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Kevin M. O’Connor
President and Chief Executive Officer Bridge Bancorp, Inc. |
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Kenneth J. Mahon
Chief Executive Officer Dime Community Bancshares, Inc. |
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Bridge Bancorp, Inc.
898 Veterans Memorial Highway, Suite 560 Hauppauge, New York 11788 Attention: Howard H. Nolan Telephone: 631-537-1000 |
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Dime Community Bancshares, Inc.
300 Cadman Plaza West, 8th Floor Brooklyn, New York 11201 Attention: Patricia M. Schaubeck Telephone: 718-782-6200 |
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Bridge
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| | Dime | |
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Shareholders should contact:
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| | Shareholders should contact: | |
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Equiniti Services Company
1-833-503-4127 |
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Equiniti Services Company
1-833-503-4129 |
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Bridge
Common Stock |
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Dime
Common Stock |
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Implied Value of
One Share of Dime Common Stock |
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June 30, 2020
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| | | $ | 22.84 | | | | | $ | 13.73 | | | | | $ | 14.80 | | |
October 12, 2020
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| | | $ | 19.62 | | | | | $ | 12.64 | | | | | $ | 12.71 | | |
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At June 30,
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At December 31,
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2020
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2019
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2019
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2018
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2017
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2016
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2015
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(in thousands)
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Selected Financial Data:
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available for sale, at fair value
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| | | $ | 537,746 | | | | | $ | 642,897 | | | | | $ | 638,291 | | | | | $ | 680,886 | | | | | $ | 759,916 | | | | | $ | 819,722 | | | | | $ | 800,203 | | |
Securities, restricted
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| | | | 28,987 | | | | | | 24,104 | | | | | | 32,879 | | | | | | 24,028 | | | | | | 35,349 | | | | | | 34,743 | | | | | | 24,788 | | |
Securities, held to maturity
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| | | | 111,307 | | | | | | 144,716 | | | | | | 133,638 | | | | | | 160,163 | | | | | | 180,866 | | | | | | 223,237 | | | | | | 208,351 | | |
Loans held for sale
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| | | | 10,000 | | | | | | 12,643 | | | | | | 12,643 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loans held for investment
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| | | | 4,620,828 | | | | | | 3,430,023 | | | | | | 3,680,285 | | | | | | 3,275,811 | | | | | | 3,102,752 | | | | | | 2,600,440 | | | | | | 2,410,774 | | |
Total assets
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| | | | 6,150,664 | | | | | | 4,714,535 | | | | | | 4,921,520 | | | | | | 4,700,744 | | | | | | 4,430,002 | | | | | | 4,054,570 | | | | | | 3,781,959 | | |
Total deposits
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| | | | 5,080,419 | | | | | | 3,836,576 | | | | | | 3,814,647 | | | | | | 3,886,393 | | | | | | 3,334,543 | | | | | | 2,926,009 | | | | | | 2,843,625 | | |
Total shareholders’ equity
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| | | | 502,621 | | | | | | 475,205 | | | | | | 497,154 | | | | | | 453,830 | | | | | | 429,200 | | | | | | 407,987 | | | | | | 341,128 | | |
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For the six months ended
June 30, |
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For the Years Ended
December 31, |
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2020
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2019
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2019
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2018
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2017
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2016
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2015
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(in thousands, except per share and ratio amounts)
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Selected Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest income
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| | | $ | 90,452 | | | | | $ | 90,867 | | | | | $ | 181,541 | | | | | $ | 168,984 | | | | | $ | 149,849 | | | | | $ | 137,716 | | | | | $ | 106,240 | | |
Total interest expense
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| | | | 13,370 | | | | | | 21,027 | | | | | | 39,338 | | | | | | 32,204 | | | | | | 22,689 | | | | | | 16,845 | | | | | | 10,129 | | |
Net interest income
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| | | | 77,082 | | | | | | 69,840 | | | | | | 142,203 | | | | | | 136,780 | | | | | | 127,160 | | | | | | 120,871 | | | | | | 96,111 | | |
Provisions for loan losses
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| | | | 9,500 | | | | | | 4,100 | | | | | | 5,700 | | | | | | 1,800 | | | | | | 14,050 | | | | | | 5,550 | | | | | | 4,000 | | |
Net interest income after provision for loan losses
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| | | | 67,582 | | | | | | 65,740 | | | | | | 136,503 | | | | | | 134,980 | | | | | | 113,110 | | | | | | 115,321 | | | | | | 92,111 | | |
Total non-interest income
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| | | | 7,469 | | | | | | 10,717 | | | | | | 25,387 | | | | | | 11,568 | | | | | | 18,102 | | | | | | 16,046 | | | | | | 12,668 | | |
Total non-interest expense
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| | | | 49,242 | | | | | | 46,603 | | | | | | 96,139 | | | | | | 98,180 | | | | | | 91,727 | | | | | | 77,081 | | | | | | 72,890 | | |
Income before income taxes
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| | | | 25,809 | | | | | | 29,854 | | | | | | 65,751 | | | | | | 48,368 | | | | | | 39,485 | | | | | | 54,286 | | | | | | 31,889 | | |
Income tax expense
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| | | | 5,805 | | | | | | 6,274 | | | | | | 14,060 | | | | | | 9,141 | | | | | | 18,946 | | | | | | 18,795 | | | | | | 10,778 | | |
Net income(1)(2)(3)(4)
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| | | $ | 20,004 | | | | | $ | 23,580 | | | | | $ | 51,691 | | | | | $ | 39,227 | | | | | $ | 20,539 | | | | | $ | 35,491 | | | | | $ | 21,111 | | |
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For the six months ended
June 30, |
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For the Years Ended
December 31, |
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2020
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2019
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2019
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2018
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2017
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2016
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2015
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Selected Financial Ratios and Other Data:
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Return on average equity(1)(2)(3)(4)
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| | | | 8.03% | | | | | | 10.22% | | | | | | 10.84% | | | | | | 8.66% | | | | | | 4.64% | | | | | | 9.82% | | | | | | 7.91% | | |
Return on average assets(1)(2)(3)(4)
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| | | | 0.74 | | | | | | 1.01 | | | | | | 1.10 | | | | | | 0.87 | | | | | | 0.49 | | | | | | 0.92 | | | | | | 0.71 | | |
Average equity to average assets
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| | | | 8.4 | | | | | | 9.7 | | | | | | 10.11 | | | | | | 10.08 | | | | | | 10.53 | | | | | | 9.38 | | | | | | 9.01 | | |
Dividend payout ratio(1)(2)(3)(4)
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| | | | 47.99 | | | | | | 39.02 | | | | | | 35.63 | | | | | | 46.76 | | | | | | 88.80 | | | | | | 45.48 | | | | | | 63.55 | | |
Basic earnings per share(1)(2)(3)(4)
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| | | $ | 1.01 | | | | | $ | 1.18 | | | | | $ | 2.59 | | | | | $ | 1.97 | | | | | $ | 1.04 | | | | | $ | 2.01 | | | | | $ | 1.43 | | |
Diluted earnings per share(1)(2)(3)(4)
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| | | | 1.00 | | | | | | 1.18 | | | | | | 2.59 | | | | | | 1.97 | | | | | | 1.04 | | | | | | 2.00 | | | | | | 1.43 | | |
Cash dividends declared per common
share |
| | | | 0.48 | | | | | | 0.46 | | | | | | 0.92 | | | | | | 0.92 | | | | | | 0.92 | | | | | | 0.92 | | | | | | 0.92 | | |
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At June 30,
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At December 31,
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2020
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2019
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2019
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2018
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2017
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2016
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2015
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(in thousands)
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Selected Financial Condition
Data: |
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Total assets
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| | | $ | 6,467,521 | | | | | $ | 6,498,362 | | | | | $ | 6,354,460 | | | | | $ | 6,320,578 | | | | | $ | 6,403,460 | | | | | $ | 6,005,430 | | | | | $ | 5,032,872 | | |
