第 1
附錄99.1
Dime Community Bancshares, Inc.報告2024年第三季度業績
核心存入資金增長加速，推動季度凈利息收益率增至2.50%
資產負債表處於良好位置，將受惠於美聯儲降息。
Hauppauge, NY, 2024年10月22日（全球新聞社） - Dime Community Bancshares, Inc.（NASDAQ：DCOM）（以下簡稱“公司”或“Dime”）及其附屬公司Dime Community Bank（以下簡稱“銀行”），今天公布其2024年9月30日結束的季度普通股東應佔淨利潤1150萬美元，每股摊薄普通股為0.29美元，相比於2024年6月30日結束的季度的1670萬美元或每股摊薄普通股0.43美元，以及2023年9月30日結束的季度的1320萬美元或每股摊薄普通股0.34美元。
該公司總裁兼首席執行官（“CEO”）斯圖爾特·H·盧博表示：“低成本核心存款的強勢增長推動凈利息收益率在上季度出現顯著擴展。重要的是，在最近聯邦基金利率下調50個基點後，我們降低了存款成本，並期望在第四季度及以後受益於這些措施。自9月中旬美聯儲降息以來，貸款加權平均利率與核心存款之間的利差改善約15個基點。我們預計這種利差改善的全季影響將推動第四季度持續擴展的凈利息收益率。”
盧博先生評論道：“在第三季度，我們的業務貸款組合增加了超過12000萬美元，我們在中市場和醫療保健垂直領域仍然擁有強勁的管道。與前一季度相比，凈核心損失和被批評和分類貸款的水平保持穩定，我們繼續謹慎建立我們的信貸損失準備金以匹配貸款和風險資本水平。總的來說， 我對我們的員工感到非常自豪，他們始終專注於客戶，使我們成為長島業務銀行的首選。
2024年第三季度的亮點包括：
| ● | 總存款比2024年第二季度增加了38900萬美元； |
| ● | 核心存款（不包括經紀和定期存款）比2024年第二季度增加了50500萬美元； |
| ● | 2024年第三季度無息存款平均值與總存款平均值的比率為29%，較2024年第二季度的28%高； |
| ● | 總存款成本比上季度降低4個基點； |
| ● | 2024年第三季度凈利息收益率增至2.50%，較上季度的2.41%上升； |
| ● | 貸款存款比於第三季度末降至95.4%，較上一季度的98.2%下降； |
| ● | 2024年第三季度平均貸款的呆帳損失率為0.15%，相比上一季度的0.14%； |
| ● | 信貸損失準備與總貸款比率截至第三季度結束時增至0.78%，較上一季度的0.72%提高；和 |
| ● | 公司的總風險資本比率截至第三季度結束時提高至14.76%，較上一季度的14.46%增加。 |
第 2
管理層對季度營運結果的討論
淨利息收入
2024年第三季度的淨利息收益為$7990萬，較2024年第二季度的$7550萬和2023年第三季度的$7650萬。
下表提供了報告的凈利息收益率（“NIM”）和排除買入會計折價對貸款組合影響的調整後NIM的調解。
(以千美元計) |
| Q3 2024 |
| Q2 2024 |
| Q3 2023 |
| |||
淨利息收益 | | $ | 79,924 | | $ | 75,502 | | $ | 76,479 | |
購買會計上的貸款攤銷（增值）（"PAA"） | | | (266) | | | (101) | | | 186 | |
調整後的不包括貸款上的PAA的淨利息收益（非GAAP） | | $ | 79,658 | | $ | 75,401 | | $ | 76,665 | |
| | | | | | | | | | |
平均利息收入資產 | | $ | 12,734,246 | | $ | 12,624,556 | | $ | 12,984,061 | |
| | | | | | | | | | |
淨利息差（NIM） (1) | |
| 2.50 | % |
| 2.41 | % |
| 2.34 | % |
調整後的凈利息收益率不包括貸款上的PAA（非GAAP） (2) | |
| 2.49 | % |
| 2.40 | % | | 2.34 | % |
| (1) | 凈利息收益率表示凈利息收入除以平均利息收入資產。 |
| (2) | 調整後的凈利息收益率不包括貸款上的PAA，這表示調整後的凈利息收入，除以平均利息收入資產，並排除收購貸款上的PAA攤銷。 |
於2024年6月30日結束的季度中，先前處於非應計狀態的貸款利息收入有所回升，金額為130萬美元。除去此項影響，第二季度淨利息收益率為2.37%。
貸款組合
於2024年9月30日截至，貸款組合的結束賬面利率（WAR）為5.40%，較2024年6月30日貸款組合結束WAR的5.39%略微增加1個基點。
以下是截至指定日期結束的貸款餘額和WAR。
| | 2024年9月30日 | | 2024年6月30日 | | 2023年9月30日 |
| |||||||||
(以千美元計) |
| 相關價格在活躍市場上未被引用的相同財務資產 |
| 戰爭 (1) |
| 相關價格在活躍市場上未被引用的相同財務資產 |
| 戰爭 (1) |
| 相關價格在活躍市場上未被引用的相同財務資產 |
| 戰爭 (1) |
| |||
戶頭結束時持有的投資貸款餘額： | |
| | |
| |
| | |
| |
| | |
|
|
業務貸款 (2) | | $ | 2,653,624 | | 6.82 | % | $ | 2,530,896 | | 6.92 | % | $ | 2,271,768 | | 6.72 | % |
一至四單位家庭住宅，包括公寓和合作公寓 | |
| 934,209 |
| 4.65 | |
| 906,949 |
| 4.55 | |
| 892,869 |
| 4.39 | |
多家庭住宅和居住兼用 (3)(4) | | | 3,866,931 | | 4.60 | | | 3,920,354 | | 4.59 | | | 4,102,024 | | 4.45 | |
非自住商業房地產 | |
| 3,281,923 |
| 5.25 | |
| 3,315,100 |
| 5.25 | |
| 3,374,281 |
| 5.09 | |
收購、發展與施工 | |
| 149,299 |
| 8.46 | |
| 144,860 |
