CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2021

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

26. CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

The following statements of condition as of December 31, 2021 and 2020, and the related statements of income and cash flows for the years ended December 31, 2021, 2020 and 2019, reflect the Holding Company’s investment in its wholly-owned subsidiary, the Bank, using, as deemed appropriate, the equity method of accounting:

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF FINANCIAL CONDITION

	December 31,
(In thousands)	2021		2020
ASSETS:
Cash and due from banks	$	27,364	$	106,014
Securities available-for-sale, at fair value		3,068		—
Marketable equity securities, at fair value		—		5,970
Investment in subsidiaries		1,366,796		703,107
Other assets		4,285		1,018
Total assets	$	1,401,513	$	816,109
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Subordinated debt, net	$	197,096	$	114,052
Other liabilities		11,797		961
Stockholders’ equity		1,192,620		701,096
Total liabilities and stockholders’ equity	$	1,401,513	$	816,109

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME ⁽¹⁾

	Year Ended December 31,
(In thousands)	2021		2020		2019
Net interest loss	$	(8,427)	$	(5,147)	$	(5,147)
Dividends received from Bank		20,000		30,000		52,500
Non-interest income		136		361		531
Non-interest expense		(4,361)		(1,176)		(1,003)
Income before income taxes and equity in undistributed earnings of direct subsidiaries		7,348		24,038		46,881
Income tax credit		4,051		1,819		1,785
Income before equity in undistributed earnings of direct subsidiaries		11,399		25,857		48,666
Equity in undistributed earnings of subsidiaries		92,597		16,461		(12,480)
Net income	$	103,996	$	42,318	$	36,186

(1) Other comprehensive income for the Holding Company approximated other comprehensive income for the consolidated Company during the years ended December 31, 2021, 2020 and 2019.

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2021		2020		2019
Cash flows from operating activities:
Net income	$	103,996	$	42,318	$	36,186
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of direct subsidiaries		(92,597)		(16,461)		12,480
Net gain on marketable equity securities		(131)		(361)		(531)
Net accretion		(157)		146		147
Decrease (increase) in other assets		761		(502)		26
Increase in other liabilities		269		214		388
Net cash provided by operating activities		12,141		25,354		48,696
Cash flows from investing activities:
Proceeds sales of marketable equity securities		6,101		546		570
Purchases of securities available-for-sale and marketable equity securities		(3,000)		(261)		(266)
Reimbursement from subsidiary, including purchases of securities available-for-sale		—		2		26
Net cash received in business combination		11,545		—		—
Net cash provided by investing activities		14,646		287		330
Cash flows from financing activities:
Redemption of preferred stock		—		(3)		(1)
Proceeds from preferred stock issuance, net		—		116,569		—
Proceeds from exercise of stock options		431		38		367
Release of stock for benefit plan awards		1,153		84		131
Payments related to tax withholding for equity awards		(111)		(3,060)		(133)
BMP ESOP shares received to satisfy distribution of retirement benefits		(993)		—		(4)
Treasury shares repurchased		(59,280)		(35,356)		(24,191)
Cash dividends paid to preferred stockholders		(7,286)		(4,783)		—
Cash dividends paid to common stockholders		(39,351)		(18,696)		(20,082)
Net cash (used in) provided by financing activities		(105,437)		54,793		(43,913)
Net (decrease) increase in cash and due from banks		(78,650)		80,434		5,113
Cash and due from banks, beginning of period		106,014		25,580		20,467
Cash and due from banks, end of period	$	27,364	$	106,014	$	25,580