Loans and loans held for sale
(net of deferred costs or fees and the allowance for loan losses) |
| | | | 5,401,890 | | | | | | 5,514,211 | | | | | | 5,312,597 | | | | | | 5,373,133 | | | | | | 5,581,084 | | | | | | 5,615,886 | | | | | | 4,678,262 | | |
Mortgage-backed
securities |
| | | | 464,279 | | | | | | 409,510 | | | | | | 502,464 | | | | | | 466,605 | | | | | | 351,384 | | | | | | 3,558 | | | | | | 431 | | |
Investment securities (including Federal Home Loan Bank of New York (“FHLB”) capital
stock) |
| | | | 135,740 | | | | | | 130,008 | | | | | | 110,444 | | | | | | 99,498 | | | | | | 66,417 | | | | | | 60,670 | | | | | | 77,912 | | |
Goodwill
|
| | | | 55,638 | | | | | | 55,638 | | | | | | 55,638 | | | | | | 55,638 | | | | | | 55,638 | | | | | | 55,638 | | | | | | 55,638 | | |
Deposits
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| | | | 4,438,412 | | | | | | 4,435,536 | | | | | | 4,282,625 | | | | | | 4,356,754 | | | | | | 4,403,447 | | | | | | 4,395,426 | | | | | | 3,184,310 | | |
Borrowings
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| | | | 1,136,279 | | | | | | 1,287,032 | | | | | | 1,316,156 | | | | | | 1,239,109 | | | | | | 1,283,612 | | | | | | 901,805 | | | | | | 1,237,405 | | |
Shareholders’ equity
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| | | | 681,543 | | | | | | 608,701 | | | | | | 596,758 | | | | | | 602,081 | | | | | | 598,567 | | | | | | 565,868 | | | | | | 493,947 | | |
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For the six months ended
June 30, |
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For the Years Ended
December 31, |
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2020
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2019
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2019
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2018
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2017
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2016
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2015
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(Dollars in thousands, except per share and ratio data)
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Selected Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
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| | | $ | 117,539 | | | | | $ | 117,646 | | | | | $ | 238,268 | | | | | $ | 221,710 | | | | | $ | 212,096 | | | | | $ | 195,627 | | | | | $ | 174,791 | | |
Interest expense
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| | | | 33,459 | | | | | | 45,818 | | | | | | 90,847 | | | | | | 75,384 | | | | | | 59,366 | | | | | | 52,141 | | | | | | 46,227 | | |
Net interest income
|
| | | | 84,080 | | | | | | 71,828 | | | | | | 147,421 | | | | | | 146,326 | | | | | | 152,730 | | | | | | 143,486 | | | | | | 128,564 | | |
Provision (credit) for loan losses
|
| | | | 14,072 | | | | | | (128) | | | | | | 17,340 | | | | | | 2,244 | | | | | | 520 | | | | | | 2,118 | | | | | | (1,330) | | |
Net interest income after provision
(credit) for loan losses |
| | | | 70,008 | | | | | | 71,956 | | | | | | 130,081 | | | | | | 144,082 | | | | | | 152,210 | | | | | | 141,368 | | | | | | 129,894 | | |
Non-interest income
|
| | | | 12,622 | | | | | | 5,180 | | | | | | 12,168 | | | | | | 9,523 | | | | | | 21,514 | | | | | | 75,934 | | | | | | 8,616 | | |
Non-interest expense
|
| | | | 55,386 | | | | | | 44,348 | | | | | | 95,387 | | | | | | 86,890 | | | | | | 84,986 | | | | | | 83,831 | | | | | | 62,493 | | |
Income before income tax
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| | | | 27,244 | | | | | | 32,778 | | | | | | 46,862 | | | | | | 66,715 | | | | | | 88,738 | | | | | | 133,471 | | | | | | 76,017 | | |
Income tax expense
|
| | | | 5,886 | | | | | | 8,252 | | | | | | 10,676 | | | | | | 15,427 | | | | | | 36,856 | | | | | | 60,957 | | | | | | 31,245 | | |
Net income(1)(2)(3)(4)
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| | | $ | 21,358 | | | | | $ | 24,536 | | | | | $ | 36,186 | | | | | $ | 51,288 | | | | | $ | 51,882 | | | | | $ | 72,514 | | | | | $ | 44,772 | | |
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For the six months ended
June 30, |
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For the Years Ended
December 31, |
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2020
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2019
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2019
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2018
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2017
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2016
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2015
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Selected Financial Ratios and Other
Data(1): |
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Return on average assets
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| | | | 0.68% | | | | | | 0.77% | | | | | | 0.57% | | | | | | 0.82% | | | | | | 0.84% | | | | | | 1.31% | | | | | | 0.96% | | |
Return on average shareholders’ equity
|
| | | | 6.68 | | | | | | 8.10 | | | | | | 5.96 | | | | | | 8.44 | | | | | | 8.94 | | | | | | 13.40 | | | | | | 9.40 | | |
Shareholders’ equity to total assets
at end of period |
| | | | 10.54 | | | | | | 9.37 | | | | | | 9.39 | | | | | | 9.53 | | | | | | 9.35 | | | | | | 9.42 | | | | | | 9.81 | | |
Loans to deposits at end of
period |
| | | | 122.67 | | | | | | 124.71 | | | | | | 124.70 | | | | | | 123.80 | | | | | | 127.22 | | | | | | 128.23 | | | | | | 147.50 | | |
Loans to interest-earning assets at end of period
|
| | | | | | | | | | | | | | | | 85.98 | | | | | | 87.01 | | | | | | 89.20 | | | | | | 95.92 | | | | | | 95.98 | | |
Net interest spread(2)
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| | | | 2.53 | | | | | | 2.05 | | | | | | 2.12 | | | | | | 2.20 | | | | | | 2.38 | | | | | | 2.52 | | | | | | 2.72 | | |
Net interest margin(3)
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| | | | 2.79 | | | | | | 2.35 | | | | | | 2.41 | | | | | | 2.41 | | | | | | 2.54 | | | | | | 2.68 | | | | | | 2.89 | | |
Average interest-earning assets to average interest-bearing
liabilities |
| | | | 122.94 | | | | | | 118.80 | | | | | | 119.06 | | | | | | 117.47 | | | | | | 116.55 | | | | | | 116.85 | | | | | | 116.64 | | |
Non-interest expense to average assets
|
| | | | 1.76 | | | | | | 1.39 | | | | | | 1.50 | | | | | | 1.38 | | | | | | 1.37 | | | | | | 1.51 | | | | | | 1.34 | | |
Efficiency ratio(4)
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| | | | 59.18 | | | | | | 57.80 | | | | | | 59.98 | | | | | | 56.14 | | | | | | 53.24 | | | | | | 55.48 | | | | | | 45.98 | | |
Effective tax rate
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| | | | 21.60 | | | | | | 25.17 | | | | | | 22.78 | | | | | | 23.12 | | | | | | 41.53 | | | | | | 45.67 | | | | | | 41.10 | | |
Dividend payout ratio
|
| | | | 47.46 | | | | | | 41.18 | | | | | | 55.45 | | | | | | 40.58 | | | | | | 40.58 | | | | | | 28.43 | | | | | | 45.53 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share
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| | | $ | 0.59 | | | | | $ | 0.68 | | | | | $ | 1.01 | | | | | $ | 1.38 | | | | | $ | 1.38 | | | | | $ | 1.97 | | | | | $ | 1.23 | | |
Cash dividends paid per share
|
| | | | 0.28 | | | | | | 0.28 | | | | | | 0.56 | | | | | | 0.56 | | | | | | 0.56 | | | | | | 0.56 | | | | | | 0.56 | | |
Book value per share(5)
|
| | | | 17.07 | | | | | | 16.96 | | | | | | 16.98 | | | | | | 16.68 | | | | | | 16.00 | | | | | | 15.11 | | | | | | 13.22 | | |
Asset Quality Ratios and Other Data(1):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs (recoveries)
|
| | | $ | 21 | | | | | $ | 520 | | | | | $ | 10,681 | | | | | $ | 1,495 | | | | | $ | 23 | | | | | $ | 97 | | | | | $ | (1,351) | | |
Total non-performing loans
|
| | | | 15,383 | | | | | | 2,538 | | | | | | 11,091 | | | | | | 2,345 | | | | | | 533 | | | | | | 4,327 | | | | | | 1,611 | | |
OREO
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 148 | | |
Non-performing pooled trust preferred securities (“TRUP CDOs”)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,270 | | | | | | 1,236 | | |
Total non-performing assets
|
| | | | 15,383 | | | | | | 2,538 | | | | | | 11,091 | | | | | | 2,345 | | | | | | 533 | | | | | | 5,507 | | | | | | 2,995 | | |
Non-performing loans to total loans
|
| | | | 0.28% | | | | | | 0.05% | | | | | | 0.21% | | | | | | 0.04% | | | | | | 0.01% | | | | | | 0.08% | | | | | | 0.03% | | |
Non-performing assets to total assets
|
| | | | 0.24 | | | | | | 0.04 | | | | | | 0.17 | | | | | | 0.04 | | | | | | 0.01 | | | | | | 0.09 | | | | | | 0.06 | | |
Allowance for Loan Losses to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-performing loans
|
| | | | 276.23 | | | | | | 832.70 | | | | | | 256.43 | | | | | | 928.87 | | | | | | 3,946.15% | | | | | | 484,68% | | | | | | 1,149.22% | | |
Total loans(6)
|
| | | | 0.78 | | | | | | 0.38 | | | | | | 0.53 | | | | | | 0.40 | | | | | | 0.38 | | | | | | 0.36 | | | | | | 0.39 | | |
Regulatory Capital Ratios: (Bank only)(1)(7)
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 common equity ratio
|
| | | | 12.97% | | | | | | 12.14% | | | | | | 12.85% | | | | | | 13.34% | | | | | | 12.38% | | | | | | 11.60% | | | | | | 11.55% | | |
Tier 1 capital ratio
|
| | | | 12.97 | | | | | | 12.14 | | | | | | 12.85 | | | | | | 13.34 | | | | | | 12.38 | | | | | | 11.60 | | | | | | 11.55 | | |
Total risk-based ratio
|
| | | | 13.85 | | | | | | 12.56 | | | | | | 13.44 | | | | | | 13.80 | | | | | | 12.83 | | | | | | 12.05 | | | | | | 12.03 | | |
Tier 1 leverage ratio
|
| | | | 9.98 | | | | | | 9.77 | | | | | | 10.15 | | | | | | 10.31 | | | | | | 9.32 | | | | | | 8.95 | | | | | | 9.17 | | |
Full Service Branches
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| | | | | | | | | | | | | | | | 29 | | | | | | 29 | | | | | | 28 | | | | | | 25 | | | | | | 25 | | |
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Bridge Bancorp, Inc. Ownership and
Market Value Table (Pro Forma) |
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Number of
Bridge Outstanding shares (in thousands) |
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Percentage