| 8.96 | |
| 203,402 |
| 8.92 | |
其他貸款 | | | 6,058 | | 10.71 | | | 6,699 | | 3.39 | | | 6,267 | | 6.28 | |
投資持有的貸款 | | $ | 10,892,044 | | 5.40 | % | $ | 10,824,858 | | 5.39 | % | $ | 10,850,611 | | 5.20 | % |
(1)根據每一類貸款的當前貸款利率計算WAR，經調整非應計貸款，除以該類貸款的總餘額。
(2)商業貸款包括商業和工業貸款以及自有商業房地產貸款。
(3)包括多戶合作式公寓下的貸款。
(4)雖然此類貸款通常被視為"商業房地產業"，但為了強調構成總貸款組合重要組成部分且基礎抵押品具有住宅性質，多戶和合作式公寓下的貸款被單獨報告，與商業房地產貸款分開。
以下列出各項貸款成立情況，截至所示季度結束。
（以百萬美元計） |
| Q3 2024 |
| Q2 2024 |
| Q3 2023 | |||
貸款來源 | | $ | 122.7 | | $ | 162.4 | | $ | 153.4 |
頁面 3
存款及借貸資金
期末存款總額 (包括 二零二四年九月三十日按揭託管存款） 為 11.42 億美元，與二零二四年六月三十日的 11,03 億美元和 2023 年十二月三十一日的 10.53 億美元。
在 2024 年 9 月 30 日，聯邦房屋貸款銀行預付總額為 508.0 億美元，而 2024 年 6 月 30 日的 633.0 億美元和 2023 年 12 月 31 日為 1.331 億美元。
Lubow 先生表示：「在 2024 年第三季，我們繼續利用核心存款增長來減少批發資金位置的策略。」
非利息收入
非利息收入在 2024 年第三季度為 7.6 萬美元，2024 年第二季度為 11.8 萬美元，2023 年第三季度為 7.9 億美元。在 2024 年第二季度的非利息收入中包括與房屋出售有關的收入約為 3.7 萬美元。
非利息費用
在 2024 年第三季度的非利息支出總額為 57,7 萬美元，2024 年第二季度為 557 萬美元，2023 年第三季度為 59.5 萬美元。排除影響 該 2024 年第三季度償還債務、其他無形資產攤銷及解散費用、調整的非利息開支的虧損為 57,4 百萬元，2024 年第二季為 55,4 百萬元，2023 年第三季度為 50.6 百萬元（請參閱本新聞稿末的「非 GAAP 調節」表）。
盧博先生表示：「正如我們之前所述，非利息開支的增加是由於私人和商業銀行和中間市場 C&I 貸款業務進行了大量投資和招聘。第三季度業績反映了這些計劃的全面運行利率，我們預計在 2024 年第四季將維持我們的支出基礎相對平坦。」
在 2024 年第三季，非利息開支與平均資產的比率為 1.71%，而相關季度為 1.66% 和 2023 年第三季的 1.73%。不包括損失對債務消除、其他無形資產攤銷和解散費用的影響，調整後的非利息開支與平均資產的比率為 1.70%，而相關季度的 1.65% 和 2023 年第三季的 1.48%（請參閱本新聞稿末的「非 GAAP 調節」表）。
在 2024 年第三季，效率比率為 65.9%，而相關季度為 63.8%，2023 年第三季則為 70.5%。排除影響 出售證券及其他資產所產生的淨 (收益) 虧損、持有供出售之股份證券及貸款公平價值變動、解散費用； 償還債務損失 及其他無形資產攤銷，調整後的效率在 2024 年第三季度為 65.6%，而相關季度為 65.9% 和 2023 年第三季的 59.7%（請參閱本新聞稿末的「非 GAAP 調節」表）。
所得稅費用
2024 年第三季報告的實際稅率為 26.9%，而 2024 年第二季的 29.0%，2023 年第三季的 35.1%。
信用品質
截至二零二四年九月三十日，非行業貸款為 49,5 百萬元，而上一季度則為 24.8 百萬元。
2024 年第三季度錄得 11.6 萬美元的信貸損失預備金，而 2024 年第二季的信貸損失預備金為 5.6 萬美元，而 2023 年第三季則為 1.8 萬美元的信貸損失預備。
資本管理
截至 2024 年 9 月 30 日，本公司及本行的監管資本比率繼續超出所有適用監管規定。所有基於風險的監管資本比率在 2024 年第三季都上升。
在 2024 年第三季和第二季度，每股股息分別為 0.25 美元。
截至二零二四年九月三十日，每股普通股帳面值為 29.31 美元，而二零二四年六月三十日則為 28.97 美元。
Page 4
Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.22 at September 30, 2024 compared to $24.87 at June 30, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).
Earnings Call Information
The Company will conduct a conference call at 9:00 a.m. (ET) on Tuesday, October 22, 2024, during which CEO Lubow will discuss the Company’s third quarter 2024 financial performance, with a question-and-answer session to follow.
Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/hfnjf6ym. To participate via telephone, please register in advance using this link: https://register.vevent.com/register/BI017781a02def49c0ad228b72ba201600. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.
A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/hfnjf6ym.
ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.7 billion in assets and the number one deposit market share among community banks on Greater Long Island(1).
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.
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 “annualized," “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 affect demand for our products and reduce interest margins and the value of our investments; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; 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 socio-economic conditions, public health emergencies, international conflict, inflation, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; 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; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and 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. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contact: Avinash Reddy | |
Senior Executive Vice President – Chief Financial Officer | |
718-782-6200 extension 5909 | |
Page 5
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
|
| September 30, |
| June 30, |
| December 31, | |||
| | 2024 | | 2024 | | 2023 | |||
Assets: | | |
|
| |
|
| |
|
Cash and due from banks | | $ | 626,056 | | $ | 413,983 | | $ | 457,547 |
Securities available-for-sale, at fair value | |
| 774,608 | |
| 819,222 | |
| 886,240 |
Securities held-to-maturity | | | 592,414 | | | 588,000 | | | 594,639 |
Loans held for sale | | | 13,098 | | | 14,766 | | | 10,159 |
Loans held for investment, net: | |
| | |
| | |
| |
Business loans (1) | |
| 2,653,624 | |
| 2,530,896 | |
| 2,310,379 |
One-to-four family and cooperative/condominium apartment | |
| 934,209 | |
| 906,949 | |
| 889,236 |
Multifamily residential and residential mixed-use (2)(3) | |
| 3,866,931 | |
| 3,920,354 | |
| 4,017,703 |
Non-owner-occupied commercial real estate | |
| 3,281,923 | |
| 3,315,100 | |
| 3,381,842 |
Acquisition, development and construction | |
| 149,299 | |
| 144,860 | |
| 168,513 |
Other loans | |
| 6,058 | |
| 6,699 | |
| 5,755 |
Allowance for credit losses | |
| (85,221) | |
| (77,812) | |
| (71,743) |
Total loans held for investment, net | |
| 10,806,823 | |
| 10,747,046 | |
| 10,701,685 |
Premises and fixed assets, net | |
| 35,066 | |
| 36,054 | |
| 44,868 |
Premises held for sale | | | — | | | — | | | 905 |
Restricted stock | |
| 64,235 | |
| 68,445 | |
| 98,750 |
Bank Owned Life Insurance ("BOLI") | |
| 372,367 | |
| 354,761 | |
| 349,816 |
Goodwill | |
| 155,797 | |
| 155,797 | |
| 155,797 |
Other intangible assets | |
| 4,181 | |
| 4,467 | |
| 5,059 |
Operating lease assets | |
| 48,537 | |
| 51,703 | |
| 52,729 |
Derivative assets | |
| 105,636 | |
| 134,489 | |
| 122,132 |
Accrued interest receivable | |
| 54,578 | |
| 55,588 | |
| 55,666 |
Other assets | |
| 93,133 | |
| 104,442 | |
| 100,013 |
Total assets | | $ | 13,746,529 | | $ | 13,548,763 | | $ | 13,636,005 |
Liabilities: | |
|
| |
|
| |
|
|
Non-interest-bearing checking (excluding mortgage escrow deposits) | | $ | 3,231,160 | | $ | 3,012,481 | | $ | 2,884,378 |
Interest-bearing checking | |
| 938,070 | |
| 633,721 | |
| 515,987 |
Savings (excluding mortgage escrow deposits) | |
| 1,845,266 | |
| 2,340,222 | |
| 2,335,354 |
Money market | |
| 3,898,509 | |
| 3,607,090 | |
| 3,125,996 |
Certificates of deposit | |
| 1,416,467 | |
| 1,382,271 | |
| 1,607,683 |
Deposits (excluding mortgage escrow deposits) | |
| 11,329,472 | |
| 10,975,785 | |
| 10,469,398 |
Non-interest-bearing mortgage escrow deposits | | | 87,841 | | | 52,647 | | | 61,121 |
Interest-bearing mortgage escrow deposits | | | 5 | | | 2 | | | 136 |
Total mortgage escrow deposits | | | 87,846 | | | 52,649 | | | 61,257 |
FHLBNY advances | |
| 508,000 | |
| 633,000 | |
| 1,313,000 |
Subordinated debt, net | |
| 272,300 | |
| 262,814 | |
| 200,196 |
Derivative cash collateral | | | 68,960 | | | 130,090 | | | 108,100 |
Operating lease liabilities | |
| 51,362 | |
| 54,530 | |
| 55,454 |
Derivative liabilities | |
| 98,108 | |
| 122,567 | |
| 121,265 |
Other liabilities | |
| 66,552 | |
| 66,732 | |
| 81,110 |
Total liabilities | |
| 12,482,600 | |
| 12,298,167 | |
| 12,409,780 |
Stockholders' equity: | |
|
| |
|
| |
|
|
Preferred stock, Series A | |
