10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2023

OR

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

For the transition period from to

Commission file number 001-34096

DIME COMMUNITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

N/A

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

New York	11-2934195
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification number)
898 Veterans Memorial Highway, Suite 560, Hauppauge, NY	11788
(Address of principal executive offices)	(Zip Code)

(631) 537-1000

(Registrant’s telephone number, including area code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	DCOM	The NASDAQ Stock Market
Preferred Stock, Series A, $0.01 Par Value	DCOMP	The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all the reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer" "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒	Accelerated Filer ☐
Non-Accelerated Filer  ☐	Smaller Reporting Company  ☐
	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐   NO ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Classes of Common Stock	Number of shares outstanding at July 31, 2023
$0.01 Par Value	38,826,921

PART I – FINANCIAL INFORMATION		Page
Item 1.	Unaudited Condensed Consolidated Financial Statements
	Consolidated Statements of Financial Condition at June 30, 2023 and December 31, 2022	4
	Consolidated Statements of Income for the Three and Six Months Ended June 30, 2023 and 2022	5
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022	6
	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2023 and 2022	7
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022	9
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4.	Controls and Procedures	55
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	55
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 3.	Defaults Upon Senior Securities	56
Item 4.	Mine Safety Disclosures	56
Item 5.	Other Information	56
Item 6.	Exhibits	59
	Signatures	60

2

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q 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,” “seek,” “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 Dime Community Bancshares, Inc. (together with its direct and indirect subsidiaries, 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 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 conditions or results to differ materially from those expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. These factors include, without limitation, the following:

● increases in competitive pressure among financial institutions or from non-financial institutions;

● inflation and fluctuation in market interest rates, which may affect demand for our products, interest margins and the fair value of financial instruments;

● changes in deposit flows, loan demand or real estate values;

● changes in the quality and composition of our loan or investment portfolios or unanticipated or significant increases in loan losses;

● changes in accounting principles, policies or guidelines;

● changes in corporate and/or individual income tax laws or policies;

● general socio-economic conditions, including conditions caused by COVID-19 pandemic, other 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;

● legislative, regulatory or policy changes;

● technological changes;

● breaches or failures of the Company’s information technology security systems;

● difficulties or unanticipated expenses incurred in the consummation of new business initiatives or the integration of any acquired entities;

● litigation or matters before regulatory agencies; and

● the risks referred to in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.

3

Item 1.   Condensed Consolidated Financial Statements

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(Dollars in thousands except share amounts)

	June 30,		December 31,
	2023		2022
Assets:
Cash and due from banks	$	452,504	$	169,297
Securities available-for-sale, at fair value		894,856		950,587
Securities held-to-maturity		603,960		585,798
Loans held for sale		371		—
Loans held for investment, net of fees and costs		10,876,415		10,566,831
Allowance for credit losses		(75,646)		(83,507)
Total loans held for investment, net		10,800,769		10,483,324
Premises and fixed assets, net		45,890		46,749
Restricted stock		104,724		88,745
Bank Owned Life Insurance ("BOLI")		337,083		333,292
Goodwill		155,797		155,797
Other intangible assets		5,758		6,484
Operating lease assets		54,931		57,857
Derivative assets		147,740		154,485
Accrued interest receivable		51,787		48,561
Other assets		146,692		108,945
Total assets	$	13,802,862	$	13,189,921
Liabilities:
Interest-bearing deposits	$	7,567,874	$	6,734,997
Non-interest-bearing deposits		2,884,184		3,449,763
Deposits (excluding mortgage escrow deposits)		10,452,058		10,184,760
Non-interest-bearing mortgage escrow deposits		70,431		69,455
Interest-bearing mortgage escrow deposits		203		192
Total mortgage escrow deposits		70,634		69,647
Federal Home Loan Bank of New York ("FHLBNY") advances		1,448,000		1,131,000
Other short-term borrowings		—		1,360
Subordinated debt, net		200,240		200,283
Derivative cash collateral		140,160		153,040
Operating lease liabilities		57,547		60,340
Derivative liabilities		131,130		137,335
Other liabilities		100,590		82,573
Total liabilities		12,600,359		12,020,338
Commitments and contingencies		—		—
Stockholders' equity:
Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 10,000,000 shares authorized and 5,299,200 shares issued and outstanding at June 30, 2023 and December 31, 2022)		116,569		116,569
Common stock ($0.01 par, 80,000,000 shares authorized, 41,632,327 and 41,621,772 shares shares issued at June 30, 2023 and December 31, 2022, and 38,803,119 shares and 38,573,000 shares outstanding at June 30, 2023 and December 31, 2022, respectively)		416		416
Additional paid-in capital		493,955		495,410
Retained earnings		804,532		762,762
Accumulated other comprehensive loss, net of deferred taxes		(104,385)		(94,379)
Unearned equity awards		(11,746)		(8,078)
Treasury stock, at cost (2,829,208 shares and 3,048,772 shares at June 30, 2023 and December 31, 2022, respectively)		(96,838)		(103,117)
Total stockholders' equity		1,202,503		1,169,583
Total liabilities and stockholders' equity	$	13,802,862	$	13,189,921

See notes to unaudited condensed consolidated financial statements.

4

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in thousands except per share amounts)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Interest income:
Loans	$	138,310	$	93,102	$	266,749	$	179,522
Securities		7,914		7,067		16,345		14,198
Other short-term investments		5,867		741		9,669		1,109
Total interest income		152,091		100,910		292,763		194,829
Interest expense:
Deposits and escrow		52,616		3,731		89,888		6,262
Borrowed funds		17,759		3,573		33,930		5,851
Derivative cash collateral		1,497		94		2,974		95
Total interest expense		71,872		7,398		126,792		12,208
Net interest income		80,219		93,512		165,971		182,621
Provision (recovery) for credit losses		892		44		(2,756)		(1,548)
Net interest income after provision (recovery) for credit losses		79,327		93,468		168,727		184,169
Non-interest income:
Service charges and other fees		4,856		4,337		8,670		8,395
Title fees		246		683		538		1,104
Loan level derivative income		2,437		1,685		5,570		1,691
BOLI income		2,852		4,143		5,015		5,982
Gain on sale of Small Business Administration ("SBA") loans		210		723		726		965
Gain on sale of residential loans		34		191		82		339
Loss on equity securities		(780)		—		(780)		—
Net loss on sale of securities and other assets		—		—		(1,447)		—
Other		550		362		1,032		851
Total non-interest income		10,405		12,124		19,406		19,327
Non-interest expense:
Salaries and employee benefits		29,900		28,454		56,534		59,288
Severance		481		2,193		506		2,193
Occupancy and equipment		7,144		7,396		14,517		14,980
Data processing costs		4,197		3,913		8,435		7,718
Marketing		1,488		1,515		2,937		2,810
Professional services		1,676		2,028		3,599		4,122
Federal deposit insurance premiums		1,874		1,150		3,747		2,300
Loss from extinguishment of debt		—		740		—		740
Amortization of other intangible assets		349		430		726		1,016
Other		5,077		4,019		8,660		6,559
Total non-interest expense		52,186		51,838		99,661		101,726
Income before income taxes		37,546		53,754		88,472		101,770
Income tax expense		10,048		15,269		23,671		28,754
Net income		27,498		38,485		64,801		73,016
Preferred stock dividends		1,822		1,822		3,643		3,643
Net income available to common stockholders	$	25,676	$	36,663	$	61,158	$	69,373
Earnings per common share:
Basic	$	0.66	$	0.94	$	1.58	$	1.76
Diluted	$	0.66	$	0.94	$	1.58	$	1.76

See notes to unaudited condensed consolidated financial statements.

5

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands except per share amounts)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income	$	27,498	$	38,485	$	64,801	$	73,016
Other comprehensive income (loss):
Change in unrealized gain (loss) on securities:
Change in net unrealized loss during the period		(11,291)		(33,157)		(13,593)		(103,288)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets		—		—		1,447		—
Accretion of net unrealized loss on securities transferred to held-to-maturity		796		829		1,553		999
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense		(370)		(936)		(740)		(1,870)
Change in the net actuarial gain		814		998		1,035		1,995
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period		1,586		2,309		(525)		9,161
Reclassification adjustment for expense included in interest expense		299		(54)		(14)		(23)
Other comprehensive loss before income taxes		(8,166)		(30,011)		(10,837)		(93,026)
Deferred tax expense		(2,419)		(9,441)		(831)		(29,257)
Total other comprehensive loss, net of tax		(5,747)		(20,570)		(10,006)		(63,769)
Total comprehensive income	$	21,751	$	17,915	$	54,795	$	9,247

See notes to unaudited condensed consolidated financial statements.

6

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands)

	Six Months Ended June 30, 2023
										Accumulated
										Other
										Comprehensive
	Number of					Additional				Loss,		Unearned		Treasury		Total
	Shares of	Preferred		Common		Paid-in		Retained		Net of Deferred		Equity		Stock,		Stockholders’
	Common Stock	Stock		Stock		Capital		Earnings		Taxes		Awards		at cost		Equity
Beginning balance as of January 1, 2023	38,573,000	$	116,569	$	416	$	495,410	$	762,762	$	(94,379)	$	(8,078)	$	(103,117)	$	1,169,583
Net income	—		—		—		—		37,303		—		—		—		37,303
Other comprehensive loss, net of tax	—		—		—		—		—		(4,259)		—		—		(4,259)
Release of shares, net of forfeitures	293,106		—		—		(1,608)		—		—		(6,692)		8,507		207
Stock-based compensation	—		—		—		—		—		—		1,302		—		1,302
Shares received related to tax withholding	(36,932)		—		—		(1)		—		—		—		(1,112)		(1,113)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,821)		—		—		—		(1,821)
Cash dividends declared to common stockholders	—		—		—		—		(9,234)		—		—		—		(9,234)
Purchase of treasury stock	(24,813)		—		—		—		—		—		—		(715)		(715)
Ending balance as of March 31, 2023	38,804,361		116,569		416		493,801		789,010		(98,638)		(13,468)		(96,437)		1,191,253
Net income	—		—		—		—		27,498		—		—		—		27,498
Other comprehensive loss, net of tax	—		—		—		—		—		(5,747)		—		—		(5,747)
Release of shares, net of forfeitures	13,262		—		—		154		—		—		364		(123)		395
Stock-based compensation	—		—		—		—		—		—		1,358		—		1,358
Shares received related to tax withholding	(2,504)		—		—		—		—		—		—		(46)		(46)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders	—		—		—		—		(10,154)		—		—		—		(10,154)
Purchase of treasury stock	(12,000)		—		—		—		—		—		—		(232)		(232)
Ending balance as of June 30, 2023	38,803,119	$	116,569	$	416	$	493,955	$	804,532	$	(104,385)	$	(11,746)	$	(96,838)	$	1,202,503

7

	Six Months Ended June 30, 2022
										Accumulated
										Other
										Comprehensive
	Number of					Additional				Loss,		Unearned		Treasury		Total
	Shares of	Preferred		Common		Paid-in		Retained		Net of Deferred		Equity		Stock,		Stockholders’
	Common Stock	Stock		Stock		Capital		Earnings		Taxes		Awards		at cost		Equity
Beginning balance as of January 1, 2022	39,877,833	$	116,569	$	416	$	494,125	$	654,726	$	(6,181)	$	(7,842)	$	(59,193)	$	1,192,620
Net income	—		—		—		—		34,531		—		—		—		34,531
Other comprehensive income, net of tax	—		—		—		—		—		(43,199)		—		—		(43,199)
Release of shares, net of forfeitures	127,812		—		—		844		—		—		(3,939)		3,284		189
Stock-based compensation	—		—		—		—		—		—		1,219		—		1,219
Shares received related to tax withholding	(40,731)		—		—		—		—		—		—		(1,414)		(1,414)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,821)		—		—		—		(1,821)
Cash dividends declared to common stockholders	—		—		—		—		(9,446)		—		—		—		(9,446)
Purchase of treasury stock	(505,005)		—		—		—		—		—		—		(17,392)		(17,392)
Ending balance as of March 31, 2022	39,459,909		116,569		416		494,969		677,990		(49,380)		(10,562)		(74,715)		1,155,287
Net income	—		—		—		—		38,485		—		—		—		38,485
Other comprehensive income, net of tax	—		—		—		—		—		(20,570)		—		—		(20,570)
Release of shares, net of forfeitures	27,125		—		—		297		—		—		(644)		726		379
Stock-based compensation	—		—		—		—		—		—		946		—		946
Shares received related to tax withholding	(37)		—		—		—		—		—		—		(1)		(1)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders, net	—		—		—		—		(9,282)		—		—		—		(9,282)
Purchase of treasury stock	(717,644)		—		—		—		—		—		—		(22,900)		(22,900)
Ending balance as of June 30, 2022	38,769,353	$	116,569	$	416	$	495,266	$	705,371	$	(69,950)	$	(10,260)	$	(96,890)	$	1,140,522

See notes to unaudited condensed consolidated financial statements.

8

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

	Six Months Ended June 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	64,801	$	73,016
Adjustments to reconcile net income to net cash provided by operating activities:
Net loss on sales of securities available-for-sale and other assets		1,447		—
Loss on equity securities		780		—
Net gain on sale of loans held for sale		(808)		(1,304)
Net depreciation, amortization and accretion		3,056		4,370
Amortization of other intangible assets		726		1,016
Loss on extinguishment of debt		—		740
Stock-based compensation		2,660		2,165
Recovery for credit losses		(2,756)		(1,548)
Originations of loans held for sale		(4,570)		(14,790)
Proceeds from sale of loans originated for sale		14,510		28,069
Increase in cash surrender value of BOLI		(4,370)		(3,826)
Gain from death benefits from BOLI		(645)		(2,156)
Increase in other assets		(31,711)		(32,856)
Increase in other liabilities		1,492		94,513
Net cash provided by operating activities		44,612		147,409
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale		77,804		—
Purchases of securities available-for-sale		(78,667)		(6,210)
Purchases of securities held-to-maturity		(27,136)		(41,631)
Proceeds from calls and principal repayments of securities available-for-sale		38,389		112,270
Proceeds from calls and principal repayments of securities held-to-maturity		10,680		14,102
Purchase of BOLI		—		(30,000)
Proceeds received from cash surrender value of BOLI		—		2,843
Proceeds from the sale of portfolio loans transferred to held for sale		1,701		13,201
Net increase in loans		(326,105)		(439,736)
Purchases of fixed assets, net		(2,435)		(1,753)
Purchases of restricted stock, net		(15,979)		(4,378)
Net cash used in investing activities		(321,748)		(381,292)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits		268,386		107,245
Proceeds from FHLBNY advances, short-term, net		155,000		75,000
Proceeds from FHLBNY advances, long-term		162,000		—
(Repayments) proceeds of other short-term borrowings, net		(1,360)		300
Proceeds from subordinated debentures issuance, net		—		157,559
Redemption of subordinated debentures		—		(155,000)
Release of stock for benefit plan awards		602		568
Payments related to tax withholding for equity awards		(1,159)		(1,415)
Purchase of treasury stock		(947)		(40,292)
Cash dividends paid to preferred stockholders		(3,643)		(3,643)
Cash dividends paid to common stockholders		(18,536)		(18,674)
Net cash provided by financing activities		560,343		121,648
Increase (decrease) in cash and cash equivalents		283,207		(112,235)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		169,297		393,722
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	452,504	$	281,487
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	29,470	$	22,057
Cash paid for interest		114,017		10,895
Securities available-for-sale transferred to held-to-maturity		—		372,153
Loans transferred to held for sale		11,049		24,178
Premises transferred to (from) held for sale		—		4,078
Operating lease assets in exchange for operating lease liabilities		2,749		1,004

See notes to unaudited condensed consolidated financial statements.

9

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.BASIS OF PRESENTATION

Dime Community Bancshares, Inc. (the “ Holding Company”) is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank (“the Bank”). The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Holding Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Holding Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations include Dime Community Inc., a real estate investment trust subsidiary which was formerly known as Bridgehampton Community, Inc., as an operating subsidiary. Our bank operations also include Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. In September 2021, the Company dissolved two REITs, DSBW Preferred Funding Corporation and DSBW Residential Preferred Funding Corporation, which were wholly-owned subsidiaries of the Bank, and the preferred shares outstanding were redeemed by their shareholders. As of June 30, 2023, we operated 60 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, Bronx and Staten Island.  

The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.”

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited consolidated financial statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Such estimates are subject to change in the future as additional information becomes available or previously existing circumstances are modified. Actual future results could differ significantly from those estimates. The annualized results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain reclassifications have been made to prior year amounts, and the related discussion and analysis, to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which remain significantly unchanged and have been followed similarly as in prior periods.

2.SUMMARY OF ACCOUNTING POLICIES

Summary of Significant Accounting Policies

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of June 30, 2023 and December 31, 2022, the results of operations and statements of comprehensive income for the three and six months ended June 30, 2023 and 2022, the changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022.

Please see "Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies" for a discussion of areas in the accompanying unaudited condensed consolidated financial statements utilizing significant estimates.

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Adoption of Recent Accounting Standards

ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method

On March 28, 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. The purpose of this updated guidance is to further align risk management objectives with hedge accounting results on the application of the last-of-layer method, which was first introduced in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2022-01 is effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption in the interim period, permitted. For entities who have already adopted ASU 2017-12, immediate adoption is allowed.  The Company adopted this ASU on January 1, 2023, on a prospective basis; therefore, there was no impact to the consolidated financial statements.

ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

ASU 2022-02 eliminates troubled debt restructuring (“TDR”) recognition and measurement guidance and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have adopted the amendments of ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This ASU is effective for the Company on January 1, 2023. The Company adopted ASU 2022-02 on its effective date using the modified retrospective method. The adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial statements.

ASU 2020-04, Reference Rate Reform (Topic 848)

ASU 2020-04 provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. Once optional expedients are elected, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic within the Codification. The Company adopted this ASU on July 1, 2023. The LIBOR transition is not anticipated to have a material effect on the Company's consolidated financial statements.

ASU 2021-01, Reference Rate Reform (Topic 848): Scope

ASU 2021-01 clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining, or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2021-01 is effective upon issuance and generally can be applied through December 31, 2022. The Company adopted this ASU on July 1, 2023. The LIBOR transition is not anticipated to have a material effect on the Company's consolidated financial statements.

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3.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Activity in accumulated other comprehensive (loss) income, net of tax, was as follows:

							Total
							Accumulated
			Defined				Other
			Benefit				Comprehensive
(In thousands)	Securities		Plans		Derivatives		Income (Loss)
Balance as of January 1, 2023	$	(100,870)	$	(5,266)	$	11,757	$	(94,379)
Other comprehensive (loss) income before reclassifications		(12,259)		729		(56)		(11,586)
Amounts reclassified from accumulated other comprehensive loss		2,111		(521)		(10)		1,580
Net other comprehensive (loss) income during the period		(10,148)		208		(66)		(10,006)
Balance as of June 30, 2023	$	(111,018)	$	(5,058)	$	11,691	$	(104,385)
Balance as of January 1, 2022	$	(7,864)	$	(1,306)	$	2,989	$	(6,181)
Other comprehensive (loss) income before reclassifications		(70,803)		1,368		6,279		(63,156)
Amounts reclassified from accumulated other comprehensive loss		685		(1,282)		(16)		(613)
Net other comprehensive (loss) income during the period		(70,118)		86		6,263		(63,769)
Balance as of June 30, 2022	$	(77,982)	$	(1,220)	$	9,252	$	(69,950)

The before and after tax amounts allocated to each component of other comprehensive (loss) income are presented in the table below for the periods indicated.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Change in unrealized gain (loss) on securities:
Change in net unrealized loss during the period	$	(11,291)	$	(33,157)	$	(13,593)	$	(103,288)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets		—		—		1,447		—
Accretion of net unrealized loss on securities transferred to held-to-maturity		796		829		1,553		999
Net change		(10,495)		(32,328)		(10,593)		(102,289)
Tax benefit		(3,109)		(10,169)		(445)		(32,171)
Net change in unrealized loss on securities, net of reclassification adjustments and tax		(7,386)		(22,159)		(10,148)		(70,118)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense		(370)		(936)		(740)		(1,870)
Change in the net actuarial gain		814		998		1,035		1,995
Net change		444		62		295		125
Tax expense		131		18		87		39
Net change in pension and other postretirement obligations		313		44		208		86
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period		1,586		2,309		(525)		9,161
Reclassification adjustment for expense included in interest expense		299		(54)		(14)		(23)
Net change		1,885		2,255		(539)		9,138
Tax expense (benefit)		559		710		(473)		2,875
Net change in unrealized (loss) gain on derivatives, net of reclassification adjustments and tax		1,326		1,545		(66)		6,263
Other comprehensive loss, net of tax	$	(5,747)	$	(20,570)	$	(10,006)	$	(63,769)

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4.EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock. In determining the weighted-average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted-average shares outstanding for basic and diluted EPS. Unvested RSA and performance-based share awards (“PSA”) shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted-average shares outstanding for basic and diluted EPS.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands except share and per share amounts)	2023		2022		2023		2022
Net income available to common stockholders	$	25,676	$	36,663	$	61,158	$	69,373
Less: Dividends paid and earnings allocated to participating securities		(417)		(432)		(806)		(806)
Income attributable to common stock	$	25,259	$	36,231	$	60,352	$	68,567
Weighted-average common shares outstanding, including participating securities		38,805,966		39,092,205		38,687,941		39,384,803
Less: weighted-average participating securities		(629,973)		(460,522)		(523,582)		(445,050)
Weighted-average common shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Basic EPS	$	0.66	$	0.94	$	1.58	$	1.76
Income attributable to common stock	$	25,259	$	36,231	$	60,352	$	68,567
Weighted-average common shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Weighted-average common equivalent shares outstanding		—		—		—		—
Weighted-average common and equivalent shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Diluted EPS	$	0.66	$	0.94	$	1.58	$	1.76

Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 92,137 weighted-average stock options outstanding for the three and six months ended June 30, 2023, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. There were 121,253 weighted-average stock options outstanding for the three and six months ended June 30, 2022, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

5.PREFERRED STOCK

On February 5, 2020, Legacy Dime completed an underwritten public offering of 2,999,200 shares, or $75.0 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the “Legacy Dime Preferred Stock”). The net proceeds received from the issuance of preferred stock at the time of closing were $72.2 million. On June 10, 2020, Legacy Dime completed an underwritten public offering, a reopening of its February 5, 2020 original issuance, of 2,300,000 shares, or $57.5 million in aggregate liquidation preference, of the Legacy Dime Preferred Stock. The net proceeds received from the issuance of preferred stock at the time of closing were $44.3 million.

At the Effective Time of the Merger, each outstanding share of the Legacy Dime Preferred Stock was converted into the right to receive one share of a newly created series of the Company’s preferred stock having the same powers, preferences and rights as the Legacy Dime Preferred Stock.

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The Company expects to pay dividends when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year. The preferred stock is perpetual and has no stated maturity. The Company may redeem the preferred stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to regulatory approval, on or after June 15, 2025 or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering.

6.SECURITIES

The following tables summarize the major categories of securities as of the dates indicated:

	June 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	10,000	$	—	$	(855)	$	9,145
Treasury securities		246,392		—		(17,785)		228,607
Corporate securities		169,589		—		(30,036)		139,553
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		253,191		—		(30,607)		222,584
Agency collateralized mortgage obligations ("CMOs")		317,307		2		(51,636)		265,673
State and municipal obligations		31,794		—		(2,500)		29,294
Total securities available-for-sale	$	1,028,273	$	2	$	(133,419)	$	894,856
	June 30, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,359	$	—	$	(13,284)	$	76,075
Corporate securities		9,000		—		(1,340)		7,660
Pass-through MBS issued by GSEs		286,918		—		(40,848)		246,070
Agency CMOs		218,683		—		(28,419)		190,264
Total securities held-to-maturity	$	603,960	$	—	$	(83,891)	$	520,069

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Treasury securities	$	246,899	$	—	$	(19,643)	$	227,256
Corporate securities		183,791		57		(17,075)		166,773
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		272,774		—		(31,534)		241,240
Agency collateralized mortgage obligations ("CMOs")		331,394		2		(50,057)		281,339
State and municipal obligations		37,000		—		(3,021)		33,979
Total securities available-for-sale	$	1,071,858	$	59	$	(121,330)	$	950,587
	December 31, 2022
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,157	$	—	$	(14,095)	$	75,062
Corporate securities		9,000		—		(553)		8,447
Pass-through MBS issued by GSEs		278,281		—		(40,960)		237,321
Agency CMOs		209,360		—		(24,431)		184,929
Total securities held-to-maturity	$	585,798	$	—	$	(80,039)	$	505,759

There were no transfers to or from securities held-to-maturity during the three or six months ended June 30, 2023. During the six months ended June 30, 2022, the Company transferred securities with a book value of $400.0 million from

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available-for-sale to held-to-maturity. The transfers occurred at fair value totaling $372.2 million. The related unrealized losses of $27.8 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer. There were no transfers of securities held-to-maturity to securities available-for-sale during the six months ended June 30, 2022.

The carrying amount of securities pledged at June 30, 2023 and December 31, 2022 was $573.9 million and $631.4 million, respectively.

At June 30, 2023 and December 31, 2022, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity.

The amortized cost and fair value of securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.  Securities not due at a single maturity date are shown separately.  

	June 30, 2023
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	43,224	$	41,505
One to five years		237,304		218,555
Five to ten years		177,248		146,540
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		570,497		488,256
Total	$	1,028,273	$	894,856
Held-to-maturity
Within one year	$	—	$	—
One to five years		10,000		9,279
Five to ten years		88,359		74,456
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		505,601		436,334
Total	$	603,960	$	520,069

The following table presents the information related to sales of securities available-for-sale as of the periods indicated:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Securities available-for-sale
Proceeds	$	—	$	—	$	77,804	$	—
Gross gains		—		—		130		—
Tax expense on gains		—		—		39		—
Gross losses		—		—		1,577		—
Tax benefit on losses		—		—		467		—

There were no sales of securities held-to-maturity during the three or six months ended June 30, 2023 and 2022.  

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The following table summarizes the gross unrealized losses and fair value of securities available-for-sale aggregated by investment category and the length of time the securities were in a continuous unrealized loss position as of the dates indicated:

	June 30, 2023
	Less than 12				12 Consecutive
	Consecutive Months				Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Agency notes	$	—	$	—	$	9,145	$	855	$	9,145	$	855
Treasury securities		—		—		228,607		17,785		228,607		17,785
Corporate securities		68,385		11,962		71,168		18,074		139,553		30,036
Pass-through MBS issued by GSEs		24,222		1,154		198,362		29,453		222,584		30,607
Agency CMOs		990		27		259,681		51,609		260,671		51,636
State and municipal obligations		1,970		79		26,824		2,421		28,794		2,500

	December 31, 2022
	Less than 12				12 Consecutive
	Consecutive Months				Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Treasury securities	$	—	$	—	$	227,256	$	19,643	$	227,256	$	19,643
Corporate securities		110,707		8,494		50,116		8,581		160,823		17,075
Pass-through MBS issued by GSEs		50,813		2,010		190,427		29,524		241,240		31,534
Agency CMOs		55,924		3,454		220,413		46,603		276,337		50,057
State and municipal obligations		10,848		174		22,681		2,847		33,529		3,021

As of June 30, 2023, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required. Additionally, given the high-quality composition of the Company’s held-to-maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Accrued interest receivable on securities totaling $5.3 million and $5.4 million at June 30, 2023 and December 31, 2022, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

Management evaluates available-for-sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At June 30, 2023, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. The Company generally views changes in fair value caused by changes in interest rates as temporary, which is consistent with its experience. The following major security types held by the Company are all issued by U.S. government entities and agencies and therefore either explicitly or implicitly guaranteed by the U.S. government: Agency Notes, Treasury Securities, Pass-through MBS issued by GSEs, Agency Collateralized Mortgage Obligations. Substantially all of the corporate bonds within the portfolio have maintained an investment grade rating by either Kroll, Egan-Jones, Fitch, Moody’s or Standard and Poor’s. None of the unrealized losses are related to credit quality of the issuer. Substantially all of the state and municipal obligations within the portfolio have all maintained an investment grade rating by either Moody’s or Standard and Poor’s. The Company does not have the intent to sell these securities and it is more likely than not that it will not be required to sell the securities before their

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anticipated recovery. The issuers continue to make timely principal and interest payments on the debt. The fair value is expected to recover as the securities approach maturity.

7.LOANS HELD FOR INVESTMENT, NET

The following table presents the loan categories for the period ended as indicated:

(In thousands)	June 30, 2023		December 31, 2022
Business loans (1)	$	2,250,108	$	2,211,857
One-to-four family residential and cooperative/condominium apartment		855,980		773,321
Multifamily residential and residential mixed-use		4,132,358		4,026,826
Non-owner-occupied commercial real estate		3,406,232		3,317,485
Acquisition, development, and construction ("ADC")		225,580		229,663
Other loans		6,157		7,679
Total		10,876,415		10,566,831
Allowance for credit losses		(75,646)		(83,507)
Loans held for investment, net	$	10,800,769	$	10,483,324

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

The following tables present data regarding the allowance for credit losses activity for the periods indicated:

	At or for the Three Months Ended June 30, 2023
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	43,879	$	6,012	$	7,613	$	18,076	$	2,515	$	240	$	78,335
(Credit) provision for credit losses		(542)		421		577		364		43		127		990
Charge-offs		(3,745)		(14)		—		—		—		(33)		(3,792)
Recoveries		108		—		—		—		—		5		113
Ending balance	$	39,700	$	6,419	$	8,190	$	18,440	$	2,558	$	339	$	75,646

	At or for the Three Months Ended June 30, 2022
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	43,728	$	4,528	$	7,061	$	19,180	$	4,758	$	360	$	79,615
(Credit) provision for credit losses		2,009		(14)		(58)		(527)		(970)		(74)		366
Charge-offs		(645)		—		—		—		—		—		(645)
Recoveries		36		—		—		54		—		—		90
Ending balance	$	45,128	$	4,514	$	7,003	$	18,707	$	3,788	$	286	$	79,426

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	At or for the Six Months Ended June 30, 2023
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	47,029	$	5,969	$	8,360	$	20,153	$	1,723	$	273	$	83,507
Provision (recovery) for credit losses		(2,150)		464		(170)		(1,713)		835		93		(2,641)
Charge-offs		(5,774)		(14)		—		—		—		(34)		(5,822)
Recoveries		595		—		—		—		—		7		602
Ending balance	$	39,700	$	6,419	$	8,190	$	18,440	$	2,558	$	339	$	75,646

	At or for the Six Months Ended June 30, 2022
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	62,366	$	5,932	$	7,816	$	2,131	$	4,857	$	751	$	83,853
(Recovery) provision for credit losses		(14,045)		(1,418)		(815)		16,522		(1,069)		(463)		(1,288)
Charge-offs		(3,280)		—		—		—		—		(3)		(3,283)
Recoveries		87		—		2		54		—		1		144
Ending balance	$	45,128	$	4,514	$	7,003	$	18,707	$	3,788	$	286	$	79,426

The following tables present the amortized cost basis of loans on non-accrual status as of the periods indicated:

		June 30, 2023
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
Business loans	$	5,636	$	17,834	$	16,131
One-to-four family residential and cooperative/condominium apartment		—		3,305		149
Multifamily residential and residential mixed-use		—		—		—
Non-owner-occupied commercial real estate		—		15		15
Acquisition, development, and construction		—		657		305
Other loans		—		220		220
Total	$	5,636	$	22,031	$	16,820

		December 31, 2022
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
Business loans	$	5,403	$	22,384	$	20,812
One-to-four family residential and cooperative/condominium apartment		—		3,203		181
Multifamily residential and residential mixed-use		—		—		—
Non-owner-occupied commercial real estate		15		2,476		1,297
Acquisition, development, and construction		657		—		—
Other loans		—		99		99
Total	$	6,075	$	28,162	$	22,389

The Company did not recognize interest income on non-accrual loans held for investment during the three or six months ended June 30, 2023 and 2022.  

18

The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated:

	June 30, 2023
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans	$	4,616	$	6,963	$	—	$	23,470	$	35,049	$	2,215,059	$	2,250,108
One-to-four family residential, including condominium and cooperative apartment		1,409		1,178		—		3,305		5,892		850,088		855,980
Multifamily residential and residential mixed-use		6,465		—		—		—		6,465		4,125,893		4,132,358
Non-owner-occupied commercial real estate		3,834		—		—		15		3,849		3,402,383		3,406,232
Acquisition, development, and construction		—		—		—		657		657		224,923		225,580
Other		65		1		—		220		286		5,871		6,157
Total	$	16,389	$	8,142	$	—	$	27,667	$	52,198	$	10,824,217	$	10,876,415

	December 31, 2022
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans	$	5,861	$	741	$	—	$	27,787	$	34,389	$	2,177,468	$	2,211,857
One-to-four family residential, including condominium and cooperative apartment		686		—		—		3,203		3,889		769,432		773,321
Multifamily residential and residential mixed-use		4,817		—		—		—		4,817		4,022,009		4,026,826
Non-owner-occupied commercial real estate		11,889		—		—		2,491		14,380		3,303,105		3,317,485
Acquisition, development, and construction		—		—		—		657		657		229,006		229,663
Other		264		1		—		99		364		7,315		7,679
Total	$	23,517	$	742	$	—	$	34,237	$	58,496	$	10,508,335	$	10,566,831

Accruing Loans 90 Days or More Past Due:

The Company did not have accruing loans 90 days or more past due as of June 30, 2023 or December 31, 2022.

Collateral Dependent Loans:

The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as of the dates indicated:

	June 30, 2023				December 31, 2022
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
Business loans	$	5,597	$	—	$	5,849	$	—
One-to-four family residential, including condominium and cooperative apartment		—		—		—		—
Multifamily residential and residential mixed-use		—		—		—		—
Non-owner-occupied commercial real estate		—		—		2,491		1,297
Acquisition, development, and construction		657		305		657		—
Other		—		—		—		—
Total	$	6,254	$	305	$	8,997	$	1,297

19

Loan Restructurings

The Company adopted ASU No. 2022-02 on January 1, 2023, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company applies the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include conditions where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and/or a combinations of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows.

The following tables shows the amortized cost basis as of June 30, 2023 of the loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted:

	For the Three Months Ended June 30, 2023
			Significant		Term Extension		Significant Payment Delay				% of Total Class
	Term		Payment		and Significant		and Interest				of Financing
(Dollars in thousands)	Extension		Delay		Payment Delay		Rate Reduction		Total		Receivable
Business loans	$	132	$	—	$	472	$	276	$	880	0.0
One-to-four family residential, including condominium and cooperative apartment		—		—		—		—		—	0.0
Multifamily residential and residential mixed-use		—		—		—		—		—	0.0
Non-owner-occupied commercial real estate		—		—		—		—		—	0.0
Acquisition, development, and construction		—		—		—		—		—	0.0
Other		—		—		—		—		—	0.0
Total	$	132	$	—	$	472	$	276	$	880	0.0	%
	For the Six Months Ended June 30, 2023
			Significant		Term Extension		Significant Payment Delay				% of Total Class
	Term		Payment		and Significant		and Interest				of Financing
(Dollars in thousands)	Extension		Delay		Payment Delay		Rate Reduction		Total		Receivable
Business loans	$	132	$	—	$	472	$	276	$	880	0.0	%
One-to-four family residential, including condominium and cooperative apartment		—		2,852		—		—		2,852	0.3
Multifamily residential and residential mixed-use		—		—		—		—		—	0.0
Non-owner-occupied commercial real estate		—		—		—		—		—	0.0
Acquisition, development, and construction		—		—		—		—		—	0.0
Other		—		—		—		—		—	0.0
Total	$	132	$	2,852	$	472	$	276	$	3,732	0.0	%

The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

	For the Three Months Ended June 30, 2023
					Weighted Average
	Weighted Average		Weighted Average		Payment Delay
	Interest Rate		Months of		or Principal
(Dollars in thousands)	Reductions		Term Extensions		Forgiveness
Business loans	4.25	%	$	16	$	11
One-to-four family residential, including condominium and cooperative apartment	—			—		—
Multifamily residential and residential mixed-use	—			—		—
Non-owner-occupied commercial real estate	—			—		—
Acquisition, development, and construction	—			—		—
Other loans	—			—		—
Total	4.25	%	$	16	$	11

20

	For the Six Months Ended June 30, 2023
					Weighted Average
	Weighted Average		Weighted Average		Payment Delay
	Interest Rate		Months of		or Principal
(Dollars in thousands)	Reductions		Term Extensions		Forgiveness
Business loans	4.25	%	$	21	$	17
One-to-four family residential, including condominium and cooperative apartment	—			—		72
Multifamily residential and residential mixed-use	—			—		—
Non-owner-occupied commercial real estate	—			—		—
Acquisition, development, and construction	—			—		—
Other loans	—			—		—
Total	4.25	%	$	21	$	89

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified during the six months ended June 30, 2023.

	June 30, 2023
			30-59		60-89		90+
(Dollars in thousands)	Current		Days Past Due		Days Past Due		Days Past Due		Non-Accrual		Total
Business loans	$	—	$	—	$	—	$	—	$	880	$	880
One-to-four family residential, including condominium and cooperative apartment		2,852		—		—		—		—		2,852
Multifamily residential and residential mixed-use		—		—		—		—		—		—
Non-owner-occupied commercial real estate		—		—		—		—		—		—
Acquisition, development, and construction		—		—		—		—		—		—
Other loans		—		—		—		—		—		—
Total	$	2,852	$	—	$	—	$	—	$	880	$	3,732

There were no loans made to borrowers experiencing financial difficulty that were modified during the three months ended June 30, 2023, and that subsequently defaulted. For the purposes of this disclosure, a payment default is defined as 90 or more days past due and still accruing. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms.

Prior to our adoption of ASU 2022-02, as of December 31, 2022, the Company had TDRs totaling $22.1 million. The Company has allocated $9.1 million of allowance for those loans at December 31, 2022, with no commitments to lend additional amounts.

The following table presents the loans by category modified as TDRs that occurred during the year ended December 31, 2022.

	Modifications During the Year Ended December 31, 2022
			Pre-		Post-
			Modification		Modification
	Number		Outstanding		Outstanding
	of		Recorded		Recorded
(Dollars in thousands)	Loans		Investment		Investment
Business loans	7	$	21,934	$	21,938
One-to-four family residential, including condominium and cooperative apartment	2		762		762
Multifamily residential and residential mixed-use	—		—		—
Non-owner-occupied commercial real estate	1		991		991
Acquisition, development, and construction	1		13,500		13,500
Other	1		276		276
Total	12	$	37,463	$	37,467

21

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit structure, loan documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying them based on credit risk. The Company uses the following definitions for risk ratings:

Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’s credit position at some future date.

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of then existing facts, conditions, and values, highly questionable and improbable.

22

The following is a summary of the credit risk profile of loans by internally assigned grade as of the periods indicated, the years represent the year of origination for non-revolving loans:

	June 30, 2023
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	149,897	$	443,880	$	216,423	$	175,305	$	160,702	$	325,188	$	626,364	$	42,465	$	2,140,224
Special mention		528		3,284		1,316		1,430		1,317		13,447		10,849		8,946		41,117
Substandard		52		898		396		8,339		3,593		30,410		8,637		7,303		59,628
Doubtful		—		—		—		—		8,332		807		—		—		9,139
Total business loans		150,477		448,062		218,135		185,074		173,944		369,852		645,850		58,714		2,250,108
YTD Gross Charge-Offs		—		—		—		38		—		1,991		434		3,311		5,774
One-to-four family residential, and condominium/cooperative apartment:
Pass		112,062		221,019		104,481		71,297		64,080		219,848		33,626		13,387		839,800
Special mention		—		—		—		—		—		761		159		715		1,635
Substandard		—		—		—		1,015		1,219		11,518		—		793		14,545
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		112,062		221,019		104,481		72,312		65,299		232,127		33,785		14,895		855,980
YTD Gross Charge-Offs		—		—		—		—		—		—		—		14		14
Multifamily residential and residential mixed-use:
Pass		209,997		1,372,631		593,917		292,798		395,000		1,128,010		12,229		4,465		4,009,047
Special mention		—		—		4,246		18,194		14,088		30,723		—		—		67,251
Substandard		—		—		—		10,711		—		45,349		—		—		56,060
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		209,997		1,372,631		598,163		321,703		409,088		1,204,082		12,229		4,465		4,132,358
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Non-owner-occupied commercial real estate
Pass		193,516		730,726		665,019		480,519		361,052		824,040		11,632		8,040		3,274,544
Special mention		—		—		—		78,319		4,608		9,676		—		—		92,603
Substandard		—		—		15		25,756		6,343		6,971		—		—		39,085
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		193,516		730,726		665,034		584,594		372,003		840,687		11,632		8,040		3,406,232
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Acquisition, development, and construction
Pass		—		46,952		134,396		7,647		15,718		552		19,408		250		224,923
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		657		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction		—		46,952		135,053		7,647		15,718		552		19,408		250		225,580
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Total:
Pass		665,472		2,815,208		1,714,236		1,027,566		996,552		2,497,638		703,259		68,607		10,488,538
Special mention		528		3,284		5,562		97,943		20,013		54,607		11,008		9,661		202,606
Substandard		52		898		1,068		45,821		11,155		94,248		8,637		8,096		169,975
Doubtful		—		—		—		—		8,332		807		—		—		9,139
Total Loans	$	666,052	$	2,819,390	$	1,720,866	$	1,171,330	$	1,036,052	$	2,647,300	$	722,904	$	86,364	$	10,870,258
YTD Gross Charge-Offs	$	—	$	—	$	—	$	38	$	—	$	1,991	$	434	$	3,325	$	5,788

23

	December 31, 2022
(In thousands)	2022		2021		2020		2019		2018		2017 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	449,699	$	228,143	$	187,522	$	173,527	$	130,576	$	240,131	$	650,960	$	43,552	$	2,104,110
Special mention		6,634		-		894		1,529		15,893		4,213		9,062		478		38,703
Substandard		5,242		1,380		8,843		4,706		2,101		14,938		11,290		9,412		57,912
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total business loans		461,575		229,523		197,259		188,094		149,322		261,330		671,312		53,442		2,211,857
YTD Gross Charge-Offs		—		477		4,720		2,088		—		2,414		1,460		242		11,401
One-to-four family residential, and condominium/cooperative apartment:
Pass		225,031		108,185		72,732		65,515		66,038		164,338		41,172		12,563		755,574
Special mention		—		—		—		—		735		1,175		579		726		3,215
Substandard		—		—		1,026		1,227		407		10,779		—		1,093		14,532
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		225,031		108,185		73,758		66,742		67,180		176,292		41,751		14,382		773,321
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Multifamily residential and residential mixed-use:
Pass		1,386,549		582,393		316,424		395,933		127,074		1,107,281		12,584		—		3,928,238
Special mention		—		—		—		11,183		—		14,168		—		—		25,351
Substandard		—		—		12,294		7,001		20,311		33,631		—		—		73,237
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		1,386,549		582,393		328,718		414,117		147,385		1,155,080		12,584		—		4,026,826
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Non-owner-occupied commercial real estate
Pass		747,272		662,608		608,133		373,835		198,317		661,311		11,963		3,453		3,266,892
Special mention		—		—		19,655		4,652		—		12,108		—		—		36,415
Substandard		—		15		1,070		6,209		—		6,884		—		—		14,178
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		747,272		662,623		628,858		384,696		198,317		680,303		11,963		3,453		3,317,485
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Acquisition, development, and construction
Pass		36,877		152,543		11,242		15,943		—		2,087		10,033		281		229,006
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		657		—		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction		36,877		153,200		11,242		15,943		—		2,087		10,033		281		229,663
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Total:
Pass		2,845,428		1,733,872		1,196,053		1,024,753		522,005		2,175,148		726,712		59,849		10,283,820
Special mention		6,634		—		20,549		17,364		16,628		31,664		9,641		1,204		103,684
Substandard		5,242		2,052		23,233		19,143		22,819		66,232		11,290		10,505		160,516
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total Loans	$	2,857,304	$	1,735,924	$	1,239,835	$	1,069,592	$	562,204	$	2,275,092	$	747,643	$	71,558	$	10,559,152
YTD Gross Charge-Offs	$	—	$	477	$	4,720	$	2,088	$	—	$	2,414	$	1,460	$	242	$	11,401

For other loans, the Company evaluates credit quality based on payment activity. Other loans that are 90 days or more past due are placed on non-accrual status, while all remaining other loans are classified and evaluated as performing. The following is a summary of the credit risk profile of other loans by internally assigned grade:

(In thousands)	June 30, 2023		December 31, 2022
Performing	$	5,937	$	7,580
Non-accrual		220		99
Total	$	6,157	$	7,679

24

8.LEASES

Maturities of the Company’s operating lease liabilities at June 30, 2023 are as follows:

	Rent to be
(In thousands)	Capitalized
2023	$	6,105
2024		12,238
2025		12,039
2026		11,356
2027		9,375
Thereafter		10,047
Total undiscounted lease payments		61,160
Less amounts representing interest		(3,613)
Operating lease liabilities	$	57,547

Other information related to the Company’s operating leases was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Operating lease cost	$	3,152	$	3,271	$	6,293	$	6,533
Cash paid for amounts included in the measurement of operating lease liabilities		3,088		3,055		6,159		5,979

	June 30,		December 31,
	2023		2022
Weighted average remaining lease term	5.4	years	5.9	years
Weighted average discount rate	2.15	%	2.03	%

9.DERIVATIVES AND HEDGING ACTIVITIES

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The Company engages in both cash flow hedges and freestanding derivatives.