Ownership |
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Market Value at
$20.89 Bridge Share Price (in thousands) |
| |||||||||
Current Bridge Shareholders
|
| | | | 19,734 | | | | | | 47.9% | | | | | $ | 412,244 | | |
Current Dime Shareholders
|
| | | | 21,442 | | | | | | 52.1% | | | | | | 447,924 | | |
Total
|
| | | | 41,176 | | | | | | 100.0% | | | | | $ | 860,168 | | |
| | |
Hypothetical Dime Ownership
|
| |||||||||
| | |
Number of Dime
Outstanding Shares (in thousands) |
| |
Percentage
Ownership |
| ||||||
Current Bridge Shareholders
|
| | | | 30,454 | | | | | | 47.9% | | |
Current Dime Shareholders
|
| | | | 33,090 | | | | | | 52.1% | | |
Total
|
| | | | 63,543 | | | | | | 100.0% | | |
|
Number of hypothetical Dime shares issued to Bridge Shareholders
|
| | | | 30,454 | | |
|
Dime market price per share as of August 24, 2020
|
| | | $ | 13.28 | | |
|
Purchase price determination of hypothetical Dime shares issued to Bridge Shareholders
|
| | | $ | 404,426 | | |
|
Value of Bridge stock options hypothetically converted to options to acquire shares of Dime common stock
|
| | | | 704 | | |
|
Purchase price consideration
|
| | | $ | 405,130 | | |
| | |
At June 30, 2020
|
| |||
| | |
(In thousands)
|
| |||
Pro forma combined balance sheet data: | | | | | | | |
Investment securities
|
| | | $ | 1,198,862 | | |
Loans held for investment
|
| | | | 10,033,866 | | |
Total assets
|
| | | | 12,480,678 | | |
Total deposits
|
| | | | 9,609,678 | | |
Total stockholders’ equity
|
| | | | 1,044,189 | | |
| | |
Six Months Ended
June 30, 2020 |
| |
Year Ended
December 31, 2019 |
| ||||||
| | |
(In thousands, except per share data)
|
| |||||||||
Pro forma combined income statement data: | | | | | | | | | | | | | |
Total interest income
|
| | | $ | 203,215 | | | | | $ | 409,605 | | |
Total interest expense
|
| | | | 48,430 | | | | | | 133,386 | | |
Net interest income
|
| | | | 154,785 | | | | | | 276,219 | | |
Provision for loan losses
|
| | | | 23,572 | | | | | | 23,040 | | |
Net interest income after provision for loan losses
|
| | | | 131,213 | | | | | | 253,179 | | |
Total non-interest income
|
| | | | 20,091 | | | | | | 37,555 | | |
Total non-interest expense
|
| | | | 103,402 | | | | | | 192,390 | | |
Income before income taxes
|
| | | | 47,902 | | | | | | 98,344 | | |
Income tax expense
|
| | | | 12,455 | | | | | | 25,569 | | |
Net income
|
| | | $ | 35,447 | | | | | $ | 72,775 | | |
Participating securities
|
| | | | 526 | | | | | | 1,280 | | |
Preferred stock dividends
|
| | | | 1,140 | | | | | | — | | |
Net income available to common stockholders
|
| | | $ | 33,781 | | | | | $ | 71,495 | | |
Pro forma per share data: | | | | | | | | | | | | | |
Basic earnings per share
|
| | | $ | 0.81 | | | | | $ | 1.71 | | |
Diluted earnings per share
|
| | | $ | 0.81 | | | | | $ | 1.71 | | |
| | |
Bridge at
June 30, 2020 |
| |
Dime at
June 30, 2020 |
| |
Adjustments
|
| |
Pro Forma Combined at
June 30, 2020 |
| ||||||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| | | | | | | |||||||||||||||
Cash and cash equivalents
|
| | | $ | 489,781 | | | | | $ | 117,013 | | | | | $ | (42,484)(1) | | | | | $ | 564,310 | | |
Total investment securities
|
| | | | 649,053 | | | | | | 547,714 | | | | | | 2,095(2) | | | | | | 1,198,862 | | |
Loans held for sale
|
| | | | 10,000 | | | | | | 1,794 | | | | | | — | | | | | | 11,794 | | |
Loans held for investment
|
| | | | 4,620,828 | | | | | | 5,444,382 | | | | | | (31,344)(3) | | | | | | 10,033,866 | | |
Allowance for loan losses
|
| | | | (43,401)(4) | | | | | | (42,492)(5) | | | | | | 43,401(6) | | | | | | (42,492) | | |
Loans, net
|
| | | | 4,577,427 | | | | | | 5,401,890 | | | | | | 12,057 | | | | | | 9,991,374 | | |
Premises and equipment, net
|
| | | | 34,495 | | | | | | 21,423 | | | | | | — | | | | | | 55,918 | | |
Operating lease right-of-use assets
|
| | | | 40,434 | | | | | | 36,813 | | | | | | — | | | | | | 77,247 | | |
Accrued interest receivable
|
| | | | 15,367 | | | | | | 27,506 | | | | | | — | | | | | | 42,873 | | |
Goodwill
|
| | | | 105,950 | | | | | | 55,638 | | | | | | (103,968)(7) | | | | | | 57,620 | | |
Other intangible assets
|
| | | | 3,298 | | | | | | — | | | | | | 7,343(8) | | | | | | 10,641 | | |
Prepaid pension
|
| | | | 12,659 | | | | | | — | | | | | | — | | | | | | 12,659 | | |
Bank owned life insurance
|
| | | | 92,808 | | | | | | 154,036 | | | | | | — | | | | | | 246,844 | | |
Other assets
|
| | | | 119,392 | | | | | | 103,694 | | | | | | (12,550)(9) | | | | | | 210,536 | | |
Total Assets
|
| | | $ | 6,150,664 | | | | | $ | 6,467,521 | | | | | $ | (137,507) | | | | | $ | 12,480,678 | | |
Total deposits
|
| | | $ | 5,080,419 | | | | | $ | 4,526,058 | | | | | $ | 3,201(10) | | | | | $ | 9,609,678 | | |
Subordinated debentures, net
|
| | | | 78,990 | | | | | | 113,979 | | | | | | — | | | | | | 192,969 | | |
Other borrowings
|
| | | | 341,670 | | | | | | 1,022,300 | | | | | | — | | | | | | 1,363,970 | | |
Operating lease liabilities
|
| | | | 43,131 | | | | | | 42,733 | | | | | | — | | | | | | 85,864 | | |
Other liabilities and accrued expenses
|
| | | | 103,833 | | | | | | 80,908 | | | | | | (733)(6) | | | | | | 184,008 | | |
Total Liabilities
|
| | | | 5,648,043 | | | | | | 5,785,978 | | | | | | 2,468 | | | | | | 11,436,489 | | |
Preferred equity
|
| | | | — | | | | | | 116,569 | | | | | | — | | | | | | 116,569 | | |
Common stock
|
| | | | 199 | | | | | | 537 | | | | | | (323)(11) | | | | | | 413 | | |
Surplus
|
| | | | 356,510 | | | | | | 278,581 | | | | | | (229,488)(12) | | | | | | 405,603 | | |
Retained earnings
|
| | | | 159,635 | | | | | | 592,497 | | | | | | (202,119)(13) | | | | | | 550,013 | | |
Treasury stock, at cost
|
| | | | (4,961) | | | | | | (283,193) | | | | | | 283,193(12) | | | | | | (4,961) | | |
Accumulated other comprehensive income
|
| | | | (8,762) | | | | | | (23,448) | | | | | | 8,762(14) | | | | | | (23,448) | | |
Total Stockholders’ Equity
|
| | | $ | 502,621 | | | | | $ | 681,543 | | | | | $ | (139,975) | | | | | $ | 1,044,189 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 6,150,664 | | | | | $ | 6,467,521 | | | | | $ | (137,507) | | | | | $ | 12,480,678 | | |
Per share information | | | | | | | | | | | | | | | | | | | | | | | | | |
Tangible common equity
|
| | | $ | 393,373 | | | | | $ | 509,336 | | | | | | | | | | | $ | 859,359 | | |
Common shares outstanding
|
| | | | 19,734 | | | | | | 33,090 | | | | | | | | | | | | 41,176 | | |
| | |
Bridge at
June 30, 2020 |
| |
Dime at
June 30, 2020 |
| |
Adjustments
|
| |
Pro Forma Combined at
June 30, 2020 |
| |||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| | | | | | | ||||||||||||
Book value per common share
|
| | | $ | 25.47 | | | | | $ | 17.07 | | | | | | | | $ | 22.53 | | |
Tangible book value per common share
|
| | | $ | 19.93 | | | | | $ | 15.39 | | | | | | | | $ | 20.87 | | |
|
Fair market value (“FMV”) adjustment to securities
|
| | | $ | 2,095 | | |
| Net FMV adjustment to loans | | | | | | | |
|
FMV on loan portfolio
|
| | | | (77,613) | | |
|
Loan rate mark
|
| | | | 26,000 | | |
|
Reverse loan deferred fees and discount
|
| | | | 20,269 | | |
|
Net FMV adjustment to loans
|
| | | | (31,344) | | |
|
Reversal of loan credit loss reserve
|
| | | | 43,401 | | |
|
Net core deposit intangible assets created
|
| | | | 7,343 | | |
|
Reversal of Bridge deferred tax asset
|
| | | | (12,934) | | |
|
Net deferred tax asset on all fair market value adjustments
|
| | | | 384 | | |
|
FMV adjustment to deposits
|
| | | | (3,201) | | |
|
Reversal of unfunded commitment credit loss reserve
|
| | | | 733 | | |
|
Total net FMV adjustments
|
| | | | 6,477 | | |
|
Bridge stockholders’ equity
|
| | | | 502,621 | | |
|
Net FMV adjustments
|
| | | | 6,477 | | |
|
Reversal of goodwill
|
| | | | (105,950) | | |
|
Bridge net assets acquired
|
| | | | 403,148 | | |
|
Hypothetical purchase price for accounting purposes
|
| | | $ | 405,130 | | |
|
Less: Bridge net assets acquired
|
| | | | 403,148 | | |
|
Goodwill created
|
| | | $ | 1,982 | | |
|
| | |
Bridge for the Six
Months Ended June 30, 2020 |
| |
Dime for the Six
Months Ended June 30, 2020 |
| |
Adjustments
|
| |
Pro Forma
Combined for the Six Months Ended June 30, 2020 |
| ||||||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| |||||||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans (including fee income)
|
| | | $ | 81,754 | | | | | $ | 108,319 | | | | | $ | (3,866)(1) | | | | | $ | 186,207 | | |
Investment securities
|
| | | | 7,574 | | | | | | 7,372 | | | | | | (910)(2) | | | | | | 14,036 | | |
Deposits with banks
|
| | | | 379 | | | | | | 189 | | | | | | — | | | | | | 568 | | |
Other interest and dividend income
|
| | | | 745 | | | | | | 1,659 | | | | | | — | | | | | | 2,404 | | |
Total interest income
|
| | | | 90,452 | | | | | | 117,539 | | | | | | (4,776) | | | | | | 203,215 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 9,265 | | | | | | 21,626 | | | | | | 1,601(3) | | | | | | 32,492 | | |
Federal funds purchased and repurchase agreements
|
| | | | 79 | | | | | | — | | | | | | — | | | | | | 79 | | |
Other borrowings
|
| | | | 1,756 | | | | | | 9,172 | | | | | | — | | | | | | 10,928 | | |
Subordinated debentures
|
| | | | 2,270 | | | | | | 2,661 | | | | | | — | | | | | | 4,931 | | |
Total interest expense
|
| | | | 13,370 | | | | | | 33,459 | | | | | | 1,601 | | | | | | 48,430 | | |
Net interest income before provision
|
| | | | 77,082 | | | | | | 84,080 | | | | | | (6,377) | | | | | | 154,785 | | |
Provision for credit losses under CECL framework
|
| | | | 9,500(4) | | | | | | — | | | | | | —(5) | | | | | | 9,500 | | |
Provision for loan losses under incurred loss
framework |
| | | | — | | | | | | 14,072(4) | | | | | | — | | | | | | 14,072 | | |
Net interest income after provision
|
| | | | 67,582 | | | | | | 70,008 | | | | | | (6,377) | | | | | | 131,213 | | |
Non-interest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges and other fees
|
| | | | 4,389 | | | | | | 2,286 | | | | | | — | | | | | | 6,675 | | |
Net securities (losses) gains
|
| | | | (15) | | | | | | 3,106 | | | | | | — | | | | | | 3,091 | | |
Change in fair value of loans
|
| | | | (2,643) | | | | | | — | | | | | | — | | | | | | (2,643) | | |
Title fees
|
| | | | 714 | | | | | | — | | | | | | — | | | | | | 714 | | |