| 116,569 | |
| 116,569 | |
| 116,569 |
Common stock | |
| 416 | |
| 416 | |
| 416 |
Additional paid-in capital | |
| 488,607 | |
| 488,760 | |
| 494,454 |
Retained earnings | |
| 827,690 | |
| 826,080 | |
| 813,007 |
Accumulated other comprehensive loss ("AOCI"), net of deferred taxes | |
| (72,970) | |
| (82,780) | |
| (91,579) |
Unearned equity awards | |
| (10,111) | |
| (12,023) | |
| (8,622) |
Treasury stock, at cost | |
| (86,272) | |
| (86,426) | |
| (98,020) |
Total stockholders' equity | |
| 1,263,929 | |
| 1,250,596 | |
| 1,226,225 |
Total liabilities and stockholders' equity | | $ | 13,746,529 | | $ | 13,548,763 | | $ | 13,636,005 |
(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
(2) Includes loans underlying multifamily 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 6
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except share and per share amounts)
| | Three Months Ended | | Nine Months Ended | |||||||||||
|
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| September 30, | |||||
| | 2024 | | 2024 | | 2023 | | 2024 | | 2023 | |||||
Interest income: |
| |
|
| |
|
| |
|
| |
|
| |
|
Loans | | $ | 151,828 | | $ | 147,099 | | $ | 142,995 | | $ | 442,492 | | $ | 409,744 |
Securities | |
| 7,766 | |
| 7,907 | |
| 7,916 | |
| 23,553 | |
| 24,261 |
Other short-term investments | |
| 4,645 | |
| 4,412 | |
| 6,930 | |
| 18,621 | |
| 16,599 |
Total interest income | |
| 164,239 | |
| 159,418 | |
| 157,841 | |
| 484,666 | |
| 450,604 |
Interest expense: | |
|
| |
| | |
|
| |
|
| |
|
|
Deposits and escrow | |
| 74,025 | |
| 72,878 | |
| 62,507 | |
| 219,972 | |
| 152,395 |
Borrowed funds | |
| 8,764 | |
| 9,033 | |
| 16,925 | |
| 32,494 | |
| 50,855 |
Derivative cash collateral | | | 1,526 | | | 2,005 | | | 1,930 | | | 5,244 | | | 4,904 |
Total interest expense | |
| 84,315 | |
| 83,916 | |
| 81,362 | |
| 257,710 | |
| 208,154 |
Net interest income | |
| 79,924 | |
| 75,502 | |
| 76,479 | |
| 226,956 | |
| 242,450 |
Provision (recovery) for credit losses | |
| 11,603 | |
| 5,585 | |
| 1,806 | |
| 22,398 | |
| (950) |
Net interest income after provision (recovery) | |
| 68,321 | |
| 69,917 | |
| 74,673 | |
| 204,558 | |
| 243,400 |
Non-interest income: | |
|
| |
| | |
|
| |
|
| |
|
|
Service charges and other fees | |
| 4,267 | |
| 3,972 | |
| 3,963 | |
| 12,783 | |
| 12,633 |
Title fees | | | 190 | | | 294 | | | 291 | | | 617 | | | 829 |
Loan level derivative income | |
| 132 | |
| 1,085 | |
| 783 | |
| 1,623 | |
| 6,353 |
BOLI income | |
| 2,606 | |
| 2,484 | |
| 2,317 | |
| 7,551 | |
| 7,332 |
Gain on sale of Small Business Administration ("SBA") loans | |
| 19 | |
| 113 | |
| 335 | |
| 385 | |
| 1,061 |
Gain on sale of residential loans | |
| 38 | |
| 27 | |
| 21 | |
| 142 | |
| 103 |
Fair value change in equity securities and loans held for sale | | | 39 | | | (416) | | | (299) | | | (1,219) | | | (1,079) |
Net loss on sale of securities | | | — | | | — | | | — | | | — | | | (1,447) |
Gain (loss) on sale of other assets | |
| 2 | |
| 3,695 | |
| (22) | |
| 6,665 | |
| (22) |
Other | |
| 338 | |
| 554 | |
| 539 | |
| 1,359 | |
| 1,571 |
Total non-interest income | |
| 7,631 | |
| 11,808 | |
| 7,928 | |
| 29,906 | |
| 27,334 |
Non-interest expense: | |
|
| |
| | |
| | |
|
| |
|
|
Salaries and employee benefits | |
| 36,132 | |
| 32,184 | |
| 30,520 | |
| 100,353 | |
| 87,054 |
Severance | | | — | | | — | | | 8,562 | | | 42 | | | 9,068 |
Occupancy and equipment | |
| 7,448 | |
| 7,409 | |
| 7,277 | |
| 22,225 | |
| 21,794 |
Data processing costs | |
| 4,544 | |
| 4,405 | |
| 4,309 | |
| 13,262 | |
| 12,744 |
Marketing | |
| 1,629 | |
| 1,637 | |
| 2,079 | |
| 4,763 | |
| 5,016 |
Professional services | | | 2,036 | | | 2,766 | | | 1,277 | | | 6,269 | | | 4,876 |
Federal deposit insurance premiums | |
| 2,105 | |
| 2,250 | |
| 1,866 | |
| 6,594 | |
| 5,613 |
Loss on extinguishment of debt | | | 1 | | | — | | | — | | | 454 | | | — |
Amortization of other intangible assets | |
| 286 | |
| 285 | |
| 349 | |
| 878 | |
| 1,075 |
Other | |
| 3,548 | |
| 4,758 | |
| 3,284 | |
| 11,094 | |
| 11,944 |
Total non-interest expense | |
| 57,729 | |
| 55,694 | |
| 59,523 | |
| 165,934 | |
| 159,184 |
Income before taxes | |
| 18,223 | |
| 26,031 | |
| 23,078 | |