Cash Flow Hedges

Cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company uses these types of derivatives to hedge the variable cash flows associated with existing or forecasted issuances of short-term borrowings.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the

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same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that an additional $7.1 million will be reclassified as a decrease to interest expense.

During the three and six months ended June 30, 2023, the Company did not terminate any derivatives. During the three and six months ended June 30, 2022, the Company did not terminate any derivatives.

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated statements of financial condition as of the dates indicated.

	June 30, 2023							December 31, 2022
		Notional		Fair Value		Fair Value			Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities		Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Interest rate swaps related to FHLBNY advances	4	$	150,000	$	16,611	$	—	4	$	150,000	$	17,150	$	—

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Gain (loss) recognized in other comprehensive income (loss)	$	1,586	$	2,309	$	(525)	$	9,161
(Loss) gain reclassified from other comprehensive income into interest expense		(299)		54		14		23

All cash flow hedges are recorded gross on the balance sheet.

The cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of June 30, 2023 and December 31, 2022, the Company did not post collateral to the third-party counterparties. As of June 30, 2023, the Company received $17.5 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2022, the Company received $17.8 million in collateral from its third-party counterparties.

Freestanding Derivatives

The Company maintains an interest-rate risk protection program for its loan portfolio in order to offer loan level derivatives with certain borrowers and to generate loan level derivative income. The Company enters into interest rate swap or interest rate floor agreements with borrowers. These interest rate derivatives are designed such that the borrower synthetically attains a fixed-rate loan, while the Company receives floating rate loan payments. The Company offsets the loan level interest rate swap exposure by entering into an offsetting interest rate swap or interest rate floor with an unaffiliated and reputable bank counterparty. These interest rate derivatives do not qualify as designated hedges, under ASU 815; therefore, each interest rate derivative is accounted for as a freestanding derivative. The notional amounts of the interest rate derivatives do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the

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notional amount and the other terms of the individual interest rate derivative agreements. The following tables reflect freestanding derivatives included in the consolidated statements of financial condition as of the dates indicated:

	June 30, 2023
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	23	$	275,552	$	4,874	$	—
Loan level interest rate swaps with borrower	194		1,268,977		—		122,618
Loan level interest rate floors with borrower	33		226,257		—		3,637
Loan level interest rate swaps with third-party counterparties	23		275,552		—		4,874
Loan level interest rate swaps with third-party counterparties	194		1,268,977		122,618		—
Loan level interest rate floors with third-party counterparties	33		226,257		3,637		—

	December 31, 2022
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	3	$	53,311	$	1,524	$	—
Loan level interest rate swaps with borrower	185		1,214,736		—		126,751
Loan level interest rate floors with borrower	40		326,309		—		9,060
Loan level interest rate swaps with third-party counterparties	3		53,311		—		1,524
Loan level interest rate swaps with third-party counterparties	185		1,214,736		126,751		—
Loan level interest rate floors with third-party counterparties	40		326,309		9,060		—

Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed. Total loan level derivative income is included in non-interest income as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Loan level derivative income	$	2,437	$	1,685	$	5,570	$	1,691

The interest rate swap product with the borrower is cross collateralized with the underlying loan and, therefore, there is no posted collateral. Certain interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of June 30, 2023 and December 31, 2022, the Company did not post collateral to its third-party counterparties. As of June 30, 2023, the Company received $122.7 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2022, the Company received $135.3 million in collateral from its third-party counterparties under the agreements in a net asset position.

Risk Participation Agreements

The Company enters into risk participation agreements to manage economic risks but does not designate the instruments in hedge relationships. As of June 30, 2023 and December 31, 2022, the notional amounts of risk participation agreements for derivative liabilities were $94.1 million and $71.1 million, respectively. The related fair values of the Company’s risk participation agreements were immaterial as of June 30, 2023 and December 31, 2022.

Credit Risk Related Contingent Features

The Company’s agreements with each of its derivative counterparties state that if the Company defaults on any of its indebtedness, it could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty.

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The Company’s agreements with certain of its derivative counterparties state that if the Bank fails to maintain its status as a well-capitalized institution, the Bank could be required to terminate its derivative positions with the counterparty.

For derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, any breach of the above provisions by the Company may require settlement of its obligations under the agreements at the termination value with the respective counterparty. As of June 30, 2023, there were no derivatives in a net liability position, and therefore the termination value was zero. There were no provisions breached for the three or six months ended June 30, 2023.

10.FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs – Significant other observable inputs such as any of the following: (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in markets that are not active, (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level 3 Inputs – Significant unobservable inputs for the asset or liability. Significant unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Significant unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Securities

The Company’s available-for-sale securities are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data, and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions.

All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by GSEs as of June 30, 2023 and December 31, 2022. In accordance with the Company’s investment policy, corporate securities are rated "investment grade" at the time of purchase and the financials of the issuers are reviewed quarterly. Obtaining market values as of June 30, 2023 and December 31, 2022 for these securities utilizing significant observable inputs was not difficult due to their liquid nature.

Derivatives

Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date.

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The following tables present financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

			Fair Value Measurements
			at June 30, 2023 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Agency notes	$	9,145	$	—	$	9,145	$	—
Treasury securities		228,607		—		228,607		—
Corporate securities		139,553		—		139,553		—
Pass-through MBS issued by GSEs		222,584		—		222,584		—
Agency CMOs		265,673		—		265,673		—
State and municipal obligations		29,294		—		29,294		—
Derivative – cash flow hedges		16,611		—		16,611		—
Derivative – freestanding derivatives, net		131,130		—		131,130		—
Financial Liabilities:
Derivative – freestanding derivatives, net		131,130		—		131,130		—

			Fair Value Measurements
			at December 31, 2022 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Treasury securities	$	227,256	$	—	$	227,256	$	—
Corporate securities		166,773		—		166,773		—
Pass-through MBS issued by GSEs		241,240		—		241,240		—
Agency CMOs		281,339		—		281,339		—
State and municipal obligations		33,979		—		33,979		—
Derivative – cash flow hedges		17,150		—		17,150		—
Derivative – freestanding derivatives, net		137,335		—		137,335		—
Financial Liabilities:
Derivative – freestanding derivatives, net		137,335		—		137,335		—

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans (or impaired loans prior to the adoption of ASC 326) reported at the fair value of the underlying collateral if repayment is expected solely from the collateral.

	June 30, 2023
				Fair Value Measurements Using:
			Quoted Prices
			In Active			Significant
			Markets for			Other	Significant
			Identical			Observable	Unobservable
	Carrying		Assets			Inputs	Inputs
(In thousands)	Value		(Level 1)			(Level 2)	(Level 3)
Individually evaluated loans	$	352	$	—	$	—	$	352

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	December 31, 2022
				Fair Value Measurements Using:
				Quoted Prices
				In Active		Significant
				Markets for		Other	Significant
				Identical		Observable	Unobservable
	Carrying			Assets		Inputs	Inputs
(In thousands)	Value			(Level 1)		(Level 2)	(Level 3)
Individually evaluated loans	$	1,179	$	—	$	—	$	1,179

Individually evaluated loans with an allowance for credit losses at June 30, 2023 had a carrying amount of $352 thousand, which is made up of the outstanding balance of $657 thousand, net of a valuation allowance of $305 thousand. Collateral dependent individually analyzed loans resulted in a credit loss recovery of $860 thousand for the three months ended June 30, 2023 and a credit loss recovery of $555 thousand for the six months ended June 30, 2023, which is included in the amounts reported in the consolidated statements of income.

Individually evaluated loans with an allowance for credit losses at December 31, 2022 had a carrying amount of $1.2 million, which is made up of the outstanding balance of $2.5 million, net of a valuation allowance of $1.3 million.

Financial Instruments Not Measured at Fair Value

The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or nonrecurring basis for the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

			Fair Value Measurements
			at June 30, 2023 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	452,504	$	452,504	$	—	$	—	$	452,504
Securities held-to-maturity		603,960		—		520,069		—		520,069
Loans held for investment, net		10,800,417		—		—		10,245,728		10,245,728
Accrued interest receivable		51,787		—		6,205		45,582		51,787
Financial Liabilities:
Savings, money market and checking accounts (1)		8,991,943		8,991,943		—		—		8,991,943
Certificates of Deposits ("CDs")		1,530,749		—		1,522,515		—		1,522,515
FHLBNY advances		1,448,000		—		1,444,184		—		1,444,184
Subordinated debt, net		200,240		—		158,240		—		158,240
Accrued interest payable		18,098		—		18,098		—		18,098

⁽¹⁾ Includes mortgage escrow deposits.

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			Fair Value Measurements
			at December 31, 2022 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	169,297	$	169,297	$	—	$	—	$	169,297
Securities held-to-maturity		585,798		—		505,759		—		505,759
Loans held for investment, net		10,482,145		—		—		10,005,121		10,005,121
Accrued interest receivable		48,561		—		6,105		42,456		48,561
Financial Liabilities:
Savings, money market and checking accounts (1)		9,139,043		9,139,043		—		—		9,139,043
Certificates of Deposits ("CDs")		1,115,364		—		1,096,808		—		1,096,808
FHLBNY advances		1,131,000		—		1,131,217		—		1,131,217
Subordinated debt, net		200,283		—		180,583		—		180,583
Other short-term borrowings		1,360		1,360		—		—		1,360
Accrued interest payable		5,323		—		5,323		—		5,323

⁽¹⁾ Includes mortgage escrow deposits.

11.OTHER INTANGIBLE ASSETS

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable.

	June 30, 2023						December 31, 2022
		Core Deposit		Non-compete				Core Deposit		Non-compete
(In thousands)		Intangibles		Agreement		Total		Intangibles		Agreement		Total
Gross carrying value	$	10,204	$	780	$	10,984	$	10,204	$	780	$	10,984
Accumulated amortization		(4,446)		(780)		(5,226)		(3,720)		(780)		(4,500)
Net carrying amount	$	5,758	$	—	$	5,758	$	6,484	$	—	$	6,484

Amortization expense recognized on intangible assets was $349 thousand and $726 thousand for the three and six months ended June 30, 2023. Amortization expense recognized on intangible assets was $430 thousand and $1.0 million for the three and six months ended June 30, 2022.

Estimated amortization expense for the remainder of 2023 through 2027 and thereafter is as follows:

(In thousands)		Total
2023	$	699
2024		1,163
2025		958
2026		795
2027		664
Thereafter		1,479
Total	$	5,758

12.FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $1.45 billion and $1.13 billion at June 30, 2023 and December 31, 2022, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 5.14% and 4.55% at June 30, 2023 and December 31, 2022, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow an additional $4.14 billion as of June 30, 2023 and $4.13 billion as of December 31, 2022, and maintained sufficient qualifying collateral, as defined by the FHLBNY. At June 30, 2023 there were no callable Advances.

The Company did not have extinguishment of debt during the three or six months ended June 30, 2023 or 2022.

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The following tables present the contractual maturities and weighted average interest rates of FHLBNY advances for each of the next five years. There were $175.0 million FHLBNY advances with an overnight contractual maturity at June 30, 2023, and no FHLBNY advances with an overnight contractual maturity at December 31, 2022. As of June 30, 2023 there were $575.0 million of FHLBNY advances with contractual maturities during 2023 and $698.0 million of FHLBNY advances with contractual maturities after 2023. As of December 31, 2022, there were $1.10 billion of FHLBNY advances with contractual maturities during 2023 and $36.0 million of FHLBNY advances with contractual maturities after 2022:

	June 30, 2023
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight, fixed rate at 5.31%	$	175,000	5.31	%
2023, fixed rate at rates from 5.18% to 5.64%		575,000	5.32
2024, fixed rate at rates from 4.85% to 5.16%		650,000	5.00
2027, fixed rate at 4.25%		36,000	4.25
2028, fixed rate at 4.04%		12,000	4.04
Total FHLBNY advances	$	1,448,000	5.14	%

	December 31, 2022
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2023, fixed rate at rates from 3.85% to 4.75%	$	1,095,000	4.56	%
2027, fixed rate at 4.25%		36,000	4.25
Total FHLBNY advances	$	1,131,000	4.55	%

13.SUBORDINATED DEBENTURES

On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the Notes”).  The Notes are callable at par after five years, have a stated maturity of May 15, 2032 and bear interest at a fixed annual rate of 5.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2022. The last interest payment for the fixed rate period will be May 15, 2027. From and including May 15, 2027 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term SOFR) plus 218-basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2027.  

The Company used the net proceeds of the offering for the repayment of $115.0 million of the Company’s 4.50% fixed-to-floating rate subordinated notes due 2027 on June 15, 2022, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025 on June 30, 2022. The repayment of the subordinated notes due 2027 resulted in a pre-tax write-off of debt issuance costs of $740 thousand, which was recognized in loss on extinguishment of debt in non-interest expense.

The subordinated debentures totaled $200.2 million at June 30, 2023 and $200.3 million at December 31, 2022. Interest expense related to the subordinated debentures was $2.6 million and $3.3 million during the three months ended June 30, 2023 and 2022, respectively. Interest expense related to the subordinated debentures was $5.1 million and $5.5 million during the six months ended June 30, 2023 and 2022, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.

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14.RETIREMENT AND POSTRETIREMENT PLANS

The Bank maintains two noncontributory pension plans that existed before the Merger: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees.

Employee Retirement Plan

The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan.

BNB Bank Pension Plan

During 2012, Bridge amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan.

The following table represents the components of net periodic benefit (credit) cost included in other non-interest expense, except for service cost which is reported in salaries and employee benefits expense, in the consolidated statements of income. Net expenses associated with these plans were comprised of the following components:

	Three Months Ended June 30,
		2023			2022
	BNB Bank		Employee		BNB Bank		Employee
(In thousands)	Pension Plan		Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	175	$	—	$	267	$	—
Interest cost		330		222		195		155
Expected return on assets		(688)		(382)		(857)		(490)
Amortization of unrealized loss		—		147		—		63
Net periodic credit	$	(183)	$	(13)	$	(395)	$	(272)

	Six Months Ended June 30,
	2023				2022
	BNB Bank		Employee		BNB Bank		Employee
(In thousands)	Pension Plan		Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	350	$	—	$	535	$	—
Interest cost		660		445		390		310
Expected return on assets		(1,375)		(765)		(1,715)		(980)
Amortization of unrealized loss		—		295		—		125
Net periodic credit	$	(365)	$	(25)	$	(790)	$	(545)

There were no contributions to the BNB Bank Pension Plan or the Employee Retirement Plan for the three or six months ended June 30, 2023.

401(k) Plan

The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger. The 401(k) Plan covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the first day of the month following the 60^th day of employment, unless they elect not to participate. Participants may contribute a portion of their pre-tax base salary, generally not to exceed $22,500 for the calendar year ended December 31, 2023. Under the provisions of the 401(k) Plan, employee contributions are partially matched by the Bank as follows: 100% of each employee’s contributions up to 1% of each employee’s compensation plus 50% of each employee’s contributions over 1% but not in excess of 6% of each employee’s compensation for a maximum contribution of 3.5% of a participating

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employee’s compensation. Participants can invest their account balances into several investment alternatives. The 401(k) Plan does not allow for investment in the Company’s common stock. The 401(k) Plan held Company common stock within the accounts of participants totaling $4.3 million at June 30, 2023. During the three and six months ended June 30, 2023, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $582 thousand and $1.5 million, respectively. During the three and six months ended June 30, 2022, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $530 thousand and $1.3 million, respectively.

15.STOCK-BASED COMPENSATION

In May 2021, the Company’s shareholders approved the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) to provide the Company with sufficient equity compensation to meet the objectives of appropriately incentivizing its officers, other employees, and directors to execute our strategic plan to build shareholder value, while providing appropriate shareholder protections. The Company no longer makes grants under the Legacy Stock Plans. Awards outstanding under the Legacy Stock Plans will continue to remain outstanding and subject to the terms and conditions of the Legacy Stock Plans. At June 30, 2023, there were 681,061 shares reserved for issuance under the 2021 Equity Incentive Plan.

Stock Option Awards

The following table presents a summary of activity related to stock options granted under the Legacy Stock Plans, and changes during the period then ended:

				Weighted-
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
	Number of	Average Exercise		Contractual	Value
	Options	Price		Years	(In thousands)
Options outstanding at January 1, 2023	92,137	$	35.39	6.2		—
Options exercised	—		—
Options forfeited	—		—
Options outstanding at June 30, 2023	92,137	$	35.39	5.7	$	—
Options vested and exercisable at June 30, 2023	92,137	$	35.39	5.7	$	—

Information related to stock options during each period is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Cash received for option exercise cost	$	—	$	—	$	—	$	—
Income tax (expense) benefit recognized on stock option exercises		—		—		—		—
Intrinsic value of options exercised		—		—		—		—

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The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of June 30, 2023 were as follows:

	Outstanding Options		Vested Options
		Weighted		Weighted
		Average		Average
		Contractual		Contractual
		Years		Years
	Amount	Remaining	Amount	Remaining
Exercise Prices:
$34.87	35,671	6.6	35,671	6.6
$35.35	32,079	5.6	32,079	5.6
$36.19	24,387	4.6	24,387	4.6
Total	92,137	5.7	92,137	5.7

Restricted Stock Awards

The Company has made RSA grants to outside Directors and certain officers under the Legacy Stock Plans and the 2021 Equity Incentive Plan. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers vest over a pre-determined requisite period. All awards were made at the fair value of the Company’s common stock on the grant date. Compensation expense on all RSAs is based upon the fair value of the shares on the respective dates of the grant.

The following table presents a summary of activity related to the RSAs granted, and changes during the period then ended:

		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Unvested allocated shares outstanding at January 1, 2023	350,758	$	28.63
Shares granted	201,590		26.16
Shares vested	(120,353)		28.91
Shares forfeited	(2,127)		27.31
Unvested allocated shares outstanding at June 30, 2023	429,868	$	27.40

Information related to RSAs during each period is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2023		2022		2023		2022
Compensation expense recognized	$	1,262	$	764	$	2,320	$	1,788
Income tax (expense) benefit recognized on vesting of RSAs		(99)		34		(112)		188

As of June 30, 2023, there was $9.0 million of total unrecognized compensation cost related to unvested RSAs to be recognized over a weighted-average period of 2.0 years.

Performance-Based Share Awards

The Company maintains a long-term incentive award program (“LTIP”) for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and stretch (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of common stock are issued on the grant date and held as unvested stock awards until the end of the performance period. Shares are issued at the stretch opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. Compensation expense on PSAs is based upon the fair value of the shares on the date of the grant for the expected aggregate share payout as of the period end.  

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The following table presents a summary of activity related to the PSAs granted, and changes during the period then ended:

		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Maximum aggregate share payout at January 1, 2023	95,831	$	30.35
Shares granted	92,566		16.97
Shares forfeited	(13,632)		33.67
Maximum aggregate share payout at June 30, 2023	174,765	$	23.00
Minimum aggregate share payout	—		—
Expected aggregate share payout	148,663	$	21.98

Information related to PSAs during each period is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Compensation expense recognized	$	95	$	182	$	340	$	377
Income tax expense recognized on vesting of PSAs		—		—		(15)		—

As of June 30, 2023, there was $2.0 million of total unrecognized compensation cost related to unvested PSAs based on the expected aggregate share payout to be recognized over a weighted-average period of 2.0 years.  

16.INCOME TAXES

During the three months ended June 30, 2023 and 2022, the Company’s consolidated effective tax rates were 26.8% and 28.4%, respectively. During the six months ended June 30, 2023 and 2022, the Company’s consolidated effective tax rates were 26.8% and 28.3%, respectively There were no significant unusual income tax items during the three or six months ended June 30, 2023 and 2022, respectively.

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Dime Community Bancshares, Inc., a New York corporation, is a bank holding company formed in 1988. On a parent-only basis, the Holding Company has minimal operations, other than as owner of Dime Community Bank. The Holding Company is dependent on dividends from its wholly-owned subsidiary, Dime Community Bank, its own earnings, additional capital raised, and borrowings as sources of funds. The information in this report reflects principally the financial condition and results of operations of the Bank. The Bank's results of operations are primarily dependent on its net interest income, which is the difference between interest income on loans and investments and interest expense on deposits and borrowings. The Bank also generates non-interest income, such as fee income on deposit and loan accounts, merchant credit and debit card processing programs, loan swap fees, investment services, income from its title insurance subsidiary, and net gains on sales of securities and loans. The level of non-interest expenses, such as salaries and benefits, occupancy and equipment costs, other general and administrative expenses, expenses from the Bank’s title insurance subsidiary, and income tax expense, further affects our net income. Certain reclassifications have been made to prior year amounts and the related discussion and analysis to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity.

Selected Financial Highlights and Other Data

(Dollars in Thousands Except Per Share Amounts)

	At or For the						At or For the
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Per Share Data:
Reported EPS (Diluted)	$	0.66		$	0.94		$	1.58		$	1.76
Cash dividends paid per common share		0.25			0.24			0.49			0.48
Book value per common share		27.99			26.41			27.99			26.41
Dividend payout ratio		37.88	%		25.53	%		31.01	%		27.27	%
Performance and Other Selected Ratios:
Return on average assets		0.81	%		1.27	%		0.96	%		1.20	%
Return on average equity		9.03			13.44			10.75			12.47
Net interest spread		1.58			3.12			1.74			3.09
Net interest margin		2.50			3.29			2.62			3.24
Average interest-earning assets to average interest-bearing liabilities		141.00			166.61			143.80			166.19
Non-interest expense to average assets		1.53			1.71			1.47			1.67
Efficiency ratio		57.6			49.1			53.8			50.4
Loan-to-deposit ratio at end of period		103.4			91.4			103.4			91.4
Effective tax rate		26.76			28.41			26.76			28.25
Asset Quality Summary:
Non-performing loans (1)	$	27,667		$	36,301		$	27,667		$	36,301
Non-performing assets		27,667			36,301			27,667			36,301
Net charge-offs		3,679			555			5,220			3,139
Non-performing assets/Total assets		0.20	%		0.29	%		0.20	%		0.29	%
Non-performing loans/Total loans		0.25			0.38			0.25			0.38
Allowance for credit losses/Total loans		0.70			0.82			0.70			0.82
Allowance for credit losses/Non-performing loans		273.42			218.80			273.42			218.80

(1) Non-performing loans are defined as all loans on non-accrual status.

Critical Accounting Estimates

Note 1. Summary of Significant Accounting Policies, to the Company’s Audited Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2022 contains a summary of significant accounting policies. These accounting policies may require various levels of subjectivity, estimates or judgment by management. Policies with

37

respect to the methodologies it uses to determine the allowance for credit losses on loans held for investment and fair value of loans acquired in a business combinations are critical accounting policies because they are important to the presentation of the Company’s consolidated financial condition and results of operations. These critical accounting estimates involve a significant degree of complexity and require management to make difficult and subjective judgments which often necessitate assumptions or estimates about highly uncertain matters. The use of different judgments, assumptions or estimates could result in material variations in the Company’s consolidated results of operations or financial condition.

Management has reviewed the following critical accounting estimates and related disclosures with its Audit Committee.

Allowance for Credit Losses on Loans Held for Investment

Methods and Assumptions Underlying the Estimate

On January 1, 2021, we adopted the Current Expected Credit Losses (“CECL”) Standard, which requires that loans held for investment be accounted for under the current expected credit losses model. The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent in our loan portfolio. Management evaluates the adequacy of the allowance on a quarterly basis, and additions to the allowance are charged to expense and realized losses, net of recoveries, are charged against the allowance.

Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In determining the allowance for credit losses for loans that share similar risk characteristics, the Company utilizes a model which compares the amortized cost basis of the loan to the net present value of expected cash flows to be collected. Expected credit losses are determined by aggregating the individual cash flows and calculating a loss percentage by loan segment, or pool, for loans that share similar risk characteristics. For a loan that does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Management assesses the sensitivity of key assumptions at least annually by stressing the assumptions to understand the impact on the model.

Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of a peer group of banks that operate in and around Dime’s footprint. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro-economic variables. Adjustments to the quantitative results are made using qualitative factors. These factors include: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due loans; (6) the quality of our loan review system; (7) the value of underlying collateral for collateralized loans; (8) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (9) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio.

The Company evaluates loans that do not share risk characteristics on an individual basis based on various factors. Factors that may be considered are borrower delinquency trends and non-accrual status, probability of foreclosure or note sale, changes in the borrower’s circumstances or cash collections, borrower’s industry, or other facts and circumstances of the loan or collateral. The expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For collateral dependent loans, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, less estimated costs to sell.

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Uncertainties Regarding the Estimate

Estimating the timing and amounts of future losses is subject to significant management judgment as these projected cash flows rely upon the estimates discussed above and factors that are reflective of current or future expected conditions. These estimates depend on the duration of current overall economic conditions, industry, borrower, or portfolio specific conditions. Volatility in certain credit metrics and differences between expected and actual outcomes are to be expected.

Customers may not repay their loans according to the original terms, and the collateral securing the payment of those loans may be insufficient to pay any remaining loan balance. Bank regulators periodically review our allowance for credit losses and may require us to increase our provision for credit losses or loan charge-offs.

Impact on Financial Condition and Results of Operations

If our assumptions prove to be incorrect, the allowance for credit losses may not be sufficient to cover expected losses in the loan portfolio, resulting in additions to the allowance. Future additions or reductions to the allowance may be necessary based on changes in economic, market or other conditions. Changes in estimates could result in a material change in the allowance through charges to earnings which would materially decrease our net income.

We may experience significant credit losses if borrowers experience financial difficulties, which could have a material adverse effect on our operating results.

In addition, various regulatory agencies, as an integral part of the examination process, periodically review the allowance for credit losses. Such agencies may require the Bank to recognize adjustments to the allowance based on their judgments of the information available to them at the time of their examination.

Fair value of loans acquired in a business combination

Methods and Assumptions Underlying the Estimate

On February 1, 2021, the Company completed a merger of equals business combination accounted for as a reverse merger using the acquisition method of accounting. As a part of accounting for the Merger, fair value estimates were calculated with a combination of assumptions by management and by using a third party. The fair value often involved third-party estimates utilizing input assumptions by management which may be complex or uncertain. The fair value of acquired loans was based on a discounted cash flow methodology that considers factors such as type of loan and related collateral, and requires management’s judgment on estimates about discount rates, expected future cash flows, market conditions and other future events.

For purchased financial loans with credit deterioration (“PCD”), an estimate of expected credit losses was made for loans with similar risk characteristics and was added to the purchase price to establish the initial amortized cost basis of the PCD loans. Any difference between the unpaid principal balance and the amortized cost basis is considered to relate to non-credit factors and resulted in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans.

Uncertainties Regarding the Estimate

Management relied on economic forecasts, internal valuations, or other relevant factors which were available at the time of the Merger in the determination of the assumptions used to calculate the fair value of the acquired loans. Discount rates, expected future cash flows, market conditions and other future events are subjective and may differ from estimates.

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Impact on Financial Condition and Results of Operations

The estimate of fair values on acquired loans contributed to the recorded goodwill from the Merger. In future income statement periods, interest income on loans will include the amortization and accretion of any premiums and discounts resulting from the fair value of acquired loans. Additionally, the provision for credit losses on acquired individually analyzed PCD loans may be impacted due to changes in the assumptions used to calculate expected cash flows.

Liquidity and Capital Resources

The Board of Directors of the Bank has approved a liquidity policy that it reviews and updates at least annually. Senior management is responsible for implementing the policy. The Bank’s Asset Liability Committee (“ALCO”) is responsible for general oversight and strategic implementation of the policy and management of the appropriate departments are designated responsibility for implementing any strategies established by ALCO. On a daily basis, appropriate senior management receives a current cash position report and one-week forecast to ensure that all short-term obligations are timely satisfied and that adequate liquidity exists to fund future activities. Reports detailing the Bank’s liquidity reserves are presented to appropriate senior management on a monthly basis, and the Board of Directors at each of its meetings. In addition, a twelve-month liquidity forecast is presented to ALCO in order to assess potential future liquidity concerns. A forecast of cash flow data for the upcoming 12 months is presented to the Board of Directors on an annual basis. Given recent banking industry events, management is also monitoring the level of uninsured deposits on a daily basis.

Liquidity is primarily needed to meet customer borrowing commitments and deposit withdrawals, either on demand or on contractual maturity, to repay borrowings as they mature, to fund current and planned expenditures and to make new loans and investments as opportunities arise. The Bank’s primary sources of funding for its lending and investment activities include deposits, loan and MBS payments, investment security principal and interest payments and advances from the FHLBNY. The Bank may also sell or securitize selected multifamily residential, mixed-use or one-to-four family residential real estate loans to private sector secondary market purchasers, and has in the past sold such loans to FNMA and FHLMC. The Company may additionally issue debt or equity under appropriate circumstances. Although maturities and scheduled amortization of loans and investments are predictable sources of funds, deposit flows and prepayments on real estate loans and MBS are influenced by interest rates, economic conditions and competition.

The Bank is a member of AFX, through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily.

The Bank utilizes repurchase agreements as part of its borrowing policy to add liquidity. Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities. As of June 30, 2023 the Bank did not have any repurchase agreements. As of December 31, 2022, the Bank’s repurchase agreements totaling $1.4 million and were included in other short-term borrowings on the consolidated balance sheets.

The Bank gathers deposits in direct competition with commercial banks, savings banks and brokerage firms, many among the largest in the nation. It must additionally compete for deposit monies against the stock and bond markets, especially during periods of strong performance in those arenas. The Bank’s deposit flows are affected primarily by the pricing and marketing of its deposit products compared to its competitors, as well as the market performance of depositor investment alternatives such as the U.S. bond or equity markets. To the extent that the Bank is responsive to general market increases or declines in interest rates, its deposit flows should not be materially impacted. However, favorable performance of the equity or bond markets could adversely impact the Bank’s deposit flows.

Total deposits (including escrow) increased $268.3 million during the six months ended June 30, 2023 compared to an increase of $107.0 million for the six months ended June 30, 2022. Within deposits, core deposits (i.e., non-CDs) decreased $147.1 million during the six months ended June 30, 2023 and increased $957 thousands during the six months ended June 30, 2022. CDs increased $415.4 million during the six months ended June 30, 2023 compared to an increase of $106.1 million during the six months ended June 30, 2022. The decrease in core deposits and increase in CDs was primarily due to customer migration to higher-rate CDs as a result of the increasing interest rate environment. In the event that the Bank should require funds beyond its ability or desire to generate them internally, an additional source of funds is available through its borrowing line at the FHLBNY or borrowing capacity through AFX and lines of credit with unaffiliated

40

correspondent banks. At June 30, 2023, the Bank had an additional unused borrowing capacity of $1.21 billion through the FHLBNY, subject to customary minimum FHLBNY common stock ownership requirements (i.e., 4.5% of the Bank’s outstanding FHLBNY borrowings).

The Bank increased its outstanding FHLBNY advances by $317.0 million during the six months ended June 30, 2023, compared to a $75.0 million increase during the six months ended June 30, 2022. See Note 12. “FHLBNY Advances” for further information.

Subordinated debentures totaled $200.2 million at June 30, 2023 and $200.3 million at December 31, 2022. See Note 13. “Subordinated Debentures” to our consolidated financial statements for further information.

During the six months ended June 30, 2023 and 2022, real estate loan originations totaled $638.5 million and $1.34 billion million, respectively. During the six months ended June 30, 2023 and 2022, C&I loan originations totaled $14.1 million and $49.9 million, respectively.

Sale of securities available-for-sale totaled $79.3 million during the six months ended June 30, 2023.  The Bank did not have any sale of securities available-for-sale during the six months ended June 30, 2022. Purchases of available-for-sale securities totaled $78.7 million and $6.2 million during the six months ended June 30, 2023 and 2022, respectively. Proceeds from pay downs and calls and maturities of available-for-sale securities were $38.4 million and $112.2 million for the six months ended June 30, 2023 and 2022, respectively.  

The Bank did not have proceeds from sales of held-to-maturity securities during the six months ended June 30, 2023 or 2022, respectively. Purchases of held-to-maturity securities totaled $27.1 million and $41.6 million during the six months ended June 30, 2023 and 2022, respectively. Proceeds from pay downs and calls and maturities of held-to-maturity securities were $10.7 million and $14.1 million for the six months ended June 30, 2023 and 2022, respectively.  

The Company and the Bank are subject to minimum regulatory capital requirements imposed by their primary federal regulators. As a general matter, these capital requirements are based on the amount and composition of an institution’s assets. At June 30, 2023, each of the Company and the Bank were in compliance with all applicable regulatory capital requirements and the Bank was considered "well capitalized" for all regulatory purposes.

The following table summarizes Company and Bank capital ratios calculated under the Basel III Capital Rules framework as of the period indicated:

	Actual Ratios at June 30, 2023
							Basel III
				Consolidated			Minimum			To Be Categorized as
	Bank			Company			Requirement			“Well Capitalized” (1)
Tier 1 common equity ratio		12.2	%		9.4	%		4.5	%	6.5	%
Tier 1 risk-based capital ratio		12.2			10.5			6.0		8.0
Total risk-based capital ratio		13.0			13.1			8.0		10.0
Tier 1 leverage ratio		9.8			8.4			4.0		5.0

(1) Only the Bank is subject to these requirements.

During the six months ended June 30, 2023, the Holding Company repurchased 36,813 shares of its common stock at an aggregate cost of $947 thousand. The Holding Company repurchased 1,222,649 shares of its common stock at an aggregate cost of $40.3 million during the six months ended June 30, 2022. As of June 30, 2023, 1,566,947 shares remained available for purchase under the authorized share repurchase programs. See "Part II - Item 2. Other Information - Unregistered Sales of Equity Securities and Use of Proceeds" for additional information about repurchases of common stock.

The Holding Company paid $3.6 million in cash dividends on its preferred stock during the six months ended June 30, 2023 and 2022, respectively.  

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The Holding Company paid $18.5 million and $18.7 million in cash dividends on its common stock during the six months ended June 30, 2023 and 2022, respectively.    

Contractual Obligations

The Bank generally has outstanding at any time borrowings in the form of FHLBNY advances, short-term or overnight borrowings, subordinated debt, as well as customer CDs with fixed contractual interest rates. In addition, the Bank is obligated to make rental payments under leases on certain of its branches and equipment.

Off-Balance Sheet Arrangements

As part of its loan origination business, the Bank generally has outstanding commitments to extend credit to borrowers, which are originated pursuant to its regular underwriting standards. Available lines of credit may not be drawn on or may expire prior to funding, in whole or in part, and amounts are not estimates of future cash flows. As of June 30, 2023, the Bank had $122.0 million of firm loan commitments that were accepted by the borrowers. All of these commitments are expected to close during the remainder of the year ended December 31, 2023.

Additionally, in connection with a loan securitization completed in December 2017, the Bank executed a reimbursement agreement with FHLMC that obligates the Company to reimburse FHLMC for any contractual principal and interest payments on defaulted loans, not to exceed 10% of the original principal amount of the loans comprising the aggregate balance of the loan pool at securitization. The maximum exposure under this reimbursement obligation is $28.0 million. The Bank has pledged $28.0 million of available-for-sale pass-through MBS issued by GSEs as collateral.

Asset Quality

General

We do not originate or purchase loans, either whole loans or loans underlying mortgage-backed securities (“MBS”), which would have been considered subprime loans at origination, i.e., real estate loans advanced to borrowers who did not qualify for market interest rates because of problems with their income or credit history. See Note 6 to our unaudited condensed consolidated financial statements for a discussion of evaluation for impaired securities.

Monitoring and Collection of Delinquent Loans

Our management reviews delinquent loans on a monthly basis and reports to our Board of Directors at each regularly scheduled Board meeting regarding the status of all non-performing and otherwise delinquent loans in our loan portfolio.

Our loan servicing policies and procedures require that an automated late notice be sent to a delinquent borrower as soon as possible after a payment is ten days late in the case of multifamily residential, commercial real estate loans, and C&I loans, or fifteen days late in connection with one-to-four family or consumer loans. Thereafter, periodic letters are mailed and phone calls placed to the borrower until payment is received. When contact is made with the borrower at any time prior to foreclosure, we will attempt to obtain the full payment due or negotiate a repayment schedule with the borrower to avoid foreclosure.

Accrual of interest is generally discontinued on a loan that meets any of the following three criteria: (i) full payment of principal or interest is not expected; (ii) principal or interest has been in default for a period of 90 days or more (unless the loan is both deemed to be well secured and in the process of collection); or (iii) an election has otherwise been made to maintain the loan on a cash basis due to deterioration in the financial condition of the borrower. Such non-accrual determination practices are applied consistently to all loans regardless of their internal classification or designation. Upon entering non-accrual status, we reverse all outstanding accrued interest receivable.

We generally initiate foreclosure proceedings on real estate loans when a loan enters non-accrual status based upon non-payment, unless the borrower is paying in accordance with an agreed upon modified payment agreement. We obtain an updated appraisal upon the commencement of legal action to calculate a potential collateral shortfall and to reserve

42

appropriately for the potential loss. If a foreclosure action is instituted and the loan is not brought current, paid in full, or refinanced before the foreclosure action is completed, the property securing the loan is transferred to Other Real Estate Owned (“OREO”) status. We generally attempt to utilize all available remedies, such as note sales in lieu of foreclosure, in an effort to resolve non-accrual loans and OREO properties as quickly and prudently as possible in consideration of market conditions, the physical condition of the property and any other mitigating circumstances. We have not initiated any expected or imminent foreclosure proceedings that are likely to have a material adverse impact on our consolidated financial statements. In the event that a non-accrual loan is subsequently brought current, it is returned to accrual status once the doubt concerning collectability has been removed and the borrower has demonstrated performance in accordance with the loan terms and conditions for a period of generally at least six months.

The C&I portfolio is actively managed by our lenders and underwriters. Most credit facilities typically require an annual review of the exposure and borrowers are required to submit annual financial reporting and loans are structured with financial covenants to indicate expected performance levels. Smaller C&I loans are monitored based on performance and the ability to draw against a credit line is curtailed if there are any indications of credit deterioration. Guarantors are also required to update their financial reporting. All exposures are risk rated and those entering adverse ratings due to financial performance concerns of the borrower or material delinquency of any payments or financial reporting are subjected to added management scrutiny. Measures taken typically include amendments to the amount of the available credit facility, requirements for increased collateral, additional guarantor support or a material enhancement to the frequency and quality of financial reporting. Loans determined to reach adverse risk rating standards are monitored closely by Credit Administration to identify any potential credit losses. When warranted, loans reaching a Substandard rating could be reassigned to the Workout Group for direct handling.

Non-accrual Loans

Within our held-for-investment loan portfolio, non-accrual loans totaled $27.7 million at June 30, 2023 and $34.2 million at December 31, 2022.  

The following is a reconciliation of non-accrual loans as of the dates indicated:

	June 30,			December 31,			June 30,
	2023			2022			2022
	(Dollars in thousands)
Non-accrual loans:
Business loans	$	23,470		$	27,787		$	29,866
One-to-four family residential, including condominium and cooperative apartment		3,305			3,203			3,128
Multifamily residential and residential mixed-use		—			—			—
Non-owner-occupied commercial real estate		15			2,491			2,519
Acquisition, development, and construction		657			657			657
Other		220			99			131
Total non-accrual loans	$	27,667		$	34,237		$	36,301
Ratios:
Total non-accrual loans to total loans		0.25	%		0.32	%		0.38	%
Total non-performing assets to total assets		0.20			0.26			0.29

Troubled Debt Restructuring Disclosures Prior to Our Adoption of ASU No. 2022-02

Prior to our adoption of ASU No. 2022-02, we accounted for a Troubled Debt Restructuring (“TDRs”) as a loan that we, for economic or legal reasons related to a borrower’s financial difficulties, granted a concession to the borrower that we would not otherwise grant. Those concessions included a reduction of interest rate for the remaining term of the loan, the maturity date of the loan was extended with a stated interest rate lower than the current market rate for new debt with similar risk, and the outstanding principal amount and/or accrued interest have been reduced. In instances in which the interest rate had been reduced, management would not deem the modification a TDR in the event that the reduction in interest rate reflected either a general decline in market interest rates or an effort to maintain a relationship with a borrower who could readily obtain funds from other sources at the current market interest rate, and the terms of the restructured loan are comparable to the terms offered by the Bank to non-troubled debtors.

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On January 1, 2023, we adopted ASU 2022-02, which eliminated TDR accounting prospectively for all restructurings occurring on or after January 1, 2023. The accrual status of each restructured loan is determined separately in accordance with our policies for determining accrual or non-accrual status. At the time the modification agreement is entered into between the Bank and the borrower the loan can be on either accrual or non-accrual status.  If a loan is on non-accrual status at the time it is restructured, it continues to be classified as non-accrual until the borrower has demonstrated compliance with the modified loan terms for a period of at least six months. Conversely, if at the time of restructuring the loan is performing (and accruing) it will remain accruing throughout its restructured period, unless the loan subsequently meets any of the criteria for non-accrual status under our policy and agency regulations.

Within the allowance for credit losses, losses are estimated for restructured loan on accrual status and well as restructured loans on non-accrual status that are one-to-four family loans or consumer loans, on a pooled basis with loans that share similar risk characteristics. Restructured loans on non-accrual status excluding one-to-four family and consumer loans are individually evaluated to determine expected credit losses. For restructured loans that are collateral-dependent where we have determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and we expect repayment of the loan to be provided substantially through the operation or sale of the collateral, the allowance for credit losses (“ACL”) is measured based on the difference between the fair value of collateral, less the estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. For non-collateral-dependent loans, the ACL is measured based on the difference between the present value of expected cash flows and the amortized cost basis of the loan as of the measurement date.

OREO

Property acquired by the Bank, or a subsidiary, as a result of foreclosure on a mortgage loan or a deed in lieu of foreclosure is classified as OREO. Upon entering OREO status, we obtain a current appraisal on the property and reassess the likely realizable value (a/k/a fair value) of the property quarterly thereafter. OREO is carried at the lower of the fair value or book balance, with any write downs recognized through a provision recorded in non-interest expense. Only the appraised value, or either a contractual or formal marketed value that falls below the appraised value, is used when determining the likely realizable value of OREO at each reporting period. We typically seek to dispose of OREO properties in a timely manner. As a result, OREO properties have generally not warranted subsequent independent appraisals.

There was no carrying value of OREO properties on our consolidated balance sheets at June 30, 2023 or December 31, 2022. We did not recognize any provisions for losses on OREO properties during the six months ended June 30, 2023 or 2022.

Past Due Loans

Loans Delinquent 30 to 59 Days

At June 30, 2023, we had loans totaling $16.4 million that were past due between 30 and 59 days. At December 31, 2022, we had loans totaling $23.5 million that were past due between 30 and 59 days. The 30 to 59-day delinquency levels fluctuate monthly, and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans.

Loans Delinquent 60 to 89 Days

At June 30, 2023, we had loans totaling $8.1 million that were past due between 60 and 89 days. At December 31, 2022, we had loans totaling $0.7 million that were past due between 60 and 89 days. The 60 to 89-day delinquency levels fluctuate monthly, and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans.

Accruing Loans 90 Days or More Past Due

There were no accruing loans 90 days or more past due at June 30, 2023 or at December 31, 2022.

44

Allowance for Off-Balance Sheet Exposures

We maintain an allowance, recorded in other liabilities, associated with unfunded loan commitments accepted by the borrower. The amount of our allowance was $2.7 million at June 30, 2023 and $2.8 million at December 31, 2022, respectively. This allowance is determined based upon the outstanding volume of loan commitments at each period end. Any increases or reductions in this allowance are recognized in provision for credit losses.

Allowance for Credit Losses

We recognized a credit loss recovery of $2.7 million and $1.5 million during the six months ended June 30, 2023 and 2022, respectively. The $2.7 million credit loss recovery for the six months ended June 30, 2023 was primarily associated with a reduction in reserves on pooled Purchased Credit Deteriorated ("PCD”) loans that were acquired as part of the Company’s 2021 merger of equals transaction. The $1.5 million credit loss recovery for the six months ended June 30, 2022 was primarily due to releases of reserves on PCD loans.

For a further discussion of the allowance for credit losses and related activity during the six months ended June 30, 2023 and 2022, please see Note 7 to the condensed consolidated financial statements.

The following table presents our allowance for credit losses allocated by loan type and the percent of loans in each category to total loans as of the dates indicated.