Gain on sale of SBA loans
|
| | | | 777 | | | | | | 521 | | | | | | — | | | | | | 1,298 | | |
Bank owned life insurance
|
| | | | 1,095 | | | | | | 2,798 | | | | | | — | | | | | | 3,893 | | |
Loan swap fees
|
| | | | 2,551 | | | | | | 3,657 | | | | | | — | | | | | | 6,208 | | |
Other
|
| | | | 601 | | | | | | 254 | | | | | | — | | | | | | 855 | | |
Total non-interest income
|
| | | | 7,469 | | | | | | 12,622 | | | | | | — | | | | | | 20,091 | | |
Non-interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 29,468 | | | | | | 34,714 | | | | | | — | | | | | | 64,182 | | |
Occupancy and equipment
|
| | | | 7,019 | | | | | | 8,015 | | | | | | — | | | | | | 15,034 | | |
Technology and communications
|
| | | | 4,587 | | | | | | 4,031 | | | | | | — | | | | | | 8,618 | | |
Marketing and advertising
|
| | | | 1,791 | | | | | | 533 | | | | | | — | | | | | | 2,324 | | |
Professional services
|
| | | | 1,995 | | | | | | 819 | | | | | | — | | | | | | 2,814 | | |
FDIC assessments
|
| | | | 481 | | | | | | 1,006 | | | | | | — | | | | | | 1,487 | | |
Directors’ compensation
|
| | | | 593 | | | | | | 407 | | | | | | — | | | | | | 1,000 | | |
Amortization of other intangible assets
|
| | | | 358 | | | | | | — | | | | | | 432(6) | | | | | | 790 | | |
Other
|
| | | | 2,950 | | | | | | 5,861 | | | | | | (1,658)(7) | | | | | | 7,153 | | |
Total non-interest expense
|
| | | | 49,242 | | | | | | 55,386 | | | | | | (1,226) | | | | | | 103,402 | | |
Income before income taxes
|
| | | | 25,809 | | | | | | 27,244 | | | | | | (5,151) | | | | | | 47,902 | | |
Income tax expense
|
| | | | 5,805 | | | | | | 5,886 | | | | | | 764(8) | | | | | | 12,455 | | |
Net income
|
| | | $ | 20,004 | | | | | $ | 21,358 | | | | | $ | (5,915) | | | | | $ | 35,447 | | |
Participating securities
|
| | | | 413 | | | | | | 113 | | | | | | — | | | | | | 526 | | |
Preferred stock dividends
|
| | | | — | | | | | | 1,140 | | | | | | — | | | | | | 1,140 | | |
Net income available to common stockholders
|
| | | $ | 19,591 | | | | | $ | 20,105 | | | | | $ | (5,915) | | | | | $ | 33,781 | | |
Per share information | | | | | | | | | | | | | | | | | | | | | | | | | |
Average fully diluted shares
|
| | | | 19,527 | | | | | | 33,994 | | | | | | (11,643)(9) | | | | | | 41,878 | | |
Average basic shares
|
| | | | 19,493 | | | | | | 33,785 | | | | | | (11,434)(9) | | | | | | 41,844 | | |
| | |
Bridge for the Six
Months Ended June 30, 2020 |
| |
Dime for the Six
Months Ended June 30, 2020 |
| |
Adjustments
|
| |
Pro Forma
Combined for the Six Months Ended June 30, 2020 |
| |||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| ||||||||||||||||||
Basic earnings per share
|
| | | $ | 1.01 | | | | | $ | 0.60 | | | | | | | | $ | 0.81 | | |
Diluted earnings per share
|
| | | | 1.00 | | | | | | 0.59 | | | | | | | | | 0.81 | | |
| | |
Bridge for the
Year Ended December 31, 2019 |
| |
Dime for the
Year Ended December 31, 2019 |
| |
Adjustments
|
| |
Pro Forma Combined
for the Year Ended December 31, 2019 |
| ||||||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| |||||||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans (including fee income)
|
| | | $ | 158,228 | | | | | $ | 218,160 | | | | | $ | (8,385)(1) | | | | | $ | 368,003 | | |
Investment securities
|
| | | | 20,081 | | | | | | 14,518 | | | | | | (1,819)(2) | | | | | | 32,780 | | |
Deposits with banks
|
| | | | 1,697 | | | | | | — | | | | | | — | | | | | | 1,697 | | |
Other interest and dividend
income |
| | | | 1,535 | | | | | | 5,590 | | | | | | — | | | | | | 7,125 | | |
Total interest income
|
| | | | 181,541 | | | | | | 238,268 | | | | | | (10,204) | | | | | | 409,605 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 29,459 | | | | | | 62,079 | | | | | | 3,201(3) | | | | | | 94,739 | | |
Federal funds purchased and repurchase agreements
|
| | | | 767 | | | | | | — | | | | | | — | | | | | | 767 | | |
Other borrowings
|
| | | | 4,573 | | | | | | 23,446 | | | | | | — | | | | | | 28,019 | | |
Subordinated debentures
|
| | | | 4,539 | | | | | | 5,322 | | | | | | — | | | | | | 9,861 | | |
Total interest expense
|
| | | | 39,338 | | | | | | 90,847 | | | | | | 3,201 | | | | | | 133,386 | | |
Net interest income before provision
|
| | | | 142,203 | | | | | | 147,421 | | | | | | (13,405) | | | | | | 276,219 | | |
Provision for loan losses
|
| | | | 5,700 | | | | | | 17,340 | | | | | | —(4) | | | | | | 23,040 | | |
Net interest income after provision
|
| | | | 136,503 | | | | | | 130,081 | | | | | | (13,405) | | | | | | 253,179 | | |
Non-interest income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges and other fees
|
| | | | 10,059 | | | | | | 5,805 | | | | | | — | | | | | | 15,864 | | |
Net securities gains
|
| | | | 201 | | | | | | 562 | | | | | | — | | | | | | 763 | | |
Title fees
|
| | | | 1,720 | | | | | | — | | | | | | — | | | | | | 1,720 | | |
Gain on sale of SBA loans
|
| | | | 1,916 | | | | | | 1,540 | | | | | | — | | | | | | 3,456 | | |
Bank owned life insurance
|
| | | | 2,230 | | | | | | 2,830 | | | | | | — | | | | | | 5,060 | | |
Loan swap fees
|
| | | | 7,460 | | | | | | 910 | | | | | | — | | | | | | 8,370 | | |
Other
|
| | | | 1,801 | | | | | | 521 | | | | | | — | | | | | | 2,322 | | |
Total non-interest income
|
| | | | 25,387 | | | | | | 12,168 | | | | | | — | | | | | | 37,555 | | |
Non-interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 56,244 | | | | | | 52,097 | | | | | | — | | | | | | 108,341 | | |
Occupancy and equipment
|
| | | | 14,372 | | | | | | 16,175 | | | | | | — | | | | | | 30,547 | | |
Technology and communications
|
| | | | 7,905 | | | | | | 7,816 | | | | | | — | | | | | | 15,721 | | |
Marketing and advertising
|
| | | | 4,740 | | | | | | 1,992 | | | | | | — | | | | | | 6,732 | | |
Professional services
|
| | | | 3,797 | | | | | | 1,624 | | | | | | — | | | | | | 5,421 | | |
FDIC assessments
|
| | | | 608 | | | | | | 609 | | | | | | — | | | | | | 1,217 | | |
Directors’ compensation
|
| | | | 1,206 | | | | | | 823 | | | | | | — | | | | | | 2,029 | | |
Amortization of other intangible assets
|
| | | | 787 | | | | | | — | | | | | | 864(5) | | | | | | 1,651 | | |
Other
|
| | | | 6,480 | | | | | | 14,251 | | | | | | — | | | | | | 20,731 | | |
Total noninterest expense
|
| | | | 96,139 | | | | | | 95,387 | | | | | | 864 | | | | | | 192,390 | | |
Income before income taxes
|
| | | | 65,751 | | | | | | 46,862 | | | | | | (14,269) | | | | | | 98,344 | | |
Income tax expense
|
| | | | 14,060 | | | | | | 10,676 | | | | | | 833(6) | | | | | | 25,569 | | |
Net income
|
| | | $ | 51,691 | | | | | $ | 36,186 | | | | | $ | (15,102) | | | | | $ | 72,775 | | |
Participating securities
|
| | | | 1,096 | | | | | | 184 | | | | | | — | | | | | | 1,280 | | |
Net income available to common stockholders
|
| | | $ | 50,595 | | | | | $ | 36,002 | | | | | $ | (15,102) | | | | | $ | 71,495 | | |
Per Share Information | | | | | | | | | | | | | | | | | | | | | | | | | |
Average fully diluted shares
|
| | | | 19,559 | | | | | | 35,781 | | | | | | (13,417)(7) | | | | | | 41,923 | | |
Average basic shares
|
| | | | 19,528 | | | | | | 35,653 | | | | | | (13,289)(7) | | | | | | 41,892 | | |
Basic earnings per share
|
| | | $ | 2.59 | | | | | $ | 1.01 | | | | | | | | | | | $ | 1.71 | | |
Diluted earnings per share
|
| | | | 2.59 | | | | | | 1.01 | | | | | | | | | | | | 1.71 | | |
| | |
Bridge
Historical |
| |
Dime
Historical |
| |
Pro Forma
Combined(1)(2) |
| |
Per Equivalent
Dime Share |
| ||||||||||||
Book value per common share: | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2020
|
| | | $ | 25.47 | | | | | $ | 17.07 | | | | | $ | 22.53 | | | | | $ | 14.60 | | |
Cash dividends declared per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Six months ended June 30, 2020
|
| | | | 0.48 | | | | | | 0.28 | | | | | | 0.48 | | | | | | 0.31 | | |
Year ended December 31, 2019
|
| | | | 0.92 | | | | | | 0.56 | | | | | | 0.92 | | | | | | 0.60 | | |
Basic earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Six months ended June 30, 2020
|
| | | | 1.01 | | | | | | 0.60 | | | | | | 0.81 | | | | | | 0.52 | | |
Year ended December 31, 2019
|
| | | | 2.59 | | | | | | 1.01 | | | | | | 1.71 | | | | | | 1.11 | | |
Diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Six months ended June 30, 2020
|
| | | | 1.00 | | | | | | 0.59 | | | | | | 0.81 | | | | | | 0.52 | | |
Year ended December 31, 2019
|
| | | | 2.59 | | | | | | 1.01 | | | | | | 1.71 | | | | | | 1.11 | | |
| | |
Relative Contribution
|
| |
Implied
Exchange Ratio |
| ||||||||||||
| | |
Bridge
|
| |
Dime
|
| ||||||||||||
Total Assets
|
| | | | 44.4% | | | | | | 55.6% | | | | | | 0.76x | | |
Gross Loans
|
| | | | 41.9% | | | | | | 58.1% | | | | | | 0.84x | | |
Total Deposits
|
| | | | 48.9% | | | | | | 51.1% | | | | | | 0.63x | | |
Non-interest Bearing Deposits
|
| | | | 75.6% | | | | | | 24.4% | | | | | | 0.20x | | |
Tangible Common Equity
|
| | | | 42.7% | | | | | | 57.3% | | | | | | 0.81x | | |
LTM Core Net Income
|
| | | | 57.8% | | | | | | 42.2% | | | | | | 0.44x | | |
2020E Net Income
|
| | | | 56.5% | | | | | | 43.5% | | | | | | 0.47x | | |
2021E Net Income
|
| | | | 54.7% | | | | | | 45.3% | | | | | | 0.50x | | |
| | |
Implied Per Share Value
|
| | | | | | | | | | |||||||||||||||||||||
| | |
Bridge
|
| |
Dime
|
| |
Implied Exchange Ratio
|
| ||||||||||||||||||||||||
| | |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| |
Low/High
|
| |
High/Low
|
| |||||||||||||||
Net Income Terminal Multiple
|
| | | $ | 27.53 | | | | | $ | 35.24 | | | | | $ | 16.90 | | | | | $ | 21.28 | | | |
0.48x – 0.77x
|
| ||||||
Exchange Ratio in the Merger
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
0.648x
|
|
| | |
Bridge Multiples
|
| |
Dime Multiples
|
| ||||||||||||||||||
| | |
25th Pctl.
|
| |
75th Pctl.
|
| |
25th Pctl.
|
| |
75th Pctl.
|
| ||||||||||||
Tangible Book Value
|
| | | | 78% | | | | | | 109% | | | | | | 78% | | | | | | 109% | | |
LTM Core EPS
|
| | | | 8.5x | | | | | | 12.7x | | | | | | 8.5x | | | | | | 12.7x | | |
Next FY EPS
|
| | | | 8.8x | | | | | | 13.7x | | | | | | 8.8x | | | | | | 13.7x | | |
| | |
Implied Per Share Value
|
| | | | | | | | | | |||||||||||||||||||||
| | |
Bridge
|
| |
Dime
|
| |
Implied Exchange Ratio
|
| ||||||||||||||||||||||||
| | |
25th Pctl.
|
| |
75th Pctl.
|
| |
25th Pctl.
|
| |
75th Pctl.
