
Goodwill
   
55,638
     
55,638
     
55,638
 
Tangible assets
 
$
6,264,940
   
$
6,238,555
   
$
6,347,822
 
                         
Reconciliation of Tangible Common Equity - Consolidated:
                       
Total common equity
 
$
602,081
   
$
603,577
   
$
598,567
 
Less:
                       
Goodwill
   
55,638
     
55,638
     
55,638
 
Tangible common equity
 
$
546,443
   
$
547,939
   
$
542,929
 

(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 – January 24, 2019 – 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 February 13, 2019 to all stockholders of record as of February 6, 2019.  This dividend is the 87th 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, Executive Vice President – Chief Financial Officer, 718-782-6200, extension 5909.



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