	June 30, 2023				December 31, 2022
			Percent				Percent
			of Loans				of Loans
			in Each				in Each
			Category				Category
	Allocated		to Total		Allocated		to Total
	Amount		Loans		Amount		Loans
(Dollars in thousands)
Business loans	$	39,700	20.69	%	$	47,029	20.93	%
One-to-four family residential and cooperative/condominium apartment		6,419	7.87			5,969	7.32
Multifamily residential and residential mixed-use		8,190	37.99			8,360	38.11
Non-owner-occupied commercial real estate		18,440	31.32			20,153	31.40
Acquisition, development, and construction		2,558	2.07			1,723	2.17
Other loans		339	0.06			273	0.07
Total	$	75,646	100.00	%	$	83,507	100.00	%

45

The following table sets forth information about our allowance for credit losses at or for the dates indicated:

	At or for the Six Months Ended June 30,
	2023			2022
	(Dollars in thousands)
Total loans outstanding at end of period (1)	$	10,876,415		$	9,660,907
Average total loans outstanding during the period(2)		10,696,249			9,355,117
Allowance for credit losses balance at end of period		75,646			79,426
Allowance for credit losses to total loans at end of period		0.70	%		0.82	%
Non-performing loans to total loans at end of period		0.25			0.38
Allowance for credit losses to total non-performing loans at end of period		273.42			218.80
Ratio of net charge-offs to average loans outstanding during the period:
Business loans		0.46	%		0.32	%
One-to-four family residential and cooperative/condominium apartment		—			—
Multifamily residential and residential mixed-use		—			—
Non-owner-occupied commercial real estate		—			—
Acquisition, development, and construction		—			—
Other loans		0.78			0.03
Total		0.10			0.07

(1) Total loans represent gross loans (excluding loans held for sale), inclusive of deferred fees/costs and premiums/discounts.

(2) Total average loans represent gross loans (including loans held for sale), inclusive of deferred loan fees/costs and premiums/discounts.

Comparison of Financial Condition at June 30, 2023 and December 31, 2022

Assets. Assets totaled $13.80 billion at June 30, 2023, $612.9 million above their level at December 31, 2022, primarily due to increases of $317.4 million in our loan portfolio, $283.2 million in cash and due from banks and $37.7 million in other assets, partially offset by a decrease of $37.6 million in total investment securities.

Total loans, net of allowance increased $317.4 million during the six months ended June 30, 2023, to $10.80 billion at June 30, 2023. During the six months ended June 30, 2023, we had loan originations of $652.6 million.

Total investment securities decreased $37.6 million during the six months ended June 30, 2023, to $1.50 billion at June 30, 2023, primarily due to proceeds from principal payments, calls, maturities, and sales of $128.3 million and an increase in unrealized losses of $12.1 million, offset in part by purchases of $105.8 million. There were no transfers to or from securities held-to-maturity during the six months ended June 30, 2023.

Liabilities. Total liabilities increased $580.0 million during the six months ended June 30, 2023, to $12.60 billion at June 30, 2023, primarily due to an increase of $317.0 million in FHLBNY advances and an increase of $268.3 million in deposits (including mortgage escrow accounts).  

Stockholders’ Equity. Stockholders’ equity increased $32.9 million during the six months ended June 30, 2023 to $1.20 billion at June 30, 2023, primarily due to net income of $64.8 million, partially offset by common stock dividends of $18.5 million, other comprehensive loss of $10.0 million, preferred stock dividends of $3.6 million and repurchases of shares of common stock of $947 thousand.

46

Comparison of Operating Results for the Three Months Ended June 30, 2023 and 2022

General. Net income was $27.5 million during the three months ended June 30, 2023, compared to net income of $38.5 million for the three months ended June 30, 2022. During the three months ended June 30, 2023, non-interest expense increased by $348 thousand, the credit loss provision increased by $848 thousand, non-interest income decreased by $1.7 million, net interest income decreased by $13.3 million, and income tax expense decreased by $5.2 million, compared to the three months ended June 30, 2022.

The discussion of net interest income for the three months ended June 30, 2023 and 2022 should be read in conjunction with the following tables, which set forth certain information related to the consolidated statements of income for those periods, and which also present the average yield on assets and average cost of liabilities for the periods indicated.  The average yields and costs were derived by dividing income or expense by the average balance of their related assets or liabilities during the periods represented. Average balances were derived from average daily balances. No tax-equivalent adjustments have been made for interest income exempt from Federal, state, and local taxation. The yields include loan fees consisting of amortization of loan origination and commitment fees and certain direct and indirect origination costs, prepayment fees, and late charges that are considered adjustments to yields. Loan fees included in interest income were $363 thousand and $455 thousand during the three months ended June 30, 2023 and 2022, respectively. The decrease in loan fees was primarily due to a decline in loan prepayment fees in 2023. There are no out-of-period adjustments included in the rate/volume analysis in the following table.

47

Analysis of Net Interest Income

	Three Months Ended June 30,
	2023							2022
					Average							Average
	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Assets:	(Dollars in thousands)
Interest-earning assets:
Business loans (1)(3)	$	2,259,769	$	35,558		6.31	%	$	1,982,020	$	21,787		4.41	%
One-to-four family residential, including condo and coop (3)		828,324		9,818		4.75			683,615		6,771		3.97
Multifamily residential and residential mixed-use (3)		4,125,119		45,123		4.39			3,510,377		32,024		3.66
Non-owner-occupied commercial real estate (3)		3,337,689		42,559		5.11			2,990,246		28,466		3.82
Acquisition, development, and construction (3)		220,795		5,149		9.35			302,534		3,909		5.18
Other loans (3)		6,536		103		6.32			11,571		145		5.03
Securities		1,642,057		7,914		1.93			1,695,702		7,067		1.67
Other short-term investments		468,233		5,867		5.03			236,285		741		1.26
Total interest-earning assets		12,888,522		152,091		4.73	%		11,412,350		100,910		3.55	%
Non-interest earning assets		769,546							709,599
Total assets	$	13,658,068						$	12,121,949
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing checking (2)	$	952,424	$	3,081		1.30	%	$	858,402	$	604		0.28	%
Money market		2,713,816		18,284		2.70			3,148,472		1,240		0.16
Savings (2)		2,279,670		17,376		3.06			1,509,776		859		0.23
Certificates of deposit		1,546,257		13,875		3.60			827,286		1,028		0.50
Total interest-bearing deposits		7,492,167		52,616		2.82			6,343,936		3,731		0.24
FHLBNY advances		1,327,121		15,206		4.60			79,176		172		0.87
Subordinated debt, net		200,254		2,553		5.11			273,470		3,309		4.85
Other short-term borrowings		814		—		—			54,229		92		0.68
Total borrowings		1,528,189		17,759		4.66			406,875		3,573		3.52
Derivative cash collateral		120,542		1,497		4.98			98,995		94		0.38
Total interest-bearing liabilities		9,140,898		71,872		3.15	%		6,849,806		7,398		0.43	%
Non-interest-bearing checking (2)		3,043,899							3,935,765
Other non-interest-bearing liabilities		254,826							191,066
Total liabilities		12,439,623							10,976,637
Stockholders' equity		1,218,445							1,145,312
Total liabilities and stockholders' equity	$	13,658,068						$	12,121,949
Net interest income			$	80,219						$	93,512
Net interest spread (4)						1.58	%						3.12	%
Net interest-earning assets	$	3,747,624						$	4,562,544
Net interest margin (5)						2.50	%						3.29	%
Ratio of interest-earning assets to interest-bearing liabilities						141.00	%						166.61	%
Deposits (including non-interest-bearing checking accounts) (2)	$	10,536,066	$	52,616		2.00	%	$	10,279,701	$	3,731		0.15	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

⁽²⁾ Includes mortgage escrow deposits.

⁽³⁾ Amounts are net of deferred origination costs/(fees) and allowance for credit losses, and include loans held for sale.

⁽⁴⁾ Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

⁽⁵⁾ Net interest margin represents net interest income divided by average-interest earning assets.

48

Rate/Volume Analysis

	Three Months Ended June 30, 2023
	Compared to Three Months Ended June 30, 2022
	Increase / (Decrease) Due to:
	Volume		Rate		Total
	(Dollars in thousands)
Interest-earning assets:
Business loans (1)(2)	$	3,675	$	10,094	$	13,769
One-to-four family residential, including condo and coop (2)		1,564		1,483		3,047
Multifamily residential and residential mixed-use (2)		6,225		6,876		13,101
Non-owner-occupied commercial real estate (2)		3,905		10,188		14,093
Acquisition, development, and construction (2)		(1,487)		2,727		1,240
Other loans (2)		(70)		28		(42)
Securities		(258)		1,105		847
Other short-term investments		1,545		3,581		5,126
Total interest-earning assets	$	15,099	$	36,082	$	51,181
Interest-bearing liabilities:
Interest-bearing checking	$	150	$	2,327	$	2,477
Money market		(1,740)		18,784		17,044
Savings		3,298		13,219		16,517
Certificates of deposit		3,533		9,314		12,847
FHLBNY advances		8,495		6,539		15,034
Subordinated debt, net		(898)		142		(756)
Other short-term borrowings		(291)		199		(92)
Derivative cash collateral		194		1,209		1,403
Total interest-bearing liabilities	$	12,741	$	51,733	$	64,474
Net change in net interest income	$	2,358	$	(15,651)	$	(13,293)

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

⁽²⁾ Amounts are net of deferred origination costs/ (fees) and allowance for credit losses, and include loans held for sale.

Net interest income. Net interest income was $80.2 million during the three months ended June 30, 2023, a decrease of $13.3 million from the three months ended June 30, 2022. Average interest-earning assets were $12.89 billion for the three months ended June 30, 2023, an increase of $1.48 billion from $11.41 billion for the three months ended June 30, 2022. Net interest margin (“NIM”) was 2.50% during the three months ended June 30, 2023, down from 3.29% during the three months ended June 30, 2022.

Interest Income. Interest income was $152.1 million during the three months ended June 30, 2023, compared to $100.9 million during the three months ended June 30, 2022. During the three months ended June 30, 2023, interest income increased $51.2 million from the three months ended June 30, 2022, primarily reflecting increases in interest income of $14.1 million on non-owner occupied loan income, $13.8 million on business loan income, $13.1 million on multifamily loan income, $5.1 million on other short-term investments, $3.0 million on one-to-four family loan income, $1.2 million on acquisition, development and construction loan income and $847 thousand on securities, partially offset by decrease in interest income of $42 thousand on other loans.

The increased interest income on non-owner occupied loan income was related to a 129-basis point increase in the average yield and an increase of $347.4 million in the average balance of such loans in the 2023 period. The increased interest income on business loans was related to a 190-basis point increase in the average yield and an increase of $277.7 million in the average balance of such loans in the period. The increased interest income on multifamily loans was related to a 73-basis point increase in the average yield and an increase of $614.7 million in the average balance of such loans in the period. The increased interest income on short-term investments was due to a 377-basis point increase in the average yield and an increase of $231.9 million in the average balance of such short-term investments during the period. The increased interest income on one-to-four family loans was related to a $144.7 million increase in the average balance and a 78-basis point increase in the average yield of such loans in the period. The increased interest income on acquisition, development,

49

and construction loans was related to a 417-basis point increase in the average yield, offset by a decrease of $81.7 million in the average balance of such loans in the period. The increased interest income on securities was due to a 26-basis point increase in the average yield offset by a $53.7 million decrease in the average balance of such securities during the period.

Interest Expense. Interest expense was $71.9 million during the three months ended June 30, 2023, compared to $7.4 million during the three months ended June 30, 2022, primarily reflecting increases in interest expense of $48.9 million on deposits, $14.2 million on total borrowings and $1.4 million on derivative cash collateral. The increased interest expense on deposits primarily reflects a 283-basis point increase in rates paid on savings accounts and an increase of $769.9 million in average balance of such deposits, a 254-basis point increase in rates paid on money market accounts offset by a $434.7 million decrease in average balances of such deposits and a 310-basis point increase in rates paid on CDs and an increase of $719.0 million in average balance of such deposits. The increases in interest expenses on money market accounts, saving accounts and CDs were primarily due to intense price competition among banks and other financial institutions and the rising interest rate environment. The increased interest expense on total borrowings primarily reflects a $1.25 billion increase in the average balance of FHLBNY advances and a 373-basis point increase in rates paid on such advances.

Provision for Credit Losses. We recognized a credit loss provision of $892 thousand during the three months ended June 30, 2023, compared to a credit loss provision of $44 thousand for the three months ended June 30, 2022. The $892 thousand credit loss provision for the three months ended June 30, 2023 was associated with growth in the loan portfolio and deterioration in forecasted macroeconomic conditions offset by a reduction in the reserve on Purchased Credit Deteriorated ("PCD”) loans that were acquired as part of the Company’s merger of equals transaction in 2021. The $44 thousand credit loss provision for the three months ended June 30, 2022 was primarily associated with a $366 thousand credit loss provision on the loan portfolio primarily due to growth, partially offset by a $323 thousand credit loss recovery in reserves for unfunded loan commitments primarily due to lower balances.

Non-Interest Income. Non-interest income was $10.4 million during the three months ended June 30, 2023, compared to $12.1 million during the three months ended June 30, 2022. During the three months ended June 30, 2023, non-interest income decreased $1.7 million from the three months ended June 30, 2022, reflecting a decrease of $1.3 million in BOLI income, an increase of $780 thousand related to a loss on equity securities, a decrease of $513 thousand from gain on sale of SBA loans and a decrease of $437 thousand on title fees, partially offset by a increase of $752 thousand of loan level derivative income and a $519 thousand increase on service charges and other fees during the 2023 period.

Non-Interest Expense. Non-interest expense was $52.2 million during the three months ended June 30, 2023, compared to $51.8 million during the three months ended June 30, 2022. During the three months ended June 30, 2023, non-interest expense increased $348 thousand from the three months ended June 30, 2022, primarily due to a $1.4 million increase in salaries and employee benefits, and a $724 thousand in federal deposit insurance premiums, offset by decreases of $1.7 million in severance, $740 thousand in loss on extinguishment of debt, $352 thousand in professional services and $252 thousand in occupancy and equipment. The increase in federal deposit insurance premiums relates to an increase in deposit insurance rates due to a special assessment by the FDIC.

Non-interest expense was 1.53% and 1.71% of average assets during the three months ended June 30, 2023 and 2022, respectively.

Income Tax Expense. Income tax expense was $10.0 million during the three months ended June 30, 2023, compared to income tax expense of $15.3 million during the three months ended June 30, 2022. The reported effective tax rate for the three months ended June 30, 2023 was 26.8%, and 28.4% for the three months ended June 30, 2022.

Comparison of Operating Results for the Six Months Ended June 30, 2023 and 2022

General. Net income was $64.8 million during the six months ended June 30, 2023, compared to net income of $73.0 million for the six months ended June 30, 2022. During the six months ended June 30, 2023, net interest income decreased by $16.7 million, income tax expense decreased by $5.1 million, non-interest expense decreased by $2.1 million and the credit loss recovery increased by $1.2 million, non-interest income increased by $79 thousand, compared to the six months ended June 30, 2022.

50

The discussion of net interest income for the six months ended June 30, 2023 and 2022 should be read in conjunction with the following tables, which set forth certain information related to the consolidated statements of income for those periods, and which also present the average yield on assets and average cost of liabilities for the periods indicated.  The average yields and costs were derived by dividing income or expense by the average balance of their related assets or liabilities during the periods represented. Average balances were derived from average daily balances. No tax-equivalent adjustments have been made for interest income exempt from Federal, state, and local taxation. The yields include loan fees consisting of amortization of loan origination and commitment fees and certain direct and indirect origination costs, prepayment fees, and late charges that are considered adjustments to yields. Loan fees included in interest income were $655 thousand and $1.3 million during the six months ended June 30, 2023 and 2022, respectively. The decrease in loan fees was primarily due to a decline in loan prepayment fees in 2023. There are no out-of-period adjustments included in the rate/volume analysis in the following table.

	Six Months Ended June 30,
	2023							2022
					Average							Average
	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Assets:	(Dollars in thousands)
Interest-earning assets:
Business loans (1)(3)	$	2,230,319	$	68,008		6.15	%	$	1,969,811	$	40,660		4.16	%
One-to-four family residential, including condo and coop (3)		808,424		18,675		4.66			677,191		13,615		4.05
Multifamily residential and residential mixed-use (3)		4,099,706		87,472		4.30			3,432,108		62,481		3.67
Non-owner-occupied commercial real estate (3)		3,327,427		82,254		4.98			2,950,099		54,722		3.74
Acquisition, development, and construction (3)		223,333		10,122		9.14			312,305		7,702		4.97
Other loans (3)		7,040		218		6.24			13,603		342		5.07
Securities		1,670,792		16,345		1.97			1,710,862		14,198		1.67
Other short-term investments		420,400		9,669		4.64			307,315		1,109		0.73
Total interest-earning assets		12,787,441		292,763		4.62	%		11,373,294		194,829		3.45	%
Non-interest earning assets		767,042							787,326
Total assets	$	13,554,483						$	12,160,620
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing checking (2)	$	898,068	$	4,603		1.03	%	$	864,611	$	970		0.23	%
Money market		2,706,767		32,134		2.39			3,389,118		2,214		0.13
Savings (2)		2,303,267		31,975		2.80			1,383,938		1,066		0.16
Certificates of deposit		1,358,043		21,176		3.14			826,091		2,012		0.49
Total interest-bearing deposits		7,266,145		89,888		2.49			6,463,758		6,262		0.20
FHLBNY advances		1,291,608		28,706		4.48			56,657		249		0.89
Subordinated debt, net		200,265		5,106		5.14			235,486		5,510		4.72
Other short-term borrowings		6,290		118		3.78			28,487		92		0.65
Total borrowings		1,498,163		33,930		4.57			320,630		5,851		3.68
Derivative cash collateral		128,050		2,974		4.68			59,218		95		0.32
Total interest-bearing liabilities		8,892,358		126,792		2.88	%		6,843,606		12,208		0.36	%
Non-interest-bearing checking (2)		3,191,980							3,957,631
Other non-interest-bearing liabilities		264,002							188,140
Total liabilities		12,348,340							10,989,376
Stockholders' equity		1,206,143							1,171,243
Total liabilities and stockholders' equity	$	13,554,483						$	12,160,620
Net interest income			$	165,971						$	182,621
Net interest spread (4)						1.74	%						3.09	%
Net interest-earning assets	$	3,895,083						$	4,529,688
Net interest margin (5)						2.62	%						3.24	%
Ratio of interest-earning assets to interest-bearing liabilities						143.80	%						166.19	%
Deposits (including non-interest-bearing checking accounts) (2)	$	10,458,125	$	89,888		1.73	%	$	10,421,389	$	6,262		0.12	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

⁽²⁾ Includes mortgage escrow deposits.

⁽³⁾ Amounts are net of deferred origination costs/(fees) and allowance for credit losses, and include loans held for sale.

⁽⁴⁾ Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

⁽⁵⁾ Net interest margin represents net interest income divided by average-interest earning assets.

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	Six Months Ended June 30, 2023
	Compared to Six Months Ended June 30, 2022
	Increase / (Decrease) Due to:
	Volume		Rate		Total
	(Dollars in thousands)
Interest-earning assets:
Business loans (1)(2)	$	6,641	$	20,707	$	27,348
One-to-four family residential, including condo and coop (2)		2,824		2,236		5,060
Multifamily residential and residential mixed-use (2)		13,209		11,782		24,991
Non-owner-occupied commercial real estate (2)		8,195		19,337		27,532
Acquisition, development, and construction (2)		(3,116)		5,536		2,420
Other loans (2)		(184)		60		(124)
Securities		(365)		2,512		2,147
Other short-term investments		1,505		7,055		8,560
Total interest-earning assets	$	28,709	$	69,225	$	97,934
Interest-bearing liabilities:
Interest-bearing checking	$	120	$	3,513	$	3,633
Money market		(4,251)		34,171		29,920
Savings		6,760		24,149		30,909
Certificates of deposit		4,800		14,364		19,164
FHLBNY advances		16,449		12,008		28,457
Subordinated debt, net		(859)		455		(404)
Other short-term borrowings		(244)		270		26
Derivative cash collateral		854		2,025		2,879
Total interest-bearing liabilities	$	23,629	$	90,955	$	114,584
Net change in net interest income	$	5,080	$	(21,730)	$	(16,650)

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

⁽²⁾ Amounts are net of deferred origination costs/ (fees) and allowance for credit losses, and include loans held for sale.

Net interest income. Net interest income was $166.0 million during the six months ended June 30, 2023, a decrease of $16.6 million from the six months ended June 30, 2022. Average interest-earning assets were $12.79 billion for the six months ended June 30, 2023, an increase of $1.42 billion from $11.37 billion for the six months ended June 30, 2022. Net interest margin (“NIM”) was 2.62% during the six months ended June 30, 2023, down from 3.24% during the six months ended June 30, 2022.

Interest Income. Interest income was $292.8 million during the six months ended June 30, 2023, compared to $194.8 million during the six months ended June 30, 2022. During the six months ended June 30, 2023, interest income increased $97.9 million from the six months ended June 30, 2022, primarily reflecting increases in interest income of $27.5 million on non-owner occupied loan income, $27.3 million on business loan income, $25.0 million on multifamily loan income, $8.6 million on other short-term investments, $5.1 million on one-to-four family loan income, $2.4 million on acquisition, development and construction loan income and $2.1 million on securities, partially offset by a decrease in interest income of $124 thousand on other loans.

The increased interest income on non-owner occupied loan income was related to a 124-basis point increase in the average yield and an increase of $377.3 million in the average balance of such loans in the 2023 period. The increased interest income on business loans was related to a 199-basis point increase in the average yield and an increase of $260.5 million in the average balance of such loans in the period. The increased interest income on multifamily loans was related to an increase of $667.6 million in the average balance and a 63-basis point increase in the average yield of such loans in the period. The increased interest income on one-to-four family loans was related to an increase of $131.2 million in the average balance and a 61-basis point increase in the average yield of such loans in the period. The increased interest income on acquisition, development, and construction loans was related to a 417-basis point increase in the average yield and a decrease of $89.0 million in the average balance of such loans in the period. The decreased interest income on other loans was due to a 117-basis point increase in the average yield offset by a $6.6 million decrease in the average balance of other loans during the period. The increased interest income on securities was due to an increase of a 30-basis point increase in the average yield, offset by a $40.1 million decrease in the average balance of such securities during the period. The increased interest income on short-term investments was due to a 391-basis point increase in the average yield and an increase of $113.1 million in the average balance of such short-term investments during the period.

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Interest Expense. Interest expense was $126.8 million during the six months ended June 30, 2023, compared to $12.2 million during the six months ended June 30, 2022, primarily reflecting increases in interest expense of $83.6 million on deposits, $28.5 million on FHLBNY advances, $28.1 million on total borrowings and $2.9 million on derivative cash collateral. The increased interest expense on deposits primarily reflects a 264-basis point increase in rates paid on savings accounts and an increase of $919.3 million in average balance of such deposits, a 226-basis point increase in rates paid on money market accounts offset by a decrease of $682.3 million in average balances of such deposits and a 265-basis point increase in rates paid on CDs and an increase of $532.0 million in average balance of such deposits. The increases in interest expenses on money market accounts, saving accounts and CDs were primarily due to intense price competition among banks and other financial institutions and the rising interest rate environment. The increased interest expense on total borrowings primarily reflects a a 359-basis point increase in rates paid and a $1.23 billion increase in the average balance of FHLBNY advances.    

Provision for Credit Losses. We recognized a credit loss recovery of $2.8 million during the six months ended June 30, 2023, compared to a credit loss recovery of $1.5 million for the six months ended June 30, 2022. The $2.8 million credit loss recovery for the six months ended June 30, 2023 was primarily associated with a reduction in reserves on pooled PCD loans that were acquired as part of the Company’s 2021 merger of equals transaction. The $1.5 million credit loss recovery for the six months ended June 30, 2022 was primarily associated with releases of reserves on PCD loans.

Non-Interest Income. Non-interest income was $19.4 million during the six months ended June 30, 2023, compared to $19.3 million during the six months ended June 30, 2022. During the six months ended June 30, 2023, non-interest income increased $79 thousand from the six months ended June 30, 2022, reflecting an increase of $3.9 million of loan level derivative income and a $275 thousand increase on service charges and other fees, partially offset by a $1.4 million loss on sale of securities, a $967 thousand decrease in BOLI income, an increase of $780 thousand loss on equity securities, a $566 thousand decrease in title fee income, a $257 thousand decrease in gain on sale of residential loans and a $239 thousand decrease from gain on sale of SBA loans during the 2023 period.

Non-Interest Expense. Non-interest expense was $99.7 million during the six months ended June 30, 2023, compared to $101.7 million during the six months ended June 30, 2022. During the six months ended June 30, 2023, non-interest expense decreased $2.1 million from the six months ended June 30, 2022, primarily due to a $2.8 million decrease in salaries and employee benefits, a $1.7 million decrease in severance, a $740 thousand decrease in loss on extinguishment of debt, a $523 thousand decrease in professional services and $463 thousand decrease in occupancy and equipment, partially offset by increases of $2.1 million in other non-interest expenses, a $1.4 million increase in federal deposit insurance premiums, and a $717 thousand increase in data processing costs. The increase in federal deposit insurance premiums relates to an increase in deposit insurance rates due to a special assessment by the FDIC.

Non-interest expense was 1.47% and 1.67% of average assets during the six months ended June 30, 2023 and 2022, respectively.

Income Tax Expense. Income tax expense was $23.7 million during the six months ended June 30, 2023, compared to income tax expense of $28.8 million during the six months ended June 30, 2022. The reported effective tax rate for the six months ended June 30, 2023 was 26.8%, and 28.3% for the six months ended June 30, 2022.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and qualitative disclosures about market risk were presented at December 31, 2022 in Item 7A of the Holding Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2023. The following is an update of the discussion provided therein.

General. The Company’s largest component of market risk remains interest rate risk. The Company is not subject to foreign currency exchange or commodity price risk. During the three and six months ended June 30, 2023, we conducted zero transactions involving derivative instruments requiring bifurcation in order to hedge interest rate or market risk.

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Interest Rate Risk Exposure Analysis

Economic Value of Equity (“EVE”) Analysis. In accordance with agency regulatory guidelines, the Company simulates the impact of interest rate volatility upon EVE using several interest rate scenarios. EVE is the difference between the present value of the expected future cash flows of the Company’s assets and liabilities and the value of any off-balance sheet items, such as derivatives, if applicable.

Traditionally, the fair value of fixed-rate instruments fluctuates inversely with changes in interest rates. Increases in interest rates thus result in decreases in the fair value of interest-earning assets, which could adversely affect the Company’s consolidated results of operations in the event they were to be sold, or, in the case of interest-earning assets classified as available-for-sale, reduce the Company’s consolidated stockholders’ equity, if retained. The changes in the value of assets and liabilities due to fluctuations in interest rates measure the interest rate sensitivity of those assets and liabilities.

In order to measure the Company’s sensitivity to changes in interest rates, EVE is calculated under market interest rates prevailing at a given quarter-end (“Pre-Shock Scenario”), and under various other interest rate scenarios (“Rate Shock Scenarios”) representing immediate, permanent, parallel shifts in the term structure of interest rates from the actual term structure observed in the Pre-Shock Scenario. An increase in the EVE is considered favorable, while a decline is considered unfavorable. The changes in EVE between the Pre-Shock Scenario and various Rate Shock Scenarios due to fluctuations in interest rates reflect the interest rate sensitivity of the Company’s assets, liabilities, and off-balance sheet items that are included in the EVE. Management reports the EVE results to the Board of Directors on a quarterly basis. The report compares the Company’s estimated Pre-Shock Scenario EVE to the estimated EVE calculated under the various Rate Shock Scenarios.

The Company’s valuation model makes various estimates regarding cash flows from principal repayments on loans and deposit decay rates at each level of interest rate change. The Company’s estimates for loan repayment levels are influenced by the recent history of prepayment activity in its loan portfolio, as well as the interest rate composition of the existing portfolio, especially in relation to the existing interest rate environment. In addition, the Company considers the amount of fee protection inherent in the loan portfolio when estimating future repayment cash flows. Regarding deposit decay rates, the Company tracks and analyzes the decay rate of its deposits over time, with the assistance of a reputable third-party, and over various interest rate scenarios. Such results are utilized in determining estimates of deposit decay rates in the valuation model. The Company also generates a series of spot discount rates that are integral to the valuation of the projected monthly cash flows of its assets and liabilities. The valuation model employs discount rates that it considers representative of prevailing market rates of interest with appropriate adjustments it believes are suited to the heterogeneous characteristics of the Company’s various asset and liability portfolios. No matter the care and precision with which the estimates are derived, actual cash flows could differ significantly from the Company’s estimates resulting in significantly different EVE calculations.

The analysis that follows presents, as of June 30, 2023 and December 31, 2022, the estimated EVE at both the Pre-Shock Scenario and the -100 Basis Point, +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios.

	June 30, 2023					December 31, 2022
			Dollar		Percentage			Dollar		Percentage
(Dollars in thousands)	EVE		Change		Change	EVE		Change		Change
Rate Shock Scenarios
+ 200 Basis Points	$	1,386,078	$	73,576	5.6%	$	1,717,562	$	78,373	4.8%
+ 100 Basis Points		1,362,237		49,735	3.8%		1,703,131		63,942	3.9%
Pre-Shock Scenario		1,312,502		—	—		1,639,189		—	—
- 100 Basis Points		1,242,486		(70,016)	(5.3)%		1,515,010		(124,179)	(7.6)%

The Company’s Pre-Shock Scenario EVE decreased from $1.64 billion at December 31, 2022 to $1.31 billion at June 30, 2023. The primary factors contributing to the decline in EVE include a shift in the deposit mix, coupled with an increase in the cost of the Bank’s interest bearing non-maturity deposits. Further influencing the change in EVE was a decline in the relative value of the Bank’s loan portfolio as market interest rates have increased more than the overall portfolio yield.

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The Company’s EVE in the +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios decreased from $1.70 billion and $1.72 billion, respectively, at December 31, 2022, to $1.36 billion and $1.39 billion, respectively, at June 30, 2023. In the -100 Basis Point Rate Shock Scenario the Company’s EVE decreased from $1.52 billion at December 31, 2022, to $1.24 billion at June 30, 2023.

Income Simulation Analysis. As of the end of each quarterly period, the Company also monitors the impact of interest rate changes through a net interest income simulation model. This model estimates the impact of interest rate changes on the Company’s net interest income over forward-looking periods typically not exceeding 36 months (a considerably shorter period than measured through the EVE analysis). Management reports the net interest income simulation results to the Company’s Board of Directors on a quarterly basis. The following table discloses the estimated changes to the Company’s net interest income in various time periods assuming gradual changes in interest rates over a 12-month period beginning June 30, 2023, for the given rate scenarios:

	Percentage Change in Net Interest Income
Gradual Change in Interest rates of:	Year-One	Year-Two
+ 200 Basis Points	(3.1)%	(3.4)%
+ 100 Basis Points	(1.7)%	(1.9)%
- 100 Basis Points	1.3%	0.5%

Management also examines the potential impact to net interest income by simulating the impact of instantaneous changes to interest rates. The following table discloses the estimated changes to the Company’s net interest income in various time periods associated with the given interest rate shock scenarios.

	Percentage Change in Net Interest Income
Instantaneous Rate Shock Scenarios	Year-One	Year-Two
+ 200 Basis Points	(2.9)%	(0.9)%
+ 100 Basis Points	(1.5)%	(0.5)%
- 100 Basis Points	0.4%	(1.1)%

iIte

Item 4.Controls and Procedures

Management of the Company, with the participation of its Principal Executive Officer and Principal Financial Officer, conducted an evaluation of the effectiveness, as of June 30, 2023, of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15(d)-15(e) under the Exchange Act. Based upon this evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2023 in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management of the Company as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There has been no change in the Company’s internal control over financial reporting during the quarter ended June 30, 2023, that has materially affected, or is reasonably likely to materially affect, such controls.

PART II – OTHER INFORMATION

Item 1.Legal Proceedings

In the ordinary course of business, the Company is routinely named as a defendant in or party to various pending or threatened legal actions or proceedings. Certain of these matters may seek substantial monetary damages. In the opinion of management, the Company was not involved in any actions or proceedings that were likely to have a material adverse impact on its financial condition and results of operations as of June 30, 2023.

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Item 1A.Risk Factors

For information regarding the Company’s risk factors, see Part 1, Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2022, and Part II, Item 1A “Risk Factors” in our subsequent Annual Reports on Form 10-Q, each as filed with the Securities and Exchange Commission.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

(a) Not applicable.

(b) Not applicable.

(c)

	Total			Total Number of	Maximum Number
	Number	Average		Shares Purchased	of Shares that May
	of Shares	Price Paid		as Part of Publicly	Yet be Purchased
Period	Purchased	Per Share		Announced Programs	Under the Programs (1)
April 2023	5,700	$	20.97	5,700	1,573,247
May 2023	6,300		17.35	6,300	1,566,947
June 2023	—		—	—	1,566,947

(1) In May 2022, we announced the adoption of a new stock repurchase program of up to 1,948,314 shares, upon the completion of our existing authorized stock repurchase program. The stock repurchase program may be suspended, terminated, or modified at any time for any reason, and has no termination date. As of June 30, 2023, there were 1,566,947 shares remaining to be purchased in the program.

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not Applicable.

Item 5.Other Information

During the three months ended June 30, 2023, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as that term is used in SEC regulations.

The information below is reported in lieu of information that would be reported pursuant to a Current Report on Form 8-K filed with the Commission during the period under Items 5.02 and 5.03.

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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Executive Officer

Departure of Kevin M. O’Connor as Chief Executive Officer.  As previously disclosed by Dime Community Bancshares, Inc., a New York corporation (the “Company”), in the Current Report on Form 8-K as filed with the Securities and Exchange Commission on July 28, 2023, the Company issued a press release announcing that Kevin M. O’Connor will step down from the position of Chief Executive Officer of the Company effective as of August 31, 2023 (the “Effective Date”).   The Company also announced that Mr. O’Connor will continue to serve on the Board of Directors until December 31, 2023.  Mr. O’Connor’s departure from his positions with the Company is not the result, in whole or in part, of any disagreement with the Company’s management.

In connection with Mr. O’Connor’s departure, on July 27, 2023, the Company, Dime Community Bank and Mr. O’Connor entered into an Agreement and General Release (the “O’Connor Agreement”).  Upon execution and non-revocation of the O’Connor Agreement, that certain Employment Agreement, dated October 16, 2020, and effective February 1, 2021 (“Employment Agreement”), that certain Amendment to Employment Agreement, dated June 28, 2021 (the “Amendment”), and that certain Retention Agreement, dated October 16, 2020, will terminate in all respects except with respect to certain restrictive covenants as set forth in the Employment Agreement, which such restrictive covenants shall extend until the later of December 31, 2024 or one year after the date on which Mr. O’Connor steps down from all officer and director positions. Until the Effective Date, Mr. O’Connor will continue to be employed by the Company as the Chief Executive Officer and will continue to earn and receive his current base salary and benefits in full through the Effective Date.

Pursuant to the O’Connor Agreement, Mr. O’Connor will receive the following payments as contemplated by the Employment Agreement and the Amendment, in a lump sum, less required tax withholding: (i) a pro-rated bonus of $782,546.54, which shall be in lieu of any bonus, incentive or additional payment for 2023 as provided in the Employment Agreement; (ii) $6,226,290, which amounts to three years of Mr. O’Connor’s base salary and 2022 bonus; (iii) $1,205,850, which amount is intended to account for and be in lieu of any payments that Mr. O’Connor would have received for the three-year period following the Effective Date related to contributions by the Company to the defined contribution plan; (iv) an amount equal to 36 months of 150% of Mr. O’Connor’s COBRA health care premiums and monthly life insurance premiums; and (v) an amount equal to one week of accrued paid time off, which equals one week of base salary at Mr. O’Connor’s current base salary rate. Also, Mr. O’Connor will be reimbursed for certain expenses not to exceed $135,000. Mr. O’Connor’s unvested equity awards will be forfeited as of the Effective Date.

This summary of the O’Connor Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the text of the O’Connor Agreement, included as Exhibit 10.1 to this filing.  Exhibit 10.1 is incorporated by reference herein.

Appointment of Stuart H. Lubow as President and Chief Executive Officer.  In connection with Mr. O’Connor’s departure, on July 27, 2023, the Board of Directors appointed Stuart H. Lubow as the Company’s President and Chief Executive Officer to be effective on the Effective Date.  Mr. Lubow will serve in such capacity until his successor has been duly elected and qualified or until death, resignation or removal.

Mr. Lubow, age 66, currently serves as the President and Chief Operating Officer of the Company. From 2020, Mr. Lubow served as President of Dime Community Bancshares, Inc., a Delaware corporation (“Legacy Dime”) which as of February 1, 2023, merged with and into the Company pervious known as “Bridge Bancorp, Inc.,” and from 2017, Mr. Lubow served

57

as Senior Executive Vice President and Chief Banking Officer of Legacy Dime. Prior to joining Legacy Dime, Mr. Lubow served as Chairman, President and Chief Executive Officer of Community National Bank from 2005 to 2015.  

There are no family relationships between Mr. Lubow and any director or executive officer of the Company, and the Company has not entered into any transactions with Mr. Lubow that are reportable pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Board of Directors

Departure of Kevin M. O’Connor from the Board of Directors. Pursuant to the O’Connor Agreement, Mr. O’Connor will step down from the Board of Directors effective as of December 31, 2023.

Election of Stuart H. Lubow to the Board of Directors.  As further described in Item 5.03 of this Current Report on Form 8-K, on July 27, 2023, the Board of Directors approved an amendment and restatement of the Dime Community Bancshares, Inc. Bylaws (the “Bylaws” and, as amended and restated, the “Amended and Restated Bylaws”) to delete Article VIII, Section 8.03(a) which required that the Board of Directors consist of 12 directors.  On July 27, 2023, pursuant to Article II, Section 2.04 of the Amended and Restated Bylaws, effective as of the Effective Date, the Board of Directors determined that the number of directors comprising the Board of Directors will be increased from 12 to 13, until December 31, 2023 or Mr. O’Connor’s earlier death, resignation or removal from the Board of Directors, when the number of directors comprising the Board of Directors will be reduced from 13 to 12. The increase in the number of directors from 12 to 13 creates a vacancy on the Board of Directors as of the Effective Date.

On July 27, 2023, the Board of Directors elected Mr. Lubow as a director, effective as of the Effective Date, to fill the vacancy created by the increase in the size of the Board of Directors.  Mr. Lubow will serve as a director from the Effective Date until the next election of directors at the Company’s annual meeting of shareholders to be held in 2024 or Mr. Lubow’s earlier death, resignation or removal.  The Board of Directors did not designate Mr. Lubow as a member of any committees of the Board of Directors.

Other than described above, there are no arrangements or understandings between Mr. Lubow and any other person pursuant to which he will be elected as a director. There are no transactions with Mr. Lubow that are reportable pursuant to Item 404(a) of Regulation S-K promulgated under the Exchange Act.

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

On July 27, 2023, the Board of Directors approved and adopted the Amended and Restated Bylaws, effective upon the Effective Date.  The changes made in the Amended and Restated Bylaws include (1) the deletion of Article VIII, Section 8.03(a) of the Bylaws, which provided that the Board of Directors was to be comprised of 12 directors, of which six must be Legacy Bridge Bancorp Directors (as defined in the Bylaws) and six must be Legacy DCB Directors (as defined in the Bylaws) during the Specified Period (as defined in the Bylaws), and (2) corresponding changes to the section numbers and cross references in Article VIII, Section 8.03 and 8.04 of the Amended and Restated Bylaws.

This summary of the Amended and Restated Bylaws does not purport to be complete and is subject to and qualified in its entirety by reference to the text of the Amended and Restated Bylaws, included as Exhibit 3.2 to this filing.  Exhibit 3.2 is incorporated by reference herein.

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Item 6.Exhibits

3.1		Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed February 2, 2021 (File No. 001-34096))
3.2		Amended and Restated Bylaws of Dime Community Bancshares, Inc.
4.1		Indenture, dated May 6, 2022, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed May 6, 2022 (File No. 001-34096))
4.2		First Supplemental Indenture, May 6, 2022, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed May 6, 2022 (File No. 001-34096))
4.3		Form of 5.000% Fixed-to-Floating Rate Subordinated Notes due 2032 (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed May 6, 2022 (File No. 001-34096))
10.1		Agreement and General Release, dated July 27, 2023, by and among Dime Community Bancshares, Inc., Dime Community Bank and Kevin M. O’Connor
31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14(a)
31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a)
32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350
101		The following financial statements from Dime Community Bancshares, Inc.'s Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2023, filed on August 2, 2023, formatted in XBRL: (i) Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022, (ii) Consolidated Statements of Income for the Three and Six Months Ended June 30, 2023 and 2022, (iii) Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022, (iv) Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2023 and 2022, (v) Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022, and (vi) the Condensed Notes to Consolidated Financial Statements.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB		XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definitions Linkbase Document
104		Cover page to this Quarterly Report on Form 10-Q, formatted in Inline XBRL

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SIGNATURES

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 thereunto duly authorized.

Dime Community Bancshares, Inc.

Dated: August 2, 2023	By:	/s/ KEVIN M. O’CONNOR
		Kevin M. O’Connor
		Chief Executive Officer
Dated: August 2, 2023	By:	/s/ AVINASH REDDY
		Avinash Reddy
		Senior Executive Vice President and Chief Financial Officer

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EX-3.2

EXHIBIT 3.2

AMENDED AND RESTATED BYLAWS

of

DIME COMMUNITY BANCSHARES, INC.

These Bylaws are supplemental to the New York Business Corporation Law and other applicable provisions of law, as the same shall from time to time be in effect.

ARTICLE I - MEETINGS OF SHAREHOLDERS

Section 101 - Place of Meetings

All meetings of the shareholders shall be held at such place or places, within or without the State of New York, as shall be determined by the Board of Directors from time to time.

Section 102 - Annual Meetings

The annual meeting of the shareholders for the election of directors and the transaction of such other business as may properly come before the meeting shall be held at such date or hour as may be fixed by the Board of Directors. Any business which is a proper subject for shareholder action may be transacted at the annual meeting, irrespective of whether the notice of said meeting contains any reference thereto, except as otherwise provided by applicable law.

Section 103 - Special Meeting

Special meetings of the shareholders may be called at any time by the Board of Directors.

Section 104 - Conduct of Shareholders’ Meetings.  

The President of the Corporation shall preside at all shareholders’ meetings.  In the absence of the President, the Chairperson shall preside or, in his/her absence, any officer designated by the Board of Directors.  The officer presiding over the shareholders’ meeting may establish such rules and regulations for the conduct of the meeting as he/she may deem to be reasonably necessary or desirable for the orderly and expeditious conduct of the meeting.  Unless the officer presiding over the shareholders’ meeting otherwise requires, shareholders need not vote by ballot on any question.

Section 105 – Nomination by Shareholders and New Business Proposals.

(a)Nominations of persons for election to the Board of Directors and the proposal of business to be transacted by the shareholders may be made at an annual meeting of shareholders (i) pursuant to the Corporation’s notice with respect to such meeting, (ii) by or at the direction of the Board of Directors or (iii) by any stockholder of record of the Corporation who was a stockholder of record at the time of the giving of the notice provided for in the following paragraph, who is entitled to vote at the meeting and who has complied with the notice procedures set forth in this section.

(b)For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of the foregoing paragraph, (1) the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation (the “Notice”), (2) such business must be a proper matter for stockholder action under the New York Business Corporation Law, (3) the Notice must include the information required hereunder.  To be timely, a stockholder’s notice shall be delivered to the Secretary at the principal executive offices of the Corporation not less than 90 days prior to the date of the Corporation’s proxy materials for the preceding year’s annual meeting of shareholders (“Proxy Statement

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Date”); provided, however, that if the date of the annual meeting is advanced more than 30 days prior to or delayed by more than 30 days after the anniversary of the preceding year’s annual meeting, notice by the stockholder to be timely must be so delivered not later than the close of business on the 10^th day following the day on which public announcement of the date of such meeting is first made.  A stockholder’s Notice must include the following information

●A statement that the writer is a stockholder and is proposing a candidate for consideration by the Board or is proposing business for the consideration by the shareholders of the Corporation;

●The name and address of the stockholder as they appear on the Corporation’s books, and number of shares of the Corporation’s common stock that are owned beneficially by such stockholder (if the stockholder is not a holder of record, appropriate evidence of the stockholder’s ownership will be required);

●As to a nomination for election to the Board, the name, address and contact information for the candidate, and the number of shares of common stock of the Corporation that are owned by the candidate (if the candidate is not a holder of record, appropriate evidence of the stockholder’s ownership should be provided);

●As to a nomination to the Board, a statement of the candidate’s business and educational experience, detailed information about any relationship or understanding between the proposing stockholder and the candidate, and a statement that the candidate is willing to be considered and willing to serve as a director if nominated and elected;

●As to any business that the stockholder proposes to bring before the meeting, a brief description of such business

●Such other information regarding the candidate or the business proposed as would be required to be included in the proxy statement pursuant to SEC Regulation 14A, including as to a proposal for business to be considered, any material interest that the stockholder has with respect to the business being proposed;

●A statement detailing any relationship between the proposing stockholder, any candidate for election to the Board, and any customer, supplier or competitor of Dime Community Bancshares and its affiliates;

●A statement as to whether either such stockholder intends to deliver a proxy statement and form of proxy to holders of, in the case of a proposal, at least the percentage of the Corporation’s voting shares required under applicable law to carry the proposal or, in the case of a nomination or nominations, a sufficient number of holders of the Corporation’s voting shares to elect such nominee or nominees (an affirmative statement of such intent, a “Solicitation Notice”).

(c)Only persons nominated in accordance with the procedures set forth in this Section 10 shall be eligible to serve as directors and only such business shall be conducted at an annual meeting of shareholders as shall have been brought before the meeting in accordance with the procedures set forth in this section.  The chairman of the meeting shall have the power and the duty to determine whether a nomination or any business proposed to be brought before the meeting has been made in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, to declare that such defectively proposed business or nomination shall not be presented for stockholder action at the meeting and shall be disregarded.

