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Dec 31, 2024
Dime Q4 2024 Earnings Report
Dime Community Bancshares experienced a net loss due to loss-on-sale of securities, severance expense, and pension plan termination expenses, though adjusted net income increased.
Key Takeaways
Dime Community Bancshares reported a net loss of $22.2 million for Q4 2024, primarily due to a loss on the sale of securities and other expenses. However, adjusted net income totaled $17.4 million, reflecting an increase compared to the previous quarter and the year-ago quarter. The net interest margin expanded, and core deposits increased.
Net loss of $22.2 million, or $(0.54) per diluted common share.
Adjusted net income (non-GAAP) totaled $17.4 million, or $0.42 per share.
Total deposits increased by $268.8 million compared to the third quarter of 2024.
Net interest margin increased to 2.79% for the fourth quarter of 2024.
Revenue by Segment
Forward Guidance
Dime Community Bancshares anticipates that the full quarter impact of the securities repositioning completed in November will positively impact the NIM in 2025, and adjusted non-interest expense base was relatively flat in the fourth quarter of 2024 compared to the prior quarter.
Positive Outlook
- Securities repositioning to positively benefit NIM in 2025
- Strong growth in core deposits
- Proactive management of deposit rates
- Capital ratios are now best-in-class
- Adjusted non-interest expense base was relatively flat in the fourth quarter of 2024 compared to the prior quarter.
Challenges Ahead
- Net loss due to loss-on-sale of securities
- Severance expense impacted net income
- Pension plan termination expenses affected profitability
- Taxable gain and MEC Tax on surrender of legacy BOLI assets
Historical Earnings Impact
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Avg. Return Before/After Earnings
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