PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2020

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

19. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of Dime Community Bancshares, Inc. (Parent Company only) follows:

Condensed Balance Sheets

	December 31,
(In thousands)	2020		2019
Assets:
Cash and cash equivalents	$	280	$	3,663
Other assets		554		174
Investment in the Bank		596,703		573,410
Total assets	$	597,537	$	577,247
Liabilities and stockholders’ equity:
Subordinated debentures	$	79,059	$	78,920
Other liabilities		647		1,173
Total liabilities		79,706		80,093
Total stockholders’ equity		517,831		497,154
Total liabilities and stockholders’ equity	$	597,537	$	577,247

Condensed Statements of Income

	Year Ended December 31,
(In thousands)	2020		2019		2018
Dividends from the Bank	$	26,500	$	24,500	$	15,000
Interest expense		4,401		4,539		4,539
Non-interest expense		252		104		135
Income before income taxes and equity in undistributed earnings of the Bank		21,847		19,857		10,326
Income tax benefit		(1,280)		(994)		(1,005)
Income before equity in undistributed earnings of the Bank		23,127		20,851		11,331
Equity in undistributed earnings of the Bank		18,915		30,840		27,896
Net income	$	42,042	$	51,691	$	39,227

Condensed Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	42,042	$	51,691	$	39,227
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the Bank		(18,915)		(30,840)		(27,896)
Amortization		139		139		140
(Increase) decrease in other assets		(379)		(73)		108
(Decrease) increase in other liabilities		(526)		39		11
Net cash provided by operating activities		22,361		20,956		11,590
Cash flows from financing activities:
Net proceeds from issuance of common stock		1,267		1,102		1,017
Purchase of treasury stock		(4,633)		(625)		—
Repurchase of surrendered stock from vesting of stock plans		(3,181)		(887)		(586)
Cash dividends paid		(19,197)		(18,420)		(18,342)
Net cash used in financing activities		(25,744)		(18,830)		(17,911)
Net (decrease) increase in cash and cash equivalents		(3,383)		2,126		(6,321)
Cash and cash equivalents at beginning of year		3,663		1,537		7,858
Cash and cash equivalents at end of year	$	280	$	3,663	$	1,537