| 68,530 | | | 111,550 |
Income tax expense | |
| 4,896 | |
| 7,552 | |
| 8,093 | |
| 19,033 | |
| 31,764 |
Net income | |
| 13,327 | |
| 18,479 | |
| 14,985 | |
| 49,497 | |
| 79,786 |
Preferred stock dividends | |
| 1,822 | |
| 1,822 | |
| 1,822 | |
| 5,465 | |
| 5,465 |
Net income available to common stockholders | | $ | 11,505 | | $ | 16,657 | | $ | 13,163 | | $ | 44,032 | | $ | 74,321 |
Earnings per common share ("EPS"): | |
|
| |
|
| |
|
| |
|
| |
|
|
Basic | | $ | 0.29 | | $ | 0.43 | | $ | 0.34 | | $ | 1.13 | | $ | 1.92 |
Diluted | | $ | 0.29 | | $ | 0.43 | | $ | 0.34 | | $ | 1.13 | | $ | 1.92 |
| | | | | | | | | | | | | | | |
Average common shares outstanding for diluted EPS | |
| 38,366,619 | |
| 38,329,485 | |
| 38,203,961 | |
| 38,317,223 | |
| 38,177,704 |
Page 7
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, |
| June 30, |
| September 30, |
| September 30, |
| September 30, |
| |||||
| | 2024 | | 2024 | | 2023 | | 2024 | | 2023 |
| |||||
Per Share Data: |
| |
|
| |
|
| |
|
| |
|
| |
| |
Reported EPS (Diluted) | | $ | 0.29 | | $ | 0.43 | | $ | 0.34 | | $ | 1.13 | | $ | 1.92 | |
Cash dividends paid per common share | |
| 0.25 | |
| 0.25 | |
| 0.25 | |
| 0.75 | |
| 0.74 | |
Book value per common share | |
| 29.31 | |
| 28.97 | |
| 28.03 | |
| 29.31 | | | 28.03 | |
Tangible common book value per share (1) | |
| 25.22 | |
| 24.87 | |
| 23.87 | |
| 25.22 | | | 23.87 | |
Common shares outstanding | | | 39,152 | | | 39,148 | | | 38,811 | | | 39,152 | | | 38,811 | |
Dividend payout ratio | |
| 86.21 | % |
| 58.14 | % |
| 73.53 | % |
| 66.37 | % |
| 38.54 | % |
| | | | | | | | | | | | | | | | |
Performance Ratios (Based upon Reported Net Income): | |
|
| |
|
| |
|
| |
|
| |
|
| |
Return on average assets | |
| 0.39 | % |
| 0.55 | % |
| 0.44 | % |
| 0.49 | % |
| 0.78 | % |
Return on average equity | |
| 4.19 | |
| 5.88 | |
| 4.91 | |
| 5.24 | |
| 8.78 | |
Return on average tangible common equity (1) | |
| 4.70 | |
| 6.88 | |
| 5.69 | |
| 6.06 | |
| 10.73 | |
Net interest margin | |
| 2.50 | |
| 2.41 | |
| 2.34 | |
| 2.37 | |
| 2.52 | |
Non-interest expense to average assets | |
| 1.71 | |
| 1.66 | |
| 1.73 | |
| 1.63 | |
| 1.56 | |
Efficiency ratio | |
| 65.9 | |
| 63.8 | |
| 70.5 | |
| 64.6 | |
| 59.0 | |
Effective tax rate | |
| 26.87 | |
| 29.01 | |
| 35.07 | |
| 27.77 | |
| 28.48 | |
| | | | | | | | | | | | | | | | |
Balance Sheet Data: | |
|
| |
|
| |
|
| |
|
| |
|
| |
Average assets | | $ | 13,502,753 | | $ | 13,418,441 | | $ | 13,759,493 | | $ | 13,571,710 | | $ | 13,623,570 | |
Average interest-earning assets | |
| 12,734,246 | |
| 12,624,556 | |
| 12,984,061 | |
| 12,791,233 | |
| 12,853,701 | |
Average tangible common equity (1) | |
| 996,578 | |
| 979,611 | |
| 943,805 | |
| 981,614 | |
| 933,072 | |
Loan-to-deposit ratio at end of period (2) | |
| 95.4 | |
| 98.2 | |
| 102.0 | |
| 95.4 | | | 102.0 | |
| | | | | | | | | | | | | | | | |
Capital Ratios and Reserves - Consolidated: (3) | |
|
| |
|
| |
|
| |
|
| |
|
| |
Tangible common equity to tangible assets (1) | |
| 7.27 | % |
| 7.27 | % |
| 6.87 | % |
| | | | | |
Tangible equity to tangible assets (1) | |
| 8.13 | |
| 8.14 | |
| 7.73 | |
| | | | | |
Tier 1 common equity ratio | |
| 10.16 | |
| 10.06 | |
| 9.67 | |
| | | | | |
Tier 1 risk-based capital ratio | |
| 11.28 | |
| 11.17 | |
| 10.76 | |
| | | | | |
Total risk-based capital ratio | |
| 14.76 | |
| 14.46 | |
| 13.33 | |
| | | | | |
Tier 1 leverage ratio | |
| 8.76 | |
| 8.78 | |
| 8.38 | |
| | | | | |
Consolidated CRE concentration ratio (4) | |
| 487 | |
| 499 | |
| 547 | |
| | | | | |
Allowance for credit losses/ Total loans | |
| 0.78 | |
| 0.72 | | | 0.67 | |
| | | | | |
Allowance for credit losses/ Non-performing loans | |
| 172.29 | |
| 313.21 | | | 311.16 | |
| | | | | |
(1) See "Non-GAAP Reconciliation" tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
(2) Total deposits include mortgage escrow deposits, which fluctuate seasonally.
(3) | September 30, 2024 ratios are preliminary pending completion and filing of the Company’s regulatory reports. |
(4) The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The September 30, 2024 ratio is preliminary pending completion and filing of the Company’s regulatory reports.