|
| |
Low/High
|
| |
High/Low
|
| |||||||||||||||
Tangible Book Value
|
| | | $ | 15.28 | | | | | $ | 21.38 | | | | | $ | 11.96 | | | | | $ | 16.73 | | | |
0.56x – 1.10x
|
| ||||||
LTM Core EPS
|
| | | $ | 20.70 | | | | | $ | 30.88 | | | | | $ | 8.36 | | | | | $ | 12.47 | | | |
0.27x – 0.60x
|
| ||||||
Next FY EPS
|
| | | $ | 22.75 | | | | | $ | 35.62 | | | | | $ | 11.20 | | | | | $ | 17.54 | | | |
0.31x – 0.77x
|
| ||||||
Exchange Ratio in the Merger
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
0.648x
|
|
|
Transaction Price / Dime March 31, 2020 Tangible Book Value per Share
|
| | | | 97% | | |
|
Transaction Price / Dime March 31, 2020 LTM Earnings per Share
|
| | | | 16.1x | | |
|
Transaction Price / Dime 2020E Median Analyst GAAP Earnings per Share(1)
|
| | | | 12.9x | | |
|
Transaction Price / Dime 2021E Median Analyst GAAP Earnings per Share(1)
|
| | | | 11.6x | | |
|
Tangible Book Premium / Core Deposits(2)
|
| | | | (0.9)% | | |
|
Tangible Book Premium / Core Deposits(3)
|
| | | | (0.8)% | | |
|
Premium to Dime Market Price as of June 30, 2020
|
| | | | 7.8% | | |
| | |
Bridge
|
| |
Dime
|
| ||||||||||||||||||
$ value in millions | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance Sheet: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Assets
|
| | | $ | 5,061 | | | | | | 44% | | | | | $ | 6,348 | | | | | | 56% | | |
Net Loans
|
| | | $ | 3,723 | | | | | | 42% | | | | | $ | 5,171 | | | | | | 58% | | |
Total Deposits
|
| | | $ | 4,056 | | | | | | 49% | | | | | $ | 4,240 | | | | | | 51% | | |
Noninterest-Bearing Demand Deposit Accounts
|
| | | $ | 1,482 | | | | | | 76% | | | | | $ | 479 | | | | | | 24% | | |
Total Equity
|
| | | $ | 493 | | | | | | 43% | | | | | $ | 646 | | | | | | 57% | | |
Tangible Equity
|
| | | $ | 385 | | | | | | 39% | | | | | $ | 590 | | | | | | 61% | | |
Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | |
LTM Net Income
|
| | | $ | 37.4 | | | | | | 53% | | | | | $ | 33.6 | | | | | | 47% | | |
2020E Median Analyst Net Income to Common(1)
|
| | | $ | 50.8 | | | | | | 56% | | | | | $ | 39.1 | | | | | | 44% | | |
2021E Median Analyst Net Income to Common(1)
|
| | | $ | 51.3 | | | | | | 55% | | | | | $ | 2.5 | | | | | | 45% | | |
Market Valuation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Market Capitalization as of June 30, 2020
|
| | | $ | 456.4 | | | | | | 50% | | | | | $ | 453.2 | | | | | | 50% | | |
Pro Forma Ownership to Common Shareholders
|
| | | | | | | | | | 48% | | | | | | | | | | | | 52% | | |
| | |
Beginning Value
June 30, 2019 |
| |
Ending Value
June 30, 2020 |
| ||||||
Bridge
|
| | | | 100% | | | | | | 77.5% | | |
Bridge Peer Group
|
| | | | 100% | | | | | | 73.1% | | |
S&P 500 Index
|
| | | | 100% | | | | | | 105.4% | | |
NASDAQ Bank Index
|
| | | | 100% | | | | | | 74.2% | | |
| | |
Beginning Value
June 30, 2017 |
| |
Ending Value
June 30, 2020 |
| ||||||
Bridge
|
| | | | 100% | | | | | | 68.6% | | |
Bridge Peer Group
|
| | | | 100% | | | | | | 69.9% | | |
S&P 500 Index
|
| | | | 100% | | | | | | 127.9% | | |
NASDAQ Bank Index
|
| | | | 100% | | | | | | 72.6% | | |
| | |
Beginning Value
June 30, 2019 |
| |
Ending Value
June 30, 2020 |
| ||||||
Dime
|
| | | | 100% | | | | | | 72.3% | | |
Dime Peer Group
|
| | | | 100% | | | | | | 73.4% | | |
S&P 500 Index
|
| | | | 100% | | | | | | 105.4% | | |
NASDAQ Bank Index
|
| | | | 100% | | | | | | 74.2% | | |
| | |
Beginning Value
June 30, 2017 |
| |
Ending Value
June 30, 2020 |
| ||||||
Dime
|
| | | | 100% | | | | | | 70.1% | | |
Dime Peer Group
|
| | | | 100% | | | | | | 69.9% | | |
S&P 500 Index
|
| | | | 100% | | | | | | 127.9% | | |
NASDAQ Bank Index
|
| | | | 100% | | | | | | 72.6% | | |
| Amalgamated Bank | | | Kearny Financial Corp. | |
| Arrow Financial Corporation | | | Lakeland Bancorp, Inc. | |
| BCB Bancorp, Inc. | | | Metropolitan Bank Holding Corp. | |
| ConnectOne Bancorp, Inc. | | | NBT Bancorp Inc. | |
| Dime Community Bancshares, Inc. | | | Northfield Bancorp, Inc. | |
| Financial Institutions, Inc. | | | Peapack-Gladstone Financial Corporation | |
| First of Long Island Corporation | | | Tompkins Financial Corporation | |
| Flushing Financial Corporation | | | TrustCo Bank Corp NY | |
| | |
Bridge
|
| |
Bridge
Peer Group Median |
| |
Bridge
Peer Group Mean |
| |
Bridge
Peer Group Low |
| |
Bridge
Peer Group High |
| |||||||||||||||
Total assets ($M)
|
| | | | 5,061.00 | | | | | | 5,792.00 | | | | | | 5,725.00 | | | | | | 2,942.00 | | | | | | 9,954.00 | | |
Loans / Deposits (%)
|
| | | | 92.80 | | | | | | 94.90 | | | | | | 97.30 | | | | | | 70.10 | | | | | | 122.80 | | |
Nonperforming Assets / Total Assets (%)
|
| | | | 0.62 | | | | | | 0.47 | | | | | | 0.51 | | | | | | 0.14 | | | | | | 1.15 | | |
Tangible Common Equity/Tangible Assets (%)
|
| | | | 7.78 | | | | | | 8.48 | | | | | | 9.00 | | | | | | 7.16 | | | | | | 13.38 | | |
Tier 1 Leverage Ratio (%)(1)
|
| | | | 8.19 | | | | | | 9.43 | | | | | | 9.82 | | | | | | 8.47 | | | | | | 13.25 | | |
Total Risk-Based Capital Ratio (%)(2)
|
| | | | 12.91 | | | | | | 13.49 | | | | | | 14.70 | | | | | | 12.10 | | | | | | 22.84 | | |
CRE / Total Risk-Based Capital Ratio (%)(2)
|
| | | | 382.60 | | | | | | 360.60 | | | | | | 340.20 | | | | | | 19.60 | | | | | | 589.00 | | |
LTM Return on Average Assets (%)
|
| | | | 1.00 | | | | | | 0.90 | | | | | | 0.87 | | | | | | 0.47 | | | | | | 1.20 | | |
LTM Return on Average Equity (%)
|
| | | | 9.87 | | | | | | 9.18 | | | | | | 8.45 | | | | | | 3.60 | | | | | | 12.58 | | |
LTM Net Interest Margin (%)
|
| | | | 3.29 | | | | | | 3.08 | | | | | | 3.00 | | | | | | 2.41 | | | | | | 3.56 | | |
LTM Efficiency Ratio (%)
|
| | | | 57.39 | | | | | | 57.96 | | | | | | 58.28 | | | | | | 40.70 | | | | | | 68.09 | | |
Price/Tangible Book Value (%)
|
| | | | 117.00 | | | | | | 90.00 | | | | | | 102.00 | | | | | | 61.00 | | | | | | 165.00 | | |
Price/LTM Earnings per Share (x)
|
| | | | 9.50 | | | | | | 10.10 | | | | | | 11.30 | | | | | | 8.10 | | | | | | 17.40 | | |
Price/2020E Earnings per Share (x))(3)
|
| | | | 8.90 | | | | | | 12.60 | | | | | | 13.00 | | | | | | 8.70 | | | | | | 18.20 | | |
Price/2021E Earnings per Share (x)(3)
|
| | | | 8.80 | | | | | | 11.10 | | | | | | 11.40 | | | | | | 7.30 | | | | | | 16.30 | | |
Current Dividend Yield (%)
|
| | | | 4.20 | | | | | | 3.90 | | | | | | 3.70 | | | | | | — | | | | | | 7.30 | | |
Market Value ($M)
|
| | | | 444.00 | | | | | | 451.00 | | | | | | 527.00 | | | | | | 160.00 | | | | | | 1,341.00 | | |
| Amalgamated Bank | | | Kearny Financial Corp. | |
| Arrow Financial Corporation | | | Lakeland Bancorp, Inc. | |
| BCB Bancorp, Inc. | | | Metropolitan Bank Holding Corp. | |
| Bridge Bancorp, Inc. | | | NBT Bancorp Inc. | |
| ConnectOne Bancorp, Inc. | | | Northfield Bancorp, Inc. | |
| Financial Institutions, Inc. | | | Peapack-Gladstone Financial Corporation | |
| First of Long Island Corporation | | | Tompkins Financial Corporation | |
| Flushing Financial Corporation | | | TrustCo Bank Corp NY | |
| | |
Dime
|
| |
Dime
Peer Group Median |
| |
Dime
Peer Group Mean |
| |
Dime
Peer Group Low |
| |
Dime
Peer Group High |
| |||||||||||||||
Total assets ($M)
|
| | | | 6,348.00 | | | | | | 5,504.00 | | | | | | 5,645.00 | | | | | | 2,942.00 | | | | | | 9,954.00 | | |
Loans / Deposits (%)
|
| | | | 122.80 | | | | | | 92.50 | | | | | | 95.40 | | | | | | 70.10 | | | | | | 121.00 | | |
Nonperforming Assets / Total Assets (%)
|
| | | | 0.29 | | | | | | 0.51 | | | | | | 0.53 | | | | | | 0.14 | | | | | | 1.15 | | |
Tangible Common Equity/Tangible Assets (%)
|
| | | | 8.23 | | | | | | 8.48 | | | | | | 8.97 | | | | | | 7.16 | | | | | | 13.38 | | |
Tier 1 Leverage Ratio (%)(1)
|
| | | | 9.80 | | | | | | 9.30 | | | | | | 9.72 | | | | | | 8.19 | | | | | | 13.25 | | |
Total Risk-Based Capital Ratio (%)(2)
|
| | | | 15.21 | | | | | | 13.26 | | | | | | 14.51 | | | | | | 12.10 | | | | | | 22.84 | | |
CRE / Total Risk-Based Capital Ratio (%)(2)
|
| | | | 589.00 | | | | | | 358.60 | | | | | | 323.00 | | | | | | 19.60 | | | | | | 562.30 | | |
LTM Return on Average Assets (%)
|
| | | | 0.52 | | | | | | 0.93 | | | | | | 0.90 | | | | | | 0.47 | | | | | | 1.20 | | |
LTM Return on Average Equity (%)
|
| | | | 5.40 | | | | | | 9.40 | | | | | | 8.73 | | | | | | 3.60 | | | | | | 12.58 | | |
LTM Net Interest Margin (%)
|
| | | | 2.51 | | | | | | 3.20 | | | | | | 3.05 | | | | | | 2.41 | | | | | | 3.56 | | |
LTM Efficiency Ratio (%)
|
| | | | 57.60 | | | | | | 57.86 | | | | | | 58.26 | | | | | | 40.70 | | | | | | 68.09 | | |
Price/Tangible Book Value (%)
|
| | | | 90.00 | | | | | | 95.00 | | | | | | 104.00 | | | | | | 61.00 | | | | | | 165.00 | | |
Price/LTM Earnings per Share (x)
|
| | | | 14.90 | | | | | | 9.90 | | | | | | 11.00 | | | | | | 8.10 | | | | | | 17.40 | | |
Price/2020E Earnings per Share (x)(3)
|
| | | | 11.90 | | | | | | 12.60 | | | | | | 12.80 | | | | | | 8.70 | | | | | | 18.20 | | |
Price/2021E Earnings per Share (x)(3)
|
| | | | 10.70 | | | | | | 11.10 | | | | | | 11.30 | | | | | | 7.30 | | | | | | 16.30 | | |
Current Dividend Yield (%)
|
| | | | 4.10 | | | | | | 3.90 | | | | | | 3.70 | | | | | | — | | | | | | 7.30 | | |
Market Value ($M)
|
| | | | 457.00 | | | | | | 445.00 | | | | | | 526.00 | | | | | | 160.00 | | | | | | 1,341.00 | | |
|
Earnings Per Share Multiples
|
| |||||||||||||||||||||||||||||||||||||||
|
Discount
Rate |
| |
8.0x
|
| |
9.5x
|
| |
11.0x
|
| |
12.5x
|
| |
14.0x
|
| |
15.5x
|
| |||||||||||||||||||||
| | | 8.0% | | | | | $ | 21.63 | | | | | $ | 25.00 | | | | | $ | 28.36 | | | | | $ | 31.73 | | | | | $ | 35.10 | | | | | $ | 38.46 | | |
| | | 9.0% | | | | | $ | 20.77 | | | | | $ | 23.99 | | | | | $ | 27.22 | | | | | $ | 30.44 | | | | | $ | 33.66 | | | | | $ | 36.88 | | |
