Dime Community Bancshares' Net Income Decreases in 2023

Dime Community Bancshares, Inc. has released its 10-K report, providing an overview of its operations as the holding company for Dime Community Bank. The company offers various commercial banking and financial services, including commercial real estate loans, multi-family mortgage loans, and investment products. Dime Community Bancshares, Inc. was founded in 1910 and is headquartered in Hauppauge, New York.

In terms of financial metrics, the net income for Dime Community Bancshares, Inc. was $96.1 million in 2023, a decrease from $152.6 million in 2022 and $104.0 million in 2021. Net interest income decreased by $63.3 million in 2023, while non-interest expense increased by $12.4 million and non-interest income decreased by $2.0 million. The provision for credit losses also decreased by $2.6 million. In 2022, net interest income increased by $22.3 million, and the provision for credit losses decreased by $0.8 million, while non-interest expense decreased by $44.6 million. Non-interest income decreased by $3.9 million, and income tax expense increased by $15.2 million. In 2021, net interest income increased by $179.9 million, the provision for credit losses decreased by $20.0 million, and non-interest income increased by $20.8 million. However, non-interest expense increased by $127.5 million, and income tax expense increased by $31.5 million.

The average yields and costs of interest-earning assets also changed over the years. Real estate loans yielded 4.88% in 2023, compared to 4.03% in 2022 and 3.75% in 2021. Similarly, commercial and industrial loans yielded 7.68% in 2023, 5.50% in 2022, and 3.94% in 2021. The company also saw changes in its securities yields and other short-term investments.

In addition, the company provided insights into its critical accounting estimates, particularly related to the allowance for credit losses on loans held for investment and the fair value of loans acquired in business combinations. Management noted the complexities and uncertainties involved in these estimates, which could have a material impact on the financial condition and results of operations.

Overall, the 10-K report highlights the changes in financial metrics and the challenges faced by Dime Community Bancshares, Inc. in managing its net interest income, provision for credit losses, and non-interest expenses over the years. Today the company's shares have moved 0.1% to a price of $19.07. For more information, read the company's full 10-K submission here.

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