Page 8
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars in thousands)
| | Three Months Ended |
| ||||||||||||||||||||||
| | September 30, 2024 | | June 30, 2024 | | September 30, 2023 |
| ||||||||||||||||||
|
|
| |
|
| |
| Average |
|
| |
|
| |
| Average |
|
| |
|
| |
| Average |
|
| | Average | | | | | Yield/ | | Average | | | | | Yield/ | | Average | | | | | Yield/ |
| |||
| | Balance | | Interest | | Cost | | Balance | | Interest | | Cost | | Balance | | Interest | | Cost |
| ||||||
Assets: |
| |
|
| |
|
|
|
| |
|
| |
|
|
|
| |
|
| |
|
|
| |
Interest-earning assets: |
| |
|
| |
|
|
|
| |
|
| |
|
|
|
| |
|
| |
|
|
| |
Business loans (1) | | $ | 2,609,934 | | $ | 46,656 | | 7.11 | % | $ | 2,400,219 | | $ | 42,933 | | 7.19 | % | $ | 2,260,203 | | $ | 38,384 | | 6.74 | % |
One-to-four family residential, including condo and coop | | | 924,150 | | | 11,024 | | 4.75 | | | 886,037 | | | 9,968 | | 4.52 | | | 879,688 | | | 9,165 | | 4.13 | |
Multifamily residential and residential mixed-use | | | 3,902,220 | | | 45,790 | | 4.67 | | | 3,958,617 | | | 45,775 | | 4.65 | | | 4,114,476 | | | 46,099 | | 4.45 | |
Non-owner-occupied commercial real estate | | | 3,297,760 | | | 44,804 | | 5.40 | | | 3,359,004 | | | 44,728 | | 5.36 | | | 3,382,927 | | | 44,184 | | 5.18 | |
Acquisition, development, and construction | | | 147,875 | | | 3,505 | | 9.43 | | | 164,283 | | | 3,638 | | 8.91 | | | 222,039 | | | 5,075 | | 9.07 | |
Other loans | |
| 4,891 | |
| 49 |
| 3.99 | |
| 5,100 | |
| 57 |
| 4.50 | |
| 6,156 | |
| 88 |
| 5.67 | |
Securities | |
| 1,493,492 | |
| 7,766 |
| 2.07 | |
| 1,537,487 | |
| 7,907 |
| 2.07 | |
| 1,619,960 | |
| 7,916 |
| 1.94 | |
Other short-term investments | |
| 353,924 | |
| 4,645 |
| 5.22 | |
| 313,809 | |
| 4,412 |
| 5.65 | |
| 498,612 | |
| 6,930 |
| 5.51 | |
Total interest-earning assets | |
| 12,734,246 | |
| 164,239 |
| 5.13 | % |
| 12,624,556 | |
| 159,418 |
| 5.08 | % |
| 12,984,061 | |
| 157,841 |
| 4.82 | % |
Non-interest-earning assets | |
| 768,507 | |
|
|
|
| |
| 793,885 | |
|
|
| | |
| 775,432 | |
|
|
| | |
Total assets | | $ | 13,502,753 | |
|
|
|
| | $ | 13,418,441 | |
|
|
| | | $ | 13,759,493 | |
|
|
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity: | |
| | | | | | | | | | |
|
|
| | |
|
| |
|
|
| | |
Interest-bearing liabilities: | |
| | | | | | | | | | |
|
|
| | |
|
| |
| |
| | |
Interest-bearing checking (2) | | $ | 798,024 | | $ | 4,635 |
| 2.31 | % | $ | 631,403 | | $ | 1,499 |
| 0.95 | % | $ | 786,892 | | $ | 2,896 |
| 1.46 | % |
Money market | |
| 3,771,562 | |
| 36,841 |
| 3.89 | |
| 3,495,989 | |
| 33,193 |
| 3.82 | |
| 2,975,267 | |
| 24,275 |
| 3.24 | |
Savings (2) | |
| 2,102,282 | |
| 19,492 |
| 3.69 | |
| 2,336,202 | |
| 23,109 |
| 3.98 | |
| 2,342,424 | |
| 20,316 |
| 3.44 | |
Certificates of deposit | |
| 1,232,984 | |
| 13,057 |
| 4.21 | |
| 1,393,678 | |
| 15,077 |
| 4.35 | |
| 1,494,491 | |
| 15,020 |
| 3.99 | |
Total interest-bearing deposits | |
| 7,904,852 | |
| 74,025 |
| 3.73 | |
| 7,857,272 | |
| 72,878 |
| 3.73 | |
| 7,599,074 | |
| 62,507 |
| 3.26 | |
FHLBNY advances | |
| 528,652 | |
| 4,455 |
| 3.35 | |
| 671,242 | |
| 6,429 |
| 3.85 | |
| 1,250,717 | |
| 14,370 |
| 4.56 | |
Subordinated debt, net | |
| 271,450 | |
| 4,307 |
| 6.31 | |
| 202,232 | |
| 2,604 |
| 5.18 | |
| 200,232 | |
| 2,553 |
| 5.06 | |
Other short-term borrowings | |
| 131 | |
| 2 |
| 6.07 | |
| — | |
| — |
| — | |
| 120 | |
| 2 |
| 6.61 | |
Total borrowings | |
| 800,233 | |
| 8,764 |
| 4.36 | |
| 873,474 | |
| 9,033 |
| 4.16 | |
| 1,451,069 | |
| 16,925 |
| 4.63 | |
Derivative cash collateral | | | 91,305 | | | 1,526 | | 6.65 | | | 145,702 | | | 2,005 | | 5.53 | | | 156,795 | | | 1,930 | | 4.88 | |
Total interest-bearing liabilities | |
| 8,796,390 | |
| 84,315 |
| 3.81 | % |
| 8,876,448 | |
| 83,916 |
| 3.80 | % |
| 9,206,938 | |
| 81,362 |
| 3.51 | % |
Non-interest-bearing checking (2) | |
| 3,209,502 | |
|
|
|
| |
| 3,042,382 | |
|
|
|
| |
| 3,065,186 | |
|
|
|
| |
Other non-interest-bearing liabilities | |
| 223,546 | |
|
|
|
| |
| 242,980 | |
|
|
|
| |
| 265,559 | |
|
|
|
| |
Total liabilities | |
| 12,229,438 | |
|
|
|
| |
| 12,161,810 | |
|
|
|
| |
| 12,537,683 | |
|
|
|
| |
Stockholders' equity | |
| 1,273,315 | |
|
|
|
| |
| 1,256,631 | |
|
|
|
| |
| 1,221,810 | |
|
|
|
| |
Total liabilities and stockholders' equity | | $ | 13,502,753 | |
|
|
|
| | $ | 13,418,441 | |
|
|