| | | 10.0% | | | | | $ | 19.96 | | | | | $ | 23.04 | | | | | $ | 26.13 | | | | | $ | 29.21 | | | | | $ | 32.30 | | | | | $ | 35.38 | | |
| | | 11.0% | | | | | $ | 19.18 | | | | | $ | 22.14 | | | | | $ | 25.09 | | | | | $ | 28.05 | | | | | $ | 31.00 | | | | | $ | 33.96 | | |
| | | 12.0% | | | | | $ | 18.44 | | | | | $ | 21.27 | | | | | $ | 24.11 | | | | | $ | 26.94 | | | | | $ | 29.77 | | | | | $ | 32.60 | | |
| | | 13.0% | | | | | $ | 17.74 | | | | | $ | 20.46 | | | | | $ | 23.17 | | | | | $ | 25.89 | | | | | $ | 28.60 | | | | | $ | 31.32 | | |
|
Tangible Book Value Per Share Multiples
|
| |||||||||||||||||||||||||||||||||||||||
|
Discount
Rate |
| |
75%
|
| |
90%
|
| |
105%
|
| |
120%
|
| |
135%
|
| |
150%
|
| |||||||||||||||||||||
| | | 8.0% | | | | | $ | 18.73 | | | | | $ | 21.74 | | | | | $ | 24.75 | | | | | $ | 27.75 | | | | | $ | 30.76 | | | | | $ | 33.77 | | |
| | | 9.0% | | | | | $ | 17.99 | | | | | $ | 20.87 | | | | | $ | 23.75 | | | | | $ | 26.63 | | | | | $ | 29.51 | | | | | $ | 32.39 | | |
| | | 10.0% | | | | | $ | 17.29 | | | | | $ | 20.05 | | | | | $ | 22.81 | | | | | $ | 25.57 | | | | | $ | 28.33 | | | | | $ | 31.08 | | |
| | | 11.0% | | | | | $ | 16.63 | | | | | $ | 19.27 | | | | | $ | 21.91 | | | | | $ | 24.56 | | | | | $ | 27.20 | | | | | $ | 29.84 | | |
| | | 12.0% | | | | | $ | 16.00 | | | | | $ | 18.53 | | | | | $ | 21.06 | | | | | $ | 23.59 | | | | | $ | 26.13 | | | | | $ | 28.66 | | |
| | | 13.0% | | | | | $ | 15.40 | | | | | $ | 17.83 | | | | | $ | 20.25 | | | | | $ | 22.68 | | | | | $ | 25.11 | | | | | $ | 27.53 | | |
|
Earnings Per Share Multiples
|
| |||||||||||||||||||||||||||||||||||||||
|
Annual
Estimate Variance |
| |
8.0x
|
| |
9.5x
|
| |
11.0x
|
| |
12.5x
|
| |
14.0x
|
| |
15.5x
|
| |||||||||||||||||||||
| | | (15.0%) | | | | | $ | 16.74 | | | | | $ | 19.24 | | | | | $ | 21.74 | | | | | $ | 24.24 | | | | | $ | 26.73 | | | | | $ | 29.23 | | |
| | | (10.0%) | | | | | $ | 17.52 | | | | | $ | 20.17 | | | | | $ | 22.81 | | | | | $ | 25.46 | | | | | $ | 28.11 | | | | | $ | 30.75 | | |
| | | (5.0%) | | | | | $ | 18.31 | | | | | $ | 21.10 | | | | | $ | 23.89 | | | | | $ | 26.69 | | | | | $ | 29.48 | | | | | $ | 32.27 | | |
| | | 0.0% | | | | | $ | 19.09 | | | | | $ | 22.03 | | | | | $ | 24.97 | | | | | $ | 27.91 | | | | | $ | 30.85 | | | | | $ | 33.79 | | |
| | | 5.0% | | | | | $ | 19.87 | | | | | $ | 22.96 | | | | | $ | 26.05 | | | | | $ | 29.14 | | | | | $ | 32.22 | | | | | $ | 35.31 | | |
| | | 10.0% | | | | | $ | 20.66 | | | | | $ | 23.89 | | | | | $ | 27.13 | | | | | $ | 30.36 | | | | | $ | 33.59 | | | | | $ | 36.83 | | |
| | | 15.0% | | | | | $ | 21.44 | | | | | $ | 24.82 | | | | | $ | 28.20 | | | | | $ | 31.59 | | | | | $ | 34.97 | | | | | $ | 38.35 | | |
|
Earnings Per Share Multiples
|
| |||||||||||||||||||||||||||||||||||||||
|
Discount
Rate |
| |
8.0x
|
| |
9.5x
|
| |
11.0x
|
| |
12.5x
|
| |
14.0x
|
| |
15.5x
|
| |||||||||||||||||||||
| | | 8.0% | | | | | $ | 12.15 | | | | | $ | 14.02 | | | | | $ | 15.90 | | | | | $ | 17.78 | | | | | $ | 19.65 | | | | | $ | 21.53 | | |
| | | 9.0% | | | | | $ | 11.67 | | | | | $ | 13.46 | | | | | $ | 15.26 | | | | | $ | 17.05 | | | | | $ | 18.85 | | | | | $ | 20.64 | | |
| | | 10.0% | | | | | $ | 11.21 | | | | | $ | 12.93 | | | | | $ | 14.65 | | | | | $ | 16.37 | | | | | $ | 18.09 | | | | | $ | 19.81 | | |
| | | 11.0% | | | | | $ | 10.78 | | | | | $ | 12.42 | | | | | $ | 14.07 | | | | | $ | 15.72 | | | | | $ | 17.36 | | | | | $ | 19.01 | | |
| | | 12.0% | | | | | $ | 10.36 | | | | | $ | 11.94 | | | | | $ | 13.52 | | | | | $ | 15.10 | | | | | $ | 16.67 | | | | | $ | 18.25 | | |
| | | 13.0% | | | | | $ | 9.97 | | | | | $ | 11.48 | | | | | $ | 13.00 | | | | | $ | 14.51 | | | | | $ | 16.02 | | | | | $ | 17.53 | | |
|
Tangible Book Value Per Share Multiple
|
| |||||||||||||||||||||||||||||||||||||||
|
Discount
Rate |
| |
75%
|
| |
90%
|
| |
105%
|
| |
120%
|
| |
135%
|
| |
150%
|
| |||||||||||||||||||||
| | | 8.0% | | | | | $ | 12.51 | | | | | $ | 14.59 | | | | | $ | 16.66 | | | | | $ | 18.73 | | | | | $ | 20.81 | | | | | $ | 22.88 | | |
| | | 9.0% | | | | | $ | 12.02 | | | | | $ | 14.00 | | | | | $ | 15.99 | | | | | $ | 17.97 | | | | | $ | 19.96 | | | | | $ | 21.94 | | |
| | | 10.0% | | | | | $ | 11.55 | | | | | $ | 13.45 | | | | | $ | 15.35 | | | | | $ | 17.25 | | | | | $ | 19.15 | | | | | $ | 21.05 | | |
| | | 11.0% | | | | | $ | 11.10 | | | | | $ | 12.92 | | | | | $ | 14.74 | | | | | $ | 16.56 | | | | | $ | 18.38 | | | | | $ | 20.20 | | |
| | | 12.0% | | | | | $ | 10.67 | | | | | $ | 12.41 | | | | | $ | 14.16 | | | | | $ | 15.90 | | | | | $ | 17.65 | | | | | $ | 19.39 | | |
| | | 13.0% | | | | | $ | 10.26 | | | | | $ | 11.94 | | | | | $ | 13.61 | | | | | $ | 15.28 | | | | | $ | 16.95 | | | | | $ | 18.63 | | |
|
Earnings Per Share Multiples
|
| |||||||||||||||||||||||||||||||||||||||
|
Annual
Estimate Variance |
| |
8.0x
|
| |
9.5x
|
| |
11.0x
|
| |
12.5x
|
| |
14.0x
|
| |
15.5x
|
| |||||||||||||||||||||
| | | (15.0%) | | | | | $ | 9.07 | | | | | $ | 10.40 | | | | | $ | 11.74 | | | | | $ | 13.07 | | | | | $ | 14.41 | | | | | $ | 15.74 | | |
| | | (10.0%) | | | | | $ | 9.49 | | | | | $ | 10.90 | | | | | $ | 12.31 | | | | | $ | 13.73 | | | | | $ | 15.14 | | | | | $ | 16.56 | | |
| | | (5.0%) | | | | | $ | 9.90 | | | | | $ | 11.40 | | | | | $ | 12.89 | | | | | $ | 14.38 | | | | | $ | 15.87 | | | | | $ | 17.37 | | |
| | | 0.0% | | | | | $ | 10.32 | | | | | $ | 11.89 | | | | | $ | 13.47 | | | | | $ | 15.04 | | | | | $ | 16.61 | | | | | $ | 18.18 | | |
| | | 5.0% | | | | | $ | 10.74 | | | | | $ | 12.39 | | | | | $ | 14.04 | | | | | $ | 15.69 | | | | | $ | 17.34 | | | | | $ | 18.99 | | |
| | | 10.0% | | | | | $ | 11.16 | | | | | $ | 12.89 | | | | | $ | 14.62 | | | | | $ | 16.35 | | | | | $ | 18.07 | | | | | $ | 19.80 | | |
| | | 15.0% | | | | | $ | 11.58 | | | | | $ | 13.39 | | | | | $ | 15.19 | | | | | $ | 17.00 | | | | | $ | 18.81 | | | | | $ | 20.61 | | |
| | |
At or for the 12 Months Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
Earnings per Share
|
| | | $ | 1.15 | | | | | $ | 1.28 | | | | | $ | 1.60 | | |
Tangible Book Value per Share
|
| | | | 15.77 | | | | | | 16.50 | | | | | | 17.54 | | |
| | |
At or For the 12 Months Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
Earnings per Share
|
| | | $ | 2.58 | | | | | $ | 2.60 | | | | | $ | 2.88 | | |
Tangible Book Value per Share
|
| | | | 20.93 | | | | | | 22.59 | | | | | | 24.52 | | |
Name
|
| |
Cash
($)(1) |
| |
Equity
($)(2) |
| |
Perquisites/
Benefits ($)(3) |
| |
Total
($) |
| ||||||||||||
Kevin M. O’Connor
|
| | | | 750,000 | | | | | | 901,158 | | | | | | — | | | | | | 1,651,158 | | |
John M. McCaffery
|
| | | | 500,000 | | | | | | 357,284 | | | | | | — | | | | | | 857,284 | | |
Howard H. Nolan
|
| | | | 1,794,936 | | | | | | 369,831 | | | | | | — | | | | | | 2,164,767 | | |
Kevin L. Santacroce
|
| | | | 2,341,988 | | | | | | 361,460 | | | | | | — | | | | | | 2,703,448 | | |
James J. Manseau
|
| | | | 1,844,600 | | | | | | 337,963 | | | | | | — | | | | | | 2,182,563 | | |
Name
|
| |
Bridge
Agreements ($) |
| |
Transaction
Bonus ($) |
| ||||||
Kevin M. O’Connor
|
| | | | — | | | | | | 750,000 | | |
John M. McCaffery
|
| | | | — | | | | | | 500,000 | | |
Howard H. Nolan
|
| | | | 1,794,936 | | | | | | — | | |
Kevin L. Santacroce
|
| | | | 1,841,988 | | | | | | 500,000 | | |
James J. Manseau
|
| | | | 1,644,600 | | | | | | 200,000 | | |
Name
|
| |
Stock
Options ($) |
| |
Restricted
Stock Awards/Units ($) |
| ||||||
Kevin M. O’Connor
|
| | | | — | | | | | | 901,158 | | |
John M. McCaffery
|
| | | | — | | | | | | 357,284 | | |
Howard H. Nolan
|
| | | | — | | | | | | 369,831 | | |
Kevin L. Santacroce
|
| | | | — | | | | | | 361,460 | | |
James J. Manseau
|
| | | | — | | | | | | 337,963 | | |
Name
|
| |
Cash
($)(1) |
| |
Equity
($)(2) |
| |
Perquisites/
Benefits ($)(3) |
| |
Total
($) |
| ||||||||||||
Kenneth Mahon
|
| | | | 4,936,573 | | | | | | 1,039,310 | | | | | | 52,411 | | | | | | 6,028,294 | | |
Avinash Reddy
|
| | | | 500,000 | | | | | | 589,280 | | | | | | — | | | | | | 1,089,280 | | |
Stuart H. Lubow
|
| | | | 750,000 | | | | | | 1,018,605 | | | | | | — | | | | | | 1,768,605 | | |
Conrad J. Gunther
|
| | | | 500,000 | | | | | | 511,879 | | | | | | — | | | | | | 1,011,879 | | |
James L. Rizzo
|
| | | | 392,784 | | | | | | 5,030 | | | | | | 11,400 | | | | | | 409,214 | | |
Robert S. Volino
|
| | | | 1,828,017 | | | | | | 574,051 | | | | | | 2,850 | | | | | | 2,404,918 | | |
Name
|
| |
Severance($)
|
| |
Transaction
Bonus ($) |
| ||||||
Kenneth Mahon
|
| | | | 4,186,573 | | | | | | 750,000 | | |
Avinash Reddy
|
| | | | — | | | | | | 500,000 | | |
Stuart H. Lubow
|
| | | | — | | | | | | 750,000 | | |
Conrad J. Gunther
|
| | | | — | | | | | | 500,000 | | |
James L. Rizzo
|
| | | | 392,784 | | | | | | — | | |
Robert S. Volino
|
| | | | 1,828,017 | | | | | | — | | |
Name
|
| |
Restricted
Stock Awards ($) |
| |
Performance
Stock Awards ($) |
| ||||||
Kenneth J. Mahon
|
| | | | 422,288 | | | | | | 617,022 | | |
Avinash Reddy
|
| | | | 360,239 | | | | | | 229,041 | | |
Stuart J. Lubow
|
| | | | 630,514 | | | | | | 388,091 | | |
Conrad J. Gunther
|
| | | | 283,111 | | | | | | 228,768 | | |
James L. Rizzo
|
| | | | 5,030 | | | | | | — | | |
|
Authorized Stock
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
The Certificate of Incorporation currently authorizes 42,000,000 shares of capital stock, consisting of 40,000,000 shares of common stock, $0.01 par value, and 2,000,000 shares of preferred stock, $0.01 par value.
|
| |
•
The Certificate of Incorporation authorizes 134,000,000 shares of capital stock, consisting of 125,000,000 shares of common stock, $0.01 par value, and 9,000,000 shares of preferred stock, $0.01 par value.
