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Mar 31, 2021
Dime Q1 2021 Earnings Report
Dime Community Bancshares reported a net loss for Q1 2021 due to merger expenses and transaction costs, despite deposit growth and PPP loan originations.
Key Takeaways
Dime Community Bancshares reported a net loss of $22.9 million for Q1 2021, or $0.66 per diluted common share. However, adjusted net income totaled $32.4 million, or $0.94 per diluted share, after accounting for merger-related expenses, termination of borrowings, sale of securities, and provision for credit losses on acquired Non-PCD loans. The company saw significant deposit growth and was a leading provider of PPP loans.
Net loss to common stockholders was $22.9 million, or $0.66 per diluted common share.
Adjusted net income to common stockholders (non-GAAP) totaled $32.4 million, or $0.94 per diluted share.
Total deposits increased by $6.3 billion on a linked quarter basis to $10.8 billion.
Originated $573.3 million of PPP loans during the first quarter of 2021.
Revenue by Segment
Forward Guidance
The effective tax rate for the remainder of 2021 is expected to be approximately 27%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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