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(d)For purposes of these Bylaws, “public announcement” shall mean disclosure in a press release reported by the Dow Jones New Service, Associated Press or a comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.

(e)Notwithstanding the foregoing provisions of this Section 105, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to matters set forth in this Section 105.  Nothing in this Section 1 shall be deemed to affect any rights of shareholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act.

ARTICLE II - DIRECTORS AND BOARD MEETINGS

Section 201 - Management by Board of Directors

The business and affairs of the Corporation shall be managed under the direction of its Board of Directors. The Board of Directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute, regulation, the Certificate of Incorporation or these Bylaws directed or required to be exercised or done by the shareholders.

Section 202 - Directors Must be Shareholders

Every director must be a shareholder of the Corporation and shall own in his/her own right the number of shares (if any) required by law in order to qualify as such director. Any director shall forthwith cease to be a director when he/she no longer holds such shares, which fact shall be reported to the Board of Directors by the Secretary, whereupon the Board of Directors shall declare the seat of such directors vacated.

Section 203 - [Intentionally Omitted]

Section 204 - Number of Directors

The Board of Directors shall consist of not less than five (5) nor more than twenty-five (25) persons, the exact number to be fixed and determined from time to time by resolution of a majority of the full Board of Directors.

Section 205 – Election, Resignation and Removal

Directors shall be elected at each annual meeting of the shareholders, each to hold office until the next annual meeting of shareholders and until his or her successor is elected and qualified, or until his or her resignation or removal. A director may resign by written notice to the corporation. The resignation is effective upon its receipt by the Corporation or a subsequent time as set forth in the notice of resignation. A director or all of the directors on the Board of Directors may be removed, with cause, by vote of the holders of a majority of the shares entitled to vote at an election of directors.

Section 206 - Vacancies

Subject to Article VIII, vacancies in the Board of Directors occurring by reason of death, resignation, removal, increase in the number of directors or otherwise shall be filled by the affirmative vote of a majority of the remaining directors (even if less than a quorum of the Entire Board of Directors), unless filled by proper action of the shareholders of the Corporation. Each person so elected shall be a director for a term of office continuing only until the next election of directors by the shareholders.

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Section 207 - Compensation of Directors

Directors, as such, may receive, pursuant to resolution of the Board of Directors, fixed fees, including any combination of a retainer payment(s) and meeting fees, and other compensation for their services as Directors, including, without limitation, their services as members of committees of the Board of Directors.  Directors may also receive stock benefits under any stock benefit plan approved by the shareholders of the Corporation.  The Corporation may reimburse directors for expenses related to their duties as a member of the Board.

Section 208 - Organization Meeting

The President or Secretary, upon receiving the certificate of the judges, of the result of any election, shall notify the directors-elect of their election and of the time at which they are required to meet for the purpose of organizing the new Board and electing and appointing officers of the Corporation for the succeeding year. Such meeting shall be held on the day of the election or as soon thereafter as practicable, and, in any event, within thirty days thereof. If, at the time fixed for such meeting, there shall not be a quorum present, the directors present may adjourn the meeting, from time to time, until a quorum is obtained.

Section 209 - Regular Meetings

Regular meetings of the Board of Directors shall be held on such day, at such hour, and at such place, consistent with applicable law, as the Board shall from time to time designate or as may be designated in any notice from the Secretary calling the meeting. Notice need not be given of regular meetings of the Board of Directors which are held at the time and place designated by the Board of Directors.

If a regular meeting is not to be held at the time and place designated by the Board of Directors, notice of such meeting, which need not specify the business to be transacted thereat and which may be either verbal or in writing, shall be given by the Secretary to each member of the Board at least twenty-four (24) hours before the time of the meeting.

A majority of the members of the Board of Directors shall constitute a quorum for the transaction of business. If at the time fixed for the meeting, including the meeting to organize the new Board following the annual meeting of shareholders, a quorum is not present, the directors in attendance may adjourn the meeting from time to time until a quorum is obtained.

Except as otherwise provided herein, a majority of those directors present and voting at any meeting of the Board of Directors, shall decide each matter considered. A director cannot vote by proxy, or otherwise act by proxy at a meeting of the Board of Directors.

Section 210 - Special Meetings

Special meetings of the Board of Directors may be called by the President, the Executive Vice President, or at the request of three or more members of the Board of Directors. A special meeting of the Board of Directors shall be deemed to be any meeting other than the regular meeting of the Board of Directors. Notice of the time and place of every special meeting, which need not specify the business to be transacted thereat and which may be either verbal or in writing, shall be given by the Secretary to each member of the Board at least twenty (24) hours before the time of such meeting excepting the Organization Meeting following the election of directors.

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Section 211 - Reports and Records

The reports of officers and Committees and the records of the proceedings of all Committees shall be filed with the Secretary of the Corporation and presented to the Board of Directors, if practicable, at its next regular meeting. The Board of Directors shall keep complete records of its proceedings in a minute book kept for that purpose. When a director shall request it, the vote of each director upon a particular question shall be recorded in the minutes.

ARTICLE III - COMMITTEES

Section 301 - Committees

The Board of Directors, by a vote of a majority of the Board, may from time to time designate such committees, including without limitation an executive committee, of the Board of Directors as it deems necessary or appropriate for the conduct of the affairs of the Corporation.  The Board of Directors may confer on such committees such powers and duties as it deems appropriate, unless proscribed by law.  The committees shall serve at the pleasure of the Board.  

Section 302 - Appointment of Committee Members

The Board of Directors shall elect the members of the Committees and the Chairperson and Vice Chairperson of each such Committee to serve until the next annual meeting of shareholders.

Section 303 - Organization and Proceedings

Each Committee of the Board of Directors may effect its own organization by the appointment of a Secretary and such other officers, except the Chairperson and Vice Chairperson, as it may deem necessary. A record of proceedings of all Committees shall be kept by the Secretary of such

Committee and filed and presented as provided in Section 211 of these Bylaws.

ARTICLE IV - OFFICERS

Section 401 - Officers

The officers of the Corporation shall be a Chairperson of the Board, a Vice Chairperson, a President, one (1) or more Vice Presidents (one (1) or more of whom may be designated an Executive Vice President), a Secretary, a Treasurer, and such other officers and assistant offices as the Board of Directors may from time to time deem advisable. Except for the President, Secretary and Treasurer, the Board may refrain from filling any of the said offices at any time and from time to time. The same individual may hold any two (2) or more offices except both the offices of President and Secretary. The officers shall be elected by the Board of Directors at the annual organization meeting, in the manner and for such terms as the Board of Directors from time to time shall determine. Any officer may be removed at any time, with or without cause, and regardless of the term for which such officer was elected, but without prejudice to any contract right of such officer. Each officer shall hold his office for the current year for which he was elected or appointed by the Board unless he shall resign, becomes disqualified, or be removed at the pleasure of the Board of Directors.

Section 402 - Chairperson of the Board

The Board of Directors shall elect a Chairperson of the Board at the organization meeting of the Board following each annual meeting of shareholders at which directors are elected. The Chairperson of the Board shall be a member of the Board of Directors and shall preside at the meetings of the Board and perform such other duties as may be prescribed by the Board of Directors.

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Section 403 - Vice Chairperson of the Board

The Board may appoint one of its members to be Vice Chairperson of the Board. Such person shall assist the Chairperson of the Board and shall also have and may exercise such further powers and duties as from time to time may be conferred, or assigned by the Board.

Section 404 - President

The President shall have general supervision of all of the departments and business of the Corporation and shall prescribe the duties of the other officers and employees and see to the proper performance thereof. The President shall be responsible for having all orders and resolutions of the Board of Directors carried into effect. The President shall execute on behalf of the Corporation and may affix or cause to be affixed a seal to all authorized documents and instruments requiring such execution, except to the extent that signing and execution thereof shall have been delegated to some other officer or agent of the Corporation by the Board of Directors or by the President. The President shall be Chief Executive Officer and a member of the Board of Directors. In the absence or disability of the Chairperson of the Board or Vice Chairperson of the Board or his/her refusal to act, the President shall preside at meetings of the Board. In general, the President shall perform all the duties and exercise all the powers and authorities incident to such office or as prescribed by the Board of Directors.

Section 405 - Vice Presidents

The Vice President shall perform such duties, do such acts and be subject to such supervision as may be prescribed by the Board of Directors or the President.  One or more vice presidents may be designated as executive or senior vice presidents.  In the event of the absence or disability of the President or his/her refusal to act, the Vice Presidents, in the order of their rank, and within the same rank in the order of their authority, shall perform the duties and have the powers and authorities of the President, except to the extent inconsistent with applicable law.

Section 406 - Secretary

The Secretary shall act under the supervision of the President or such other officers as the President may designate. Unless a designation to the contrary is made at a meeting, the Secretary shall attend all meetings of the Board of Directors and all meetings of the shareholders and record all the proceedings of such meetings in a book to be kept for that purpose, and shall perform like duties for the standing Committees when required by these Bylaws or otherwise. The Secretary shall give, or cause to be given, notice of all meetings of the shareholders and of the Board of Directors. The Secretary shall keep a seal of the Corporation, and when authorized by the Board of Directors or the President, cause it to be affixed to any documents and instruments requiring it. The Secretary shall perform such other duties as may be prescribed by the Board of Directors, President, or other supervising officer as the President may designate.

Section 407 - Treasurer

The Treasurer shall act under the supervision of the President or such other assistant officer as the President may designate. The Treasurer shall have custody of the Corporation’s funds and such other duties as may be prescribed by the Board of Directors, President or such other supervising officer as the President may designate.

Section 408 - Assistant Officers

Unless otherwise provided by the Board of Directors, each assistant officer shall perform such duties as shall be prescribed by the Board of Directors, the President or the officer to whom he/she is an assistant. In the event of the absence or disability of an officer or his/her refusal to act, his/her assistant officer shall, in

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the order of their rank, and within the same rank in the order of their seniority, have the powers and authorities of such officer.

Section 409 - Compensation

The salaries and compensation of all officers and assistant officers shall be fixed by or in the manner designated by the Board of Directors.

Section 410 - General Powers

The officers are authorized to do and perform such corporate acts as are necessary in the carrying on of the business of the Corporation, subject always to the direction of the Board of Directors.

ARTICLE V - INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 501 - Right to Indemnification

Any person who was, is, or is threatened to be made a party to any action or proceeding, whether civil or criminal (including an action by or in the right of the Corporation or any other corporation, partnership, join venture, trust, employee benefit plan or other enterprise which any director or officer of the Corporation served in any capacity at the request of this Corporation), by reason of the fact that he, his testator or intestate, is or was a director or officer of the Corporation, or served such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise in any capacity, shall be indemnified by the Corporation against all judgements, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees actually and necessarily incurred in connection with the defense or appeal of any such action or proceeding, and against any other amounts, expenses and fees similarly incurred; provided that no indemnification shall be made to or on behalf of any director or officer where indemnification is prohibited by applicable law. This right of indemnification shall include the right of a director or officer to receive payment from the Corporation for expenses incurred in defending or appealing any such action or proceeding in advance of its final disposition; provided that the payment of expenses in advance of the final disposition of an action or proceeding shall be made only upon delivery to the Corporation of an undertaking by or on behalf of the director or officer to repay all amounts so advanced if it should be determined ultimately that the director or officer is not entitled to be indemnified. The preceding right of indemnification shall be a contract right enforceable by the director or officer with respect to any claim, cause of action, action or proceeding accruing or arising while this Bylaw shall be in effect.

Section 502 - Authorization of Indemnification

Any indemnification provided for by Section 501 shall be authorized in any manner provided by applicable law or, in the absence of such law;

(a)By the Board of Directors acting by a quorum of directors who are not parties to such action or proceeding, upon a finding that there has been no judgement or other final adjudication adverse to the director or officer which establishes that his acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled; or

(b)If a quorum under clause (a) is not obtainable, (i) by the Board upon the opinion in writing of independent legal counsel that indemnification is proper in the circumstances because there has been no

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such judgement or other final adjudication adverse to the director or officer, or (ii) by the shareholders upon a finding that there has been no such judgement or other final adjudication adverse to the director or officer.

Section 503 - Right of Claimant to Bring Suit

If a claim of indemnification is not paid in full by the Corporation within ninety days after a written claim has been received by the Corporation, the claimant may at any time there- after bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall also be entitled to recover the expenses of prosecuting such claim.

Section 504 - Non-Exclusivity of Rights

The rights conferred on any person under this Article shall not be exclusive of any other right which may exist under any statute, provision of the Certificate of Incorporation, Bylaw, agreement, vote of shareholders or disinterested directors or otherwise.

Section 505 - Insurance

Subject to the laws of New York, the Corporation may maintain insurance, as its expense, to protect itself and any director, officer, employee or agent of the Corporation against any expense, liability or loss of the general nature contemplated by this Article, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the laws of New York.

Section 506 - Severability

It is the intent of the Corporation to indemnify its officers and directors to the fullest extent authorized by the laws of New York as they now exist or may hereafter be amended. If any portion of this Article shall for any reason be held invalid or unenforceable by judicial decision or legislative amendment, the valid and enforceable provisions of this Article will continue to be given effect and shall be construed so as to provide the broadest indemnification permitted by law.

ARTICLE VI - SHARES OF CAPITAL STOCK

Section 601 - Authority to Sign Share Certificates

Every share certificate of the Corporation shall be signed by the President and by either the Secretary (or one of the Assistant Secretaries) or the Treasurer (or one of the Assistant Treasurers).  Certificates may be signed by a facsimile signature of the aforesaid Officers of the Corporation authorized to sign share certificates.  The Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares.  Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation.

Section 602 - Lost or Destroyed Certificates

Any person claiming a share certificate to be lost, destroyed or wrongfully taken shall receive a replacement certificate if such person shall have:

(a)Requested such replacement certificate before the Corporation has notice that the shares have been acquired by a bona fide purchaser;

(b)Provided the Corporation with an indemnity agreement satisfactory in form and substance to the Board of Directors, or the President or the Secretary; and

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(c)Satisfied any other reasonable requirements (including providing an affidavit and a surety bond) fixed by the Board of Directors, or the President or the Secretary.

ARTICLE VII - GENERAL

Section 701 - Fiscal Year

The fiscal year of the Corporation shall begin on the first (1st) day of January in each year and end on the thirty-first (31st) day of December in each year.

Section 702 - Record Date

The Board of Directors may fix any time whatsoever (but not more than sixty (60) days) prior to the date of any meeting of shareholders, or the date for the payment of any dividend or distribution, or the date for the allotment of rights, or the date when any change or conversion or exchange of shares will be made of will go into effect, as a record date for the determination of the shareholders entitled to notice of, or to vote at, any such meetings, or entitled to receive payment of any such dividend or distribution, or to receive any such allotment of rights, or to exercise the rights in respect to any such change, conversion or exchange of shares.

Section 703 - Participation in Meetings By Conference Telephone

Members of the Board of Directors, or of any committee thereof, may participate in a meeting of such Board or committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other and such participation shall constitute presence in person at such meeting.

Section 704 - Emergency Bylaws

In the event of any emergency resulting from a nuclear attack or similar disaster, and during the continuance of such emergency, the following Bylaw provisions shall be in effect, notwithstanding any other provisions of the Bylaws:

(a)A meeting of the Board of Directors or of any Committee thereof may be called by any officer or director upon one (1) hour’s notice to all persons entitled to notice whom, in the sole judgement of the notifier, it is feasible to notify;

(b)The director or directors in attendance at the meeting of the Board of Directors or of any Committee thereof shall constitute a quorum; and

(c)These Bylaws may be amended or repealed, in whole or in part, by a majority vote of the directors attending any meeting of the Board of Directors, provided such amendment or repeal shall only be effective for the duration of such emergency.

EXHIBIT 3.2

Section 705 - Severability

If a provision of these Bylaws is illegal or unenforceable as such, illegality or un-enforceability shall not affect any other provision of these Bylaws and such other provisions shall continue in full force and effect.

ARTICLE VIII - CERTAIN GOVERNANCE MATTERS

8.01Interpretation; Definitions.

(a)The provisions of this Article VIII shall apply notwithstanding anything to the contrary set forth in these Bylaws. In the event of any inconsistency between any provision of this Article VIII and any other provision of these Bylaws, such provision of this Article VIII shall control.

(b)The following definitions shall apply to this Article VIII and otherwise as applicable in these Bylaws:

(i)“Designated Exchange” means the primary stock exchange on which the Corporation’s common stock is listed.

(ii)“Effective Time” shall have the meaning set forth in the Agreement and Plan of Merger, dated as of July 1, 2020, by and between the Corporation and Dime Community Bancshares, Inc., as it may have been amended, restated, supplemented or otherwise modified from time to time.

(iii)“Entire Board of Directors” means the total number of directors which the Corporation would have if there were no vacancies.

(iv)“Legacy DCB” means Dime Community Bancshares, Inc., a Delaware corporation, which has merged with and into the Corporation effective as of the Effective Time.

(v)“Legacy DCB Directors” shall mean the directors as of the Effective Time who were directors of Legacy DCB as of immediately prior to the Effective Time and who were designated to be directors by the Board of Directors of Legacy DCB prior to the Effective Time and any additional directors nominated by the Corporate Governance and Nominating Committee pursuant to Section 8.04(b) of this Article VIII.

(vi)“Legacy Bridge Bancorp” means Bridge Bancorp, Inc., a New York corporation, as in existence immediately prior to the Effective Time.

(vii)“Legacy Bridge Bancorp Directors” shall mean the directors of the Corporation as of the Effective Time who were directors of Legacy Bridge Bancorp as of immediately prior to the Effective Time and who were designated to be directors by the Board of Directors of Legacy Bridge Bancorp prior to the Effective Time and any additional directors nominated by the Corporate Governance and Nominating Committee pursuant to Section 8.04(b) of this Article VIII.

(viii)“Specified Period” shall mean the period beginning at the Effective Time and ending on the thirty-six (36) month anniversary of the Effective Time.

(ix)“Subsidiary Bank” shall mean the Surviving Corporation’s wholly owned subsidiary, Dime Community Bank.

(x)“Surviving Corporation” shall mean the Corporation, which shall have the name Dime Community Bancshares, Inc., upon the Effective Time.

8.02Chair; Officers.

(a)Effective as of the Effective Time, (i) Kenneth J. Mahon shall serve as Executive Chairman (the “Chair”) of the Board of Directors of the Surviving Corporation, (ii) Marcia Hefter shall serve as Lead

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Director of the Surviving Corporation, (iii) Kevin M. O’Connor shall serve as Chief Executive Officer of the Surviving Corporation, (iv) Stuart H. Lubow shall serve as President and Chief Operating Officer of the Surviving Corporation, (v) Avinash Reddy shall serve as Senior Executive Vice President and Chief Financial Officer of the Surviving Corporation, and (vi) John M. McCaffery shall serve as Senior Executive Vice President and Chief Risk Officer of the Surviving Corporation.

(b)During the Specified Period, the Legacy DCB Directors  shall have the exclusive authority to appoint, by at least a majority vote, on behalf of the Board of Directors of the Surviving Corporation, the Chair at each annual meeting, or at any special meeting at which directors are to be elected, or otherwise upon the death, resignation, removal, disqualification or other cessation of service by the Chair (or any of such individuals’ successors selected and appointed pursuant to this subsection (b)).

(c)During the Specified Period, the Legacy Bridge Bancorp Directors shall have the exclusive authority to appoint, by at least a majority vote, on behalf of the Board of Directors of the Surviving Corporation, the Lead Director at each annual meeting, or at any special meeting at which directors are to be elected, or otherwise upon the death, resignation, removal, disqualification or other cessation of service by the Lead Director (or any of such individuals’ successors selected and appointed pursuant to this subsection (c)).

(d)During the Specified Period, (i) any removal of any of the individuals serving in the capacities set forth in subsections (a)(iii) through (a)(vi) above, (ii) any amendment or modification to any employment or similar agreement with any officers listed in subsections (a)(iii) through (a)(vi) above, to the extent such amendment or modification would adversely affect such individual, (iii) any termination without cause of any such individual’s employment by the Corporation, (iv) or any modification to any of such individual’s respective duties, authority or reporting relationships as set forth in Article VIII of these Bylaws, or any relocation from such individual’s respective principal office locations as specified in their respective employment agreements, shall, in each case, require the affirmative vote of at least seventy-five percent (75%) of the Entire Board of Directors.

(e)During the Specified Period, upon the death, resignation, removal, disqualification or other cessation of service by any of the individuals serving in the capacities set forth in subsection (a)(iii) through (a)(vi) above (or any of such individuals’ successors selected and appointed pursuant to this subsection (e)), an individual approved by the affirmative vote of at least seventy-five percent (75%) of the Entire Board of Directors shall be appointed to serve in such capacity.

(f)The Corporation shall cause its Subsidiary Bank, effective as of the Effective Time, to adopt a bylaw amendment substantially identical to this Article VIII with respect to the matters specified in subsections (a) through (e) above.

8.03 Composition of The Board of Directors; Lead Director.

During the Specified Period:

(a)The Chair to be appointed in accordance with Article VIII shall be a Legacy DCB Director. The Chair shall provide overall leadership to enhance the effectiveness and performance of the Entire Board of Directors and act as primary spokesperson for the Entire Board of Directors, and shall, among other things, have the power and authority to (i) confer with the Chief Executive Officer of the Surviving Corporation on succession planning and key hiring and firing decisions, (ii) confer with the Chief Executive Officer on reviewing and developing strategic initiatives, including coordinating on strategic initiatives and written plans to bring to the Entire Board of Directors, (iii) confer with the Chief Executive Officer and senior executives of the Surviving Corporation on identifying and evaluating potential merger and acquisition transactions, and (iv) perform such other customary duties as the Board of Directors, upon the

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affirmative vote of at least seventy-five percent (75%) of the Entire Board of Directors, may give to the Chair from time to time;

(b)The Lead Director to be appointed in accordance with Article VIII shall be a Legacy Bridge Bancorp Director who shall qualify as an independent director under the rules of the Designated Exchange (and any other requirements).  The Lead Director shall chair any meeting of the independent directors in executive session, and shall, among other things, have the power and authority to (i) preside at meetings of the Board of Directors at which the Chair is not present, (ii) work with the Chair and CEO to determine the information and materials provided to members of the Board of Directors, (iii) consult with the Chair on such other matters as are pertinent to the Board of Directors and the Surviving Corporation, (iv) call meetings of the independent directors, (v) serve as a liaison between the Chair and the other independent directors, and (vi) perform such other customary duties as the Board of Directors, upon the affirmative vote of at least seventy-five percent (75%) of the Entire Board of Directors, may give to the Lead Director from time to time;

(c)All vacancies resulting from the cessation of service by any Legacy Bridge Bancorp Director for any reason shall be filled with a person selected by the Corporate Governance and Nominating Committee in accordance with Section 8.04(b);

(d) All vacancies resulting from the cessation of service by any Legacy DCB Director for any reason shall be filled with a person selected by the Corporate Governance and Nominating Committee in accordance with Section 8.04(b);  

(e)The Corporate Governance and Nominating Committee shall have the exclusive authority to nominate, on behalf of the Board of Directors, directors for election at each annual meeting, or at any special meeting at which Directors are to be elected, to fill each seat previously held by a Legacy Bridge Bancorp Director in accordance with Section 8.04(b); and

(f)The Corporate Governance and Nominating Committee shall have the exclusive authority to nominate, on behalf of the Board of Directors, directors for election at each annual meeting, or at any special meeting at which directors are to be elected, to fill each seat previously held by a Legacy DCB Director in accordance with Section 8.04(b).

8.04Composition of Certain Committees.

During the Specified Period:

(a)Subject to Section 8.04(b) below, each of the Compensation Committee, the Audit Committee and the Corporate Governance and Nominating Committee of the Board of Directors shall (i) consist of at least four (4) members (subject to compliance with any independence requirements, and any other requirements, for membership on the applicable committee under the rules of the Designated Exchange), and (ii) be composed of fifty percent (50%) Legacy Bridge Bancorp Directors and fifty percent (50%) Legacy DCB Directors.

(b)For purposes of exercising the authority set forth in Sections 8.03(c), 8.03(e), and 8.04(d), the Corporate Governance and Nominating Committee shall consist of all of the Legacy Bridge Bancorp Directors who satisfy the independence requirements (and any other requirements) for nominating committee membership under the rules of the Designated Exchange. For purposes of exercising the authority set forth in Sections 8.03(d), 8.03(f), and 8.04(e), the Corporate Governance and Nominating Committee shall consist of all of the Legacy DCB Directors who satisfy the independence requirements (and any other requirements) for nominating committee membership under the rules of the Designated Exchange.

(c)The Legacy DCB Directors shall have the exclusive authority to appoint, by at least a majority vote, the initial Legacy DCB Directors on each of the Compensation Committee, the Audit Committee and the Corporate Governance and Nominating Committee. The Legacy Bridge Bancorp

EXHIBIT 3.2

Directors shall have the exclusive authority to appoint, by at least a majority vote, the initial Legacy Bridge Bancorp Directors on each of the Compensation Committee, the Audit Committee and the Corporate Governance and Nominating Committee.

(d)All vacancies on the Compensation Committee or the Audit Committee resulting from the cessation of service by any Legacy Bridge Bancorp Director for any reason shall be filled with a person selected by the Corporate Governance and Nominating Committee in accordance with Section 8.04(a) and (b).

(e)All vacancies on the Compensation Committee or the Audit Committee resulting from the cessation of service by any Legacy DCB Director for any reason shall be filled with a person selected by the Corporate Governance and Nominating Committee in accordance with Section 8.04(a) and (b).

(f)All vacancies on the Corporate Governance and Nominating Committee resulting from the cessation of service by any Legacy Bridge Bancorp Director for any reason shall be filled with a person selected and approved by a majority vote of all of the Legacy Bridge Bancorp Directors then in office, which person so selected shall satisfy the independence requirements (and any other requirements) for nominating committee membership under the rules of the Designated Exchange.  All vacancies on the Corporate Governance and Nominating Committee resulting from the cessation of service by any Legacy DCB Director for any reason shall be filled with a person selected and approved by a majority vote of all of the Legacy DCB Directors then in office, which person so selected shall satisfy the independence requirements (and any other requirements) for nominating committee membership under the rules of the Designated Exchange.

(g)Upon the expiration of the Specified Period, the Compensation Committee, the Audit Committee, and the Corporate Governance and Nominating Committee established pursuant to this Section 8.04 shall be automatically disbanded, and the directors to serve on each such committee thereafter shall be designated in accordance with the Bylaws and the respective committee corporate charters.

8.05 Corporate Headquarters; Name; Amendments To Article VIII

(a)Effective as of and from the Effective Time, the headquarters of the Corporation will be located in Hauppauge, New York.

(b)Effective as of the Effective Time, the name of the Corporation will be “Dime Community Bancshares, Inc.”

(c)In the event of any inconsistency between any provision of this Article VIII and any other provision of these Bylaws or the Corporation’s other constituent documents, the provisions of this Article VIII shall control. During the Specified Period, the provisions of this Article VIII may be modified, amended or repealed, and any Bylaw provision inconsistent with such provisions may be adopted, only by the affirmative vote of at least 75% of the Entire Board of Directors.

ARTICLE IX - AMENDMENT OR REPEAL

Section 801 - Amendment or Repeal by the Board of Directors

These Bylaws may be amended or repealed, in whole or in part, by a majority vote of the full Board of Directors at any regular or special meeting of the Board duly convened. Notice need not be given of the purpose of the meeting of the Board of Directors at which the amendment or repeal is to be considered.

Section 802 - Recording Amendments and Repeals

The text of all amendments and repeals to these Bylaws shall be attached to the Bylaws with a notation of the date and vote of such amendment or repeal.

EXHIBIT 3.2

ARTICLE X APPROVAL OF AMENDED BYLAWS AND

RECORD OF AMENDMENTS AND REPEALS

Section 901 - Approval and Effective Date

These Amended and Restated Bylaws have been approved and are effective as the Bylaws of the Corporation as of the 31st day of August, 2023.

/s/Patricia M. Schaubeck

Patricia M. Schaubeck, General Counsel and Corporate Secretary

EX-10.1

EXHIBIT 10.1

AGREEMENT AND GENERAL RELEASE

This Agreement and General Release (“Agreement”) is made by and between Dime Community Bancshares, Inc., Dime Community Bank, 898 Veterans Memorial Highway, Suite 560, Hauppauge, New York 11788 (together, “Dime” or “Company”), and Kevin O’Connor (“Executive”), collectively referred to herein as the “Parties”.

WHEREAS, Executive and the Company are parties to that certain Employment Agreement, dated October 16, 2020 and effective February 1, 2021 (“Employment Agreement”), that certain Amendment to Employment Agreement, dated June 28, 2021 (“Amended Employment Agreement”), and that certain Retention Agreement dated October 16, 2020 (“Retention Agreement”);

WHEREAS, in connection with the Company’s succession planning, Executive will step down as Chief Executive Officer effective August 31, 2023, on which his employment term shall end (the “Separation Date”) and as a member of the Company’s board of directors (“Board”) effective December 31, 2023;  

WHEREAS, in consideration for Executive’s signing and not revoking this Agreement, the Company will provide Executive with the benefits described below; and

WHEREAS, except as otherwise expressly set forth herein, the Parties intend that this Agreement shall effect a full satisfaction and release of all of the obligations owed to Executive by the Company.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows:

1.Resignation from Officer and Director Positions; Last Day of Employment. Unless otherwise agreed upon in writing, Executive’s last day of employment shall be the Separation Date. Executive also agrees to resign from any and all officer positions effective August 31, 2023 and director positions that Executive held with Company effective December 31, 2023, unless the Board and Executive agree otherwise.  As of the date hereof, Executive shall submit an executed letter of confirmation in the form attached hereto as Exhibit A. If, for any reason, this Paragraph or Exhibit A is deemed insufficient to effectuate such resignation, following a reasonable opportunity to review, Executive hereby authorizes Company to execute any documents or instruments consistent herewith which are necessary to effectuate such resignation or resignations, and to act as Executive’s attorney-in-fact in such regard.  Company will first provide Executive with a copy of such documents and provide Executive an opportunity to execute necessary documents.  During the period between execution of this Agreement and the Separation Date, Executive shall continue to function as the chief executive officer (“CEO”) of the Company, shall be present and involved in the operations of the Company, shall have access to information and records consistent with past practice and shall be included in meetings consistent with past practice, subject to reasonable steps being taken to transition the duties of CEO to the successor CEO. Upon execution of this Agreement, the Company and Executive shall jointly announce Executive’s transition to the management team and other employees of the Company and issue an

EXHIBIT 10.1

agreed-upon press release announcing Executive’s separation from the Company and the Company’s transition to new CEO.

2.Payments; Consideration. In consideration for Executive signing this Agreement and a supplemental release agreement with a general release in the form attached as Exhibit B (“Supplemental Release”) upon his Separation Date reaffirming the obligations and general release in this Agreement, and complying with all of the terms and conditions in this Agreement and the Supplemental Release that apply to Executive, the Company agrees to the following:

(a)Base Compensation through Separation Date. Executive shall continue to earn and receive Executive’s current base salary in full, less applicable withholdings and deductions, through the Separation Date, payable pursuant to the Company’s standard payroll schedule. Through the Separation Date, Executive shall also continue to be eligible for all health, disability, life, and retirement benefits plans (including tax-qualified retirement plans and the Supplemental Executive Retirement Plan in which Executive currently participates), in accordance with the Company’s customary practices.  However, Executive shall not further accrue paid time off. Within ten (10) business days of the Separation Date, Executive shall be paid one week of accrued and unused paid time off accrued pursuant to Company policy, which amount equals one week of base salary at Executive’s current base salary rate.

(b)Pro-rated Bonus.  Executive shall receive a pro-rated bonus of $782,546.54, which shall be in lieu of any bonus, commission, incentive or additional payment for 2023, as provided for in Sec. 7(b)(i) or any other provision of Executive’s Employment Agreement.

(c)Additional Cash Payments.  Executive shall receive:

(i)$6,226,290.00, which amounts to three years of Executive’s base salary and 2022 bonus;

(ii)$1,205,850.00, which amount is intended to account for and be in lieu of any payments related to Company contributions following the Separation Date to the defined contribution plan, whether tax-qualified or non-qualified, as provided for in Sec. 7(b)(i)(B) or any other provision of the Employment Agreement;

(iii)Thirty-six (36) months of 150% of Executive’s COBRA health care premiums and 150% of Executive’s monthly life insurance plan premiums at level of current participation; and

(iv)reimbursement for Executive’s legal fees and expenses incurred with respect to his separation from the Company, not to exceed one hundred and thirty-five thousand dollars ($135,000.00), payable within thirty (30) days of his submission of a request for such payment and supporting invoice(s)/proof of billings.

(d)Equity Awards. Executive’s stock options and restricted and performance time-based equity awards shall be subject to any award agreements and for the avoidance of doubt, Executive shall not be entitled to any accelerated vesting and all unvested equity as of the Separation Date shall be forfeited.

EXHIBIT 10.1

(e)COBRA. Executive shall remain eligible to participate in Company’s group health and life insurance plans until the Separation Date. After Executive’s coverage ends, Executive will receive a separate notice explaining Executive’s right to continuation and conversion of Executive’s health benefits under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) and/or any applicable state law. Executive is responsible for electing and paying for COBRA coverage.

(f)Timing of Cash Payments and Withholding. The cash payments referenced in Paragraphs 2 and its subparts of this Agreement, except as otherwise provided pursuant to Paragraph 2(c)(iv), will be paid in a lump sum within ten (10) business days after (i) the Separation Date or (ii) the 8^th day after Executive signs the Supplemental Release, whichever is later, less any tax withholding required by applicable law; provided that, in no event shall the Supplemental Release be delivered by Executive later than February 22, 2024 and thus in no event shall such payments be made later than March 15, 2024.

3.Employment Agreement and Amended Employment Agreement. Upon execution and non-revocation of this Agreement, the Employment Agreement, the Amended Employment Agreement, and the Retention Agreement entered into by and between Executive and the Company, shall terminate in all respects except the surviving obligations contained in Section 11 of the Employment Agreement, the length of certain provisions which shall be subject to the amendments as provided for in this Paragraph 3 and Paragraph 8 of this Agreement, will continue to be in full force and effect. Executive agrees and acknowledges that because of his termination of employment with Company, Executive shall not be entitled, and hereby waives any claim, to any payment or benefit under the Employment Agreement, the Amended Employment Agreement and the Retention Agreement except as provided in Paragraph 2 of this Agreement. Notwithstanding anything to the contrary, the one-year post-employment non-solicitation and non-compete provisions as provided for in Section 11 of the Employment Agreement will take effect beginning upon December 31, 2023, or upon the effective date of the Executive’s removal or resignation from the Board, whichever is later, and expire one year thereafter, unless otherwise agreed upon in writing by the Company and Executive.

4.No Consideration Absent Execution of this Agreement. Executive understands and agrees that Executive would not receive certain of the monies and/or benefits specified in Paragraph 2 above, except for Executive’s signing and non-revocation of this Agreement, the Supplemental Release and Executive’s fulfillment of all the promises contained in this Agreement that pertain to Executive.

5.General Release, Claims Not Released and Related Provisions.

(a)General Release of All Claims by Executive. Executive, Executive’s heirs, executors, administrators, successors and assigns, each acting on behalf of Executive in their capacities as such (collectively referred to throughout this Agreement as “Releasors”), knowingly and voluntarily release and forever discharge, to the fullest extent permitted by law, Company, its parent corporation, affiliates, subsidiaries, divisions, insurers, predecessors, successors and assigns, and the current and former executives/employees, attorneys, officers, directors, agents and shareholders of Company and each of the foregoing entities affiliated with Company, each in their capacities as such, and the executive benefit plans and programs (“Executive Benefit Plans”),

EXHIBIT 10.1

administrators and fiduciaries of Company and each of the entities affiliated with Company identified above, each in their capacities as such (all collectively referred to throughout this Agreement as “Releasees”), of and from any and all claims, debts, obligations, promises, covenants, agreements, contracts, endorsements, bonds, controversies, suits, actions, causes of action, judgments, damages, expenses, or demands, in law or in equity, which Executive ever had, now has, or which may arise in the future, regarding any matter arising on or before the date of Executive’s execution of this Agreement, including but not limited to all claims by Executive or on Executive’s behalf regarding Executive’s employment at or termination of employment from Dime, any contract (express or implied), any claim for equitable relief or recovery of punitive, compensatory, or other damages or monies (including claims as to taxes), attorneys’ fees, any tort, and all claims for alleged discrimination based upon age, race, color, sex, sexual orientation, marital status, religion, national origin, handicap, disability, genetic information or retaliation, including any claim, known and unknown, asserted or unasserted, which Releasors have or may have against Releasees up to and including the date Executive signs this Agreement, including, but not limited to, any alleged violation of the following laws and other sources of legal rights, as amended:

● Title VII of the Civil Rights Act of 1964;

● Sections 1981 through 1988 of Title 42 of the United States Code;

● The Executive Retirement Income Security Act of 1974 (“ERISA”) (as modified below);

● The Immigration Reform and Control Act of 1986;

● The Americans with Disabilities Act of 1990;

● The Rehabilitation Act of 1973;

● The Age Discrimination in Employment Act of 1967 (“ADEA”);

● The Worker Adjustment and Retraining Notification Act;

● The Occupational Safety and Health Act;

● The Fair Credit Reporting Act;

● The Family and Medical Leave Act of 1993;

● The Equal Pay Act of 1963;

● The Genetic Information Nondiscrimination Act of 2008;

● The New York Human Rights Law;

● The New York Executive Law;

● The New York Labor Law;

● The New York Civil Rights Law;

● The New York Equal Pay Law;

● The New York Whistleblower Law;

● The New York Legal Activities Law;

● The New York Wage-Hour and Wage Payment Laws and Regulations;

● The New York Minimum Wage Law;

● The New York Occupational Safety and Health Laws;

● The Non-discrimination and Anti-retaliation Provisions of the New York Workers’ Compensation Law and the New York Disabilities Law;

● The New York Worker Adjustment and Retraining Notification Act;

● The New York City Human Rights Law;

● The New York City Charter and Administrative Code;

EXHIBIT 10.1

● The New York City Earned Safe and Sick Time Act;

● any other federal, state, local or other law, rule, regulation, constitution, code, guideline or ordinance;

● any public policy, contract (oral or written, express or implied), tort or common law; or

● any statute, common law, agreement or other basis for seeking or recovering any costs, fees or other expenses, including but not limited to attorneys’ fees and/or costs.

(b)Claims Not Released. Notwithstanding anything to the contrary herein, Releasors are not waiving any rights they may have : (1) to Executive’s vested accrued executive benefits under any health, welfare or retirement benefit plans of Company (including tax-qualified retirement plans and the Supplemental Executive Retirement Plan in which Executive participates) as of Executive’s Separation Date; (2) to Executive’s benefits and/or Executive’s right to seek benefits under applicable workers’ compensation, COBRA, and/or unemployment compensation statutes (the application for which shall not be contested by the Company); (3) to claims which by law cannot be waived by signing this Agreement;(4) that may arise after the date on which Executive signs this Agreement, including the right to enforce this Agreement; (5) to enforce any agreements or portions of agreements not superseded by this Agreement; and/or (6) to indemnification, contribution, advancement or defense as provided by, and in accordance with the terms of the Company by-laws, articles of incorporation, liability insurance coverage or applicable law.

(c)Governmental Agencies. Nothing in this Agreement prohibits or prevents Executive from filing a charge with or participating, testifying or assisting in any investigation, hearing or other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board or a similar agency enforcing federal, state or local anti-discrimination laws. However, to the maximum extent permitted by law, Executive agrees that if such an administrative claim is made to such an anti-discrimination agency, Executive shall not be entitled to recover any individual monetary relief or other individual remedies for claims released herein. In addition, nothing in this Agreement, including but not limited to the release of claims and the confidentiality clauses, prohibits Executive from: (1) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the U.S. Congress, any agency Inspector General, or any other applicable agency; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs, including but not limited to any such programs managed by the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corporation and/or the Occupational Safety and Health Administration. Moreover, nothing in this Agreement prohibits or prevents Executive from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.

(d)Collective/Class Action Waiver. If any claim is not subject to release, to the extent permitted by law, Releasors waive any right or ability to be class or collective action representatives or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which Company or any other Releasee identified in this Agreement is a party.

EXHIBIT 10.1

(e)Release of Claims by Company. In exchange for the Releasors’ waiver and release of claims against the Releasees, Company, on behalf of itself and its affiliates and its executives, officers and directors in their capacity as such, expressly waives and releases any and all claims against Executive that may be waived and released by law, with the exception of claims arising out of or attributable to: (i) events, acts, or omissions taking place after Company’s execution of this Agreement; (ii) Executive’s breach of any terms and conditions of the Agreement; (iii) Executive’s criminal activities or intentional misconduct in the course of Executive’s employment with Company; (iv) Executive’s breach of any other agreement that is not superseded by this Agreement; and (iv) any clawback policy that may be adopted by the Board and any clawback requirements, regulations or rules of the U.S. Securities and Exchange Commission, or any national securities exchange on which the Company has a class of securities listed, or any federal bank, or bank or financial holding company, regulatory authority having jurisdiction thereof; provided that, absent any formal clawback policy, Executive also agrees that Executive shall be required to forfeit and pay back to the Company and Dime Community Bank any bonus or other incentive compensation paid to or received by Executive if (a) a court makes a final determination that Executive directly or indirectly engaged in fraud or willful or intentional misconduct that caused or partially caused the need for a material financial restatement by the Company, or (b) the Company or Dime Community Bank is required to do so under the regulations, rules, orders, or enforcement actions of the U.S. Securities and Exchange Commission, the Federal Reserve Board or regional bank thereof, the Federal Deposit Insurance Corporation, the New York State Department of Financial Services or the national securities exchange on which the Company has a class of securities listed.

6.Acknowledgments and Affirmations.

Executive affirms that:

(a)Releasors have not filed, caused to be filed, or presently are parties to any claim against Releasees on behalf of Executive;

(b)Executive has been paid and/or has received all compensation, wages, bonuses, commissions and/or benefits which are due and payable as of the date Executive signs this Agreement, and, if applicable, Executive has reported all of the hours Executive worked while Executive was employed by Company as of the date Executive signs this Agreement;

(c)Company has granted Executive any leave to which Executive was entitled from Company under the Family and Medical Leave Act or related state or local leave or disability accommodation laws;

(d)Executive has no known workplace injuries or occupational diseases;

(e)Executive has not divulged any financial, proprietary or confidential information of Company and will continue to maintain the confidentiality of such information consistent with Company’s policies, Executive’s agreement(s) with Company and/or any applicable common law. As noted above, this Agreement does not limit Executive from providing any documents to the U.S. Securities and Exchange Commission as part of a whistleblower action and/or a report of possible violations of any federal securities law;

EXHIBIT 10.1

(f)Executive has not been retaliated against for reporting any allegations of wrongdoing by Company, its officers or any other Releasees described in this Agreement, including any allegations of corporate fraud;

(g)While Executive understands that this Agreement does not prohibit Executive from disclosing the factual foundation of any sexual harassment claim, Executive acknowledges by signing this Agreement that Executive has never raised or reported claims, despite having the opportunity to do so, regarding sexual harassment to anyone at the Company and does not have any basis for any sexual harassment claim against Releasees, and therefore a non-disclosure provision related to sexual harassment claims is not necessary; and

(h)Executive is not aware of any decisions by Company regarding Executive’s pay and benefits through Executive’s Separation Date being discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification protected by law.

7.Limited Disclosure and Return of Property. Except as otherwise required by law, permitted by Paragraph 5(c) above or specified in this Paragraph 7, Executive agrees to refrain from disclosing to any person or entity any confidential discussions concerning his separation from the Company. No later than Executive’s Separation Date, Executive will deliver to Company, without copying or reproducing: (i) all documents, files, notes, memoranda, manuals, lists, computer disks, computer databases, computer programs and/or other storage media within Executive’s possession or control that reflect any trade secrets, proprietary information, financial information, personnel information, privileged information or other confidential information pertaining to Company, any other Releasees described in this Agreement, and/or any current, former or prospective customers or vendors of Company or of any other Releasees described in this Agreement (“Confidential Information”); and (ii) all items or other forms of property and/or equipment belonging to Company or to any other Releasees described in this Agreement within Executive’s possession or control, including but not limited to keys, credit cards, electronic equipment, business equipment and lists of current, former or prospective customers or vendors of Company and/or of any other Releasees described in this Agreement. Promptly upon or following the Separation Date or at any other time requested by Company, Executive also agrees to delete any Confidential Information from any computer hard drive or computer system within Executive’s possession or control that is not located on Company’s premises. However, nothing in this paragraph will prevent Executive from retaining his contacts and personal documents/files, whether electronic or physical form (Outlook, rolodex, etc.), which the Company will assist in transferring to him on or before the Separation Date, and any documents in Executive’s possession or control concerning Executive’s Executive benefits and/or Executive’s compensation. Notwithstanding anything in this Paragraph, Executive agrees that personal contact information gained through his employment with the Company may constitute confidential, trade secret or proprietary information and that such information may not be used, directly or indirectly, to violate his post-employment non-solicit and non-compete obligations. Company will cooperate with Executive’s collection of his personal property from the premises at a time convenient for both parties and will further take all necessary steps to transfer Executive’s phone number and phone to his personal account.

