CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

26. CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

The following statements of financial condition as of December 31, 2023 and 2022, and the related statements of operations and cash flows for the years ended December 31, 2023, 2022 and 2021, reflect the Holding Company’s investment in its wholly-owned subsidiary, the Bank, using, as deemed appropriate, the equity method of accounting:

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF FINANCIAL CONDITION

	December 31,
(In thousands)	2023		2022
ASSETS:
Cash and due from banks	$	35,114	$	25,009
Securities available-for-sale, at fair value		2,693		2,489
Investment in subsidiaries		1,395,526		1,348,962
Other assets		4,401		4,389
Total assets	$	1,437,734	$	1,380,849
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Subordinated debt, net	$	200,196	$	200,283
Other liabilities		11,313		10,983
Stockholders’ equity		1,226,225		1,169,583
Total liabilities and stockholders’ equity	$	1,437,734	$	1,380,849

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME ⁽¹⁾

	Year Ended December 31,
(In thousands)	2023		2022		2021
Net interest loss	$	(9,942)	$	(10,394)	$	(8,427)
Dividends received from Bank		60,000		95,000		20,000
Non-interest income		—		—		136
Non-interest expense		(1,066)		(1,720)		(4,361)
Income before income taxes and equity in undistributed earnings of direct subsidiaries		48,992		82,886		7,348
Income tax credit		7,822		4,001		4,051
Income before equity in undistributed earnings of direct subsidiaries		56,814		86,887		11,399
Equity in undistributed earnings of subsidiaries		39,280		65,669		92,597
Net income	$	96,094	$	152,556	$	103,996

(1) Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2023, 2022 and 2021.

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(In thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	96,094	$	152,556	$	103,996
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of direct subsidiaries		(39,280)		(65,669)		(92,597)
Net gain on marketable equity securities		—		—		(131)
Net accretion		(87)		(111)		(157)
Loss on extinguishment of debt		—		740		—
(Increase) decrease in other assets		(62)		(104)		761
(Decrease) increase in other liabilities		(931)		(1,096)		269
Net cash provided by operating activities		55,734		86,316		12,141
Cash flows from investing activities:
Proceeds sales of marketable equity securities		—		—		6,101
Purchases of securities available-for-sale		—		—		(3,000)
Net cash received in business combination		—		—		11,545
Net cash provided by investing activities		—		—		14,646
Cash flows from financing activities:
Proceeds from subordinated debentures issuance, net		—		157,559		—
Redemption of subordinated debentures		—		(155,000)		—
Proceeds from exercise of stock options		—		—		431
Release of stock for benefit plan awards		1,164		1,167		1,153
Payments related to tax withholding for equity awards		(1,258)		(1,558)		(111)
BMP ESOP shares received to satisfy distribution of retirement benefits		—		—		(993)
Treasury shares repurchased		(947)		(46,762)		(59,280)
Cash dividends paid to preferred stockholders		(7,286)		(7,286)		(7,286)
Cash dividends paid to common stockholders		(37,302)		(36,791)		(39,351)
Net cash used in financing activities		(45,629)		(88,671)		(105,437)
Net increase (decrease) in cash and due from banks		10,105		(2,355)		(78,650)
Cash and due from banks, beginning of period		25,009		27,364		106,014
Cash and due from banks, end of period	$	35,114	$	25,009	$	27,364