|
| | $ | 13,759,493 | |
|
|
|
| |
Net interest income | |
|
| | $ | 79,924 |
|
| |
|
| | $ | 75,502 |
|
| |
|
| | $ | 76,479 |
|
| |
Net interest rate spread | |
|
| |
|
|
| 1.32 | % |
|
| |
|
|
| 1.28 | % |
|
| |
|
|
| 1.31 | % |
Net interest margin | |
|
| |
|
|
| 2.50 | % |
|
| |
|
|
| 2.41 | % |
|
| |
|
|
| 2.34 | % |
Deposits (including non-interest-bearing checking accounts) (2) | | $ | 11,114,354 | | $ | 74,025 |
| 2.65 | % | $ | 10,899,654 | | $ | 72,878 |
| 2.69 | % | $ | 10,664,260 | | $ | 62,507 |
| 2.33 | % |
(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
(2) Includes mortgage escrow deposits.
Page 9
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
(Dollars in thousands)
|
| At or For the Three Months Ended | |||||||
| | September 30, |
| June 30, |
| September 30, | |||
Asset Quality Detail | | 2024 | | 2024 | | 2023 | |||
Non-performing loans ("NPLs") |
| |
|
| |
|
| |
|
Business loans (1) | | $ | 25,411 | | $ | 20,287 | | $ | 19,555 |
One-to-four family residential, including condominium and cooperative apartment | | | 3,880 | | | 3,884 | | | 2,874 |
Multifamily residential and residential mixed-use | |
| — | |
| — | |
| — |
Non-owner-occupied commercial real estate | |
| 19,509 | |
| 15 | |
| 15 |
Acquisition, development, and construction | | | 657 | | | 657 | | | 657 |
Other loans | |
| 6 | |
| — | |
| 219 |
Total Non-accrual loans | | $ | 49,463 | | $ | 24,843 | | $ | 23,320 |
Total Non-performing assets ("NPAs") | | $ | 49,463 | | $ | 24,843 | | $ | 23,320 |
| | | | | | | | | |
Total loans 90 days delinquent and accruing ("90+ Delinquent") | | $ | — | | $ | — | | $ | — |
| | | | | | | | | |
NPAs and 90+ Delinquent | | $ | 49,463 | | $ | 24,843 | | $ | 23,320 |
| | | | | | | | | |
NPAs and 90+ Delinquent / Total assets | | | 0.36% | | | 0.18% | | | 0.17% |
Net charge-offs ("NCOs") | | $ | 4,199 | | $ | 3,640 | | $ | 4,864 |
NCOs / Average loans (2) | | | 0.15% | | | 0.14% | | | 0.18% |
(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
(2) Calculated based on annualized NCOs to average loans, excluding loans held for sale.
Page 10
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)
The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.
The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net (gain) loss on sale of securities and other assets, severance, the FDIC special assessment and loss on extinguishment of debt:
| | Three Months Ended | | Nine Months Ended |
| |||||||||||
|
| September 30, |
| June 30, |
| September 30, |
| September 30, | | September 30, |
| |||||
| | 2024 | | 2024 | | 2023 | | 2024 | | 2023 |
| |||||
Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders | | | | | | | | | | | | | | | | |
Reported net income available to common stockholders | | $ | 11,505 | | $ | 16,657 | | $ | 13,163 | | $ | 44,032 | | $ | 74,321 | |
Adjustments to net income (1): | |
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Fair value change in equity securities and loans held for sale | | | (39) | | | 416 | | | 299 | | | 1,219 | | | 1,079 | |
Net (gain) loss on sale of securities and other assets | |
| (2) | |
| (3,695) | |
| 22 | | | (6,665) | | | 1,469 | |
Severance | |
| — | |
| — | |
| 8,562 | | | 42 | | | 9,068 | |
Loss on extinguishment of debt | | | 1 | | | — | | | — | | | 454 | | | — | |
Income tax effect of adjustments | | | 13 | | | 1,043 | | | (176) | | | 1,574 | | | (985) | |
Adjusted net income available to common stockholders (non-GAAP) | | $ | 11,478 | | $ | 14,421 | | $ | 21,870 | | $ | 40,656 | | $ | 84,952 | |
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Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above) | | | | |
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Adjusted EPS (Diluted) | | $ | 0.29 | | $ | 0.37 | | $ | 0.56 | | $ | 1.04 | | $ | 2.19 | |
Adjusted return on average assets | |
| 0.39 | % |
| 0.48 | % |
| 0.69 | % |
| 0.45 | % |
| 0.88 | % |
Adjusted return on average equity | |
| 4.18 | |
| 5.17 | |
| 7.76 | |
| 4.89 | |
| 9.95 | |
Adjusted return on average tangible common equity | |
| 4.69 | |
| 5.97 | |
| 9.38 | |
| 5.60 | |
| 12.25 | |
Adjusted non-interest expense to average assets | |
| 1.70 | |
| 1.65 | |
| 1.48 | |
| 1.62 | |
| 1.46 | |
Adjusted efficiency ratio | |
| 65.6 | |
| 65.9 | |
| 59.7 | |
| 65.5 | |
| 54.7 | |
(1) Adjustments to net income are taxed at the Company's approximate statutory tax rate.