8.Non-Solicitation, Non-Competition, Non-Disparagement. Executive acknowledges and agrees to comply with the non-solicitation, non-competition, post-termination

EXHIBIT 10.1

cooperation and non-disparagement obligations contained in Section 11 of the Employment Agreement, except that any restricted period shall extend until December 31, 2024 or one-year after he is removed or resigns from all officer and director positions with the Company, whichever is later.  Executive acknowledges and agrees with Section 11(e) of the Employment Agreement, which provides, among other things, that in the event of a breach or threatened breach of the post-termination restrictions in Section 11 of the Employment Agreement, the Company may seek to recover damages from the Executive. The Company’s executive officers and directors will not make any statements that are disparaging of Executive and the Company will not issue any public statements or filings that reference Executive without Executive’s prior review and approval, which shall not be unreasonably withheld or delayed, and shall not make any statements, private or public, that are disparaging of Executive. Executive specifically affirms that he has not and will not make any statements, verbal or written or via social media, that are defamatory or disparaging of the Company and its former or current affiliates, owners, officers, directors, employees, services, products, either directly or indirectly.

9.Governing Law and Jury Waiver. This Agreement shall be governed and conformed in accordance with the laws of the State of New York without regard to the State’s conflict of laws provisions. If Executive or any other Releasor breaches any provision of this Agreement, Executive and Company affirm that Company may institute an action or proceeding: (a) to specifically enforce any term or terms of this Agreement; (b) to recover damages resulting from such breach in an amount to be determined by a court of competent jurisdiction; (c) to terminate Company’s obligations to provide future monetary payments and benefits under this Agreement; and/or (d) to seek any other legal or equitable relief permitted by law, including but not limited to injunctive relief. Company and Executive agree that any action or proceeding relating to this Agreement or to the enforcement of this Agreement will only be brought in a court located in Suffolk County in the State of New York, and that any such action or proceeding will be heard without a jury or an advisory jury. Executive and Company waive their respective rights to bring any such action or proceeding in any other jurisdiction, or to have any such action or proceeding heard before a jury or an advisory jury.

10.Severability. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect. If the general release language is found to be illegal or unenforceable, Executive agrees to execute a binding replacement release.

11.Nonadmission of Wrongdoing. Executive agrees that neither this Agreement nor the furnishing of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by Releasees of any wrongdoing or evidence of any liability or unlawful conduct of any kind.

12.Indemnification.  In the event that Executive is made a party or threatened to be made a party to any claim, action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a “Proceeding”), by reason of the fact that Executive is or was acting in the course and scope of his role as a director or officer of Company (including but not limited to any claim resulting from the separation of Executive from Company, and excluding any Proceeding initiated by Executive or Company related to any contest or dispute solely between Executive and Company

EXHIBIT 10.1

with respect to a breach of or enforcement of this Agreement or a claim by Executive with respect to Executive’s employment with Company), Executive shall be indemnified and held harmless by Company to the maximum extent permitted under applicable law and the Company’s bylaws from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including reasonable attorneys’ fees). Reasonable costs and expenses incurred by the Executive in defense of such Proceeding (including attorneys’ fees) shall be paid by Company in advance of the final disposition of such litigation upon receipt by Company of: (i) a written request for payment; (ii) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of Executive to repay the amounts so paid if it shall ultimately be determined that Executive is not entitled to be indemnified by Company. Through August 31, 2029, Company or any successor to Company shall maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to Executive on terms that are no less favorable than the coverage provided to directors and similarly situated executives and former executives of Company or any successor.

13.Amendment. This Agreement may not be modified, altered or changed except in a writing signed by both Company and Executive that specifically refers to this Agreement.

14.Waiver of Rights. Executive understands that this Agreement is a legally binding document under which Releasors are giving up certain rights, including any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”). As a result, Company advises Executive to consult with an attorney of Executive’s choosing before Executive signs this Agreement. Executive understands that Executive has been given twenty-one (21) calendar days from the day Executive receives this Agreement to review and consider this Agreement.

15.Agreement. Executive understands that, by entering into this Agreement, Executive does not waive rights or claims that may arise after the date of Executive’s execution of this Agreement, including without limitation, Executive’s rights or claims to secure enforcement of the terms and conditions of this Agreement. Nothing in this Agreement shall prevent Executive from (i) commencing an action or proceeding to enforce this Agreement or (ii) exercising Executive’s rights under the Older Workers’ Benefit Protection Act to challenge the validity of Executive’s waiver of ADEA claims.

16.Revocation. Executive may revoke this Agreement during the period of seven (7) calendar days following the day on which Executive signs this Agreement, except that the letter attached as Exhibit A shall remain effective and non-revocable. Any revocation within this period must be submitted, in writing, to Patricia Schaubeck, General Counsel, Dime Community Bank, 898 Veterans Memorial Highway, Suite 560, Hauppauge, New York 11788, and must state: “I hereby revoke my acceptance of our Agreement and General Release.” The revocation must be either: (a) personally delivered to Patricia Schaubeck, General Counsel within 7 calendar days after the day Executive signs the Agreement; (b) mailed to Patricia Schaubeck, General Counsel at the address specified above by First Class United States mail and postmarked within 7 calendar days after the day Executive signs the Agreement; or (c) delivered to Patricia Schaubeck, General Counsel at the address specified above through a reputable overnight delivery service with documented evidence that it was sent within 7 calendar days after the day Executive signed the Agreement. This Agreement shall not become effective or enforceable until the eight (8^th) day after

EXHIBIT 10.1

the return of an executed copy of this Agreement by Executive to Company (the “Effective Date”). If the last day of the revocation period is a Saturday, Sunday or legal holiday recognized by the State of New York, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday or legal holiday.

17.Tax Treatment. Dime may deduct or withhold from any compensation or benefits any applicable federal, state or local tax or employment withholdings or deductions resulting from any payments or benefits provided under this Agreement. In addition, it is Dime’s intention that all payments or benefits provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or an exception thereto, including without limitation the six month delay for payments of deferred compensation to “key employees” upon separation from service pursuant to Section 409A(a)(2)(B)(i) of the Code (if applicable), and this Agreement shall be interpreted, administered and operated accordingly. If under this Agreement an amount is to be paid in installments, each installment shall be treated as a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii). If any provision of this Agreement (or of any award of compensation due to Executive under this Agreement) would cause Executive to incur any additional tax or interest under Section 409A of the Code or any regulations or Treasury guidance promulgated thereunder, the Company shall modify this Agreement to make it compliant with Section 409A and maintain the value of the payments and benefits under this Agreement. Notwithstanding anything to the contrary herein, Dime does not guarantee the tax treatment of any payments or benefits under this Agreement, including without limitation under the Code, federal, state, local or foreign tax laws and regulations. In no event may Executive, directly or indirectly, designate the calendar year of any payment under this Agreement. In the event the period of notice and payment referenced in Paragraph 2 of this Agreement ends in the taxable year following Executive’s termination of employment, any severance payment or deferred compensation payment shall be paid or commence in such subsequent taxable year if required under Section 409A of the Code.

18.Beneficiaries.  In the event of Executive’s death prior to the full satisfaction of all obligations of the Company pursuant to this Agreement, all remaining payments and benefits otherwise due to Executive shall be paid to Executive’s estate and/or beneficiaries.

19.Attorneys’ Fees.  If any party brings any legal action for enforcement of any of the provisions of this Agreement, the prevailing party in such action will be entitled to recover their reasonable attorneys’ fees incurred in prosecuting or defending such legal action.

20.Tax Matters. The Company and the Executive hereby recognize that: (i) the non-solicitation restriction and non-competition restriction contained in this Agreement have value, (ii) the value shall be recognized in any calculations the Company and the Executive perform with respect to determining the affect, if any, of the parachute payment provisions of Section 280G of the Code (“Section 280G”), by allocating a portion of the payments under Paragraph 2(a) of this Agreement to the fair value of the non-solicitation and non-competition restriction contained in this Agreement (the “Appraised Value”), (iii) the Company may obtain an independent appraisal to determine the Appraised Value, (iv) the Appraised Value will be considered reasonable compensation for post change in control services within the meaning of Q&A-40 of the regulations under Section 280G, and (v) any aggregate parachute payments, as defined in Section 280G, will be reduced by the Appraised Value.  

EXHIBIT 10.1

21.Entire Agreement. This Agreement sets forth the entire agreement between Executive and Company, and fully supersedes any prior agreements, understandings or obligations between Releasors and Releasees pertaining to the subjects addressed herein, with the exception of any confidentiality, non-compete, non-solicitation and/or assignment of proprietary rights agreements or obligations previously signed or undertaken by Executive that provide additional or greater rights to Company, which remain in full force and effect. Executive acknowledges that he has not relied on any representations, promises, agreements or offers of any kind made to Executive in connection with his decision to enter into this Agreement, except for those set forth in this Agreement, the Executive Benefit Plans issued to Executive, any successor plans thereto, any summary plan description or summary of material modifications for the Executive Benefit Plans issued to Executive, and in any confidentiality, non-compete, non-solicitation and/or assignment of proprietary rights agreements or obligations previously signed or undertaken by Executive.

EXECUTIVE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS RELEASORS HAVE OR MIGHT HAVE AGAINST RELEASEES AS OF THE DATE EXECUTIVE SIGNS THIS AGREEMENT.

The Parties knowingly and voluntarily sign this Agreement as of the date(s) set forth below:

_/s/ Kevin M. O’Connor_________
Executive By: _/s/ Kevin M. O’Connor_________ Kevin M. O’Connor Date: July 27, 2023	Dime Community Bancshares, Inc. By: /s/ Kenneth J. Mahon___________ Name: Kenneth J. Mahon Title: Executive Chairman of the Board Date: July 27, 2023
	Dime Community Bank By: /s/ Kenneth J. Mahon___________ Name: Kenneth J. Mahon Title: Executive Chairman of the Board Date: July 27, 2023

EXHIBIT 10.1

EXHIBIT A

To Whom It May Concern:

I, Kevin M. O’Connor, acknowledge that, to continue to facilitate a smooth transition in leadership to Stuart Lubow, effective as of August 31, 2023, I will cease to serve in the position of Chief Executive Officer of Dime Community Bancshares, Inc. (the “Company”), and any and all other officer positions with the Company and its affiliated entities, though I will continue to serve as a member of the Company’s Board of Directors. 

This change in my role is not a result of any disagreement or dispute with the Company or its management on matters relating to the Company’s strategy, operations, financial reporting, or other policies or practices.

/s/ Kevin M. O’Connor

Name: Kevin M. O’Connor

EXHIBIT 10.1

EXHIBIT B

SUPPLEMENTAL RELEASE

In consideration for and as a condition of receiving the consideration set forth in the Agreement and General Release (“Agreement”) between me and Dime Community Bancshares, Inc., dime Community bank, 898 Veterans memorial highway, Suite 560, Hauppauge, New York 11788 (together, “Dime” or the “Company”), I, Kevin M. O’Connor, hereby agree as follows pursuant to this supplemental release of claims (“Supplemental Release”):

1.General Release of All Claims.  I, my heirs, executors, administrators, successors and assigns, each acting on behalf of me in their capacities as such (collectively referred to throughout this Supplemental Release as “Releasors”), knowingly and voluntarily release and forever discharge, to the fullest extent permitted by law, Company, its parent corporation, affiliates, subsidiaries, divisions, insurers, predecessors, successors and assigns, and the current and former executives/employees, attorneys, officers, directors, agents and shareholders of Company and each of the foregoing entities affiliated with Company, each in their capacities as such, and the executive benefit plans and programs (“Executive Benefit Plans”), administrators and fiduciaries of Company and each of the entities affiliated with Company identified above, each in their capacities as such (all collectively referred to throughout this Supplemental Release as “Releasees”), of and from any and all claims, debts, obligations, promises, covenants, agreements, contracts, endorsements, bonds, controversies, suits, actions, causes of action, judgments, damages, expenses, or demands, in law or in equity, which I ever had, now have, or which may arise in the future, regarding any matter arising on or before the date of my execution of this Supplemental Release, including but not limited to all claims by me or on my behalf regarding my employment at or termination of employment from Dime, any contract (express or implied), any claim for equitable relief or recovery of punitive, compensatory, or other damages or monies (including claims as to taxes), attorneys’ fees, any tort, and all claims for alleged discrimination based upon age, race, color, sex, sexual orientation, marital status, religion, national origin, handicap, disability, genetic information or retaliation, including any claim, known and unknown, asserted or unasserted, which Releasors have or may have against Releasees up to and including the date I sign this Supplemental Release, including, but not limited to, any alleged violation of the following laws and other sources of legal rights, as amended:

● Title VII of the Civil Rights Act of 1964;

● Sections 1981 through 1988 of Title 42 of the United States Code;

● The Executive Retirement Income Security Act of 1974 (“ERISA”) (as modified below);

● The Immigration Reform and Control Act of 1986;

● The Americans with Disabilities Act of 1990;

● The Rehabilitation Act of 1973;

● The Age Discrimination in Employment Act of 1967 (“ADEA”);

● The Worker Adjustment and Retraining Notification Act;

EXHIBIT 10.1

● The Occupational Safety and Health Act;

● The Fair Credit Reporting Act;

● The Family and Medical Leave Act of 1993;

● The Equal Pay Act of 1963;

● The Genetic Information Nondiscrimination Act of 2008;

● The New York Human Rights Law;

● The New York Executive Law;

● The New York Labor Law;

● The New York Civil Rights Law;

● The New York Equal Pay Law;

● The New York Whistleblower Law;

● The New York Legal Activities Law;

● The New York Wage-Hour and Wage Payment Laws and Regulations;

● The New York Minimum Wage Law;

● The New York Occupational Safety and Health Laws;

● The Non-discrimination and Anti-retaliation Provisions of the New York Workers’ Compensation Law and the New York Disabilities Law;

● The New York Worker Adjustment and Retraining Notification Act;

● The New York City Human Rights Law;

● The New York City Charter and Administrative Code;

● The New York City Earned Safe and Sick Time Act;

● any other federal, state, local or other law, rule, regulation, constitution, code, guideline or ordinance;

● any public policy, contract (oral or written, express or implied), tort or common law; or

● any statute, common law, agreement or other basis for seeking or recovering any costs, fees or other expenses, including but not limited to attorneys’ fees and/or costs.

2.Claims Not Released. Notwithstanding anything to the contrary herein, Releasors are not waiving any rights they may have: (1) to my vested accrued executive benefits under any health, welfare or retirement benefit plans of Company (including tax-qualified retirement plans and the Supplemental Executive Retirement Plan in which I participate) as of the Separation Date, as defined in the Agreement; (2) to my benefits and/or my right to seek benefits under applicable workers’ compensation, COBRA, and/or unemployment compensation statutes (the application for which shall not be contested by the Company); (3) to claims which by law cannot be waived by signing this Supplemental Release; (4) that may arise after the date on which I sign this Supplemental Release, including the right to enforce this Supplemental Release; (5) to enforce any agreements or portions of agreements not superseded by this Supplemental Release; (6) to indemnification, contribution, advancement or defense as provided by, and in accordance with the terms of the Company by-laws, articles of incorporation, liability insurance coverage or applicable law; and/or (7) to any rights, remedies or benefits pursuant to the Agreement.

3.Governmental Agencies. Nothing in this Supplemental Release prohibits or prevents me from filing a charge with or participating, testifying or assisting in any investigation, hearing or other proceeding before the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board or a similar agency enforcing federal, state or local anti-discrimination laws. However, to the maximum extent permitted by law, I agree that if such an administrative claim is made to such an anti-

EXHIBIT 10.1

discrimination agency, I shall not be entitled to recover any individual monetary relief or other individual remedies for claims released herein. In addition, nothing in this Supplemental Release or the Agreement, including but not limited to the release of claims and the confidentiality clauses, prohibits me from: (1) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the U.S. Congress, any agency Inspector General, or any other applicable agency; (2) making any other disclosures that are protected under the whistleblower provisions of federal law or regulations; or (3) otherwise fully participating in any federal whistleblower programs, including but not limited to any such programs managed by the U.S. Securities and Exchange Commission, the Federal Deposit Insurance Corporation and/or the Occupational Safety and Health Administration. Moreover, nothing in this Agreement prohibits or prevents me from receiving individual monetary awards or other individual relief by virtue of participating in such federal whistleblower programs.

4.Collective/Class Action Waiver. If any claim is not subject to release, to the extent permitted by law, Releasors waive any right or ability to be class or collective action representatives or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which Company or any other Releasee identified in this Supplemental Release is a party.

5.Waiver of Rights. I understand that this Supplemental Release is a legally binding document under which Releasors are giving up certain rights, including any rights I may have under the Age Discrimination in Employment Act of 1967 (“ADEA”). As a result, I acknowledge that the Company has advised me to consult with an attorney of my choosing before I sign this Supplemental Release. I understand that I have been given twenty-one (21) calendar days to review and consider this Supplemental Release.

6.Agreement. I understand that, by executing this Supplemental Release, I do not waive rights or claims that may arise after the date of my execution of this Supplemental Release, including without limitation, my rights or claims to secure enforcement of the terms and conditions of the Supplemental Release. Nothing in this Supplemental Release shall prevent me from (i) commencing an action or proceeding to enforce the Supplemental Release or (ii) exercising my rights under the Older Workers’ Benefit Protection Act to challenge the validity of my waiver of ADEA claims.

7.Revocation. I may revoke this Supplemental Release during the period of seven (7) calendar days following the day on which I sign this Supplemental Release. Nothing herein constitutes a revocation of the Agreement including Exhibit A to the Agreement. Any revocation within this period must be submitted, in writing, to Patricia Schaubeck, General Counsel, Dime Community Bank, 898 Veterans Memorial Highway, Suite 560, Hauppauge, New York 11788, and must state: “I hereby revoke my acceptance of the Supplemental Release.” The revocation must be either: (a) personally delivered to Patricia Schaubeck, General Counsel within 7 calendar days after the day I sign the Supplemental Release; (b) mailed to Patricia Schaubeck, General Counsel at the address specified above by First Class United States mail and postmarked within 7 calendar days after the day I sign the Supplemental Release; or (c) delivered to Patricia Schaubeck, General Counsel at the address specified above through a reputable overnight delivery service with documented evidence that it was sent within 7 calendar days after the day I signed the Supplemental Release. This Supplemental Release shall not become effective or enforceable until the eight (8^th) day after the return of an executed copy of this Supplemental Release by me to Company (the “Effective Date”). If the last day of the revocation period is a Saturday, Sunday or legal

EXHIBIT 10.1

holiday recognized by the State of New York, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday or legal holiday.

_/s/ Kevin M. O’Connor_________
Executive By: ___________________ Kevin M. O’Connor Date:	Dime Community Bancshares, Inc. By: _____________________ Name: Title: Date:
	Dime Community Bank By: _____________________Name: Title: Date:

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)

I, Kevin M. O’Connor, certify that:

1) I have reviewed this quarterly report on Form 10-Q of Dime Community Bancshares, Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 2, 2023

/s/ Kevin M. O’Connor 

Kevin M. O’Connor

Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)

I, Avinash Reddy, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Dime Community Bancshares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 2, 2023

/s/ Avinash Reddy

Avinash Reddy

Senior Executive Vice President and Chief Financial Officer

EX-32.1

This certification is being furnished as required by Rule 13a-14(b) under the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

EXHIBIT 32.1

CERTIFICATION PURSUANT TO RULE 13a-14(b) 18 U.S.C. SECTION 1350,

As adopted pursuant to

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Dime Community Bancshares, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2023 as filed with the Securities and Exchange Commission, (the “Report”), we, Kevin M. O'Connor, Chief Executive Officer of the Company and, Avinash Reddy, Senior Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 2, 2023	/s/ Kevin M. O'Connor
	Kevin M. O'Connor
	Chief Executive Officer
	/s/ Avinash Reddy
	Avinash Reddy
	Senior Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-34096
Entity Registrant Name	DIME COMMUNITY BANCSHARES, INC
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-2934195
Entity Address, Address Line One	898 Veterans Memorial Highway
Entity Address, City or Town	Suite 560, Hauppauge
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11788
City Area Code	631
Local Phone Number	537-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,826,921
Entity Central Index Key	0000846617
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	DCOM
Security Exchange Name	NASDAQ
Preferred Stock, Series A
Entity Listings [Line Items]
Title of 12(b) Security	Preferred Stock, Series A, $0.01 Par Value
Trading Symbol	DCOMP
Security Exchange Name	NASDAQ

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash and due from banks	$ 452,504	$ 169,297
Securities available-for-sale, at fair value	894,856	950,587
Securities held-to-maturity	603,960	585,798
Loans held for sale	371
Loans held for investment, net of fees and costs	10,876,415	10,566,831
Allowance for credit losses	(75,646)	(83,507)
Total loans held for investment, net	10,800,769	10,483,324
Premises and fixed assets, net	45,890	46,749
Restricted stock	104,724	88,745
Bank Owned Life Insurance ("BOLI")	337,083	333,292
Goodwill	155,797	155,797
Other intangible assets	5,758	6,484
Operating lease assets	54,931	57,857
Derivative assets	147,740	154,485
Accrued interest receivable	51,787	48,561
Other assets	146,692	108,945
Total assets	13,802,862	13,189,921
Due to depositors:
Interest-bearing deposits	7,567,874	6,734,997
Non-interest-bearing deposits	2,884,184	3,449,763
Total deposits	10,452,058	10,184,760
Non-interest-bearing mortgage escrow deposits	70,431	69,455
Interest-bearing mortgage escrow deposits	203	192
Total mortgage escrow deposits	70,634	69,647
Federal Home Loan Bank of New York ("FHLBNY") advances	1,448,000	1,131,000
Other short-term borrowings		1,360
Subordinated debt, net	200,240	200,283
Derivative cash collateral	140,160	153,040
Operating lease liabilities	57,547	60,340
Derivative liabilities	131,130	137,335
Other liabilities	100,590	82,573
Total liabilities	12,600,359	12,020,338
Commitments and contingencies
Stockholders' equity:
Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 10,000,000 shares authorized and 5,299,200 shares issued and outstanding at June 30, 2023 and December 31, 2022)	116,569	116,569
Common stock ($0.01 par, 80,000,000 shares authorized, 41,632,327 and 41,621,772 shares shares issued at June 30, 2023 and December 31, 2022, and 38,803,119 shares and 38,573,000 shares outstanding at June 30, 2023 and December 31, 2022, respectively)	416	416
Additional paid-in capital	493,955	495,410
Retained earnings	804,532	762,762
Accumulated other comprehensive loss, net of deferred taxes	(104,385)	(94,379)
Unearned equity awards	(11,746)	(8,078)
Treasury stock, at cost (2,829,208 shares and 3,048,772 shares at June 30, 2023 and December 31, 2022, respectively)	(96,838)	(103,117)
Total stockholders' equity	1,202,503	1,169,583
Total liabilities and stockholders' equity	$ 13,802,862	$ 13,189,921

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Stockholders' equity:
Preferred stock, Series A, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, Series A, liquidation value (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, Series A, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, Series A, shares issued (in shares)	5,299,200	5,299,200
Preferred stock, Series A, shares outstanding (in shares)	5,299,200	5,299,200
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	41,632,327	41,621,772
Common stock, shares outstanding (in shares)	38,803,119	38,573,000
Treasury stock (in shares)	2,829,208	3,048,772

XML

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income:
Loans	$ 138,310	$ 93,102	$ 266,749	$ 179,522
Securities	7,914	7,067	16,345	14,198
Other short-term investments	5,867	741	9,669	1,109
Total interest income	152,091	100,910	292,763	194,829
Interest expense:
Deposits and escrow	52,616	3,731	89,888	6,262
Borrowed funds	17,759	3,573	33,930	5,851
Derivative cash collateral	1,497	94	2,974	95
Total interest expense	71,872	7,398	126,792	12,208
Net interest income	80,219	93,512	165,971	182,621
Provision (recovery) for credit losses	892	44	(2,756)	(1,548)
Net interest income after provision (recovery) for credit losses	79,327	93,468	168,727	184,169
Non-interest income:
Service charges and other fees	4,856	4,337	8,670	8,395
Title fees	246	683	538	1,104
Loan level derivative income	2,437	1,685	5,570	1,691
BOLI income	2,852	4,143	5,015	5,982
Gain on sale of Small Business Administration ("SBA") loans	210	723	726	965
Gain on sale of residential loans	34	191	82	339
Loss on equity securities	(780)		(780)
Net loss on sale of securities and other assets			(1,447)
Other	550	362	1,032	851
Total non-interest income	10,405	12,124	19,406	19,327
Non-interest expense:
Salaries and employee benefits	29,900	28,454	56,534	59,288
Severance	481	2,193	506	2,193
Occupancy and equipment	7,144	7,396	14,517	14,980
Data processing costs	4,197	3,913	8,435	7,718
Marketing	1,488	1,515	2,937	2,810
Professional services	1,676	2,028	3,599	4,122
Federal deposit insurance premiums	1,874	1,150	3,747	2,300
Loss from extinguishment of debt		740		740
Amortization of other intangible assets	349	430	726	1,016
Other	5,077	4,019	8,660	6,559
Total non-interest expense	52,186	51,838	99,661	101,726
Income before income taxes	37,546	53,754	88,472	101,770
Income tax expense	10,048	15,269	23,671	28,754
Net income	27,498	38,485	64,801	73,016
Preferred stock dividends	1,822	1,822	3,643	3,643
Net income available to common stockholders	$ 25,676	$ 36,663	$ 61,158	$ 69,373
Earnings per common share:
Basic	$ 0.66	$ 0.94	$ 1.58	$ 1.76
Diluted	$ 0.66	$ 0.94	$ 1.58	$ 1.76

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ 27,498	$ 38,485	$ 64,801	$ 73,016
Other comprehensive income (loss):
Change in net unrealized loss during the period	(11,291)	(33,157)	(13,593)	(103,288)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets			1,447
Accretion of net unrealized loss on securities transferred to held-to-maturity	796	829	1,553	999
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense	(370)	(936)	(740)	(1,870)
Change in the net actuarial gain	814	998	1,035	1,995
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period	1,586	2,309	(525)	9,161
Reclassification adjustment for expense included in interest expense	299	(54)	(14)	(23)
Other comprehensive loss before income taxes	(8,166)	(30,011)	(10,837)	(93,026)
Deferred tax expense	(2,419)	(9,441)	(831)	(29,257)
Other comprehensive loss, net of tax	(5,747)	(20,570)	(10,006)	(63,769)
Total comprehensive income	$ 21,751	$ 17,915	$ 54,795	$ 9,247

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss, Net of Deferred Taxes	Unearned Equity Awards	Treasury Stock, at Cost	Total
Increase (Decrease) in Stockholders' Equity
Treasury Stock, at cost							$ (59,193)
Balance at Dec. 31, 2021	$ 116,569	$ 416	$ 494,125	$ 654,726	$ (6,181)	$ (7,842)		$ 1,192,620
Balance (in shares) at Dec. 31, 2021		39,877,833
Increase (Decrease) in Stockholders' Equity
Net income				34,531				34,531
Other comprehensive income (loss), net of tax					(43,199)			(43,199)
Release of shares, net of forfeitures			844			(3,939)	3,284	189
Release of shares, net of forfeitures (in shares)		127,812
Stock-based compensation						1,219		1,219
Shares received related to tax withholding							(1,414)	(1,414)
Shares received related to tax withholding (in shares)		(40,731)
Cash dividends declared and paid to preferred stockholders				(1,821)				(1,821)
Cash dividends declared and paid to common stockholders				(9,446)				(9,446)
Purchase of treasury stock							(17,392)	(17,392)
Purchase of treasury stock (in shares)		(505,005)
Balance at Mar. 31, 2022	116,569	$ 416	494,969	677,990	(49,380)	(10,562)		1,155,287
Balance (in shares) at Mar. 31, 2022		39,459,909
Balance at Dec. 31, 2021	116,569	$ 416	494,125	654,726	(6,181)	(7,842)		1,192,620
Balance (in shares) at Dec. 31, 2021		39,877,833
Increase (Decrease) in Stockholders' Equity
Net income								73,016
Other comprehensive income (loss), net of tax					(63,769)			(63,769)
Balance at Jun. 30, 2022	116,569	$ 416	495,266	705,371	(69,950)	(10,260)	(96,890)	1,140,522
Balance (in shares) at Jun. 30, 2022		38,769,353
Increase (Decrease) in Stockholders' Equity
Treasury Stock, at cost							(74,715)
Balance at Mar. 31, 2022	116,569	$ 416	494,969	677,990	(49,380)	(10,562)		1,155,287
Balance (in shares) at Mar. 31, 2022		39,459,909
Increase (Decrease) in Stockholders' Equity
Net income				38,485				38,485
Other comprehensive income (loss), net of tax					(20,570)			(20,570)
Release of shares, net of forfeitures			297			(644)	726	379
Release of shares, net of forfeitures (in shares)		27,125
Stock-based compensation						946		946
Shares received related to tax withholding							(1)	(1)
Shares received related to tax withholding (in shares)		(37)
Cash dividends declared and paid to preferred stockholders				(1,822)				(1,822)
Cash dividends declared and paid to common stockholders				(9,282)				(9,282)
Purchase of treasury stock							(22,900)	(22,900)
Purchase of treasury stock (in shares)		(717,644)
Balance at Jun. 30, 2022	116,569	$ 416	495,266	705,371	(69,950)	(10,260)	(96,890)	1,140,522
Balance (in shares) at Jun. 30, 2022		38,769,353
Increase (Decrease) in Stockholders' Equity
Treasury Stock, at cost							(103,117)	(103,117)
Balance at Dec. 31, 2022	116,569	$ 416	495,410	762,762	(94,379)	(8,078)		$ 1,169,583
Balance (in shares) at Dec. 31, 2022		38,573,000						38,573,000
Increase (Decrease) in Stockholders' Equity
Net income				37,303				$ 37,303
Other comprehensive income (loss), net of tax					(4,259)			(4,259)
Release of shares, net of forfeitures			(1,608)			(6,692)	8,507	207
Release of shares, net of forfeitures (in shares)		293,106
Stock-based compensation						1,302		1,302
Shares received related to tax withholding			(1)				(1,112)	(1,113)
Shares received related to tax withholding (in shares)		(36,932)
Cash dividends declared and paid to preferred stockholders				(1,821)				(1,821)
Cash dividends declared and paid to common stockholders				(9,234)				(9,234)
Purchase of treasury stock							(715)	(715)
Purchase of treasury stock (in shares)		(24,813)
Balance at Mar. 31, 2023	116,569	$ 416	493,801	789,010	(98,638)	(13,468)		1,191,253
Balance (in shares) at Mar. 31, 2023		38,804,361
Balance at Dec. 31, 2022	116,569	$ 416	495,410	762,762	(94,379)	(8,078)		$ 1,169,583
Balance (in shares) at Dec. 31, 2022		38,573,000						38,573,000
Increase (Decrease) in Stockholders' Equity
Net income								$ 64,801
Other comprehensive income (loss), net of tax					(10,006)			(10,006)
Balance at Jun. 30, 2023	116,569	$ 416	493,955	804,532	(104,385)	(11,746)	(96,838)	$ 1,202,503
Balance (in shares) at Jun. 30, 2023		38,803,119						38,803,119
Increase (Decrease) in Stockholders' Equity
Treasury Stock, at cost							(96,437)
Balance at Mar. 31, 2023	116,569	$ 416	493,801	789,010	(98,638)	(13,468)		$ 1,191,253
Balance (in shares) at Mar. 31, 2023		38,804,361
Increase (Decrease) in Stockholders' Equity
Net income				27,498				27,498
Other comprehensive income (loss), net of tax					(5,747)			(5,747)
Release of shares, net of forfeitures			154			364	(123)	395
Release of shares, net of forfeitures (in shares)		13,262
Stock-based compensation						1,358		1,358
Shares received related to tax withholding							(46)	(46)
Shares received related to tax withholding (in shares)		(2,504)
Cash dividends declared and paid to preferred stockholders				(1,822)				(1,822)
Cash dividends declared and paid to common stockholders				(10,154)				(10,154)
Purchase of treasury stock							(232)	(232)
Purchase of treasury stock (in shares)		(12,000)
Balance at Jun. 30, 2023	$ 116,569	$ 416	$ 493,955	$ 804,532	$ (104,385)	$ (11,746)	$ (96,838)	$ 1,202,503
Balance (in shares) at Jun. 30, 2023		38,803,119						38,803,119
Increase (Decrease) in Stockholders' Equity
Treasury Stock, at cost								$ (96,838)

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 64,801	$ 73,016
Adjustments to reconcile net income to net cash provided by operating activities:
Net loss on sales of securities available-for-sale and other assets	1,447
Net gain on equity securities	780
Net gain on sale of loans held for sale	(808)	(1,304)
Net depreciation, amortization and accretion	3,056	4,370
Amortization of other intangible assets	726	1,016
Loss on extinguishment of debt		740
Stock-based compensation	2,660	2,165
Provision (recovery) for credit losses	(2,756)	(1,548)
Originations of loans held for sale	(4,570)	(14,790)
Proceeds from sale of loans originated for sale	14,510	28,069
Increase in cash surrender value of BOLI	(4,370)	(3,826)
Gain from death benefits from BOLI	(645)	(2,156)
Increase in other assets	(31,711)	(32,856)
Increase in other liabilities	1,492	94,513
Net cash provided by operating activities	44,612	147,409
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale	77,804
Purchases of securities available-for-sale	(78,667)	(6,210)
Purchases of securities held-to-maturity	(27,136)	(41,631)
Proceeds from calls and principal repayments of securities available-for-sale	38,389	112,270
Proceeds from calls and principal repayments of securities held-to-maturity	10,680	14,102
Purchase of BOLI		(30,000)
Proceeds received from cash surrender value of BOLI		2,843
Proceeds from the sale of portfolio loans transferred to held for sale	1,701	13,201
Net increase in loans	(326,105)	(439,736)
Purchases of fixed assets, net	(2,435)	(1,753)
Purchases of restricted stock, net	(15,979)	(4,378)
Net cash used in investing activities	(321,748)	(381,292)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits	268,386	107,245
Proceeds from FHLBNY advances, short-term, net	155,000	75,000
Proceeds from FHLBNY advances, long-term	162,000
(Repayments) proceeds of other short-term borrowings, net	(1,360)	300
Proceeds from subordinated debentures issuance, net		157,559
Redemption of subordinated debentures		(155,000)
Release of stock for benefit plan awards	602	568
Payments related to tax withholding for equity awards	(1,159)	(1,415)
Purchase of treasury stock	(947)	(40,292)
Cash dividends paid to preferred stockholders	(3,643)	(3,643)
Cash dividends paid to common stockholders	(18,536)	(18,674)
Net cash provided by financing activities	560,343	121,648
Increase (decrease) in cash and cash equivalents	283,207	(112,235)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	169,297	393,722
CASH AND CASH EQUIVALENTS, END OF PERIOD	452,504	281,487
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	29,470	22,057
Cash paid for interest	114,017	10,895
Securities available-for-sale transferred to held-to-maturity		372,153
Loans transferred to held for sale	11,049	24,178
Premises transferred to held for sale		4,078
Operating lease assets in exchange for operating lease liabilities	$ 2,749	$ 1,004

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BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2023

BASIS OF PRESENTATION

BASIS OF PRESENTATION

1.BASIS OF PRESENTATION

Dime Community Bancshares, Inc. (the “ Holding Company”) is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank (“the Bank”). The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Holding Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Holding Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations include Dime Community Inc., a real estate investment trust subsidiary which was formerly known as Bridgehampton Community, Inc., as an operating subsidiary. Our bank operations also include Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. In September 2021, the Company dissolved two REITs, DSBW Preferred Funding Corporation and DSBW Residential Preferred Funding Corporation, which were wholly-owned subsidiaries of the Bank, and the preferred shares outstanding were redeemed by their shareholders. As of June 30, 2023, we operated 60 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, Bronx and Staten Island.  

The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.”

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited consolidated financial statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Such estimates are subject to change in the future as additional information becomes available or previously existing circumstances are modified. Actual future results could differ significantly from those estimates. The annualized results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain reclassifications have been made to prior year amounts, and the related discussion and analysis, to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which remain significantly unchanged and have been followed similarly as in prior periods.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.SUMMARY OF ACCOUNTING POLICIES

Summary of Significant Accounting Policies

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of June 30, 2023 and December 31, 2022, the results of operations and statements of comprehensive income for the three and six months ended June 30, 2023 and 2022, the changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022.

Please see "Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies" for a discussion of areas in the accompanying unaudited condensed consolidated financial statements utilizing significant estimates.

Adoption of Recent Accounting Standards

ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method

On March 28, 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. The purpose of this updated guidance is to further align risk management objectives with hedge accounting results on the application of the last-of-layer method, which was first introduced in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2022-01 is effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption in the interim period, permitted. For entities who have already adopted ASU 2017-12, immediate adoption is allowed.  The Company adopted this ASU on January 1, 2023, on a prospective basis; therefore, there was no impact to the consolidated financial statements.

ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

ASU 2022-02 eliminates troubled debt restructuring (“TDR”) recognition and measurement guidance and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have adopted the amendments of ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This ASU is effective for the Company on January 1, 2023. The Company adopted ASU 2022-02 on its effective date using the modified retrospective method. The adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial statements.

ASU 2020-04, Reference Rate Reform (Topic 848)

ASU 2020-04 provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. Once optional expedients are elected, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic within the Codification. The Company adopted this ASU on July 1, 2023. The LIBOR transition is not anticipated to have a material effect on the Company's consolidated financial statements.

ASU 2021-01, Reference Rate Reform (Topic 848): Scope

ASU 2021-01 clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining, or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2021-01 is effective upon issuance and generally can be applied through December 31, 2022. The Company adopted this ASU on July 1, 2023. The LIBOR transition is not anticipated to have a material effect on the Company's consolidated financial statements.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Activity in accumulated other comprehensive (loss) income, net of tax, was as follows:

							Total
							Accumulated
			Defined				Other
			Benefit				Comprehensive
(In thousands)	Securities		Plans		Derivatives		Income (Loss)
Balance as of January 1, 2023	$	(100,870)	$	(5,266)	$	11,757	$	(94,379)
Other comprehensive (loss) income before reclassifications		(12,259)		729		(56)		(11,586)
Amounts reclassified from accumulated other comprehensive loss		2,111		(521)		(10)		1,580
Net other comprehensive (loss) income during the period		(10,148)		208		(66)		(10,006)
Balance as of June 30, 2023	$	(111,018)	$	(5,058)	$	11,691	$	(104,385)
Balance as of January 1, 2022	$	(7,864)	$	(1,306)	$	2,989	$	(6,181)
Other comprehensive (loss) income before reclassifications		(70,803)		1,368		6,279		(63,156)
Amounts reclassified from accumulated other comprehensive loss		685		(1,282)		(16)		(613)
Net other comprehensive (loss) income during the period		(70,118)		86		6,263		(63,769)
Balance as of June 30, 2022	$	(77,982)	$	(1,220)	$	9,252	$	(69,950)

The before and after tax amounts allocated to each component of other comprehensive (loss) income are presented in the table below for the periods indicated.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Change in unrealized gain (loss) on securities:
Change in net unrealized loss during the period	$	(11,291)	$	(33,157)	$	(13,593)	$	(103,288)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets		—		—		1,447		—
Accretion of net unrealized loss on securities transferred to held-to-maturity		796		829		1,553		999
Net change		(10,495)		(32,328)		(10,593)		(102,289)
Tax benefit		(3,109)		(10,169)		(445)		(32,171)
Net change in unrealized loss on securities, net of reclassification adjustments and tax		(7,386)		(22,159)		(10,148)		(70,118)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense		(370)		(936)		(740)		(1,870)
Change in the net actuarial gain		814		998		1,035		1,995
Net change		444		62		295		125
Tax expense		131		18		87		39
Net change in pension and other postretirement obligations		313		44		208		86
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period		1,586		2,309		(525)		9,161
Reclassification adjustment for expense included in interest expense		299		(54)		(14)		(23)
Net change		1,885		2,255		(539)		9,138
Tax expense (benefit)		559		710		(473)		2,875
Net change in unrealized (loss) gain on derivatives, net of reclassification adjustments and tax		1,326		1,545		(66)		6,263
Other comprehensive loss, net of tax	$	(5,747)	$	(20,570)	$	(10,006)	$	(63,769)

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EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2023

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

4.EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock. In determining the weighted-average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted-average shares outstanding for basic and diluted EPS. Unvested RSA and performance-based share awards (“PSA”) shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted-average shares outstanding for basic and diluted EPS.

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands except share and per share amounts)	2023		2022		2023		2022
Net income available to common stockholders	$	25,676	$	36,663	$	61,158	$	69,373
Less: Dividends paid and earnings allocated to participating securities		(417)		(432)		(806)		(806)
Income attributable to common stock	$	25,259	$	36,231	$	60,352	$	68,567
Weighted-average common shares outstanding, including participating securities		38,805,966		39,092,205		38,687,941		39,384,803
Less: weighted-average participating securities		(629,973)		(460,522)		(523,582)		(445,050)
Weighted-average common shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Basic EPS	$	0.66	$	0.94	$	1.58	$	1.76
Income attributable to common stock	$	25,259	$	36,231	$	60,352	$	68,567
Weighted-average common shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Weighted-average common equivalent shares outstanding		—		—		—		—
Weighted-average common and equivalent shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Diluted EPS	$	0.66	$	0.94	$	1.58	$	1.76

Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 92,137 weighted-average stock options outstanding for the three and six months ended June 30, 2023, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. There were 121,253 weighted-average stock options outstanding for the three and six months ended June 30, 2022, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

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PREFERRED STOCK

6 Months Ended

Jun. 30, 2023

PREFERRED STOCK.

PREFERRED STOCK

5.PREFERRED STOCK

On February 5, 2020, Legacy Dime completed an underwritten public offering of 2,999,200 shares, or $75.0 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the “Legacy Dime Preferred Stock”). The net proceeds received from the issuance of preferred stock at the time of closing were $72.2 million. On June 10, 2020, Legacy Dime completed an underwritten public offering, a reopening of its February 5, 2020 original issuance, of 2,300,000 shares, or $57.5 million in aggregate liquidation preference, of the Legacy Dime Preferred Stock. The net proceeds received from the issuance of preferred stock at the time of closing were $44.3 million.

At the Effective Time of the Merger, each outstanding share of the Legacy Dime Preferred Stock was converted into the right to receive one share of a newly created series of the Company’s preferred stock having the same powers, preferences and rights as the Legacy Dime Preferred Stock.

The Company expects to pay dividends when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year. The preferred stock is perpetual and has no stated maturity. The Company may redeem the preferred stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to regulatory approval, on or after June 15, 2025 or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering.

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SECURITIES

6 Months Ended

Jun. 30, 2023

SECURITIES

SECURITIES

6.SECURITIES

The following tables summarize the major categories of securities as of the dates indicated:

	June 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	10,000	$	—	$	(855)	$	9,145
Treasury securities		246,392		—		(17,785)		228,607
Corporate securities		169,589		—		(30,036)		139,553
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		253,191		—		(30,607)		222,584
Agency collateralized mortgage obligations ("CMOs")		317,307		2		(51,636)		265,673
State and municipal obligations		31,794		—		(2,500)		29,294
Total securities available-for-sale	$	1,028,273	$	2	$	(133,419)	$	894,856
	June 30, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,359	$	—	$	(13,284)	$	76,075
Corporate securities		9,000		—		(1,340)		7,660
Pass-through MBS issued by GSEs		286,918		—		(40,848)		246,070
Agency CMOs		218,683		—		(28,419)		190,264
Total securities held-to-maturity	$	603,960	$	—	$	(83,891)	$	520,069

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Treasury securities	$	246,899	$	—	$	(19,643)	$	227,256
Corporate securities		183,791		57		(17,075)		166,773
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		272,774		—		(31,534)		241,240
Agency collateralized mortgage obligations ("CMOs")		331,394		2		(50,057)		281,339
State and municipal obligations		37,000		—		(3,021)		33,979
Total securities available-for-sale	$	1,071,858	$	59	$	(121,330)	$	950,587
	December 31, 2022
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,157	$	—	$	(14,095)	$	75,062
Corporate securities		9,000		—		(553)		8,447
Pass-through MBS issued by GSEs		278,281		—		(40,960)		237,321
Agency CMOs		209,360		—		(24,431)		184,929
Total securities held-to-maturity	$	585,798	$	—	$	(80,039)	$	505,759

There were no transfers to or from securities held-to-maturity during the three or six months ended June 30, 2023. During the six months ended June 30, 2022, the Company transferred securities with a book value of $400.0 million from

available-for-sale to held-to-maturity. The transfers occurred at fair value totaling $372.2 million. The related unrealized losses of $27.8 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer. There were no transfers of securities held-to-maturity to securities available-for-sale during the six months ended June 30, 2022.

The carrying amount of securities pledged at June 30, 2023 and December 31, 2022 was $573.9 million and $631.4 million, respectively.

At June 30, 2023 and December 31, 2022, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity.

The amortized cost and fair value of securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.  Securities not due at a single maturity date are shown separately.  