|
|
|
•
In connection with the merger, Bridge is asking its shareholders to approve an amendment to its Certificate of Incorporation to increase the number of authorized shares of capital stock to 90,000,000, consisting of 80,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share.
•
At October 12, 2020, there were 19,748,837 shares of Bridge common stock issued and outstanding.
|
| |
•
At October 12, 2020, there were 33,049,882 shares of Dime common stock issued and outstanding.
•
As of October 12, 2020, there were 5,299,200 shares of Dime preferred stock issued and outstanding.
|
|
|
•
As of October 12, 2020, there were no shares of preferred stock issued or outstanding.
|
| | | |
|
Limitations on Voting Rights
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
The holders of Bridge common stock are entitled to one vote per share.
|
| |
•
The holders of Dime common stock are generally entitled to one vote per share. However, Dime’s Certificate of Incorporation provides that any record owner of any outstanding common stock that is beneficially owned, directly or indirectly, by a person who beneficially owns in excess of 10% of the then-issued and outstanding shares of common stock (which we refer to as the “limit”) shall be entitled to cast only one one-hundredth of one vote per share for each share in excess of the limit. This provision limiting voting rights may only be amended upon the vote of two-thirds
|
|
|
Limitations on Voting Rights
|
| |||
|
Bridge
|
| |
Dime
|
|
| | | |
of the votes eligible to be cast by holders of all outstanding shares of voting stock (after giving effect to the limitation on voting rights).
|
|
|
Required Vote for Authorization of Certain Actions
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
Bridge’s Certificate of Incorporation provides that an “interested shareholder” (a person who owns, or an affiliate or associate of Bridge who has owned in the previous two-year period, more than 5% of Bridge’s common stock) may engage in a business combination with Bridge (i) if approved by the affirmative vote of not less than 75% of the votes entitled to be cast, or (ii) (a) if approved by 75% or more of the continuing directors, and (b) the per share value of the consideration for the transaction is equal to the higher of the highest per share price paid by the interested shareholder in acquiring Bridge common stock in the preceding two years and the fair market value per share of common stock on the date on which the interested shareholder became an interested shareholder.
|
| |
•
Dime’s Certificate of Incorporation provides than an “interested shareholder” (a person who beneficially owns 10% or more of Dime’s voting stock, or an affiliate or associate thereof, or an assignee or successor within the previous two years) may engage in a business combination with Dime if (i) approved by at least 80% of the votes entitled to be cast and 50% of the shares not owned by the interested shareholder, or (ii) approved by a majority of the “disinterested directors” (any member of the Dime board of directors who is not an affiliate of or associated with the interested shareholder and who either was a member of the Dime board of directors prior to the date that the interested shareholder became an interested shareholder, or was recommended for election by a majority of the disinterested directors in office at the time such director was nominated for election), if certain pricing, dividend and other conditions are met.
|
|
|
Evaluation of Offers
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
Bridge’s Certificate of Incorporation provides that its board of directors may, in the context of opposing a tender offer, take into account (i) the social and economic effects of the offer or transaction on the employees, depositors, loan and other customers, creditors, shareholders and other elements of the communities in which it operates or is located, (ii) the reputation and business practices of the offeror and its management and affiliates, and (iii) the business and financial condition and earnings prospects of the offeror, including the possible effect of such conditions on the other elements of the communities in which it operates or is located.
|
| |
•
Dime’s Certificate of Incorporation provides that when evaluating any offer to Dime or to Dime’s shareholders from another party to (i) purchase for cash, or exchange any securities or property for, any outstanding equity securities of Dime, (ii) merge or consolidate Dime with another corporation, or (iii) purchase or otherwise acquire all or substantially all of the properties and assets of Dime, its board of directors shall, in connection with the exercise of its judgment in determining what is in the best interest of Dime and its shareholders, give due consideration to the extent permitted by law not only to the price or other consideration being offered, but also to all other relevant factors including, without limitation, the financial and managerial resources and future prospects of the other party, the possible effects on Dime’s business and its subsidiaries and on its employees, customers, suppliers and creditors and its subsidiaries, and the effects on the communities in which Dime and its subsidiaries’ facilities are located.
|
|
|
Special Meetings of Shareholders
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
Bridge’s bylaws provide that special meetings of stockholders can be called by the board of directors.
|
| |
•
Dime’s bylaws provide that special meetings of stockholders can be called by the board of directors.
|
|
|
Shareholder Nominations and Proposals
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
In order for a shareholder to properly bring business before an annual meeting, the shareholder must give written notice to Bridge’s Corporate Secretary not less than 90 days prior to the date of Bridge’s proxy materials for the preceding year’s annual meeting; 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 shareholder to be timely must be so delivered not later than the close of business on the tenth day following the day on which public announcement of the date of such annual meeting is first made. Bridge’s bylaws require that the notice must include, among other things, the shareholder’s name, record address, and number of shares owned, describe briefly the proposed business, the reasons for bringing the business before the annual meeting, and any material interest of the shareholder in the proposed business.
|
| |
•
Under Dime’s bylaws, in order to be considered for possible action by the shareholders at an annual meeting, shareholder nominations for director and shareholder proposals not included in Dime’s proxy materials must be delivered to or received by Dime’s Corporate Secretary (i) 60 days in advance of such meeting, if such meeting is to be held on a day which is within 30 days preceding the anniversary of the previous year’s annual meeting, or 90 days in advance of such meeting if such meeting is to be held on or after the anniversary of the previous year’s annual meeting; and (ii) with respect to an annual meeting held at a time other than within the time periods set forth in the immediately preceding clause (i), the close of business on the tenth day following the date on which notice of such meeting is first given to shareholders. A shareholder’s notice must set forth such information as required by, and otherwise comply with, Dime’s bylaws.
|
|
|
Board of Directors
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
Bridge’s bylaws provide that its board of directors must consist of not less than five nor more than 25 directors, the exact number to be determined by resolution of a majority of the full board of directors. Bridge’s board of directors is divided into three classes, as nearly equal in size as possible. The members of each class are elected for a term of three years and only one class of directors is elected annually. Following the merger, pursuant to a proposed amendment to Bridge’s bylaws, the board of directors will no longer be classified and all directors will be elected on an annual basis.
•
Following the merger, the Bridge board of directors initially will have 12 members, consisting of six members from Bridge’s current board of directors and six members from Dime’s current board of directors. For a period of three years following the effective time of the merger, the former Bridge directors will nominate candidates to fill any board seat vacated by a former Bridge
|
| |
•
Dime’s bylaws provide that its board of directors must consist of not less than five nor more than 15 directors, the exact number to be determined by resolution of the board of directors. Dime’s board of directors is divided into three classes, as nearly equal in size as possible. The members of each class are elected for a term of three years and only one class of directors is elected annually.
•
Under Dime’s Certificate of Incorporation, any vacancy occurring in the board of directors, including any vacancy created by an increase in the number of directors, may be filled by an affirmative vote of the majority of the directors then holding office, whether or not a quorum. Any director of Dime so chosen will hold office for the remainder of the full term of the class of directors in which the vacancy occurred and until his or her successor is elected and qualified
•
Dime’s bylaws provide that each director must be at least 18 years of age.
|
|
|
Board of Directors
|
| |||
|
Bridge
|
| |
Dime
|
|
|
director, and former Dime directors will nominate candidates to fill any board seat vacated by a former Dime director.