The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):
| | Three Months Ended | | | Nine Months Ended | ||||||||||
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| September 30, | | | June 30, | | | September 30, | | | September 30, |
| | September 30, |
|
| | 2024 | | | 2024 | | | 2023 | | | 2024 | | | 2023 |
|
Operating expense as a % of average assets - as reported |
| 1.71 | % | | 1.66 | % | | 1.73 | % | | 1.63 | % | | 1.56 | % |
Loss on extinguishment of debt | | — | | | — | | | — | | | — | | | — | |
Severance | | — | | | — | | | (0.25) | | | — | | | (0.09) | |
Amortization of other intangible assets | | (0.01) | | | (0.01) | | | — | | | (0.01) | | | (0.01) | |
Adjusted operating expense as a % of average assets (non-GAAP) |
| 1.70 | % | | 1.65 | % | | 1.48 | % | | 1.62 | % | | 1.46 | % |
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The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
| | Three Months Ended | | Nine Months Ended |
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| September 30, |
| June 30, |
| September 30, |
| September 30, |
| September 30, |
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| | 2024 | | 2024 | | 2023 | | 2024 | | 2023 |
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Efficiency ratio - as reported (non-GAAP) (1) |
| | 65.9 | % | | 63.8 | % | | 70.5 | % | | 64.6 | % | | 59.0 | % |
Non-interest expense - as reported | | $ | 57,729 | | $ | 55,694 | | $ | 59,523 | | $ | 165,934 | | $ | 159,184 | |
Severance | | | — | | | — | | | (8,562) | | | (42) | | | (9,068) | |
Loss on extinguishment of debt | | | (1) | | | — | | | — | | | (454) | | | — | |
Amortization of other intangible assets | |
| (286) | |
| (285) | |
| (349) | |
| (878) | |
| (1,075) | |
Adjusted non-interest expense (non-GAAP) | | $ | 57,442 | | $ | 55,409 | | $ | 50,612 | | $ | 164,560 | | $ | 149,041 | |
Net interest income - as reported | | $ | 79,924 | | $ | 75,502 | | $ | 76,479 | | $ | 226,956 | | $ | 242,450 | |
Non-interest income - as reported | | $ | 7,631 | | $ | 11,808 | | $ | 7,928 | | $ | 29,906 | | $ | 27,334 | |
Fair value change in equity securities and loans held for sale | | | (39) | |
| 416 | |
| 299 | |
| 1,219 | |
| 1,079 | |
Net (gain) loss on sale of securities and other assets | |
| (2) | |
| (3,695) | |
| 22 | |
| (6,665) | |
| 1,469 | |
Adjusted non-interest income (non-GAAP) | | $ | 7,590 | | $ | 8,529 | | $ | 8,249 | | $ | 24,460 | | $ | 29,882 | |
Adjusted total revenues for adjusted efficiency ratio (non-GAAP) | | $ | 87,514 | | $ | 84,031 | | $ | 84,728 | | $ | 251,416 | | $ | 272,332 | |
Adjusted efficiency ratio (non-GAAP) (2) | |
| 65.6 | % |
| 65.9 | % |
| 59.7 | % |
| 65.5 | % |
| 54.7 | % |
| (1) | The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income. |
| (2) | The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income. |
The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):
|
| September 30, |
| June 30, |
| September 30, |
| |||
| | 2024 | | 2024 | | 2023 |
| |||
Reconciliation of Tangible Assets: |
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Total assets | | $ | 13,746,529 | | $ | 13,548,763 | | $ | 13,651,405 | |
Goodwill | |
| (155,797) | |
| (155,797) | |
| (155,797) | |
Other intangible assets | | | (4,181) | |
| (4,467) | |
| (5,409) | |
Tangible assets (non-GAAP) | | $ | 13,586,551 | | $ | 13,388,499 | | $ | 13,490,199 | |
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Reconciliation of Tangible Common Equity - Consolidated: | | | | | | | | | | |
Total stockholders' equity | | $ | 1,263,929 | | $ | 1,250,596 | | $ | 1,204,344 | |
Goodwill | |
| (155,797) | |
| (155,797) | |
| (155,797) | |
Other intangible assets | | | (4,181) | |
| (4,467) | |
| (5,409) | |
Tangible equity (non-GAAP) | | | 1,103,951 | | | 1,090,332 | | | 1,043,138 | |
Preferred stock, net | |
| (116,569) | |
| (116,569) | |
| (116,569) | |
Tangible common equity (non-GAAP) | | $ | 987,382 | | $ | 973,763 | | $ | 926,569 | |
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Common shares outstanding | | | 39,152 | | | 39,148 | | | 38,811 | |
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Tangible common equity to tangible assets (non-GAAP) | | | 7.27 | % | | 7.27 | % | | 6.87 | % |
Tangible equity to tangible assets (non-GAAP) | | | 8.13 | | | 8.14 | | | 7.73 | |
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Book value per common share | | $ | 29.31 | | $ | 28.97 | | $ | 28.03 | |
Tangible common book value per share (non-GAAP) | | | 25.22 | | | 24.87 | | | 23.87 | |