	June 30, 2023
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	43,224	$	41,505
One to five years		237,304		218,555
Five to ten years		177,248		146,540
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		570,497		488,256
Total	$	1,028,273	$	894,856
Held-to-maturity
Within one year	$	—	$	—
One to five years		10,000		9,279
Five to ten years		88,359		74,456
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		505,601		436,334
Total	$	603,960	$	520,069

The following table presents the information related to sales of securities available-for-sale as of the periods indicated:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Securities available-for-sale
Proceeds	$	—	$	—	$	77,804	$	—
Gross gains		—		—		130		—
Tax expense on gains		—		—		39		—
Gross losses		—		—		1,577		—
Tax benefit on losses		—		—		467		—

There were no sales of securities held-to-maturity during the three or six months ended June 30, 2023 and 2022.  

The following table summarizes the gross unrealized losses and fair value of securities available-for-sale aggregated by investment category and the length of time the securities were in a continuous unrealized loss position as of the dates indicated:

	June 30, 2023
	Less than 12				12 Consecutive
	Consecutive Months				Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Agency notes	$	—	$	—	$	9,145	$	855	$	9,145	$	855
Treasury securities		—		—		228,607		17,785		228,607		17,785
Corporate securities		68,385		11,962		71,168		18,074		139,553		30,036
Pass-through MBS issued by GSEs		24,222		1,154		198,362		29,453		222,584		30,607
Agency CMOs		990		27		259,681		51,609		260,671		51,636
State and municipal obligations		1,970		79		26,824		2,421		28,794		2,500

	December 31, 2022
	Less than 12				12 Consecutive
	Consecutive Months				Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Treasury securities	$	—	$	—	$	227,256	$	19,643	$	227,256	$	19,643
Corporate securities		110,707		8,494		50,116		8,581		160,823		17,075
Pass-through MBS issued by GSEs		50,813		2,010		190,427		29,524		241,240		31,534
Agency CMOs		55,924		3,454		220,413		46,603		276,337		50,057
State and municipal obligations		10,848		174		22,681		2,847		33,529		3,021

As of June 30, 2023, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required. Additionally, given the high-quality composition of the Company’s held-to-maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Accrued interest receivable on securities totaling $5.3 million and $5.4 million at June 30, 2023 and December 31, 2022, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above.

Management evaluates available-for-sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At June 30, 2023, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. The Company generally views changes in fair value caused by changes in interest rates as temporary, which is consistent with its experience. The following major security types held by the Company are all issued by U.S. government entities and agencies and therefore either explicitly or implicitly guaranteed by the U.S. government: Agency Notes, Treasury Securities, Pass-through MBS issued by GSEs, Agency Collateralized Mortgage Obligations. Substantially all of the corporate bonds within the portfolio have maintained an investment grade rating by either Kroll, Egan-Jones, Fitch, Moody’s or Standard and Poor’s. None of the unrealized losses are related to credit quality of the issuer. Substantially all of the state and municipal obligations within the portfolio have all maintained an investment grade rating by either Moody’s or Standard and Poor’s. The Company does not have the intent to sell these securities and it is more likely than not that it will not be required to sell the securities before their

anticipated recovery. The issuers continue to make timely principal and interest payments on the debt. The fair value is expected to recover as the securities approach maturity.

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LOANS HELD FOR INVESTMENT, NET

6 Months Ended

Jun. 30, 2023

LOANS HELD FOR INVESTMENT, NET

LOANS HELD FOR INVESTMENT, NET

7.LOANS HELD FOR INVESTMENT, NET

The following table presents the loan categories for the period ended as indicated:

(In thousands)	June 30, 2023		December 31, 2022
Business loans (1)	$	2,250,108	$	2,211,857
One-to-four family residential and cooperative/condominium apartment		855,980		773,321
Multifamily residential and residential mixed-use		4,132,358		4,026,826
Non-owner-occupied commercial real estate		3,406,232		3,317,485
Acquisition, development, and construction ("ADC")		225,580		229,663
Other loans		6,157		7,679
Total		10,876,415		10,566,831
Allowance for credit losses		(75,646)		(83,507)
Loans held for investment, net	$	10,800,769	$	10,483,324

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

The following tables present data regarding the allowance for credit losses activity for the periods indicated:

	At or for the Three Months Ended June 30, 2023
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	43,879	$	6,012	$	7,613	$	18,076	$	2,515	$	240	$	78,335
(Credit) provision for credit losses		(542)		421		577		364		43		127		990
Charge-offs		(3,745)		(14)		—		—		—		(33)		(3,792)
Recoveries		108		—		—		—		—		5		113
Ending balance	$	39,700	$	6,419	$	8,190	$	18,440	$	2,558	$	339	$	75,646

	At or for the Three Months Ended June 30, 2022
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	43,728	$	4,528	$	7,061	$	19,180	$	4,758	$	360	$	79,615
(Credit) provision for credit losses		2,009		(14)		(58)		(527)		(970)		(74)		366
Charge-offs		(645)		—		—		—		—		—		(645)
Recoveries		36		—		—		54		—		—		90
Ending balance	$	45,128	$	4,514	$	7,003	$	18,707	$	3,788	$	286	$	79,426

	At or for the Six Months Ended June 30, 2023
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	47,029	$	5,969	$	8,360	$	20,153	$	1,723	$	273	$	83,507
Provision (recovery) for credit losses		(2,150)		464		(170)		(1,713)		835		93		(2,641)
Charge-offs		(5,774)		(14)		—		—		—		(34)		(5,822)
Recoveries		595		—		—		—		—		7		602
Ending balance	$	39,700	$	6,419	$	8,190	$	18,440	$	2,558	$	339	$	75,646

	At or for the Six Months Ended June 30, 2022
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	62,366	$	5,932	$	7,816	$	2,131	$	4,857	$	751	$	83,853
(Recovery) provision for credit losses		(14,045)		(1,418)		(815)		16,522		(1,069)		(463)		(1,288)
Charge-offs		(3,280)		—		—		—		—		(3)		(3,283)
Recoveries		87		—		2		54		—		1		144
Ending balance	$	45,128	$	4,514	$	7,003	$	18,707	$	3,788	$	286	$	79,426

The following tables present the amortized cost basis of loans on non-accrual status as of the periods indicated:

		June 30, 2023
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
Business loans	$	5,636	$	17,834	$	16,131
One-to-four family residential and cooperative/condominium apartment		—		3,305		149
Multifamily residential and residential mixed-use		—		—		—
Non-owner-occupied commercial real estate		—		15		15
Acquisition, development, and construction		—		657		305
Other loans		—		220		220
Total	$	5,636	$	22,031	$	16,820

		December 31, 2022
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
Business loans	$	5,403	$	22,384	$	20,812
One-to-four family residential and cooperative/condominium apartment		—		3,203		181
Multifamily residential and residential mixed-use		—		—		—
Non-owner-occupied commercial real estate		15		2,476		1,297
Acquisition, development, and construction		657		—		—
Other loans		—		99		99
Total	$	6,075	$	28,162	$	22,389

The Company did not recognize interest income on non-accrual loans held for investment during the three or six months ended June 30, 2023 and 2022.  

The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated:

	June 30, 2023
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans	$	4,616	$	6,963	$	—	$	23,470	$	35,049	$	2,215,059	$	2,250,108
One-to-four family residential, including condominium and cooperative apartment		1,409		1,178		—		3,305		5,892		850,088		855,980
Multifamily residential and residential mixed-use		6,465		—		—		—		6,465		4,125,893		4,132,358
Non-owner-occupied commercial real estate		3,834		—		—		15		3,849		3,402,383		3,406,232
Acquisition, development, and construction		—		—		—		657		657		224,923		225,580
Other		65		1		—		220		286		5,871		6,157
Total	$	16,389	$	8,142	$	—	$	27,667	$	52,198	$	10,824,217	$	10,876,415

	December 31, 2022
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans	$	5,861	$	741	$	—	$	27,787	$	34,389	$	2,177,468	$	2,211,857
One-to-four family residential, including condominium and cooperative apartment		686		—		—		3,203		3,889		769,432		773,321
Multifamily residential and residential mixed-use		4,817		—		—		—		4,817		4,022,009		4,026,826
Non-owner-occupied commercial real estate		11,889		—		—		2,491		14,380		3,303,105		3,317,485
Acquisition, development, and construction		—		—		—		657		657		229,006		229,663
Other		264		1		—		99		364		7,315		7,679
Total	$	23,517	$	742	$	—	$	34,237	$	58,496	$	10,508,335	$	10,566,831

Accruing Loans 90 Days or More Past Due:

The Company did not have accruing loans 90 days or more past due as of June 30, 2023 or December 31, 2022.

Collateral Dependent Loans:

The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as of the dates indicated:

	June 30, 2023				December 31, 2022
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
Business loans	$	5,597	$	—	$	5,849	$	—
One-to-four family residential, including condominium and cooperative apartment		—		—		—		—
Multifamily residential and residential mixed-use		—		—		—		—
Non-owner-occupied commercial real estate		—		—		2,491		1,297
Acquisition, development, and construction		657		305		657		—
Other		—		—		—		—
Total	$	6,254	$	305	$	8,997	$	1,297

Loan Restructurings

The Company adopted ASU No. 2022-02 on January 1, 2023, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company applies the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include conditions where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and/or a combinations of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows.

The following tables shows the amortized cost basis as of June 30, 2023 of the loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted:

	For the Three Months Ended June 30, 2023
			Significant		Term Extension		Significant Payment Delay				% of Total Class
	Term		Payment		and Significant		and Interest				of Financing
(Dollars in thousands)	Extension		Delay		Payment Delay		Rate Reduction		Total		Receivable
Business loans	$	132	$	—	$	472	$	276	$	880	0.0
One-to-four family residential, including condominium and cooperative apartment		—		—		—		—		—	0.0
Multifamily residential and residential mixed-use		—		—		—		—		—	0.0
Non-owner-occupied commercial real estate		—		—		—		—		—	0.0
Acquisition, development, and construction		—		—		—		—		—	0.0
Other		—		—		—		—		—	0.0
Total	$	132	$	—	$	472	$	276	$	880	0.0	%
	For the Six Months Ended June 30, 2023
			Significant		Term Extension		Significant Payment Delay				% of Total Class
	Term		Payment		and Significant		and Interest				of Financing
(Dollars in thousands)	Extension		Delay		Payment Delay		Rate Reduction		Total		Receivable
Business loans	$	132	$	—	$	472	$	276	$	880	0.0	%
One-to-four family residential, including condominium and cooperative apartment		—		2,852		—		—		2,852	0.3
Multifamily residential and residential mixed-use		—		—		—		—		—	0.0
Non-owner-occupied commercial real estate		—		—		—		—		—	0.0
Acquisition, development, and construction		—		—		—		—		—	0.0
Other		—		—		—		—		—	0.0
Total	$	132	$	2,852	$	472	$	276	$	3,732	0.0	%

The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

	For the Three Months Ended June 30, 2023
					Weighted Average
	Weighted Average		Weighted Average		Payment Delay
	Interest Rate		Months of		or Principal
(Dollars in thousands)	Reductions		Term Extensions		Forgiveness
Business loans	4.25	%	$	16	$	11
One-to-four family residential, including condominium and cooperative apartment	—			—		—
Multifamily residential and residential mixed-use	—			—		—
Non-owner-occupied commercial real estate	—			—		—
Acquisition, development, and construction	—			—		—
Other loans	—			—		—
Total	4.25	%	$	16	$	11

	For the Six Months Ended June 30, 2023
					Weighted Average
	Weighted Average		Weighted Average		Payment Delay
	Interest Rate		Months of		or Principal
(Dollars in thousands)	Reductions		Term Extensions		Forgiveness
Business loans	4.25	%	$	21	$	17
One-to-four family residential, including condominium and cooperative apartment	—			—		72
Multifamily residential and residential mixed-use	—			—		—
Non-owner-occupied commercial real estate	—			—		—
Acquisition, development, and construction	—			—		—
Other loans	—			—		—
Total	4.25	%	$	21	$	89

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified during the six months ended June 30, 2023.

	June 30, 2023
			30-59		60-89		90+
(Dollars in thousands)	Current		Days Past Due		Days Past Due		Days Past Due		Non-Accrual		Total
Business loans	$	—	$	—	$	—	$	—	$	880	$	880
One-to-four family residential, including condominium and cooperative apartment		2,852		—		—		—		—		2,852
Multifamily residential and residential mixed-use		—		—		—		—		—		—
Non-owner-occupied commercial real estate		—		—		—		—		—		—
Acquisition, development, and construction		—		—		—		—		—		—
Other loans		—		—		—		—		—		—
Total	$	2,852	$	—	$	—	$	—	$	880	$	3,732

There were no loans made to borrowers experiencing financial difficulty that were modified during the three months ended June 30, 2023, and that subsequently defaulted. For the purposes of this disclosure, a payment default is defined as 90 or more days past due and still accruing. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms.

Prior to our adoption of ASU 2022-02, as of December 31, 2022, the Company had TDRs totaling $22.1 million. The Company has allocated $9.1 million of allowance for those loans at December 31, 2022, with no commitments to lend additional amounts.

The following table presents the loans by category modified as TDRs that occurred during the year ended December 31, 2022.

	Modifications During the Year Ended December 31, 2022
			Pre-		Post-
			Modification		Modification
	Number		Outstanding		Outstanding
	of		Recorded		Recorded
(Dollars in thousands)	Loans		Investment		Investment
Business loans	7	$	21,934	$	21,938
One-to-four family residential, including condominium and cooperative apartment	2		762		762
Multifamily residential and residential mixed-use	—		—		—
Non-owner-occupied commercial real estate	1		991		991
Acquisition, development, and construction	1		13,500		13,500
Other	1		276		276
Total	12	$	37,463	$	37,467

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit structure, loan documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying them based on credit risk. The Company uses the following definitions for risk ratings:

Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’s credit position at some future date.

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of then existing facts, conditions, and values, highly questionable and improbable.

The following is a summary of the credit risk profile of loans by internally assigned grade as of the periods indicated, the years represent the year of origination for non-revolving loans:

	June 30, 2023
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	149,897	$	443,880	$	216,423	$	175,305	$	160,702	$	325,188	$	626,364	$	42,465	$	2,140,224
Special mention		528		3,284		1,316		1,430		1,317		13,447		10,849		8,946		41,117
Substandard		52		898		396		8,339		3,593		30,410		8,637		7,303		59,628
Doubtful		—		—		—		—		8,332		807		—		—		9,139
Total business loans		150,477		448,062		218,135		185,074		173,944		369,852		645,850		58,714		2,250,108
YTD Gross Charge-Offs		—		—		—		38		—		1,991		434		3,311		5,774
One-to-four family residential, and condominium/cooperative apartment:
Pass		112,062		221,019		104,481		71,297		64,080		219,848		33,626		13,387		839,800
Special mention		—		—		—		—		—		761		159		715		1,635
Substandard		—		—		—		1,015		1,219		11,518		—		793		14,545
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		112,062		221,019		104,481		72,312		65,299		232,127		33,785		14,895		855,980
YTD Gross Charge-Offs		—		—		—		—		—		—		—		14		14
Multifamily residential and residential mixed-use:
Pass		209,997		1,372,631		593,917		292,798		395,000		1,128,010		12,229		4,465		4,009,047
Special mention		—		—		4,246		18,194		14,088		30,723		—		—		67,251
Substandard		—		—		—		10,711		—		45,349		—		—		56,060
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		209,997		1,372,631		598,163		321,703		409,088		1,204,082		12,229		4,465		4,132,358
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Non-owner-occupied commercial real estate
Pass		193,516		730,726		665,019		480,519		361,052		824,040		11,632		8,040		3,274,544
Special mention		—		—		—		78,319		4,608		9,676		—		—		92,603
Substandard		—		—		15		25,756		6,343		6,971		—		—		39,085
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		193,516		730,726		665,034		584,594		372,003		840,687		11,632		8,040		3,406,232
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Acquisition, development, and construction
Pass		—		46,952		134,396		7,647		15,718		552		19,408		250		224,923
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		657		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction		—		46,952		135,053		7,647		15,718		552		19,408		250		225,580
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Total:
Pass		665,472		2,815,208		1,714,236		1,027,566		996,552		2,497,638		703,259		68,607		10,488,538
Special mention		528		3,284		5,562		97,943		20,013		54,607		11,008		9,661		202,606
Substandard		52		898		1,068		45,821		11,155		94,248		8,637		8,096		169,975
Doubtful		—		—		—		—		8,332		807		—		—		9,139
Total Loans	$	666,052	$	2,819,390	$	1,720,866	$	1,171,330	$	1,036,052	$	2,647,300	$	722,904	$	86,364	$	10,870,258
YTD Gross Charge-Offs	$	—	$	—	$	—	$	38	$	—	$	1,991	$	434	$	3,325	$	5,788

	December 31, 2022
(In thousands)	2022		2021		2020		2019		2018		2017 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	449,699	$	228,143	$	187,522	$	173,527	$	130,576	$	240,131	$	650,960	$	43,552	$	2,104,110
Special mention		6,634		-		894		1,529		15,893		4,213		9,062		478		38,703
Substandard		5,242		1,380		8,843		4,706		2,101		14,938		11,290		9,412		57,912
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total business loans		461,575		229,523		197,259		188,094		149,322		261,330		671,312		53,442		2,211,857
YTD Gross Charge-Offs		—		477		4,720		2,088		—		2,414		1,460		242		11,401
One-to-four family residential, and condominium/cooperative apartment:
Pass		225,031		108,185		72,732		65,515		66,038		164,338		41,172		12,563		755,574
Special mention		—		—		—		—		735		1,175		579		726		3,215
Substandard		—		—		1,026		1,227		407		10,779		—		1,093		14,532
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		225,031		108,185		73,758		66,742		67,180		176,292		41,751		14,382		773,321
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Multifamily residential and residential mixed-use:
Pass		1,386,549		582,393		316,424		395,933		127,074		1,107,281		12,584		—		3,928,238
Special mention		—		—		—		11,183		—		14,168		—		—		25,351
Substandard		—		—		12,294		7,001		20,311		33,631		—		—		73,237
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		1,386,549		582,393		328,718		414,117		147,385		1,155,080		12,584		—		4,026,826
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Non-owner-occupied commercial real estate
Pass		747,272		662,608		608,133		373,835		198,317		661,311		11,963		3,453		3,266,892
Special mention		—		—		19,655		4,652		—		12,108		—		—		36,415
Substandard		—		15		1,070		6,209		—		6,884		—		—		14,178
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		747,272		662,623		628,858		384,696		198,317		680,303		11,963		3,453		3,317,485
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Acquisition, development, and construction
Pass		36,877		152,543		11,242		15,943		—		2,087		10,033		281		229,006
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		657		—		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction		36,877		153,200		11,242		15,943		—		2,087		10,033		281		229,663
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Total:
Pass		2,845,428		1,733,872		1,196,053		1,024,753		522,005		2,175,148		726,712		59,849		10,283,820
Special mention		6,634		—		20,549		17,364		16,628		31,664		9,641		1,204		103,684
Substandard		5,242		2,052		23,233		19,143		22,819		66,232		11,290		10,505		160,516
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total Loans	$	2,857,304	$	1,735,924	$	1,239,835	$	1,069,592	$	562,204	$	2,275,092	$	747,643	$	71,558	$	10,559,152
YTD Gross Charge-Offs	$	—	$	477	$	4,720	$	2,088	$	—	$	2,414	$	1,460	$	242	$	11,401

For other loans, the Company evaluates credit quality based on payment activity. Other loans that are 90 days or more past due are placed on non-accrual status, while all remaining other loans are classified and evaluated as performing. The following is a summary of the credit risk profile of other loans by internally assigned grade:

(In thousands)	June 30, 2023		December 31, 2022
Performing	$	5,937	$	7,580
Non-accrual		220		99
Total	$	6,157	$	7,679

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LEASES

6 Months Ended

Jun. 30, 2023

LEASES

LEASES

8.LEASES

Maturities of the Company’s operating lease liabilities at June 30, 2023 are as follows:

	Rent to be
(In thousands)	Capitalized
2023	$	6,105
2024		12,238
2025		12,039
2026		11,356
2027		9,375
Thereafter		10,047
Total undiscounted lease payments		61,160
Less amounts representing interest		(3,613)
Operating lease liabilities	$	57,547

Other information related to the Company’s operating leases was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Operating lease cost	$	3,152	$	3,271	$	6,293	$	6,533
Cash paid for amounts included in the measurement of operating lease liabilities		3,088		3,055		6,159		5,979

	June 30,		December 31,
	2023		2022
Weighted average remaining lease term	5.4	years	5.9	years
Weighted average discount rate	2.15	%	2.03	%

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DERIVATIVES AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2023

DERIVATIVES AND HEDGING ACTIVITIES

DERIVATIVES AND HEDGING ACTIVITIES

9.DERIVATIVES AND HEDGING ACTIVITIES

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The Company engages in both cash flow hedges and freestanding derivatives.

Cash Flow Hedges

Cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company uses these types of derivatives to hedge the variable cash flows associated with existing or forecasted issuances of short-term borrowings.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the

same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that an additional $7.1 million will be reclassified as a decrease to interest expense.

During the three and six months ended June 30, 2023, the Company did not terminate any derivatives. During the three and six months ended June 30, 2022, the Company did not terminate any derivatives.

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated statements of financial condition as of the dates indicated.

	June 30, 2023							December 31, 2022
		Notional		Fair Value		Fair Value			Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities		Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Interest rate swaps related to FHLBNY advances	4	$	150,000	$	16,611	$	—	4	$	150,000	$	17,150	$	—

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Gain (loss) recognized in other comprehensive income (loss)	$	1,586	$	2,309	$	(525)	$	9,161
(Loss) gain reclassified from other comprehensive income into interest expense		(299)		54		14		23

All cash flow hedges are recorded gross on the balance sheet.

The cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of June 30, 2023 and December 31, 2022, the Company did not post collateral to the third-party counterparties. As of June 30, 2023, the Company received $17.5 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2022, the Company received $17.8 million in collateral from its third-party counterparties.

Freestanding Derivatives

The Company maintains an interest-rate risk protection program for its loan portfolio in order to offer loan level derivatives with certain borrowers and to generate loan level derivative income. The Company enters into interest rate swap or interest rate floor agreements with borrowers. These interest rate derivatives are designed such that the borrower synthetically attains a fixed-rate loan, while the Company receives floating rate loan payments. The Company offsets the loan level interest rate swap exposure by entering into an offsetting interest rate swap or interest rate floor with an unaffiliated and reputable bank counterparty. These interest rate derivatives do not qualify as designated hedges, under ASU 815; therefore, each interest rate derivative is accounted for as a freestanding derivative. The notional amounts of the interest rate derivatives do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the

notional amount and the other terms of the individual interest rate derivative agreements. The following tables reflect freestanding derivatives included in the consolidated statements of financial condition as of the dates indicated:

	June 30, 2023
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	23	$	275,552	$	4,874	$	—
Loan level interest rate swaps with borrower	194		1,268,977		—		122,618
Loan level interest rate floors with borrower	33		226,257		—		3,637
Loan level interest rate swaps with third-party counterparties	23		275,552		—		4,874
Loan level interest rate swaps with third-party counterparties	194		1,268,977		122,618		—
Loan level interest rate floors with third-party counterparties	33		226,257		3,637		—

	December 31, 2022
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	3	$	53,311	$	1,524	$	—
Loan level interest rate swaps with borrower	185		1,214,736		—		126,751
Loan level interest rate floors with borrower	40		326,309		—		9,060
Loan level interest rate swaps with third-party counterparties	3		53,311		—		1,524
Loan level interest rate swaps with third-party counterparties	185		1,214,736		126,751		—
Loan level interest rate floors with third-party counterparties	40		326,309		9,060		—

Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed. Total loan level derivative income is included in non-interest income as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Loan level derivative income	$	2,437	$	1,685	$	5,570	$	1,691

The interest rate swap product with the borrower is cross collateralized with the underlying loan and, therefore, there is no posted collateral. Certain interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of June 30, 2023 and December 31, 2022, the Company did not post collateral to its third-party counterparties. As of June 30, 2023, the Company received $122.7 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2022, the Company received $135.3 million in collateral from its third-party counterparties under the agreements in a net asset position.

Risk Participation Agreements

The Company enters into risk participation agreements to manage economic risks but does not designate the instruments in hedge relationships. As of June 30, 2023 and December 31, 2022, the notional amounts of risk participation agreements for derivative liabilities were $94.1 million and $71.1 million, respectively. The related fair values of the Company’s risk participation agreements were immaterial as of June 30, 2023 and December 31, 2022.

Credit Risk Related Contingent Features

The Company’s agreements with each of its derivative counterparties state that if the Company defaults on any of its indebtedness, it could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty.

The Company’s agreements with certain of its derivative counterparties state that if the Bank fails to maintain its status as a well-capitalized institution, the Bank could be required to terminate its derivative positions with the counterparty.

For derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, any breach of the above provisions by the Company may require settlement of its obligations under the agreements at the termination value with the respective counterparty. As of June 30, 2023, there were no derivatives in a net liability position, and therefore the termination value was zero. There were no provisions breached for the three or six months ended June 30, 2023.

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FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

10.FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs – Significant other observable inputs such as any of the following: (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in markets that are not active, (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level 3 Inputs – Significant unobservable inputs for the asset or liability. Significant unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Significant unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Securities

The Company’s available-for-sale securities are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data, and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions.

All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by GSEs as of June 30, 2023 and December 31, 2022. In accordance with the Company’s investment policy, corporate securities are rated "investment grade" at the time of purchase and the financials of the issuers are reviewed quarterly. Obtaining market values as of June 30, 2023 and December 31, 2022 for these securities utilizing significant observable inputs was not difficult due to their liquid nature.

Derivatives

Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date.

The following tables present financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

			Fair Value Measurements
			at June 30, 2023 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Agency notes	$	9,145	$	—	$	9,145	$	—
Treasury securities		228,607		—		228,607		—
Corporate securities		139,553		—		139,553		—
Pass-through MBS issued by GSEs		222,584		—		222,584		—
Agency CMOs		265,673		—		265,673		—
State and municipal obligations		29,294		—		29,294		—
Derivative – cash flow hedges		16,611		—		16,611		—
Derivative – freestanding derivatives, net		131,130		—		131,130		—
Financial Liabilities:
Derivative – freestanding derivatives, net		131,130		—		131,130		—

			Fair Value Measurements
			at December 31, 2022 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Treasury securities	$	227,256	$	—	$	227,256	$	—
Corporate securities		166,773		—		166,773		—
Pass-through MBS issued by GSEs		241,240		—		241,240		—
Agency CMOs		281,339		—		281,339		—
State and municipal obligations		33,979		—		33,979		—
Derivative – cash flow hedges		17,150		—		17,150		—
Derivative – freestanding derivatives, net		137,335		—		137,335		—
Financial Liabilities:
Derivative – freestanding derivatives, net		137,335		—		137,335		—

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans (or impaired loans prior to the adoption of ASC 326) reported at the fair value of the underlying collateral if repayment is expected solely from the collateral.

	June 30, 2023
				Fair Value Measurements Using:
			Quoted Prices
			In Active			Significant
			Markets for			Other	Significant
			Identical			Observable	Unobservable
	Carrying		Assets			Inputs	Inputs
(In thousands)	Value		(Level 1)			(Level 2)	(Level 3)
Individually evaluated loans	$	352	$	—	$	—	$	352

	December 31, 2022
				Fair Value Measurements Using:
				Quoted Prices
				In Active		Significant
				Markets for		Other	Significant
				Identical		Observable	Unobservable
	Carrying			Assets		Inputs	Inputs
(In thousands)	Value			(Level 1)		(Level 2)	(Level 3)
Individually evaluated loans	$	1,179	$	—	$	—	$	1,179

Individually evaluated loans with an allowance for credit losses at June 30, 2023 had a carrying amount of $352 thousand, which is made up of the outstanding balance of $657 thousand, net of a valuation allowance of $305 thousand. Collateral dependent individually analyzed loans resulted in a credit loss recovery of $860 thousand for the three months ended June 30, 2023 and a credit loss recovery of $555 thousand for the six months ended June 30, 2023, which is included in the amounts reported in the consolidated statements of income.

Individually evaluated loans with an allowance for credit losses at December 31, 2022 had a carrying amount of $1.2 million, which is made up of the outstanding balance of $2.5 million, net of a valuation allowance of $1.3 million.

Financial Instruments Not Measured at Fair Value

The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or nonrecurring basis for the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

			Fair Value Measurements
			at June 30, 2023 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	452,504	$	452,504	$	—	$	—	$	452,504
Securities held-to-maturity		603,960		—		520,069		—		520,069
Loans held for investment, net		10,800,417		—		—		10,245,728		10,245,728
Accrued interest receivable		51,787		—		6,205		45,582		51,787
Financial Liabilities:
Savings, money market and checking accounts (1)		8,991,943		8,991,943		—		—		8,991,943
Certificates of Deposits ("CDs")		1,530,749		—		1,522,515		—		1,522,515
FHLBNY advances		1,448,000		—		1,444,184		—		1,444,184
Subordinated debt, net		200,240		—		158,240		—		158,240
Accrued interest payable		18,098		—		18,098		—		18,098

⁽¹⁾ Includes mortgage escrow deposits.

			Fair Value Measurements
			at December 31, 2022 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	169,297	$	169,297	$	—	$	—	$	169,297
Securities held-to-maturity		585,798		—		505,759		—		505,759
Loans held for investment, net		10,482,145		—		—		10,005,121		10,005,121
Accrued interest receivable		48,561		—		6,105		42,456		48,561
Financial Liabilities:
Savings, money market and checking accounts (1)		9,139,043		9,139,043		—		—		9,139,043
Certificates of Deposits ("CDs")		1,115,364		—		1,096,808		—		1,096,808
FHLBNY advances		1,131,000		—		1,131,217		—		1,131,217
Subordinated debt, net		200,283		—		180,583		—		180,583
Other short-term borrowings		1,360		1,360		—		—		1,360
Accrued interest payable		5,323		—		5,323		—		5,323

⁽¹⁾ Includes mortgage escrow deposits.

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OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS

11.OTHER INTANGIBLE ASSETS

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable.

	June 30, 2023						December 31, 2022
		Core Deposit		Non-compete				Core Deposit		Non-compete
(In thousands)		Intangibles		Agreement		Total		Intangibles		Agreement		Total
Gross carrying value	$	10,204	$	780	$	10,984	$	10,204	$	780	$	10,984
Accumulated amortization		(4,446)		(780)		(5,226)		(3,720)		(780)		(4,500)
Net carrying amount	$	5,758	$	—	$	5,758	$	6,484	$	—	$	6,484

Amortization expense recognized on intangible assets was $349 thousand and $726 thousand for the three and six months ended June 30, 2023. Amortization expense recognized on intangible assets was $430 thousand and $1.0 million for the three and six months ended June 30, 2022.

Estimated amortization expense for the remainder of 2023 through 2027 and thereafter is as follows:

(In thousands)		Total
2023	$	699
2024		1,163
2025		958
2026		795
2027		664
Thereafter		1,479
Total	$	5,758

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FHLBNY ADVANCES

6 Months Ended

Jun. 30, 2023

FHLBNY ADVANCES

FHLBNY ADVANCES

12.FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $1.45 billion and $1.13 billion at June 30, 2023 and December 31, 2022, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 5.14% and 4.55% at June 30, 2023 and December 31, 2022, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow an additional $4.14 billion as of June 30, 2023 and $4.13 billion as of December 31, 2022, and maintained sufficient qualifying collateral, as defined by the FHLBNY. At June 30, 2023 there were no callable Advances.

The Company did not have extinguishment of debt during the three or six months ended June 30, 2023 or 2022.

The following tables present the contractual maturities and weighted average interest rates of FHLBNY advances for each of the next five years. There were $175.0 million FHLBNY advances with an overnight contractual maturity at June 30, 2023, and no FHLBNY advances with an overnight contractual maturity at December 31, 2022. As of June 30, 2023 there were $575.0 million of FHLBNY advances with contractual maturities during 2023 and $698.0 million of FHLBNY advances with contractual maturities after 2023. As of December 31, 2022, there were $1.10 billion of FHLBNY advances with contractual maturities during 2023 and $36.0 million of FHLBNY advances with contractual maturities after 2022:

	June 30, 2023
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight, fixed rate at 5.31%	$	175,000	5.31	%
2023, fixed rate at rates from 5.18% to 5.64%		575,000	5.32
2024, fixed rate at rates from 4.85% to 5.16%		650,000	5.00
2027, fixed rate at 4.25%		36,000	4.25
2028, fixed rate at 4.04%		12,000	4.04
Total FHLBNY advances	$	1,448,000	5.14	%

	December 31, 2022
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2023, fixed rate at rates from 3.85% to 4.75%	$	1,095,000	4.56	%
2027, fixed rate at 4.25%		36,000	4.25
Total FHLBNY advances	$	1,131,000	4.55	%

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SUBORDINATED DEBENTURES

6 Months Ended

Jun. 30, 2023

SUBORDINATED DEBENTURES.

SUBORDINATED DEBENTURES

13.SUBORDINATED DEBENTURES

On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the Notes”).  The Notes are callable at par after five years, have a stated maturity of May 15, 2032 and bear interest at a fixed annual rate of 5.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2022. The last interest payment for the fixed rate period will be May 15, 2027. From and including May 15, 2027 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term SOFR) plus 218-basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2027.  

The Company used the net proceeds of the offering for the repayment of $115.0 million of the Company’s 4.50% fixed-to-floating rate subordinated notes due 2027 on June 15, 2022, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025 on June 30, 2022. The repayment of the subordinated notes due 2027 resulted in a pre-tax write-off of debt issuance costs of $740 thousand, which was recognized in loss on extinguishment of debt in non-interest expense.

The subordinated debentures totaled $200.2 million at June 30, 2023 and $200.3 million at December 31, 2022. Interest expense related to the subordinated debentures was $2.6 million and $3.3 million during the three months ended June 30, 2023 and 2022, respectively. Interest expense related to the subordinated debentures was $5.1 million and $5.5 million during the six months ended June 30, 2023 and 2022, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.

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RETIREMENT AND POSTRETIREMENT PLANS

6 Months Ended

Jun. 30, 2023

RETIREMENT AND POSTRETIREMENT PLANS

RETIREMENT AND POSTRETIREMENT PLANS

14.RETIREMENT AND POSTRETIREMENT PLANS

The Bank maintains two noncontributory pension plans that existed before the Merger: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees.

Employee Retirement Plan

The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan.

BNB Bank Pension Plan

During 2012, Bridge amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan.

The following table represents the components of net periodic benefit (credit) cost included in other non-interest expense, except for service cost which is reported in salaries and employee benefits expense, in the consolidated statements of income. Net expenses associated with these plans were comprised of the following components:

	Three Months Ended June 30,
		2023			2022
	BNB Bank		Employee		BNB Bank		Employee
(In thousands)	Pension Plan		Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	175	$	—	$	267	$	—
Interest cost		330		222		195		155
Expected return on assets		(688)		(382)		(857)		(490)
Amortization of unrealized loss		—		147		—		63
Net periodic credit	$	(183)	$	(13)	$	(395)	$	(272)

	Six Months Ended June 30,
	2023				2022
	BNB Bank		Employee		BNB Bank		Employee
(In thousands)	Pension Plan		Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	350	$	—	$	535	$	—
Interest cost		660		445		390		310
Expected return on assets		(1,375)		(765)		(1,715)		(980)
Amortization of unrealized loss		—		295		—		125
Net periodic credit	$	(365)	$	(25)	$	(790)	$	(545)

There were no contributions to the BNB Bank Pension Plan or the Employee Retirement Plan for the three or six months ended June 30, 2023.

401(k) Plan

The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger. The 401(k) Plan covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the first day of the month following the 60^th day of employment, unless they elect not to participate. Participants may contribute a portion of their pre-tax base salary, generally not to exceed $22,500 for the calendar year ended December 31, 2023. Under the provisions of the 401(k) Plan, employee contributions are partially matched by the Bank as follows: 100% of each employee’s contributions up to 1% of each employee’s compensation plus 50% of each employee’s contributions over 1% but not in excess of 6% of each employee’s compensation for a maximum contribution of 3.5% of a participating

employee’s compensation. Participants can invest their account balances into several investment alternatives. The 401(k) Plan does not allow for investment in the Company’s common stock. The 401(k) Plan held Company common stock within the accounts of participants totaling $4.3 million at June 30, 2023. During the three and six months ended June 30, 2023, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $582 thousand and $1.5 million, respectively. During the three and six months ended June 30, 2022, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $530 thousand and $1.3 million, respectively.

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STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

15.STOCK-BASED COMPENSATION

In May 2021, the Company’s shareholders approved the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) to provide the Company with sufficient equity compensation to meet the objectives of appropriately incentivizing its officers, other employees, and directors to execute our strategic plan to build shareholder value, while providing appropriate shareholder protections. The Company no longer makes grants under the Legacy Stock Plans. Awards outstanding under the Legacy Stock Plans will continue to remain outstanding and subject to the terms and conditions of the Legacy Stock Plans. At June 30, 2023, there were 681,061 shares reserved for issuance under the 2021 Equity Incentive Plan.

Stock Option Awards

The following table presents a summary of activity related to stock options granted under the Legacy Stock Plans, and changes during the period then ended:

				Weighted-
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
	Number of	Average Exercise		Contractual	Value
	Options	Price		Years	(In thousands)
Options outstanding at January 1, 2023	92,137	$	35.39	6.2		—
Options exercised	—		—
Options forfeited	—		—
Options outstanding at June 30, 2023	92,137	$	35.39	5.7	$	—
Options vested and exercisable at June 30, 2023	92,137	$	35.39	5.7	$	—

Information related to stock options during each period is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Cash received for option exercise cost	$	—	$	—	$	—	$	—
Income tax (expense) benefit recognized on stock option exercises		—		—		—		—
Intrinsic value of options exercised		—		—		—		—

The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of June 30, 2023 were as follows:

	Outstanding Options		Vested Options
		Weighted		Weighted
		Average		Average
		Contractual		Contractual
		Years		Years
	Amount	Remaining	Amount	Remaining
Exercise Prices:
$34.87	35,671	6.6	35,671	6.6
$35.35	32,079	5.6	32,079	5.6
$36.19	24,387	4.6	24,387	4.6
Total	92,137	5.7	92,137	5.7

Restricted Stock Awards

The Company has made RSA grants to outside Directors and certain officers under the Legacy Stock Plans and the 2021 Equity Incentive Plan. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers vest over a pre-determined requisite period. All awards were made at the fair value of the Company’s common stock on the grant date. Compensation expense on all RSAs is based upon the fair value of the shares on the respective dates of the grant.

The following table presents a summary of activity related to the RSAs granted, and changes during the period then ended:

		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Unvested allocated shares outstanding at January 1, 2023	350,758	$	28.63
Shares granted	201,590		26.16
Shares vested	(120,353)		28.91
Shares forfeited	(2,127)		27.31
Unvested allocated shares outstanding at June 30, 2023	429,868	$	27.40

Information related to RSAs during each period is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2023		2022		2023		2022
Compensation expense recognized	$	1,262	$	764	$	2,320	$	1,788
Income tax (expense) benefit recognized on vesting of RSAs		(99)		34		(112)		188

As of June 30, 2023, there was $9.0 million of total unrecognized compensation cost related to unvested RSAs to be recognized over a weighted-average period of 2.0 years.

Performance-Based Share Awards

The Company maintains a long-term incentive award program (“LTIP”) for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and stretch (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of common stock are issued on the grant date and held as unvested stock awards until the end of the performance period. Shares are issued at the stretch opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. Compensation expense on PSAs is based upon the fair value of the shares on the date of the grant for the expected aggregate share payout as of the period end.  

The following table presents a summary of activity related to the PSAs granted, and changes during the period then ended:

		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Maximum aggregate share payout at January 1, 2023	95,831	$	30.35
Shares granted	92,566		16.97
Shares forfeited	(13,632)		33.67
Maximum aggregate share payout at June 30, 2023	174,765	$	23.00
Minimum aggregate share payout	—		—
Expected aggregate share payout	148,663	$	21.98

Information related to PSAs during each period is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Compensation expense recognized	$	95	$	182	$	340	$	377
Income tax expense recognized on vesting of PSAs		—		—		(15)		—

As of June 30, 2023, there was $2.0 million of total unrecognized compensation cost related to unvested PSAs based on the expected aggregate share payout to be recognized over a weighted-average period of 2.0 years.  

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INCOME TAXES

6 Months Ended

Jun. 30, 2023

INCOME TAXES

INCOME TAXES

16.INCOME TAXES

During the three months ended June 30, 2023 and 2022, the Company’s consolidated effective tax rates were 26.8% and 28.4%, respectively. During the six months ended June 30, 2023 and 2022, the Company’s consolidated effective tax rates were 26.8% and 28.3%, respectively There were no significant unusual income tax items during the three or six months ended June 30, 2023 and 2022, respectively.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations and Principles of Consolidation

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of June 30, 2023 and December 31, 2022, the results of operations and statements of comprehensive income for the three and six months ended June 30, 2023 and 2022, the changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022.

Adoption of New Accounting Standards

Adoption of Recent Accounting Standards

ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method

On March 28, 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. The purpose of this updated guidance is to further align risk management objectives with hedge accounting results on the application of the last-of-layer method, which was first introduced in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2022-01 is effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption in the interim period, permitted. For entities who have already adopted ASU 2017-12, immediate adoption is allowed.  The Company adopted this ASU on January 1, 2023, on a prospective basis; therefore, there was no impact to the consolidated financial statements.

ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

ASU 2022-02 eliminates troubled debt restructuring (“TDR”) recognition and measurement guidance and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have adopted the amendments of ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This ASU is effective for the Company on January 1, 2023. The Company adopted ASU 2022-02 on its effective date using the modified retrospective method. The adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial statements.

ASU 2020-04, Reference Rate Reform (Topic 848)

ASU 2020-04 provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. Once optional expedients are elected, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic within the Codification. The Company adopted this ASU on July 1, 2023. The LIBOR transition is not anticipated to have a material effect on the Company's consolidated financial statements.

ASU 2021-01, Reference Rate Reform (Topic 848): Scope

ASU 2021-01 clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining, or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2021-01 is effective upon issuance and generally can be applied through December 31, 2022. The Company adopted this ASU on July 1, 2023. The LIBOR transition is not anticipated to have a material effect on the Company's consolidated financial statements.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).