•
Under Bridge’s bylaws, any vacancy occurring on the board of directors, including any vacancy created by an increase in the number of directors, may be filled by a majority of the remaining directors, even if less than a quorum. Any director so chosen will hold office until the next annual meeting of shareholders.
•
Bridge’s bylaws provide that each director must be a shareholder of Bridge.
|
| |
•
Dime’s Certificate of Incorporation provides that directors may be removed only for cause and only by the affirmative vote of the holders of at least 80% of votes entitled to be cast at a meeting of shareholders expressly called for that purpose.
|
|
|
•
Pursuant to New York law, any director may be removed for cause by a vote of the shareholders.
|
| | | |
|
Director and Officer Liability
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
Bridge’s Certificate of Incorporation provides that a director will not be personally liable to Bridge for monetary damages for breach of fiduciary duty, unless a final judgment determines that (i) the director’s acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law, (ii) the director received an improper personal benefit, or (iii) the director’s actions violated Section 719 of the New York Business Corporation Law.
|
| |
•
Dime’s Certificate of Incorporation provides that a director will not be personally liable to Dime for monetary damages for breach of fiduciary duty, except to the extent such limitation is expressly prohibited by the Delaware General Corporation Law.
|
|
|
Indemnification
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
Bridge’s bylaws provide that Bridge shall indemnify any director or officer who is made party to an action by reason of the fact that he or she was a director or officer of Bridge 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 proceeding, except where indemnification may be prohibited by applicable law.
|
| |
•
Dime’s Certificate of Incorporation provides that Dime shall indemnify any officer or director of Dime who is made party to an action by reason of the fact that he or she was an officer or director of Dime, and that Dime may indemnify any other person who is made party to an action by reason of the fact that he or she was an employee or agent of Dime, 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 proceeding, to the fullest extent permitted by the Delaware General Corporation Law. In a suit brought by or in the right of Dime, if the officer, director or other person is adjudged to be liable to Dime, no indemnification will be available unless the applicable court determines that such person is reasonably entitled to indemnification.
|
|
|
Amendment of the Bylaws
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
Bridge’s bylaws generally may be amended or repealed by a majority vote of the full board of directors.
|
| |
•
Dime’s bylaws generally may be amended or repealed by the vote of two-thirds of the board of directors. Any bylaw provision that contains a supermajority voting requirement may only be altered by a vote of the board or capital stock entitled to vote thereon that is not less than the supermajority specified in such provision.
|
|
|
Amendment of the Certificate of Incorporation
|
| |||
|
Bridge
|
| |
Dime
|
|
|
•
Bridge’s Certificate of Incorporation provides that certain provisions may only be amended by the approval of 75% of the shares entitled to vote on such amendment, unless such amendment has been approved by an affirmative vote of 75% of directors then in office.
|
| |
•
Dime’s Certificate of Incorporation provides that any amendments must be approved by (i) a majority of the directors then in office and (ii) a majority of the total votes eligible to be cast by the holders of all outstanding shares of capital stock entitled to vote thereon, or such greater proportion as may otherwise be required pursuant to any specific provision of the Certificate of Incorporation.
|
|
Name of Beneficial Owner
|
| |
Shares
Beneficially Owned |
| |
Percent of
All Common Stock Outstanding ** |
| ||||||
5% Shareholders: | | | | | | | | | | | | | |
T. Rowe Price Associates, Inc.
100 E. Pratt Street Baltimore, MD 21202 |
| | | | 2,448,337(1) | | | | | | 12.40% | | |
Basswood Capital Management L.L.C.
645 Madison Avenue, 10th Floor New York, NY 10022 |
| | | | 2,299,318(2) | | | | | | 11.64% | | |
BlackRock, Inc.
55 East 52nd Street New York, NY 10055 |
| | | | 1,186,771(3) | | | | | | 6.00% | | |
Directors:
|
| | | | | | | | | | | | |
Emmanuel Arturi
|
| | | | 29,447 | | | | | | * | | |
Marcia Z. Hefter
|
| | | | 91,925 | | | | | | * | | |
Matthew Lindenbaum
|
| | | | 1,785,301(4) | | | | | | 9.04% | | |
Charles I. Massoud
|
| | | | 27,412 | | | | | | * | | |
Albert E. McCoy, Jr.
|
| | | | 149,573 | | | | | | * | | |
Raymond A. Nielsen
|
| | | | 15,187 | | | | | | * | | |
Kevin M. O’Connor
|
| | | | 171,258(5) | | | | | | * | | |
Daniel Rubin
|
| | | | 92,417(6) | | | | | | * | | |
Rudolph J. Santoro
|
| | | | 25,350 | | | | | | * | | |
Dennis A. Suskind
|
| | | | 67,683 | | | | | | * | | |
Thomas J. Tobin
|
| | | | 21,510 | | | | | | * | | |
Christian C. Yegen
|
| | | | 99,684 | | | | | | * | | |
| | | | | | | | | | | | | |
Executive Officers:
|
| | | | | | | | | | | | |
James J. Manseau
|
| | | | 42,545(7) | | | | | | * | | |
John M. McCaffery
|
| | | | 30,882 (8) | | | | | | * | | |
Howard H. Nolan
|
| | | | 63,983(9) | | | | | | * | | |
Kevin L. Santacroce
|
| | | | 36,592(10) | | | | | | * | | |
| | | | | | | | | | | | | |
All directors and executive officers as a group (16 persons)
|
| | | | 2,750,757 | | | | | | 13.89% | | |
Name of Beneficial Owner
|
| |
Shares
Beneficially Owned |
| |
Percent of
All Common Stock Outstanding ** |
| ||||||
5% Shareholders: | | | | | | | | | | | | | |
Blackrock, Inc.
55 East 52nd Street New York, NY 10055 |
| | | | 5,012,358(1) | | | | | | 15.15% | | |
The Vanguard Group
100 Vanguard Boulevard Malvern, PA 19355 |
| | | | 3,519,407(2) | | | | | | 10.64% | | |
Dimensional Fund Advisors LP
6300 Bee Cave Road Austin, TX 78746 |
| | | | 3,028,056(3) | | | | | | 9.16% | | |
The Dime Community Bank KSOP
300 Cadman Plaza West, 8th Floor Brooklyn, NY 11201 |
| | | | 1,984,738(4) | | | | | | 6.00% | | |
Directors:
|
| | | | | | | | | | | | |
Rosemarie Chen
|
| | | | 6,391 | | | | | | * | | |
Steven D. Cohn
|
| | | | 78,339(5) | | | | | | * | | |
Patrick E. Curtin
|
| | | | 92,052(6) | | | | | | * | | |
Michael P. Devine
|
| | | | 673,454 | | | | | | 2.04% | | |
Barbara G. Koster
|
| | | | 3,345(12) | | | | | | * | | |
Kenneth J. Mahon
|
| | | | 412,339(7) | | | | | | 1.25% | | |
Kathleen M. Nelson
|
| | | | 32,891(8) | | | | | | * | | |
Vincent F. Palagiano
|
| | | | 904,771(9) | | | | | | 2.74% | | |
Joseph J. Perry
|
| | | | 73,394(10) | | | | | | * | | |
Kevin Stein
|
| | | | 16,689 | | | | | | * | | |
Executive Officers:
|
| | | | | | | | | | | | |
Conrad J. Gunther
|
| | | | 7,081(11) | | | | | | * | | |
Stuart H. Lubow
|
| | | | 37,393 | | | | | | * | | |
Avinash Reddy
|
| | | | 3,050 | | | | | | * | | |
| | | | | | | | | | | | | |
All directors and executive officers as a group (18 persons)
|
| | | | 2,958,568(13) | | | | | | 8.95% | | |
Filings
|
| |
Period of Report or Date Filed
|
|
| | Year ended December 31, 2019 | | |
•
Quarterly Report on Form 10-Q
|
| | Quarters Ended March 31, 2020 and June 30, 2020 | |
•
Current Reports on Form 8-K
|
| | Filed on January 2, 2020, January 10, 2020, January 29, 2020, April 6, 2020, April 7, 2020, April 21, 2020, April 29, 2020, April 30, 2020, May 5, 2020, June 2, 2020, July 2, 2020, July 6, 2020, July 7, 2020, July 28, 2020, July 29, 2020, September 15, 2020, October 7, 2020 and October 9, 2020 (other than the portions of those documents not deemed to be filed) | |
Filings
|
| |
Period of Report or Date Filed
|
|
•
|
| | Year ended December 31, 2019 | |
•
Quarterly Report on Form 10-Q
|
| | Quarters Ended March 31, 2020 and June 30, 2020 | |
•
Current Reports on Form 8-K
|
| | Filed on January 24, 2020, January 30, 2020, February 5, 2020, April 23, 2020, April 29, 2020, May 28, 2020, May 29, 2020, May 29, 2020, June 4, 2020, June 10, 2020, June 19, 2020, July 2, 2020, July 6, 2020, July 24, 2020, July 28, 2020, July 29, 2020 and September 17, 2020 (other than the portions of those documents not deemed to be filed) | |
|
Bridge Bancorp, Inc.
898 Veterans Memorial Highway, Suite 560 Hauppauge, New York 11788 Attention: Howard H. Nolan, Corporate Secretary Telephone: (631) 537-1000 |
| |
Dime Community Bancshares, Inc.
300 Cadman Plaza West, 8th Floor Brooklyn, New York 11201 Attention: Patricia M. Schaubeck Telephone: (718) 782-6200 |
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|
Exhibit A
Voting Agreements
|
| | |||||
|
Exhibit B
Form of Bank Merger Agreement
|
| | |||||
|
Exhibit C
Form of Bridge Bancorp Restated Certificate of Incorporation
|
| | |||||
|
Exhibit D
Form of Amendment to Bridge Bancorp Bylaw Amendment
|
| | |||||
|
Exhibit E
Form of Amendment to BNB Bank Bylaws Amendment
|
| |
|
If to Bridge Bancorp, to:
|
| |
Kevin M. O’Connor
President and Chief Executive Officer Bridge Bancorp, Inc. 2200 Montauk Highway Bridgehampton, New York 11932 Email: koconnor@bnbbank.com |
|
|
With required copies
(which shall not constitute notice) to: |
| |
John J. Gorman, Esq.
Luse Gorman, PC 5335 Wisconsin Avenue, N.W., Suite 780 Washington, D.C. 20015 Fax: (202) 362-2902 Email: jgorman@luselaw.com |
|
|
If to DCB, to:
|
| |
Kenneth J. Mahon
Chief Executive Officer Dime Community Bancshares, Inc. 300 Cadman Plaza West, 8th Floor Brooklyn, New York 11201 Email: kmahon@dime.com |
|
|
With required copies to
(which shall not constitute notice): |
| |
Patricia M. Schaubeck, Esq.
Executive Vice President, General Counsel Dime Community Bancshares, Inc. 300 Cadman Plaza West, 8th Floor Brooklyn, New York 11201 Email: PSchaubeck@dime.com
and
Paul M. Aguggia
Holland & Knight LLP 31 West 52nd Street New York, New York 10019 Email: paul.aguggia@hklaw.com |
|
| | | | Bridge Bancorp, Inc. | |
| Dated: July 1, 2020 | | |
By:
/s/ Kevin M. O’Connor
|
|
| | | |
Name: Kevin M. O’Connor
|
|
| | | |
Title: President and Chief Executive Officer
|
|
| | | | Dime Community Bancshares, Inc. | |
| Dated: July 1, 2020 | | |
By:
/s/ Kenneth J. Mahon
|
|
| | | |
Name: Kenneth J. Mahon
|
|
| | | |
Title: Chief Executive Officer
|
|
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