Activity in Accumulated Other Comprehensive (loss) income, Net of Tax

Activity in accumulated other comprehensive (loss) income, net of tax, was as follows:

							Total
							Accumulated
			Defined				Other
			Benefit				Comprehensive
(In thousands)	Securities		Plans		Derivatives		Income (Loss)
Balance as of January 1, 2023	$	(100,870)	$	(5,266)	$	11,757	$	(94,379)
Other comprehensive (loss) income before reclassifications		(12,259)		729		(56)		(11,586)
Amounts reclassified from accumulated other comprehensive loss		2,111		(521)		(10)		1,580
Net other comprehensive (loss) income during the period		(10,148)		208		(66)		(10,006)
Balance as of June 30, 2023	$	(111,018)	$	(5,058)	$	11,691	$	(104,385)
Balance as of January 1, 2022	$	(7,864)	$	(1,306)	$	2,989	$	(6,181)
Other comprehensive (loss) income before reclassifications		(70,803)		1,368		6,279		(63,156)
Amounts reclassified from accumulated other comprehensive loss		685		(1,282)		(16)		(613)
Net other comprehensive (loss) income during the period		(70,118)		86		6,263		(63,769)
Balance as of June 30, 2022	$	(77,982)	$	(1,220)	$	9,252	$	(69,950)

Before and after tax amounts allocated to each component of other comprehensive (loss) income

The before and after tax amounts allocated to each component of other comprehensive (loss) income are presented in the table below for the periods indicated.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Change in unrealized gain (loss) on securities:
Change in net unrealized loss during the period	$	(11,291)	$	(33,157)	$	(13,593)	$	(103,288)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets		—		—		1,447		—
Accretion of net unrealized loss on securities transferred to held-to-maturity		796		829		1,553		999
Net change		(10,495)		(32,328)		(10,593)		(102,289)
Tax benefit		(3,109)		(10,169)		(445)		(32,171)
Net change in unrealized loss on securities, net of reclassification adjustments and tax		(7,386)		(22,159)		(10,148)		(70,118)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense		(370)		(936)		(740)		(1,870)
Change in the net actuarial gain		814		998		1,035		1,995
Net change		444		62		295		125
Tax expense		131		18		87		39
Net change in pension and other postretirement obligations		313		44		208		86
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period		1,586		2,309		(525)		9,161
Reclassification adjustment for expense included in interest expense		299		(54)		(14)		(23)
Net change		1,885		2,255		(539)		9,138
Tax expense (benefit)		559		710		(473)		2,875
Net change in unrealized (loss) gain on derivatives, net of reclassification adjustments and tax		1,326		1,545		(66)		6,263
Other comprehensive loss, net of tax	$	(5,747)	$	(20,570)	$	(10,006)	$	(63,769)

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EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2023

EARNINGS PER COMMON SHARE

Reconciliation of Numerators and Denominators of Basic and Diluted EPS

The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands except share and per share amounts)	2023		2022		2023		2022
Net income available to common stockholders	$	25,676	$	36,663	$	61,158	$	69,373
Less: Dividends paid and earnings allocated to participating securities		(417)		(432)		(806)		(806)
Income attributable to common stock	$	25,259	$	36,231	$	60,352	$	68,567
Weighted-average common shares outstanding, including participating securities		38,805,966		39,092,205		38,687,941		39,384,803
Less: weighted-average participating securities		(629,973)		(460,522)		(523,582)		(445,050)
Weighted-average common shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Basic EPS	$	0.66	$	0.94	$	1.58	$	1.76
Income attributable to common stock	$	25,259	$	36,231	$	60,352	$	68,567
Weighted-average common shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Weighted-average common equivalent shares outstanding		—		—		—		—
Weighted-average common and equivalent shares outstanding		38,175,993		38,631,683		38,164,359		38,939,753
Diluted EPS	$	0.66	$	0.94	$	1.58	$	1.76

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SECURITIES (Tables)

6 Months Ended

Jun. 30, 2023

SECURITIES

Major Categories of Securities Owned by Entity

	June 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes	$	10,000	$	—	$	(855)	$	9,145
Treasury securities		246,392		—		(17,785)		228,607
Corporate securities		169,589		—		(30,036)		139,553
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		253,191		—		(30,607)		222,584
Agency collateralized mortgage obligations ("CMOs")		317,307		2		(51,636)		265,673
State and municipal obligations		31,794		—		(2,500)		29,294
Total securities available-for-sale	$	1,028,273	$	2	$	(133,419)	$	894,856
	June 30, 2023
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,359	$	—	$	(13,284)	$	76,075
Corporate securities		9,000		—		(1,340)		7,660
Pass-through MBS issued by GSEs		286,918		—		(40,848)		246,070
Agency CMOs		218,683		—		(28,419)		190,264
Total securities held-to-maturity	$	603,960	$	—	$	(83,891)	$	520,069

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Treasury securities	$	246,899	$	—	$	(19,643)	$	227,256
Corporate securities		183,791		57		(17,075)		166,773
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		272,774		—		(31,534)		241,240
Agency collateralized mortgage obligations ("CMOs")		331,394		2		(50,057)		281,339
State and municipal obligations		37,000		—		(3,021)		33,979
Total securities available-for-sale	$	1,071,858	$	59	$	(121,330)	$	950,587
	December 31, 2022
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,157	$	—	$	(14,095)	$	75,062
Corporate securities		9,000		—		(553)		8,447
Pass-through MBS issued by GSEs		278,281		—		(40,960)		237,321
Agency CMOs		209,360		—		(24,431)		184,929
Total securities held-to-maturity	$	585,798	$	—	$	(80,039)	$	505,759

Schedule of amortized cost and fair value of debt securities

	June 30, 2023
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	43,224	$	41,505
One to five years		237,304		218,555
Five to ten years		177,248		146,540
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		570,497		488,256
Total	$	1,028,273	$	894,856
Held-to-maturity
Within one year	$	—	$	—
One to five years		10,000		9,279
Five to ten years		88,359		74,456
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		505,601		436,334
Total	$	603,960	$	520,069

Summary of Sale of Available-for-sale Securities

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Securities available-for-sale
Proceeds	$	—	$	—	$	77,804	$	—
Gross gains		—		—		130		—
Tax expense on gains		—		—		39		—
Gross losses		—		—		1,577		—
Tax benefit on losses		—		—		467		—

Gross Unrealized Losses and Fair Value of Investment Securities by Investment Category and Length of Time in a Continuous Unrealized Loss Position

	June 30, 2023
	Less than 12				12 Consecutive
	Consecutive Months				Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Agency notes	$	—	$	—	$	9,145	$	855	$	9,145	$	855
Treasury securities		—		—		228,607		17,785		228,607		17,785
Corporate securities		68,385		11,962		71,168		18,074		139,553		30,036
Pass-through MBS issued by GSEs		24,222		1,154		198,362		29,453		222,584		30,607
Agency CMOs		990		27		259,681		51,609		260,671		51,636
State and municipal obligations		1,970		79		26,824		2,421		28,794		2,500

	December 31, 2022
	Less than 12				12 Consecutive
	Consecutive Months				Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Securities available-for-sale:
Treasury securities	$	—	$	—	$	227,256	$	19,643	$	227,256	$	19,643
Corporate securities		110,707		8,494		50,116		8,581		160,823		17,075
Pass-through MBS issued by GSEs		50,813		2,010		190,427		29,524		241,240		31,534
Agency CMOs		55,924		3,454		220,413		46,603		276,337		50,057
State and municipal obligations		10,848		174		22,681		2,847		33,529		3,021

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LOANS HELD FOR INVESTMENT, NET (Tables)

6 Months Ended

Jun. 30, 2023

LOANS HELD FOR INVESTMENT, NET

Loan Categories

(In thousands)	June 30, 2023		December 31, 2022
Business loans (1)	$	2,250,108	$	2,211,857
One-to-four family residential and cooperative/condominium apartment		855,980		773,321
Multifamily residential and residential mixed-use		4,132,358		4,026,826
Non-owner-occupied commercial real estate		3,406,232		3,317,485
Acquisition, development, and construction ("ADC")		225,580		229,663
Other loans		6,157		7,679
Total		10,876,415		10,566,831
Allowance for credit losses		(75,646)		(83,507)
Loans held for investment, net	$	10,800,769	$	10,483,324

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.

Activity in Allowance for Loan Losses

	At or for the Three Months Ended June 30, 2023
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	43,879	$	6,012	$	7,613	$	18,076	$	2,515	$	240	$	78,335
(Credit) provision for credit losses		(542)		421		577		364		43		127		990
Charge-offs		(3,745)		(14)		—		—		—		(33)		(3,792)
Recoveries		108		—		—		—		—		5		113
Ending balance	$	39,700	$	6,419	$	8,190	$	18,440	$	2,558	$	339	$	75,646

	At or for the Three Months Ended June 30, 2022
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	43,728	$	4,528	$	7,061	$	19,180	$	4,758	$	360	$	79,615
(Credit) provision for credit losses		2,009		(14)		(58)		(527)		(970)		(74)		366
Charge-offs		(645)		—		—		—		—		—		(645)
Recoveries		36		—		—		54		—		—		90
Ending balance	$	45,128	$	4,514	$	7,003	$	18,707	$	3,788	$	286	$	79,426

	At or for the Six Months Ended June 30, 2023
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	47,029	$	5,969	$	8,360	$	20,153	$	1,723	$	273	$	83,507
Provision (recovery) for credit losses		(2,150)		464		(170)		(1,713)		835		93		(2,641)
Charge-offs		(5,774)		(14)		—		—		—		(34)		(5,822)
Recoveries		595		—		—		—		—		7		602
Ending balance	$	39,700	$	6,419	$	8,190	$	18,440	$	2,558	$	339	$	75,646

	At or for the Six Months Ended June 30, 2022
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
			Condominium		Residential		Commercial				Other
(In thousands)	Business Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	62,366	$	5,932	$	7,816	$	2,131	$	4,857	$	751	$	83,853
(Recovery) provision for credit losses		(14,045)		(1,418)		(815)		16,522		(1,069)		(463)		(1,288)
Charge-offs		(3,280)		—		—		—		—		(3)		(3,283)
Recoveries		87		—		2		54		—		1		144
Ending balance	$	45,128	$	4,514	$	7,003	$	18,707	$	3,788	$	286	$	79,426

Financing Receivable, Nonaccrual

		June 30, 2023
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
Business loans	$	5,636	$	17,834	$	16,131
One-to-four family residential and cooperative/condominium apartment		—		3,305		149
Multifamily residential and residential mixed-use		—		—		—
Non-owner-occupied commercial real estate		—		15		15
Acquisition, development, and construction		—		657		305
Other loans		—		220		220
Total	$	5,636	$	22,031	$	16,820

		December 31, 2022
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
Business loans	$	5,403	$	22,384	$	20,812
One-to-four family residential and cooperative/condominium apartment		—		3,203		181
Multifamily residential and residential mixed-use		—		—		—
Non-owner-occupied commercial real estate		15		2,476		1,297
Acquisition, development, and construction		657		—		—
Other loans		—		99		99
Total	$	6,075	$	28,162	$	22,389

Past Due Financing Receivables

The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated:

	June 30, 2023
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans	$	4,616	$	6,963	$	—	$	23,470	$	35,049	$	2,215,059	$	2,250,108
One-to-four family residential, including condominium and cooperative apartment		1,409		1,178		—		3,305		5,892		850,088		855,980
Multifamily residential and residential mixed-use		6,465		—		—		—		6,465		4,125,893		4,132,358
Non-owner-occupied commercial real estate		3,834		—		—		15		3,849		3,402,383		3,406,232
Acquisition, development, and construction		—		—		—		657		657		224,923		225,580
Other		65		1		—		220		286		5,871		6,157
Total	$	16,389	$	8,142	$	—	$	27,667	$	52,198	$	10,824,217	$	10,876,415

	December 31, 2022
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans	$	5,861	$	741	$	—	$	27,787	$	34,389	$	2,177,468	$	2,211,857
One-to-four family residential, including condominium and cooperative apartment		686		—		—		3,203		3,889		769,432		773,321
Multifamily residential and residential mixed-use		4,817		—		—		—		4,817		4,022,009		4,026,826
Non-owner-occupied commercial real estate		11,889		—		—		2,491		14,380		3,303,105		3,317,485
Acquisition, development, and construction		—		—		—		657		657		229,006		229,663
Other		264		1		—		99		364		7,315		7,679
Total	$	23,517	$	742	$	—	$	34,237	$	58,496	$	10,508,335	$	10,566,831

Schedule of collateral dependent loans

	June 30, 2023				December 31, 2022
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
Business loans	$	5,597	$	—	$	5,849	$	—
One-to-four family residential, including condominium and cooperative apartment		—		—		—		—
Multifamily residential and residential mixed-use		—		—		—		—
Non-owner-occupied commercial real estate		—		—		2,491		1,297
Acquisition, development, and construction		657		305		657		—
Other		—		—		—		—
Total	$	6,254	$	305	$	8,997	$	1,297

Schedule of amortized cost basis of loans modified to borrowers

	For the Three Months Ended June 30, 2023
			Significant		Term Extension		Significant Payment Delay				% of Total Class
	Term		Payment		and Significant		and Interest				of Financing
(Dollars in thousands)	Extension		Delay		Payment Delay		Rate Reduction		Total		Receivable
Business loans	$	132	$	—	$	472	$	276	$	880	0.0
One-to-four family residential, including condominium and cooperative apartment		—		—		—		—		—	0.0
Multifamily residential and residential mixed-use		—		—		—		—		—	0.0
Non-owner-occupied commercial real estate		—		—		—		—		—	0.0
Acquisition, development, and construction		—		—		—		—		—	0.0
Other		—		—		—		—		—	0.0
Total	$	132	$	—	$	472	$	276	$	880	0.0	%
	For the Six Months Ended June 30, 2023
			Significant		Term Extension		Significant Payment Delay				% of Total Class
	Term		Payment		and Significant		and Interest				of Financing
(Dollars in thousands)	Extension		Delay		Payment Delay		Rate Reduction		Total		Receivable
Business loans	$	132	$	—	$	472	$	276	$	880	0.0	%
One-to-four family residential, including condominium and cooperative apartment		—		2,852		—		—		2,852	0.3
Multifamily residential and residential mixed-use		—		—		—		—		—	0.0
Non-owner-occupied commercial real estate		—		—		—		—		—	0.0
Acquisition, development, and construction		—		—		—		—		—	0.0
Other		—		—		—		—		—	0.0
Total	$	132	$	2,852	$	472	$	276	$	3,732	0.0	%

Schedule of financial effect of loans modified to borrowers

The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

	For the Three Months Ended June 30, 2023
					Weighted Average
	Weighted Average		Weighted Average		Payment Delay
	Interest Rate		Months of		or Principal
(Dollars in thousands)	Reductions		Term Extensions		Forgiveness
Business loans	4.25	%	$	16	$	11
One-to-four family residential, including condominium and cooperative apartment	—			—		—
Multifamily residential and residential mixed-use	—			—		—
Non-owner-occupied commercial real estate	—			—		—
Acquisition, development, and construction	—			—		—
Other loans	—			—		—
Total	4.25	%	$	16	$	11

	For the Six Months Ended June 30, 2023
					Weighted Average
	Weighted Average		Weighted Average		Payment Delay
	Interest Rate		Months of		or Principal
(Dollars in thousands)	Reductions		Term Extensions		Forgiveness
Business loans	4.25	%	$	21	$	17
One-to-four family residential, including condominium and cooperative apartment	—			—		72
Multifamily residential and residential mixed-use	—			—		—
Non-owner-occupied commercial real estate	—			—		—
Acquisition, development, and construction	—			—		—
Other loans	—			—		—
Total	4.25	%	$	21	$	89

Schedule of performance of loans that have been modified

	June 30, 2023
			30-59		60-89		90+
(Dollars in thousands)	Current		Days Past Due		Days Past Due		Days Past Due		Non-Accrual		Total
Business loans	$	—	$	—	$	—	$	—	$	880	$	880
One-to-four family residential, including condominium and cooperative apartment		2,852		—		—		—		—		2,852
Multifamily residential and residential mixed-use		—		—		—		—		—		—
Non-owner-occupied commercial real estate		—		—		—		—		—		—
Acquisition, development, and construction		—		—		—		—		—		—
Other loans		—		—		—		—		—		—
Total	$	2,852	$	—	$	—	$	—	$	880	$	3,732

Schedule of loans by class modified as trouble debt restructurings

	Modifications During the Year Ended December 31, 2022
			Pre-		Post-
			Modification		Modification
	Number		Outstanding		Outstanding
	of		Recorded		Recorded
(Dollars in thousands)	Loans		Investment		Investment
Business loans	7	$	21,934	$	21,938
One-to-four family residential, including condominium and cooperative apartment	2		762		762
Multifamily residential and residential mixed-use	—		—		—
Non-owner-occupied commercial real estate	1		991		991
Acquisition, development, and construction	1		13,500		13,500
Other	1		276		276
Total	12	$	37,463	$	37,467

Credit Risk Profile of the Real Estate Loans

	June 30, 2023
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	149,897	$	443,880	$	216,423	$	175,305	$	160,702	$	325,188	$	626,364	$	42,465	$	2,140,224
Special mention		528		3,284		1,316		1,430		1,317		13,447		10,849		8,946		41,117
Substandard		52		898		396		8,339		3,593		30,410		8,637		7,303		59,628
Doubtful		—		—		—		—		8,332		807		—		—		9,139
Total business loans		150,477		448,062		218,135		185,074		173,944		369,852		645,850		58,714		2,250,108
YTD Gross Charge-Offs		—		—		—		38		—		1,991		434		3,311		5,774
One-to-four family residential, and condominium/cooperative apartment:
Pass		112,062		221,019		104,481		71,297		64,080		219,848		33,626		13,387		839,800
Special mention		—		—		—		—		—		761		159		715		1,635
Substandard		—		—		—		1,015		1,219		11,518		—		793		14,545
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		112,062		221,019		104,481		72,312		65,299		232,127		33,785		14,895		855,980
YTD Gross Charge-Offs		—		—		—		—		—		—		—		14		14
Multifamily residential and residential mixed-use:
Pass		209,997		1,372,631		593,917		292,798		395,000		1,128,010		12,229		4,465		4,009,047
Special mention		—		—		4,246		18,194		14,088		30,723		—		—		67,251
Substandard		—		—		—		10,711		—		45,349		—		—		56,060
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		209,997		1,372,631		598,163		321,703		409,088		1,204,082		12,229		4,465		4,132,358
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Non-owner-occupied commercial real estate
Pass		193,516		730,726		665,019		480,519		361,052		824,040		11,632		8,040		3,274,544
Special mention		—		—		—		78,319		4,608		9,676		—		—		92,603
Substandard		—		—		15		25,756		6,343		6,971		—		—		39,085
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		193,516		730,726		665,034		584,594		372,003		840,687		11,632		8,040		3,406,232
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Acquisition, development, and construction
Pass		—		46,952		134,396		7,647		15,718		552		19,408		250		224,923
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		657		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction		—		46,952		135,053		7,647		15,718		552		19,408		250		225,580
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Total:
Pass		665,472		2,815,208		1,714,236		1,027,566		996,552		2,497,638		703,259		68,607		10,488,538
Special mention		528		3,284		5,562		97,943		20,013		54,607		11,008		9,661		202,606
Substandard		52		898		1,068		45,821		11,155		94,248		8,637		8,096		169,975
Doubtful		—		—		—		—		8,332		807		—		—		9,139
Total Loans	$	666,052	$	2,819,390	$	1,720,866	$	1,171,330	$	1,036,052	$	2,647,300	$	722,904	$	86,364	$	10,870,258
YTD Gross Charge-Offs	$	—	$	—	$	—	$	38	$	—	$	1,991	$	434	$	3,325	$	5,788

	December 31, 2022
(In thousands)	2022		2021		2020		2019		2018		2017 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	449,699	$	228,143	$	187,522	$	173,527	$	130,576	$	240,131	$	650,960	$	43,552	$	2,104,110
Special mention		6,634		-		894		1,529		15,893		4,213		9,062		478		38,703
Substandard		5,242		1,380		8,843		4,706		2,101		14,938		11,290		9,412		57,912
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total business loans		461,575		229,523		197,259		188,094		149,322		261,330		671,312		53,442		2,211,857
YTD Gross Charge-Offs		—		477		4,720		2,088		—		2,414		1,460		242		11,401
One-to-four family residential, and condominium/cooperative apartment:
Pass		225,031		108,185		72,732		65,515		66,038		164,338		41,172		12,563		755,574
Special mention		—		—		—		—		735		1,175		579		726		3,215
Substandard		—		—		1,026		1,227		407		10,779		—		1,093		14,532
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		225,031		108,185		73,758		66,742		67,180		176,292		41,751		14,382		773,321
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Multifamily residential and residential mixed-use:
Pass		1,386,549		582,393		316,424		395,933		127,074		1,107,281		12,584		—		3,928,238
Special mention		—		—		—		11,183		—		14,168		—		—		25,351
Substandard		—		—		12,294		7,001		20,311		33,631		—		—		73,237
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		1,386,549		582,393		328,718		414,117		147,385		1,155,080		12,584		—		4,026,826
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Non-owner-occupied commercial real estate
Pass		747,272		662,608		608,133		373,835		198,317		661,311		11,963		3,453		3,266,892
Special mention		—		—		19,655		4,652		—		12,108		—		—		36,415
Substandard		—		15		1,070		6,209		—		6,884		—		—		14,178
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		747,272		662,623		628,858		384,696		198,317		680,303		11,963		3,453		3,317,485
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Acquisition, development, and construction
Pass		36,877		152,543		11,242		15,943		—		2,087		10,033		281		229,006
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		657		—		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction		36,877		153,200		11,242		15,943		—		2,087		10,033		281		229,663
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Total:
Pass		2,845,428		1,733,872		1,196,053		1,024,753		522,005		2,175,148		726,712		59,849		10,283,820
Special mention		6,634		—		20,549		17,364		16,628		31,664		9,641		1,204		103,684
Substandard		5,242		2,052		23,233		19,143		22,819		66,232		11,290		10,505		160,516
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total Loans	$	2,857,304	$	1,735,924	$	1,239,835	$	1,069,592	$	562,204	$	2,275,092	$	747,643	$	71,558	$	10,559,152
YTD Gross Charge-Offs	$	—	$	477	$	4,720	$	2,088	$	—	$	2,414	$	1,460	$	242	$	11,401

(In thousands)	June 30, 2023		December 31, 2022
Performing	$	5,937	$	7,580
Non-accrual		220		99
Total	$	6,157	$	7,679

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LEASES (Tables)

6 Months Ended

Jun. 30, 2023

LEASES

Summary of maturities of operating lease liabilities

Maturities of the Company’s operating lease liabilities at June 30, 2023 are as follows:

	Rent to be
(In thousands)	Capitalized
2023	$	6,105
2024		12,238
2025		12,039
2026		11,356
2027		9,375
Thereafter		10,047
Total undiscounted lease payments		61,160
Less amounts representing interest		(3,613)
Operating lease liabilities	$	57,547

Summary of other information related to operating leases

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Operating lease cost	$	3,152	$	3,271	$	6,293	$	6,533
Cash paid for amounts included in the measurement of operating lease liabilities		3,088		3,055		6,159		5,979

	June 30,		December 31,
	2023		2022
Weighted average remaining lease term	5.4	years	5.9	years
Weighted average discount rate	2.15	%	2.03	%

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DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2023

Derivatives, Fair Value [Line Items]

Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss)

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Gain (loss) recognized in other comprehensive income (loss)	$	1,586	$	2,309	$	(525)	$	9,161
(Loss) gain reclassified from other comprehensive income into interest expense		(299)		54		14		23

Designated as Hedging Instrument

Derivatives, Fair Value [Line Items]

Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition

	June 30, 2023							December 31, 2022
		Notional		Fair Value		Fair Value			Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities		Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Interest rate swaps related to FHLBNY advances	4	$	150,000	$	16,611	$	—	4	$	150,000	$	17,150	$	—

Not Designated as Hedging Instrument

Derivatives, Fair Value [Line Items]

Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition

	June 30, 2023
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	23	$	275,552	$	4,874	$	—
Loan level interest rate swaps with borrower	194		1,268,977		—		122,618
Loan level interest rate floors with borrower	33		226,257		—		3,637
Loan level interest rate swaps with third-party counterparties	23		275,552		—		4,874
Loan level interest rate swaps with third-party counterparties	194		1,268,977		122,618		—
Loan level interest rate floors with third-party counterparties	33		226,257		3,637		—

	December 31, 2022
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	3	$	53,311	$	1,524	$	—
Loan level interest rate swaps with borrower	185		1,214,736		—		126,751
Loan level interest rate floors with borrower	40		326,309		—		9,060
Loan level interest rate swaps with third-party counterparties	3		53,311		—		1,524
Loan level interest rate swaps with third-party counterparties	185		1,214,736		126,751		—
Loan level interest rate floors with third-party counterparties	40		326,309		9,060		—

Loan Level Derivative Income

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Loan level derivative income	$	2,437	$	1,685	$	5,570	$	1,691

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value, assets and liabilities measured on recurring basis

			Fair Value Measurements
			at June 30, 2023 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Agency notes	$	9,145	$	—	$	9,145	$	—
Treasury securities		228,607		—		228,607		—
Corporate securities		139,553		—		139,553		—
Pass-through MBS issued by GSEs		222,584		—		222,584		—
Agency CMOs		265,673		—		265,673		—
State and municipal obligations		29,294		—		29,294		—
Derivative – cash flow hedges		16,611		—		16,611		—
Derivative – freestanding derivatives, net		131,130		—		131,130		—
Financial Liabilities:
Derivative – freestanding derivatives, net		131,130		—		131,130		—

			Fair Value Measurements
			at December 31, 2022 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Treasury securities	$	227,256	$	—	$	227,256	$	—
Corporate securities		166,773		—		166,773		—
Pass-through MBS issued by GSEs		241,240		—		241,240		—
Agency CMOs		281,339		—		281,339		—
State and municipal obligations		33,979		—		33,979		—
Derivative – cash flow hedges		17,150		—		17,150		—
Derivative – freestanding derivatives, net		137,335		—		137,335		—
Financial Liabilities:
Derivative – freestanding derivatives, net		137,335		—		137,335		—

Schedule of assets measured at fair value on a non-recurring basis

	June 30, 2023
				Fair Value Measurements Using:
			Quoted Prices
			In Active			Significant
			Markets for			Other	Significant
			Identical			Observable	Unobservable
	Carrying		Assets			Inputs	Inputs
(In thousands)	Value		(Level 1)			(Level 2)	(Level 3)
Individually evaluated loans	$	352	$	—	$	—	$	352

	December 31, 2022
				Fair Value Measurements Using:
				Quoted Prices
				In Active		Significant
				Markets for		Other	Significant
				Identical		Observable	Unobservable
	Carrying			Assets		Inputs	Inputs
(In thousands)	Value			(Level 1)		(Level 2)	(Level 3)
Individually evaluated loans	$	1,179	$	—	$	—	$	1,179

Fair value measurements, nonrecurring

			Fair Value Measurements
			at June 30, 2023 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	452,504	$	452,504	$	—	$	—	$	452,504
Securities held-to-maturity		603,960		—		520,069		—		520,069
Loans held for investment, net		10,800,417		—		—		10,245,728		10,245,728
Accrued interest receivable		51,787		—		6,205		45,582		51,787
Financial Liabilities:
Savings, money market and checking accounts (1)		8,991,943		8,991,943		—		—		8,991,943
Certificates of Deposits ("CDs")		1,530,749		—		1,522,515		—		1,522,515
FHLBNY advances		1,448,000		—		1,444,184		—		1,444,184
Subordinated debt, net		200,240		—		158,240		—		158,240
Accrued interest payable		18,098		—		18,098		—		18,098

⁽¹⁾ Includes mortgage escrow deposits.

			Fair Value Measurements
			at December 31, 2022 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	169,297	$	169,297	$	—	$	—	$	169,297
Securities held-to-maturity		585,798		—		505,759		—		505,759
Loans held for investment, net		10,482,145		—		—		10,005,121		10,005,121
Accrued interest receivable		48,561		—		6,105		42,456		48,561
Financial Liabilities:
Savings, money market and checking accounts (1)		9,139,043		9,139,043		—		—		9,139,043
Certificates of Deposits ("CDs")		1,115,364		—		1,096,808		—		1,096,808
FHLBNY advances		1,131,000		—		1,131,217		—		1,131,217
Subordinated debt, net		200,283		—		180,583		—		180,583
Other short-term borrowings		1,360		1,360		—		—		1,360
Accrued interest payable		5,323		—		5,323		—		5,323

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OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

OTHER INTANGIBLE ASSETS

Schedule of acquired intangible assets

	June 30, 2023						December 31, 2022
		Core Deposit		Non-compete				Core Deposit		Non-compete
(In thousands)		Intangibles		Agreement		Total		Intangibles		Agreement		Total
Gross carrying value	$	10,204	$	780	$	10,984	$	10,204	$	780	$	10,984
Accumulated amortization		(4,446)		(780)		(5,226)		(3,720)		(780)		(4,500)
Net carrying amount	$	5,758	$	—	$	5,758	$	6,484	$	—	$	6,484

Schedule of estimated amortization expense

(In thousands)		Total
2023	$	699
2024		1,163
2025		958
2026		795
2027		664
Thereafter		1,479
Total	$	5,758

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FHLBNY ADVANCES (Tables)

6 Months Ended

Jun. 30, 2023

FHLBNY ADVANCES

Schedule of contractual maturities and weighted average interest rates of FHLBNY advances

	June 30, 2023
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight, fixed rate at 5.31%	$	175,000	5.31	%
2023, fixed rate at rates from 5.18% to 5.64%		575,000	5.32
2024, fixed rate at rates from 4.85% to 5.16%		650,000	5.00
2027, fixed rate at 4.25%		36,000	4.25
2028, fixed rate at 4.04%		12,000	4.04
Total FHLBNY advances	$	1,448,000	5.14	%

	December 31, 2022
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2023, fixed rate at rates from 3.85% to 4.75%	$	1,095,000	4.56	%
2027, fixed rate at 4.25%		36,000	4.25
Total FHLBNY advances	$	1,131,000	4.55	%

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RETIREMENT AND POSTRETIREMENT PLANS (Tables)

6 Months Ended

Jun. 30, 2023

RETIREMENT AND POSTRETIREMENT PLANS

Components of net periodic benefit (credit) cost included in other non-interest expense

	Three Months Ended June 30,
		2023			2022
	BNB Bank		Employee		BNB Bank		Employee
(In thousands)	Pension Plan		Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	175	$	—	$	267	$	—
Interest cost		330		222		195		155
Expected return on assets		(688)		(382)		(857)		(490)
Amortization of unrealized loss		—		147		—		63
Net periodic credit	$	(183)	$	(13)	$	(395)	$	(272)

	Six Months Ended June 30,
	2023				2022
	BNB Bank		Employee		BNB Bank		Employee
(In thousands)	Pension Plan		Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	350	$	—	$	535	$	—
Interest cost		660		445		390		310
Expected return on assets		(1,375)		(765)		(1,715)		(980)
Amortization of unrealized loss		—		295		—		125
Net periodic credit	$	(365)	$	(25)	$	(790)	$	(545)

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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

STOCK-BASED COMPENSATION

Activity Related to Stock Options

				Weighted-
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
	Number of	Average Exercise		Contractual	Value
	Options	Price		Years	(In thousands)
Options outstanding at January 1, 2023	92,137	$	35.39	6.2		—
Options exercised	—		—
Options forfeited	—		—
Options outstanding at June 30, 2023	92,137	$	35.39	5.7	$	—
Options vested and exercisable at June 30, 2023	92,137	$	35.39	5.7	$	—

Information Related to Stock Option Plan

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Cash received for option exercise cost	$	—	$	—	$	—	$	—
Income tax (expense) benefit recognized on stock option exercises		—		—		—		—
Intrinsic value of options exercised		—		—		—		—

Schedule of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options

	Outstanding Options		Vested Options
		Weighted		Weighted
		Average		Average
		Contractual		Contractual
		Years		Years
	Amount	Remaining	Amount	Remaining
Exercise Prices:
$34.87	35,671	6.6	35,671	6.6
$35.35	32,079	5.6	32,079	5.6
$36.19	24,387	4.6	24,387	4.6
Total	92,137	5.7	92,137	5.7

Activity Related to Restricted Stock Awards

		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Unvested allocated shares outstanding at January 1, 2023	350,758	$	28.63
Shares granted	201,590		26.16
Shares vested	(120,353)		28.91
Shares forfeited	(2,127)		27.31
Unvested allocated shares outstanding at June 30, 2023	429,868	$	27.40

Information Related to Restricted Stock Award Plan

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands)	2023		2022		2023		2022
Compensation expense recognized	$	1,262	$	764	$	2,320	$	1,788
Income tax (expense) benefit recognized on vesting of RSAs		(99)		34		(112)		188

Activity Related to Performance Based Equity Awards

		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Maximum aggregate share payout at January 1, 2023	95,831	$	30.35
Shares granted	92,566		16.97
Shares forfeited	(13,632)		33.67
Maximum aggregate share payout at June 30, 2023	174,765	$	23.00
Minimum aggregate share payout	—		—
Expected aggregate share payout	148,663	$	21.98

Information Related to Performance Based Share Award Plan

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2023		2022		2023		2022
Compensation expense recognized	$	95	$	182	$	340	$	377
Income tax expense recognized on vesting of PSAs		—		—		(15)		—

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BASIS OF PRESENTATION (Details)	1 Months Ended	6 Months Ended
	Sep. 30, 2021 subsidiary	Jun. 30, 2023 location
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of branch locations | location		60
Number of real estate investments dissolved | subsidiary	2

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Accumulated Other Comprehensive (loss) income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated other comprehensive (loss) income, net of tax:
Balance	$ 1,191,253	$ 1,169,583	$ 1,155,287	$ 1,192,620	$ 1,169,583	$ 1,192,620
Other comprehensive loss, net of tax	(5,747)	(4,259)	(20,570)	(43,199)	(10,006)	(63,769)
Balance	1,202,503	1,191,253	1,140,522	1,155,287	1,202,503	1,140,522
Accumulated Other Comprehensive Loss, Net of Deferred Taxes
Accumulated other comprehensive (loss) income, net of tax:
Balance	(98,638)	(94,379)	(49,380)	(6,181)	(94,379)	(6,181)
Other comprehensive (loss) income before reclassifications					(11,586)	(63,156)
Amounts reclassified from accumulated other comprehensive loss					1,580	(613)
Other comprehensive loss, net of tax	(5,747)	(4,259)	(20,570)	(43,199)	(10,006)	(63,769)
Balance	(104,385)	(98,638)	(69,950)	(49,380)	(104,385)	(69,950)
Securities
Accumulated other comprehensive (loss) income, net of tax:
Balance		(100,870)		(7,864)	(100,870)	(7,864)
Other comprehensive (loss) income before reclassifications					(12,259)	(70,803)
Amounts reclassified from accumulated other comprehensive loss					2,111	685
Other comprehensive loss, net of tax					(10,148)	(70,118)
Balance	(111,018)		(77,982)		(111,018)	(77,982)
Defined Benefit Plans
Accumulated other comprehensive (loss) income, net of tax:
Balance		(5,266)		(1,306)	(5,266)	(1,306)
Other comprehensive (loss) income before reclassifications					729	1,368
Amounts reclassified from accumulated other comprehensive loss					(521)	(1,282)
Other comprehensive loss, net of tax					208	86
Balance	(5,058)		(1,220)		(5,058)	(1,220)
Derivatives
Accumulated other comprehensive (loss) income, net of tax:
Balance		$ 11,757		$ 2,989	11,757	2,989
Other comprehensive (loss) income before reclassifications					(56)	6,279
Amounts reclassified from accumulated other comprehensive loss					(10)	(16)
Other comprehensive loss, net of tax					(66)	6,263
Balance	$ 11,691		$ 9,252		$ 11,691	$ 9,252

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Change in unrealized gain (loss) on securities:
Change in net unrealized loss during the period	$ (11,291)		$ (33,157)		$ (13,593)	$ (103,288)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets					1,447
Accretion of net unrealized loss on securities transferred to held-to-maturity	796		829		1,553	999
Net change	(10,495)		(32,328)		(10,593)	(102,289)
Tax benefit (expense)	(3,109)		(10,169)		(445)	(32,171)
Net change in unrealized loss on securities, net of reclassification adjustments and tax	(7,386)		(22,159)		(10,148)	(70,118)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense	(370)		(936)		(740)	(1,870)
Change in the net actuarial gain	814		998		1,035	1,995
Net change	444		62		295	125
Tax (expense) benefit	131		18		87	39
Net change in pension and other postretirement obligations	313		44		208	86
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period	1,586		2,309		(525)	9,161
Reclassification adjustment for expense included in interest expense	299		(54)		(14)	(23)
Net change	1,885		2,255		(539)	9,138
Tax (expense) benefit	559		710		(473)	2,875
Net change in unrealized (loss) gain on derivatives, net of reclassification adjustments and tax	1,326		1,545		(66)	6,263
Other comprehensive loss, net of tax	$ (5,747)	$ (4,259)	$ (20,570)	$ (43,199)	$ (10,006)	$ (63,769)

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EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Net income (loss) available to common stockholders	$ 25,676	$ 36,663	$ 61,158	$ 69,373
Less: Dividends paid and earnings allocated to participating securities	(417)	(432)	(806)	(806)
Income (loss) attributable to common stock	$ 25,259	$ 36,231	$ 60,352	$ 68,567
Weighted average common shares outstanding, including participating securities (in shares)	38,805,966	39,092,205	38,687,941	39,384,803
Less: weighted average participating securities (in shares)	(629,973)	(460,522)	(523,582)	(445,050)
Weighted average common shares outstanding (in shares)	38,175,993	38,631,683	38,164,359	38,939,753
Basic EPS (in dollars per share)	$ 0.66	$ 0.94	$ 1.58	$ 1.76
Weighted average common shares outstanding (in shares)	38,175,993	38,631,683	38,164,359	38,939,753
Weighted average common and equivalent shares outstanding (in shares)	38,175,993	38,631,683	38,164,359	38,939,753
Diluted EPS (in dollars per share)	$ 0.66	$ 0.94	$ 1.58	$ 1.76
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Weighted average shares excluded from earnings per share calculation (in shares)	92,137	121,253	92,137	121,253

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PREFERRED STOCK (Details) $ / shares in Units, $ in Millions				6 Months Ended
	Feb. 01, 2021	Jun. 10, 2020 USD ($) shares	Feb. 05, 2020 USD ($) $ / shares shares	Jun. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares
Public Offering [Abstract]
Preferred stock, Series A, par value (in dollars per share)				$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)				$ 25.00	$ 25.00
Preferred Stock, Series A [Member]
Public Offering [Abstract]
Number of share issued in public offering (in shares) | shares		2,300,000	2,999,200
Preferred stock, liquidation preference | $		$ 57.5	$ 75.0
Preferred stock, interest rate			5.50%	5.50%
Preferred stock, Series A, par value (in dollars per share)			$ 0.01
Preferred stock, liquidation preference (in dollars per share)			$ 25.00
Proceeds from issuance of preferred stock | $		$ 44.3	$ 72.2
Preferred stock, redemption price (in dollars per share)				$ 25.00
Preferred Stock
Public Offering [Abstract]
Share conversion ratio	1

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SECURITIES - Available-for-sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Securities available-for-sale:
Amortized Cost	$ 1,028,273	$ 1,071,858
Gross Unrealized Gains	2	59
Gross Unrealized Losses	(133,419)	(121,330)
Fair Value	894,856	950,587
Agency Notes
Securities available-for-sale:
Amortized Cost	10,000
Gross Unrealized Losses	(855)
Fair Value	9,145
Treasury Securities
Securities available-for-sale:
Amortized Cost	246,392	246,899
Gross Unrealized Losses	(17,785)	(19,643)
Fair Value	228,607	227,256
Corporate Securities
Securities available-for-sale:
Amortized Cost	169,589	183,791
Gross Unrealized Gains		57
Gross Unrealized Losses	(30,036)	(17,075)
Fair Value	139,553	166,773
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")
Securities available-for-sale:
Amortized Cost	253,191	272,774
Gross Unrealized Losses	(30,607)	(31,534)
Fair Value	222,584	241,240
Agency collateralized mortgage obligations ("CMOs")
Securities available-for-sale:
Amortized Cost	317,307	331,394
Gross Unrealized Gains	2	2
Gross Unrealized Losses	(51,636)	(50,057)
Fair Value	265,673	281,339
State and municipal obligations.
Securities available-for-sale:
Amortized Cost	31,794	37,000
Gross Unrealized Losses	(2,500)	(3,021)
Fair Value	$ 29,294	$ 33,979

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SECURITIES - Held-to-maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Securities held-to-maturity:
Amortized Cost	$ 603,960	$ 585,798
Gross Unrecognized Losses	(83,891)	(80,039)
Fair Value	520,069	505,759
Agency Notes
Securities held-to-maturity:
Amortized Cost	89,359	89,157
Gross Unrecognized Losses	(13,284)	(14,095)
Fair Value	76,075	75,062
Corporate Securities
Securities held-to-maturity:
Amortized Cost	9,000	9,000
Gross Unrecognized Losses	(1,340)	(553)
Fair Value	7,660	8,447
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")
Securities held-to-maturity:
Amortized Cost	286,918	278,281
Gross Unrecognized Losses	(40,848)	(40,960)
Fair Value	246,070	237,321
Agency collateralized mortgage obligations ("CMOs")
Securities held-to-maturity:
Amortized Cost	218,683	209,360
Gross Unrecognized Losses	(28,419)	(24,431)
Fair Value	$ 190,264	$ 184,929

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SECURITIES - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Securities available-for-sale:
Transfer from securities held-to-maturity	$ 0	$ 0	$ 400,000,000.0
Securities available-for-sale transferred to held-to-maturity			372,153,000
Unrealized loss on transfer of securities to held to maturity			27,800,000
Transfers to or from securities held-to-maturity			0
Securities held-to-maturity	$ 520,069,000	$ 520,069,000		$ 505,759,000
Number of holdings of securities of any one issuer in an amount greater than 10% of stockholders equity	0	0		0
Threshold for disclosure percentage		10.00%		10.00%
Available for sale debt securities, unrealized loss position due to credit	$ 0	$ 0
Allowance for credit losses on available for sale debt securities	0	0
Accrued interest receivable on securities		5,300,000		$ 5,400,000
Gain (loss) on transfer of securities to held-to-maturity			0
Unrealized losses are related to credit losses	0	0
Securities pledged
Securities available-for-sale:
Carrying amount of securities pledged	$ 573,900,000	$ 573,900,000		$ 631,400,000
Financial Instrument, Owned, Pledged Status [Extensible Enumeration]	Securities pledged	Securities pledged		Securities pledged
Carrying Amount
Securities available-for-sale:
Securities held-to-maturity	$ 603,960,000	$ 603,960,000		$ 585,798,000
Fair Value
Securities available-for-sale:
Securities available-for-sale transferred to held-to-maturity			$ 372,200,000
Securities held-to-maturity	520,069,000	520,069,000		505,759,000
Agency collateralized mortgage obligations ("CMOs")
Securities available-for-sale:
Securities held-to-maturity	190,264,000	190,264,000		184,929,000
Agency Notes
Securities available-for-sale:
Securities held-to-maturity	76,075,000	76,075,000		75,062,000
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")
Securities available-for-sale:
Securities held-to-maturity	246,070,000	246,070,000		237,321,000
Available for sale debt securities, unrealized loss position due to credit	$ 222,584,000	$ 222,584,000		$ 241,240,000

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SECURITIES - Amortized Cost and Fair Value By Contractual Maturity, Available-for-sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale, Amortized Cost
Within one year	$ 43,224
One to five years	237,304
Five to ten years	177,248
Pass-through MBS issued by GSEs and Agency CMO	570,497
Amortized Cost	1,028,273	$ 1,071,858
Available for sale, Fair Value
Within one year	41,505
One to five years	218,555
Five to ten years	146,540
Pass-through MBS issued by GSEs and Agency CMO	488,256
Total Fair Value	$ 894,856	$ 950,587

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SECURITIES - Amortized Cost and Fair Value By Contractual Maturity, Held-to-maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Held-to-maturity, Amortized Cost
One to five years	$ 10,000
Five to ten years	88,359
Pass-through MBS issued by GSEs and agency CMO	505,601
Total Amortized Cost	603,960
Held-to-maturity, Fair Value
One to five years	9,279
Five to ten years	74,456
Pass-through MBS issued by GSEs and agency CMO	436,334
Total Fair Value	$ 520,069	$ 505,759

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SECURITIES - Sales Information and Marketable Equity Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Sales of Available-for-sale Securities:
Proceeds			$ 77,804,000
Loss on equity securities	$ (780,000)		(780,000)
Sales of securities held-to-maturity	$ 0	$ 0	0	$ 0
Agency Notes
Sales of Available-for-sale Securities:
Proceeds			77,804,000
Gross gains			130,000
Tax expense on gain			39,000
Gross losses			1,577,000
Tax benefit on loss			$ 467,000

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SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Securities available-for-sale, Fair Value [Abstract]
Total	$ 0
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")
Securities available-for-sale, Fair Value [Abstract]
Less than 12 Consecutive Months	24,222	$ 50,813
12 Consecutive Months or Longer	198,362	190,427
Total	222,584	241,240
Securities available-for-sale, Unrealized Losses [Abstract]
Less than 12 Consecutive Months	1,154	2,010
12 Consecutive Months or Longer	29,453	29,524
Total	30,607	31,534
Treasury Securities
Securities available-for-sale, Fair Value [Abstract]
12 Consecutive Months or Longer	228,607	227,256
Total	228,607	227,256
Securities available-for-sale, Unrealized Losses [Abstract]
12 Consecutive Months or Longer	17,785	19,643
Total	17,785	19,643
State and municipal obligations
Securities available-for-sale, Fair Value [Abstract]
Less than 12 Consecutive Months	1,970	10,848
12 Consecutive Months or Longer	26,824	22,681
Total	28,794	33,529
Securities available-for-sale, Unrealized Losses [Abstract]
Less than 12 Consecutive Months	79	174
12 Consecutive Months or Longer	2,421	2,847
Total	2,500	3,021
Agency Notes
Securities available-for-sale, Fair Value [Abstract]
12 Consecutive Months or Longer	9,145
Total	9,145
Securities available-for-sale, Unrealized Losses [Abstract]
12 Consecutive Months or Longer	855
Total	855
Corporate Notes
Securities available-for-sale, Fair Value [Abstract]
Less than 12 Consecutive Months	68,385	110,707
12 Consecutive Months or Longer	71,168	50,116
Total	139,553	160,823
Securities available-for-sale, Unrealized Losses [Abstract]
Less than 12 Consecutive Months	11,962	8,494
12 Consecutive Months or Longer	18,074	8,581
Total	30,036	17,075
Agency collateralized mortgage obligations ("CMOs")
Securities available-for-sale, Fair Value [Abstract]
Less than 12 Consecutive Months	990	55,924
12 Consecutive Months or Longer	259,681	220,413
Total	260,671	276,337
Securities available-for-sale, Unrealized Losses [Abstract]
Less than 12 Consecutive Months	27	3,454
12 Consecutive Months or Longer	51,609	46,603
Total	$ 51,636	$ 50,057

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LOANS HELD FOR INVESTMENT, NET - Loan Categories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Loans held for investment, net:
Total Loans	$ 10,876,415		$ 10,566,831
Allowance for loan losses	(75,646)		(83,507)
Total loans held for investment, net	10,800,769		10,483,324
Business Loan Portfolio Segment [Member]
Loans held for investment, net:
Total Loans	2,250,108		2,211,857
Allowance for loan losses	(39,700)	$ (43,879)	(47,029)	$ (45,128)	$ (43,728)	$ (62,366)
One-to-four family residential and cooperative/condominium apartment
Loans held for investment, net:
Total Loans	855,980		773,321
Allowance for loan losses	(6,419)	(6,012)	(5,969)	(4,514)	(4,528)	(5,932)
Multifamily residential and residential mixed-use
Loans held for investment, net:
Total Loans	4,132,358		4,026,826
Allowance for loan losses	(8,190)	(7,613)	(8,360)	(7,003)	(7,061)	(7,816)
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member]
Loans held for investment, net:
Total Loans	3,406,232		3,317,485
Allowance for loan losses	(18,440)	(18,076)	(20,153)	(18,707)	(19,180)	(2,131)
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Total real estate loans
Loans held for investment, net:
Total Loans	3,406,232		3,317,485
Acquisition, development, and construction ("ADC")
Loans held for investment, net:
Total Loans	225,580		229,663
Allowance for loan losses	(2,558)	(2,515)		(3,788)	(4,758)
Acquisition, development, and construction ("ADC") | Total real estate loans
Loans held for investment, net:
Allowance for loan losses	(2,558)		(1,723)	(3,788)		(4,857)
Other Loans
Loans held for investment, net:
Total Loans	6,157		7,679
Allowance for loan losses	$ (339)	$ (240)	$ (273)	$ (286)	$ (360)	$ (751)

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LOANS HELD FOR INVESTMENT, NET - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance		$ 83,507			$ 83,507
Provision (recovery) for credit losses	$ 892		$ 44		(2,756)	$ (1,548)
Charge-offs					(5,788)		$ (11,401)
Allowance for credit losses, Ending balance	75,646				75,646		83,507
Non-accrual with No Allowance	5,636				5,636		6,075
Non-accrual with Allowance	22,031				22,031		28,162
Reserve	16,820				16,820		22,389
Interest income on non-accrual loans held for investment
Interest income on non-accrual loans	0	0	0	$ 0
Business Loan Portfolio Segment [Member]
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	43,879	47,029	43,728	62,366	47,029	62,366	62,366
Provision (recovery) for credit losses	(542)		2,009		(2,150)	(14,045)
Charge-offs	(3,745)		(645)		(5,774)	(3,280)	(11,401)
Recoveries	108		36		595	87
Allowance for credit losses, Ending balance	39,700	43,879	45,128	43,728	39,700	45,128	47,029
Non-accrual with No Allowance	5,636				5,636		5,403
Non-accrual with Allowance	17,834				17,834		22,384
Reserve	16,131				16,131		20,812
One-to-four family residential and cooperative/condominium apartment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	6,012	5,969	4,528	5,932	5,969	5,932	5,932
Provision (recovery) for credit losses	421		(14)		464	(1,418)
Charge-offs	(14)				(14)
Allowance for credit losses, Ending balance	6,419	6,012	4,514	4,528	6,419	4,514	5,969
Non-accrual with Allowance	3,305				3,305		3,203
Reserve	149				149		181
Multifamily residential and residential mixed-use
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	7,613	8,360	7,061	7,816	8,360	7,816	7,816
Provision (recovery) for credit losses	577		(58)		(170)	(815)
Recoveries						2
Allowance for credit losses, Ending balance	8,190	7,613	7,003	7,061	8,190	7,003	8,360
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member]
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	18,076	20,153	19,180	2,131	20,153	2,131	2,131
Provision (recovery) for credit losses	364		(527)		(1,713)	16,522
Recoveries			54			54
Allowance for credit losses, Ending balance	18,440	18,076	18,707	19,180	18,440	18,707	20,153
Non-accrual with No Allowance							15
Non-accrual with Allowance	15				15		2,476
Reserve	15				15		1,297
Acquisition, development, and construction ("ADC")
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	2,515		4,758
Provision (recovery) for credit losses	43		(970)
Allowance for credit losses, Ending balance	2,558	2,515	3,788	4,758	2,558	3,788
Non-accrual with No Allowance							657
Non-accrual with Allowance	657				657
Reserve	305				305
Acquisition, development, and construction ("ADC") | Total real estate loans
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance		1,723		4,857	1,723	4,857	4,857
Provision (recovery) for credit losses					835	(1,069)
Allowance for credit losses, Ending balance	2,558		3,788		2,558	3,788	1,723
Other Loans
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	240	273	360	751	273	751	751
Provision (recovery) for credit losses	127		(74)		93	(463)
Charge-offs	(33)				(34)	(3)
Recoveries	5				7	1
Allowance for credit losses, Ending balance	339	240	286	360	339	286	273
Non-accrual with Allowance	220				220		99
Reserve	220				220		99
Includes other loans
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	78,335	83,507	79,615	83,853	83,507	83,853	83,853
Provision (recovery) for credit losses	990		366		(2,641)	(1,288)
Charge-offs	(3,792)		(645)		(5,822)	(3,283)
Recoveries	113		90		602	144
Allowance for credit losses, Ending balance	$ 75,646	$ 78,335	$ 79,426	$ 79,615	$ 75,646	$ 79,426	$ 83,507

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LOANS HELD FOR INVESTMENT, NET - Past Due Status (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	$ 10,876,415	$ 10,566,831
Non-accrual	27,667	34,237
Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	52,198	58,496
30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	16,389	23,517
60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	8,142	742
Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	10,824,217	10,508,335
Business Loan Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,250,108	2,211,857
Non-accrual	23,470	27,787
Business Loan Portfolio Segment [Member] | Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	35,049	34,389
Business Loan Portfolio Segment [Member] | 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	4,616	5,861
Business Loan Portfolio Segment [Member] | 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	6,963	741
Business Loan Portfolio Segment [Member] | Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	2,215,059	2,177,468
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	855,980	773,321
Non-accrual	3,305	3,203
One-to-four family residential and cooperative/condominium apartment | Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	5,892	3,889
One-to-four family residential and cooperative/condominium apartment | 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,409	686
One-to-four family residential and cooperative/condominium apartment | 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1,178
One-to-four family residential and cooperative/condominium apartment | Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	850,088	769,432
Multifamily residential and residential mixed-use
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	4,132,358	4,026,826
Non-accrual	0
Multifamily residential and residential mixed-use | Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	6,465	4,817
Multifamily residential and residential mixed-use | 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	6,465	4,817
Multifamily residential and residential mixed-use | 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0
Multifamily residential and residential mixed-use | Loans 90 Days or More Past Due and Still Accruing Interest
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0
Multifamily residential and residential mixed-use | Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	4,125,893	4,022,009
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	3,406,232	3,317,485
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Total real estate loans
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	3,406,232	3,317,485
Non-accrual	15	2,491
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Total real estate loans | Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	3,849	14,380
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Total real estate loans | 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	3,834	11,889
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Total real estate loans | 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Total real estate loans | Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	3,402,383	3,303,105
Acquisition, development, and construction ("ADC")
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	225,580	229,663
Non-accrual	657	657
Acquisition, development, and construction ("ADC") | Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	657	657
Acquisition, development, and construction ("ADC") | 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0
Acquisition, development, and construction ("ADC") | 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0
Acquisition, development, and construction ("ADC") | Loans 90 Days or More Past Due and Still Accruing Interest
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0
Acquisition, development, and construction ("ADC") | Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	224,923	229,006
Other Loans
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	6,157	7,679
Non-accrual	220	99
Other Loans | Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	286	364
Other Loans | 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	65	264
Other Loans | 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	1	1
Other Loans | Loans 90 Days or More Past Due and Still Accruing Interest
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	0
Other Loans | Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Loans	$ 5,871	$ 7,315

XML

LOANS HELD FOR INVESTMENT, NET - Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	$ 10,876,415		$ 10,566,831
Allowance for credit losses	75,646		83,507
Real Estate Collateral Dependent | Total real estate loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	6,254		8,997
Allowance for credit losses	305		1,297
Business Loan Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	2,250,108		2,211,857
Allowance for credit losses	39,700	$ 43,879	47,029	$ 45,128	$ 43,728	$ 62,366
Business Loan Portfolio Segment [Member] | Real Estate Collateral Dependent
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	5,597		5,849
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	855,980		773,321
Allowance for credit losses	6,419	6,012	5,969	4,514	4,528	5,932
Multifamily residential and residential mixed-use
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	4,132,358		4,026,826
Allowance for credit losses	8,190	7,613	8,360	7,003	7,061	7,816
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	3,406,232		3,317,485
Allowance for credit losses	18,440	18,076	20,153	18,707	19,180	2,131
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Total real estate loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	3,406,232		3,317,485
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Real Estate Collateral Dependent
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans			2,491
Allowance for credit losses			1,297
Acquisition, development, and construction ("ADC")
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	225,580		229,663
Allowance for credit losses	2,558	2,515		3,788	4,758
Acquisition, development, and construction ("ADC") | Total real estate loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	2,558		1,723	3,788		4,857
Acquisition, development, and construction ("ADC") | Real Estate Collateral Dependent
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	657		657
Allowance for credit losses	305
Other Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Loans	6,157		7,679
Allowance for credit losses	$ 339	$ 240	$ 273	$ 286	$ 360	$ 751

XML

LOANS HELD FOR INVESTMENT, NET - Amortized cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 880	$ 3,732
% of Total Class of Financing Receivable	0.00%	0.00%
Term Extension
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 132	$ 132
Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified		2,852
Term Extension and Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	472	472
Significant Payment Delay And Interest Rate Deduction
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	276	276
Business Loan Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 880	$ 880
% of Total Class of Financing Receivable	0.00%	0.00%
Business Loan Portfolio Segment [Member] | Term Extension
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 132	$ 132
Business Loan Portfolio Segment [Member] | Term Extension and Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	472	472
Business Loan Portfolio Segment [Member] | Significant Payment Delay And Interest Rate Deduction
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 276	276
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified		$ 2,852
% of Total Class of Financing Receivable	0.00%	0.30%
One-to-four family residential and cooperative/condominium apartment | Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified		$ 2,852
Multifamily residential and residential mixed-use
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Total Class of Financing Receivable	0.00%	0.00%
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Total Class of Financing Receivable	0.00%	0.00%
Acquisition, development, and construction ("ADC")
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Total Class of Financing Receivable	0.00%	0.00%
Other Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Total Class of Financing Receivable	0.00%	0.00%

XML

LOANS HELD FOR INVESTMENT, NET - Financial effect of the modifications to borrowers experiencing financial difficulty (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rate Reductions	4.25%	4.25%
Weighted Average months of Term Extensions	16 months	21 months
Weighted Average Payment Delay or Principal Forgiveness	$ 11	$ 89
Business Loan Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rate Reductions	4.25%	4.25%
Weighted Average months of Term Extensions	16 months	21 months
Weighted Average Payment Delay or Principal Forgiveness	$ 11	$ 17
One-to-four family residential and cooperative/condominium apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Payment Delay or Principal Forgiveness		$ 72

XML

LOANS HELD FOR INVESTMENT, NET - Performance of Loans that have been Modified (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) item	Jun. 30, 2023 USD ($)	Dec. 31, 2022 loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 880	$ 3,732
Number of Loans	0		12
Current
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified		2,852
Non-Accrual
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified		880
Business Loan Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 880	880
Number of Loans | loan			7
Business Loan Portfolio Segment [Member] | Non-Accrual
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified		880
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified		2,852
Number of Loans | loan			2
One-to-four family residential and cooperative/condominium apartment | Current
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified		$ 2,852
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans | loan			1
Acquisition, development, and construction ("ADC")
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans | loan			1
Other Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Loans | loan			1

XML

LOANS HELD FOR INVESTMENT, NET - Loans by Category Modified as TDRs (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) item	Dec. 31, 2022 USD ($) loan	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 75,646	$ 83,507
Number of Loans	0	12
Pre-Modification Outstanding Recorded Investment		$ 37,463
Post-Modification Outstanding Recorded Investment		37,467
TDRs
Financing Receivable, Allowance for Credit Loss [Line Items]
Commitments to lend any additional funds on restructured loans		0
Modifications recorded investment		22,100
Allowance for credit losses		9,100
Business Loan Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 39,700	$ 47,029	$ 43,879	$ 45,128	$ 43,728	$ 62,366
Number of Loans | loan		7
Pre-Modification Outstanding Recorded Investment		$ 21,934
Post-Modification Outstanding Recorded Investment		21,938
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	6,419	$ 5,969	6,012	4,514	4,528	5,932
Number of Loans | loan		2
Pre-Modification Outstanding Recorded Investment		$ 762
Post-Modification Outstanding Recorded Investment		762
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	18,440	$ 20,153	18,076	18,707	19,180	2,131
Number of Loans | loan		1
Pre-Modification Outstanding Recorded Investment		$ 991
Post-Modification Outstanding Recorded Investment		$ 991
Acquisition, development, and construction ("ADC")
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	2,558		2,515	3,788	4,758
Number of Loans | loan		1
Pre-Modification Outstanding Recorded Investment		$ 13,500
Post-Modification Outstanding Recorded Investment		13,500
Other Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 339	$ 273	$ 240	$ 286	$ 360	$ 751
Number of Loans | loan		1
Pre-Modification Outstanding Recorded Investment		$ 276
Post-Modification Outstanding Recorded Investment		$ 276

XML

LOANS HELD FOR INVESTMENT, NET - Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Credit Risk Profile of Real Estate Loans [Abstract]
Total Loans	$ 10,876,415		$ 10,876,415		$ 10,566,831
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs 2022/2021					477
YTD Gross Charge-Offs 2021/2020					4,720
YTD Gross Charge-Offs 2020/2019			38		2,088
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior			1,991		2,414
YTD Gross Charge-Offs Revolving			434		1,460
YTD Gross Charge-Offs Revolving-Term			3,325		242
YTD Gross Charge-Offs			5,788		11,401
Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	665,472		665,472
2022/2021	2,815,208		2,815,208		2,845,428
2021/2020	1,714,236		1,714,236		1,733,872
2020/2019	1,027,566		1,027,566		1,196,053
2019/2018	996,552		996,552		1,024,753
2018/2017 and Prior	2,497,638		2,497,638		522,005
2016 and Prior					2,175,148
Revolving	703,259		703,259		726,712
Revolving-Term	68,607		68,607		59,849
Total Loans	10,488,538		10,488,538		10,283,820
Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	528		528
2022/2021	3,284		3,284		6,634
2021/2020	5,562		5,562
2020/2019	97,943		97,943		20,549
2019/2018	20,013		20,013		17,364
2018/2017 and Prior	54,607		54,607		16,628
2016 and Prior					31,664
Revolving	11,008		11,008		9,641
Revolving-Term	9,661		9,661		1,204
Total Loans	202,606		202,606		103,684
Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	52		52
2022/2021	898		898		5,242
2021/2020	1,068		1,068		2,052
2020/2019	45,821		45,821		23,233
2019/2018	11,155		11,155		19,143
2018/2017 and Prior	94,248		94,248		22,819
2016 and Prior					66,232
Revolving	8,637		8,637		11,290
Revolving-Term	8,096		8,096		10,505
Total Loans	169,975		169,975		160,516
Doubtful
Credit Risk Profile of Real Estate Loans [Abstract]
2019/2018	8,332		8,332		8,332
2018/2017 and Prior	807		807		752
2016 and Prior					2,048
Total Loans	9,139		9,139		11,132
Excludes Other Loans
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	666,052		666,052
2022/2021	2,819,390		2,819,390		2,857,304
2021/2020	1,720,866		1,720,866		1,735,924
2020/2019	1,171,330		1,171,330		1,239,835
2019/2018	1,036,052		1,036,052		1,069,592
2018/2017 and Prior	2,647,300		2,647,300		562,204
2016 and Prior					2,275,092
Revolving	722,904		722,904		747,643
Revolving-Term	86,364		86,364		71,558
Total Loans	10,870,258		10,870,258		10,559,152
Business Loan Portfolio Segment [Member]
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	150,477		150,477
2022/2021	448,062		448,062		461,575
2021/2020	218,135		218,135		229,523
2020/2019	185,074		185,074		197,259
2019/2018	173,944		173,944		188,094
2018/2017 and Prior	369,852		369,852		149,322
2016 and Prior					261,330
Revolving	645,850		645,850		671,312
Revolving-Term	58,714		58,714		53,442
Total Loans	2,250,108		2,250,108		2,211,857
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs 2022/2021					477
YTD Gross Charge-Offs 2021/2020					4,720
YTD Gross Charge-Offs 2020/2019			38		2,088
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior			1,991		2,414
YTD Gross Charge-Offs Revolving			434		1,460
YTD Gross Charge-Offs Revolving-Term			3,311		242
YTD Gross Charge-Offs	3,745	$ 645	5,774	$ 3,280	11,401
Business Loan Portfolio Segment [Member] | Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	149,897		149,897
2022/2021	443,880		443,880		449,699
2021/2020	216,423		216,423		228,143
2020/2019	175,305		175,305		187,522
2019/2018	160,702		160,702		173,527
2018/2017 and Prior	325,188		325,188		130,576
2016 and Prior					240,131
Revolving	626,364		626,364		650,960
Revolving-Term	42,465		42,465		43,552
Total Loans	2,140,224		2,140,224		2,104,110
Business Loan Portfolio Segment [Member] | Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	528		528
2022/2021	3,284		3,284		6,634
2021/2020	1,316		1,316
2020/2019	1,430		1,430		894
2019/2018	1,317		1,317		1,529
2018/2017 and Prior	13,447		13,447		15,893
2016 and Prior					4,213
Revolving	10,849		10,849		9,062
Revolving-Term	8,946		8,946		478
Total Loans	41,117		41,117		38,703
Business Loan Portfolio Segment [Member] | Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	52		52
2022/2021	898		898		5,242
2021/2020	396		396		1,380
2020/2019	8,339		8,339		8,843
2019/2018	3,593		3,593		4,706
2018/2017 and Prior	30,410		30,410		2,101
2016 and Prior					14,938
Revolving	8,637		8,637		11,290
Revolving-Term	7,303		7,303		9,412
Total Loans	59,628		59,628		57,912
Business Loan Portfolio Segment [Member] | Doubtful
Credit Risk Profile of Real Estate Loans [Abstract]
2019/2018	8,332		8,332		8,332
2018/2017 and Prior	807		807		752
2016 and Prior					2,048
Total Loans	9,139		9,139		11,132
One-to-four family residential and cooperative/condominium apartment
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	112,062		112,062
2022/2021	221,019		221,019		225,031
2021/2020	104,481		104,481		108,185
2020/2019	72,312		72,312		73,758
2019/2018	65,299		65,299		66,742
2018/2017 and Prior	232,127		232,127		67,180
2016 and Prior					176,292
Revolving	33,785		33,785		41,751
Revolving-Term	14,895		14,895		14,382
Total Loans	855,980		855,980		773,321
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs Revolving-Term			14
YTD Gross Charge-Offs	14		14
One-to-four family residential and cooperative/condominium apartment | Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	112,062		112,062
2022/2021	221,019		221,019		225,031
2021/2020	104,481		104,481		108,185
2020/2019	71,297		71,297		72,732
2019/2018	64,080		64,080		65,515
2018/2017 and Prior	219,848		219,848		66,038
2016 and Prior					164,338
Revolving	33,626		33,626		41,172
Revolving-Term	13,387		13,387		12,563
Total Loans	839,800		839,800		755,574
One-to-four family residential and cooperative/condominium apartment | Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2018/2017 and Prior	761		761		735
2016 and Prior					1,175
Revolving	159		159		579
Revolving-Term	715		715		726
Total Loans	1,635		1,635		3,215
One-to-four family residential and cooperative/condominium apartment | Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2020/2019	1,015		1,015		1,026
2019/2018	1,219		1,219		1,227
2018/2017 and Prior	11,518		11,518		407
2016 and Prior					10,779
Revolving-Term	793		793		1,093
Total Loans	14,545		14,545		14,532
Multifamily residential and residential mixed-use
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	209,997		209,997
2022/2021	1,372,631		1,372,631		1,386,549
2021/2020	598,163		598,163		582,393
2020/2019	321,703		321,703		328,718
2019/2018	409,088		409,088		414,117
2018/2017 and Prior	1,204,082		1,204,082		147,385
2016 and Prior					1,155,080
Revolving	12,229		12,229		12,584
Revolving-Term	4,465		4,465
Total Loans	4,132,358		4,132,358		4,026,826
Multifamily residential and residential mixed-use | Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	209,997		209,997
2022/2021	1,372,631		1,372,631		1,386,549
2021/2020	593,917		593,917		582,393
2020/2019	292,798		292,798		316,424
2019/2018	395,000		395,000		395,933
2018/2017 and Prior	1,128,010		1,128,010		127,074
2016 and Prior					1,107,281
Revolving	12,229		12,229		12,584
Revolving-Term	4,465		4,465
Total Loans	4,009,047		4,009,047		3,928,238
Multifamily residential and residential mixed-use | Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2021/2020	4,246		4,246
2020/2019	18,194		18,194
2019/2018	14,088		14,088		11,183
2018/2017 and Prior	30,723		30,723
2016 and Prior					14,168
Total Loans	67,251		67,251		25,351
Multifamily residential and residential mixed-use | Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2020/2019	10,711		10,711		12,294
2019/2018					7,001
2018/2017 and Prior	45,349		45,349		20,311
2016 and Prior					33,631
Total Loans	56,060		56,060		73,237
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member]
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	193,516		193,516
2022/2021	730,726		730,726		747,272
2021/2020	665,034		665,034		662,623
2020/2019	584,594		584,594		628,858
2019/2018	372,003		372,003		384,696
2018/2017 and Prior	840,687		840,687		198,317
2016 and Prior					680,303
Revolving	11,632		11,632		11,963
Revolving-Term	8,040		8,040		3,453
Total Loans	3,406,232		3,406,232		3,317,485
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	193,516		193,516
2022/2021	730,726		730,726		747,272
2021/2020	665,019		665,019		662,608
2020/2019	480,519		480,519		608,133
2019/2018	361,052		361,052		373,835
2018/2017 and Prior	824,040		824,040		198,317
2016 and Prior					661,311
Revolving	11,632		11,632		11,963
Revolving-Term	8,040		8,040		3,453
Total Loans	3,274,544		3,274,544		3,266,892
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2020/2019	78,319		78,319		19,655
2019/2018	4,608		4,608		4,652
2018/2017 and Prior	9,676		9,676
2016 and Prior					12,108
Total Loans	92,603		92,603		36,415
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2021/2020	15		15		15
2020/2019	25,756		25,756		1,070
2019/2018	6,343		6,343		6,209
2018/2017 and Prior	6,971		6,971
2016 and Prior					6,884
Total Loans	39,085		39,085		14,178
Non-owner Occupied Commercial Real Estate Portfolio Segment [Member] | Total real estate loans
Credit Risk Profile of Real Estate Loans [Abstract]
Total Loans	3,406,232		3,406,232		3,317,485
Acquisition, development, and construction ("ADC")
Credit Risk Profile of Real Estate Loans [Abstract]
2022/2021	46,952		46,952		36,877
2021/2020	135,053		135,053		153,200
2020/2019	7,647		7,647		11,242
2019/2018	15,718		15,718		15,943
2018/2017 and Prior	552		552
2016 and Prior					2,087
Revolving	19,408		19,408		10,033
Revolving-Term	250		250		281
Total Loans	225,580		225,580		229,663
Acquisition, development, and construction ("ADC") | Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2022/2021	46,952		46,952		36,877
2021/2020	134,396		134,396		152,543
2020/2019	7,647		7,647		11,242
2019/2018	15,718		15,718		15,943
2018/2017 and Prior	552		552
2016 and Prior					2,087
Revolving	19,408		19,408		10,033
Revolving-Term	250		250		281
Total Loans	224,923		224,923		229,006
Acquisition, development, and construction ("ADC") | Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2021/2020	657		657		657
Total Loans	657		657		657
Other Loans
Credit Risk Profile of Real Estate Loans [Abstract]
Total Loans	6,157		6,157		7,679
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs	33		34	$ 3
Other Loans | Credit Risk Profile
Credit Risk Profile of Real Estate Loans [Abstract]
Total Loans	6,157		6,157
Other Loans | Performing
Credit Risk Profile of Real Estate Loans [Abstract]
Total Loans					7,580
Other Loans | Performing | Credit Risk Profile
Credit Risk Profile of Real Estate Loans [Abstract]
Total Loans	5,937		5,937
Other Loans | Non-Accrual
Credit Risk Profile of Real Estate Loans [Abstract]
Total Loans					$ 99
Other Loans | Non-Accrual | Credit Risk Profile
Credit Risk Profile of Real Estate Loans [Abstract]
Total Loans	$ 220		$ 220

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LEASES - Maturities of the Company's operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Rent to be Capitalized
2023	$ 6,105
2024	12,238
2025	12,039
2026	11,356
2027	9,375
Thereafter	10,047
Total undiscounted lease payments	61,160
Less amounts representing interest	(3,613)
Operating lease liabilities	$ 57,547	$ 60,340

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LEASES - Other information related to operating leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Other information related to operating leases:
Operating lease cost	$ 3,152	$ 3,271	$ 6,293	$ 6,533
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,088	$ 3,055	$ 6,159	$ 5,979
Weighted average remaining lease term	5 years 4 months 24 days		5 years 4 months 24 days		5 years 10 months 24 days
Weighted average discount rate	2.15%		2.15%		2.03%

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DERIVATIVES AND HEDGING ACTIVITIES - Cash Flow Hedges Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) DerivativeInstrument	Jun. 30, 2023 USD ($) DerivativeInstrument	Jun. 30, 2022 DerivativeInstrument	Dec. 31, 2022 USD ($)
DERIVATIVES AND HEDGING ACTIVITIES
Estimated reclassification as a decrease to interest expense during next twelve months	$ 7.1	$ 7.1
Number of derivatives terminated | DerivativeInstrument	0	0	0
Collateral from its third-party counterparties under the agreements in a net asset position	$ 17.5	$ 17.5
Collateral received against obligations in net asset position				$ 17.8

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DERIVATIVES AND HEDGING ACTIVITIES - Classification on Consolidated Statements of Financial Condition (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) DerivativeInstrument	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) DerivativeInstrument	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) DerivativeInstrument
Cash Flow Hedges
Collateral received against obligations in net asset position					$ 17,800,000
Not Designated as Hedging Instrument
Cash Flow Hedges
Loan level derivative income	$ 2,437,000	$ 1,685,000	$ 5,570,000	$ 1,691,000
Interest Rate Swaps Related to FHLBNY Advances | Designated as Hedging Instrument
Cash Flow Hedges
Count, assets | DerivativeInstrument	4		4		4
Notional amount, assets	$ 150,000,000		$ 150,000,000		$ 150,000,000
Fair value assets	$ 16,611,000		$ 16,611,000		$ 17,150,000
Loan Level Interest Rate Swaps with Borrower (Assets) | Not Designated as Hedging Instrument
Cash Flow Hedges
Count, assets | DerivativeInstrument	23		23		3
Notional amount, assets	$ 275,552,000		$ 275,552,000		$ 53,311,000
Fair value assets	$ 4,874,000		$ 4,874,000		$ 1,524,000
Loan Level Interest Rate Swaps with Borrower (Liabilities) | Not Designated as Hedging Instrument
Cash Flow Hedges
Count, liabilities | DerivativeInstrument	194		194		185
Notional amount, liabilities	$ 1,268,977,000		$ 1,268,977,000		$ 1,214,736,000
Fair value liabilities	122,618,000		122,618,000		$ 126,751,000
Posted collateral	$ 0		$ 0
Loan level interest rate floors with borrower (liabilities) | Not Designated as Hedging Instrument
Cash Flow Hedges
Count, liabilities | DerivativeInstrument	33		33		40
Notional amount, liabilities	$ 226,257,000		$ 226,257,000		$ 326,309,000
Fair value liabilities	3,637,000		3,637,000		9,060,000
Loan level interest rate swaps with third party counterparties (assets) | Designated as Hedging Instrument
Cash Flow Hedges
Posted collateral	$ 0		$ 0		$ 0
Loan level interest rate swaps with third party counterparties (assets) | Not Designated as Hedging Instrument
Cash Flow Hedges
Count, assets | DerivativeInstrument	23		23		185
Notional amount, assets	$ 275,552,000		$ 275,552,000		$ 1,214,736,000
Fair value assets					126,751,000
Fair value liabilities	4,874,000		4,874,000
Posted collateral	0		0		0
Collateral received against obligations in net asset position	$ 122,700,000		$ 122,700,000		$ 135,300,000
Loan level interest rate swaps with third party counterparties (liabilities) | Not Designated as Hedging Instrument
Cash Flow Hedges
Count, liabilities | DerivativeInstrument	194		194		3
Notional amount, assets	$ 1,268,977,000		$ 1,268,977,000
Notional amount, liabilities					$ 53,311,000
Fair value assets	$ 122,618,000		$ 122,618,000
Fair value liabilities					$ 1,524,000
Loan level interest rate floors with third party counterparties (assets) | Not Designated as Hedging Instrument
Cash Flow Hedges
Count, assets | DerivativeInstrument	33		33		40
Notional amount, assets	$ 226,257,000		$ 226,257,000		$ 326,309,000
Fair value assets	$ 3,637,000		$ 3,637,000		$ 9,060,000

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DERIVATIVES AND HEDGING ACTIVITIES - Effect on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss):
Gain (loss) recognized in other comprehensive income (loss)	$ 1,586	$ 2,309	$ (525)	$ 9,161
Interest Rate Products | Other Comprehensive Income
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss):
Gain (loss) recognized in other comprehensive income (loss)	1,586	2,309	(525)	9,161
Interest Rate Products | Other Comprehensive Income | Interest Expense
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss):
(Loss) gain reclassified from other comprehensive income into interest expense	$ (299)	$ 54	$ 14	$ 23

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DERIVATIVES AND HEDGING ACTIVITIES - Risk Participation and Credit Risk Related Contingent Features (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
DERIVATIVES AND HEDGING ACTIVITIES
Risk Participation Agreements, Liabilities, Notional Value	$ 94,100,000	$ 94,100,000	$ 71,100,000
Credit Risk Related Contingent Features [Abstract]
Derivatives in a net liability position	$ 0	0
Termination value of derivatives		$ 0
Number of provisions breached	0	0

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Assets
Derivative assets	$ 147,740	$ 154,485
Financial Liabilities
Derivative liabilities	131,130	137,335
Recurring | Cash flow hedges
Financial Assets
Derivative assets	16,611	17,150
Recurring | Freestanding derivatives, net
Financial Assets
Derivative assets	131,130	137,335
Financial Liabilities
Derivative liabilities	131,130	137,335
Recurring | Level 2 Inputs | Cash flow hedges
Financial Assets
Derivative assets	16,611	17,150
Recurring | Level 2 Inputs | Freestanding derivatives, net
Financial Assets
Derivative assets	131,130	137,335
Financial Liabilities
Derivative liabilities	131,130	137,335
Nonrecurring | Level 3 Inputs
Certain individually evaluated loans
Individually evaluated loans	352	1,179
Carrying Amount
Certain individually evaluated loans
Individually evaluated loans	10,800,417	10,482,145
Carrying Amount | Nonrecurring
Certain individually evaluated loans
Individually evaluated loans	352	1,179
Agency Notes | Recurring
Financial Assets
Securities available-for-sale:	9,145
Agency Notes | Recurring | Level 2 Inputs
Financial Assets
Securities available-for-sale:	9,145
Treasury Securities | Recurring
Financial Assets
Securities available-for-sale:	228,607	227,256
Treasury Securities | Recurring | Level 2 Inputs
Financial Assets
Securities available-for-sale:	228,607	227,256
Corporate Securities | Recurring
Financial Assets
Securities available-for-sale:	139,553	166,773
Corporate Securities | Recurring | Level 2 Inputs
Financial Assets
Securities available-for-sale:	139,553	166,773
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | Recurring
Financial Assets
Mortgage-backed securities	222,584	241,240
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | Recurring | Level 2 Inputs
Financial Assets
Mortgage-backed securities	222,584	241,240
Agency collateralized mortgage obligations ("CMOs") | Recurring
Financial Assets
Securities available-for-sale:	265,673	281,339
Agency collateralized mortgage obligations ("CMOs") | Recurring | Level 2 Inputs
Financial Assets
Securities available-for-sale:	265,673	281,339
State and municipal obligations. | Recurring
Financial Assets
Securities available-for-sale:	29,294	33,979
State and municipal obligations. | Recurring | Level 2 Inputs
Financial Assets
Securities available-for-sale:	$ 29,294	$ 33,979

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Individually evaluated loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans outstanding balance, net of a valuation allowance	$ 10,800,769		$ 10,800,769		$ 10,483,324
Allowance for credit losses	75,646		75,646		83,507
Credit loss (release) provision	892	$ 44	(2,756)	$ (1,548)
Nonrecurring
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans outstanding balance, net of a valuation allowance	657		657		2,500
Allowance for credit losses	305		305		1,300
Nonrecurring | Level 3 Inputs
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans	352		352		1,179
Carrying Amount
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans	10,800,417		10,800,417		10,482,145
Carrying Amount | Nonrecurring
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans	352		352		$ 1,179
Collateral dependent loans | Nonrecurring
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Credit loss (release) provision	$ 860		$ 555

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Assets [Abstract]
Securities held-to-maturity	$ 520,069	$ 505,759
Carrying Amount
Financial Assets [Abstract]
Cash and due from banks	452,504	169,297
Securities held-to-maturity	603,960	585,798
Loans held for investment, net	10,800,417	10,482,145
Accrued interest receivable	51,787	48,561
Financial Liabilities [Abstract]
Savings, money market and checking accounts	8,991,943	9,139,043
Certificates of Deposits ("CDs")	1,530,749	1,115,364
FHLBNY Advances	1,448,000	1,131,000
Subordinated debt, net	200,240	200,283
Other short-term borrowings		1,360
Accrued interest payable	18,098	5,323
Fair Value
Financial Assets [Abstract]
Cash and due from banks	452,504	169,297
Securities held-to-maturity	520,069	505,759
Loans held for investment, net	10,245,728	10,005,121
Accrued interest receivable	51,787	48,561
Financial Liabilities [Abstract]
Savings, money market and checking accounts	8,991,943	9,139,043
Certificates of Deposits ("CDs")	1,522,515	1,096,808
FHLBNY Advances	1,444,184	1,131,217
Subordinated debt, net	158,240	180,583
Other short-term borrowings		1,360
Accrued interest payable	18,098	5,323
Level 1 Inputs | Fair Value
Financial Assets [Abstract]
Cash and due from banks	452,504	169,297
Financial Liabilities [Abstract]
Savings, money market and checking accounts	8,991,943	9,139,043
Other short-term borrowings		1,360
Level 2 Inputs | Fair Value
Financial Assets [Abstract]
Securities held-to-maturity	520,069	505,759
Accrued interest receivable	6,205	6,105
Financial Liabilities [Abstract]
Certificates of Deposits ("CDs")	1,522,515	1,096,808
FHLBNY Advances	1,444,184	1,131,217
Subordinated debt, net	158,240	180,583
Accrued interest payable	18,098	5,323
Level 3 Inputs | Fair Value
Financial Assets [Abstract]
Loans held for investment, net	10,245,728	10,005,121
Accrued interest receivable	$ 45,582	$ 42,456

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OTHER INTANGIBLE ASSETS - Carrying amount and accumulated amortization of intangible assets, amortizable and arose from merger (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquired intangible assets:
Gross carrying value	$ 10,984	$ 10,984
Accumulated amortization	(5,226)	(4,500)
Total	5,758	6,484
Core deposits
Acquired intangible assets:
Gross carrying value	10,204	10,204
Accumulated amortization	(4,446)	(3,720)
Total	5,758	6,484
Noncompete Agreements
Acquired intangible assets:
Gross carrying value	780	780
Accumulated amortization	$ (780)	$ (780)

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OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OTHER INTANGIBLE ASSETS
Amortization expense recognized on intangible assets	$ 349	$ 430	$ 726	$ 1,016

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OTHER INTANGIBLE ASSETS - Estimated amortization expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
OTHER INTANGIBLE ASSETS
2023	$ 699
2024	1,163
2025	958
2026	795
2027	664
Thereafter	1,479
Total	$ 5,758	$ 6,484

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FHLBNY ADVANCES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Contractual Maturity, Amount
2023/2024	$ 575,000	$ 1,100,000
2024	698,000	36,000
Federal Home Loan Bank of New York
Contractual Maturity, Amount
Overnight, fixed rate at 5.31%	175,000
2023	575,000
2023/2024	650,000	1,095,000
2027	36,000	36,000
2028	12,000
Total FHLBNY advances, amount	$ 1,448,000	$ 1,131,000
Minimum
Contractual Maturity, Weighted Average Rate
2023	5.18%	3.85%
2024	4.85%
Maximum
Contractual Maturity, Weighted Average Rate
2023	5.64%	4.75%
2024	5.16%
Weighted Average Rate
Contractual Maturity, Weighted Average Rate
Overnight, fixed rate at 5.31% (as a percent)	5.31%
2027	4.25%	4.25%
2028	4.04%
Weighted Average Rate | Federal Home Loan Bank of New York
Contractual Maturity, Weighted Average Rate
Overnight, fixed rate at 5.31% (as a percent)	5.31%	4.56%
2023	5.32%
2024	5.00%
2027	4.25%	4.25%
2028	4.04%
Total FHLBNY advances, Weighted Average Rate (as a percent)	5.14%	4.55%

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FHLBNY ADVANCES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLBNY advances with an overnight contractual maturity	$ 175.0		$ 175.0		$ 0
Federal Home Loan Bank of New York
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Borrowings total	$ 1,450,000,000		$ 1,450,000,000		$ 1,130,000,000
Average interest rate on outstanding FHLBNY	5.14%		5.14%		4.55%
Borrowings	$ 4,140,000,000		$ 4,140,000,000		$ 4,130,000,000
Callable advances	0		0
Extinguishment of debt	$ 0	$ 0	$ 0	$ 0

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SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 30, 2022	May 06, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 15, 2022
Debt Instrument [Line Items]
Subordinated notes payable, net			$ 200,200		$ 200,200		$ 200,300
Interest expense related to the subordinated debt			$ 2,600	$ 3,300	$ 5,100	$ 5,500
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes)
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 160,000
Date after debt becomes callable		May 15, 2027
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes) | Prior to May 15, 2027
Debt Instrument [Line Items]
Fixed annual interest rate		5.00%
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes) | On or after August 15, 2027 | SOFR
Debt Instrument [Line Items]
Basis points added to benchmark rate		2.18%
Fixed to Floating Rate Subordinated Notes Due 2027 (4.50%)
Debt Instrument [Line Items]
Fixed annual interest rate								4.50%
Net proceeds of the offering for the repayment								$ 115,000
Write-off of debt issuance costs	$ 740
Fixed to Floating Rate Subordinated Notes Due 2025 (5.25%)
Debt Instrument [Line Items]
Fixed annual interest rate	5.25%			5.25%		5.25%
Net proceeds of the offering for the repayment	$ 40,000			$ 40,000		$ 40,000

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RETIREMENT AND POSTRETIREMENT PLANS - Net periodic benefit (credit) cost for the Employee Retirement Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other	Other
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other	Other
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other	Other
BNB Bank Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 175	$ 267	$ 350	$ 535
Interest cost	330	195	660	390
Expected return on plan assets	(688)	(857)	(1,375)	(1,715)
Net periodic credit	(183)	(395)	(365)	(790)
Employee Retirement Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	222	155	445	310
Expected return on plan assets	(382)	(490)	(765)	(980)
Amortization of unrealized loss	147	63	295	125
Net periodic credit	(13)	$ (272)	(25)	$ (545)
RETIREMENT PLANS
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 0		$ 0

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RETIREMENT AND POSTRETIREMENT PLANS - 401(K) Plan - (Details) - 401 K Plan - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Maximum contribution by employee, for the calendar year			$ 22,500
Percentage of match for first 1% of employee contributions			100.00%
Percentage of employee contribution on which 100% match by employer			1.00%
Percentage of match on next 1% of employee contributions			50.00%
Common stock within the accounts of participants	$ 4,300,000		$ 4,300,000
Total expense recognized as a component of salaries and employee benefits expense	$ 582,000	$ 530,000	$ 1,500,000	$ 1,300,000
Maximum
Defined Benefit Plan Disclosure [Line Items]
Percentage of employee contribution on which 50% match by employer			6.00%
Maximum Percentage of participating employee contribution			3.50%

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STOCK-BASED COMPENSATION (Details)	Jun. 30, 2023 shares
2021 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares reserved for issuance	681,061

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STOCK-BASED COMPENSATION - Stock Option Awards (Details) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Options Activity
Options outstanding, beginning of period (in shares) | shares	92,137
Options outstanding, end of period (in shares) | shares	92,137	92,137
Options vested and exercisable, end of period (in shares) | shares	92,137
Weighted-Average Exercise Price [Abstract]
Options outstanding, beginning of period (in dollars per share) | $ / shares	$ 35.39
Options outstanding, end of period (in dollars per share) | $ / shares	35.39	$ 35.39
Options vested and exercisable. end of period (in dollars per share) | $ / shares	$ 35.39
Weighted-Average Remaining Contractual Years
Options outstanding	5 years 8 months 12 days	6 years 2 months 12 days
Options vested and exercisable	5 years 8 months 12 days
Aggregate Intrinsic Value [Abstract]
Options outstanding | $	$ 0	$ 0
Options vested and exercisable | $	$ 0

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STOCK-BASED COMPENSATION - Stock Option Awards Exercise Price Range (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
$34.87
STOCK-BASED COMPENSATION
Exercise Prices	$ 34.87
$35.35
STOCK-BASED COMPENSATION
Exercise Prices	35.35
$36.19
STOCK-BASED COMPENSATION
Exercise Prices	36.19
Employee Stock Option [Member]
STOCK-BASED COMPENSATION
Exercise Prices	$ 35.39	$ 35.39
Outstanding Options, Amount	92,137	92,137
Outstanding Options, Weighted Average Contractual Years Remaining	5 years 8 months 12 days	6 years 2 months 12 days
Vested Options, Amount	92,137
Vested Options, Weighted Average Contractual Years Remaining	5 years 8 months 12 days
Employee Stock Option [Member] | $34.87
STOCK-BASED COMPENSATION
Outstanding Options, Amount	35,671
Outstanding Options, Weighted Average Contractual Years Remaining	6 years 7 months 6 days
Vested Options, Amount	35,671
Vested Options, Weighted Average Contractual Years Remaining	6 years 7 months 6 days
Employee Stock Option [Member] | $35.35
STOCK-BASED COMPENSATION
Outstanding Options, Amount	32,079
Outstanding Options, Weighted Average Contractual Years Remaining	5 years 7 months 6 days
Vested Options, Amount	32,079
Vested Options, Weighted Average Contractual Years Remaining	5 years 7 months 6 days
Employee Stock Option [Member] | $36.19
STOCK-BASED COMPENSATION
Outstanding Options, Amount	24,387
Outstanding Options, Weighted Average Contractual Years Remaining	4 years 7 months 6 days
Vested Options, Amount	24,387
Vested Options, Weighted Average Contractual Years Remaining	4 years 7 months 6 days

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STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - Restricted Stock Awards - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Awards [Abstract]
Unrecognized compensation cost	$ 9,000		$ 9,000
Weighted average remaining years for which compensation expense is to be recognized			2 years
Number of Shares
Unvested allocated shares outstanding, beginning of period (in shares)			350,758
Shares granted (in shares)			201,590
Shares vested (in shares)			(120,353)
Shares forfeited (in shares)			(2,127)
Unvested allocated shares outstanding, end of period (in shares)	429,868		429,868
Weighted-Average Grant-Date Fair Value [Abstract]
Unvested allocated shares outstanding, beginning of period (in dollars per share)			$ 28.63
Shares granted (in dollars per share)			26.16
Shares vested (in dollars per share)			28.91
Shares forfeited (in dollars per share)			27.31
Unvested allocated shares outstanding, end of period (in dollars per share)	$ 27.40		$ 27.40
Information Related to RSAs
Compensation expense recognized	$ 1,262	$ 764	$ 2,320	$ 1,788
Income tax (expense) benefit recognized on vesting of RSAs	$ (99)	$ 34	$ (112)	$ 188

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STOCK-BASED COMPENSATION - Performance Based Equity Awards (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Performance Based Equity Awards [Abstract]
Percentage of threshold target for each award eligible to be earned based on relative performance			50.00%
Percentage of target for each award eligible to be earned based on relative performance			100.00%
Percentage of maximum target for each award eligible to be earned based on relative performance			150.00%
Award vesting period			3 years
Number of Shares
Shares granted, Number of Shares			92,566
Shares forfeited (in shares)			(13,632)
Minimum aggregate share payout, Number of Shares			0
Expected aggregate share payout, Number of Shares			148,663
Weighted-Average Grant-Date Fair Value [Abstract]
Shares granted, Weighted-Average Grant-Date Fair Value			$ 16.97
Shares forfeited, Weighted-Average Grant-Date Fair Value			33.67
Minimum aggregate share payout, Weighted-Average Grant-Date Fair Value			0
Expected aggregate share payout, Weighted-Average Grant-Date Fair Value			$ 21.98
Information Related to Stock Awards
Compensation expense recognized	$ 95	$ 182	$ 340	$ 377
Income tax expense recognized on vesting of PSAs			(15)
Unrecognized compensation cost	$ 2,000		$ 2,000
Weighted average remaining years for which compensation expense is to be recognized			2 years
Maximum
Number of Shares
Maximum aggregate share payout beginning balance, Number of Shares			95,831
Maximum aggregate share payout ending balance, Number of Shares	174,765		174,765
Weighted-Average Grant-Date Fair Value [Abstract]
Maximum aggregate share payout beginning balance, Weighted-Average Grant-Date Fair Value			$ 30.35
Maximum aggregate share payout ending balance, Weighted-Average Grant-Date Fair Value	$ 23.00		$ 23.00

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INCOME TAXES (Details) - item	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Effective tax rate	26.80%	28.40%	26.80%	28.30%
Number of significant and unusual income tax items in the period	0	0	0	0

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,498	$ 37,303	$ 38,485	$ 34,531	$ 64,801	$ 73,016

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false