Dime Community Bancshares, Inc. (NASDAQ: DCOM) has reported its fourth-quarter 2024 results, showing a strong growth in deposits, business loans, and capital ratios on a year-over-year basis. The net interest margin (NIM) expanded by 29 basis points on a linked quarter basis to 2.79%.
For the year ended December 31, 2024, net income available to common stockholders was $21.8 million, or $0.55 per diluted common share, compared to $88.8 million, or $2.29 per diluted common share, for the year ended December 31, 2023.
The adjusted net income available to common stockholders (non-GAAP) totaled $17.4 million for the quarter ended December 31, 2024, representing an increase of 52% versus the prior quarter and an increase of 16% versus the year-ago quarter. Adjusted EPS (non-GAAP) totaled $0.42 per share for the quarter, marking an increase of 45% versus the prior quarter and an increase of 8% versus the year-ago quarter.
Highlights for the fourth quarter of 2024 include the following: Total deposits increased by $268.8 million compared to the third quarter of 2024. Core deposits (excluding brokered and time deposits) increased by $513.4 million compared to the third quarter of 2024. The net interest margin increased to 2.79% for the fourth quarter of 2024 compared to 2.50% for the prior quarter. The loan to deposit ratio declined to 93.0% at the end of the fourth quarter compared to 95.4% for the prior quarter. The allowance for credit losses to total loans increased to 0.82% at the end of the fourth quarter compared to 0.78% for the prior quarter. The company’s common equity tier 1 ratio increased to 11.07% at the end of the fourth quarter. * The bank received an "outstanding" overall rating as well as an "outstanding" rating on each of the individual components for its recent Community Reinvestment Act examination.
Net interest income for the fourth quarter of 2024 was $91.1 million compared to $79.9 million for the third quarter of 2024 and $74.1 million for the fourth quarter of 2023.
The ending weighted average rate on the total loan portfolio was 5.26% at December 31, 2024, showing a 14 basis point decrease compared to the ending rate of 5.40% on the total loan portfolio at September 30, 2024.
Period end total deposits at December 31, 2024, were $11.69 billion, compared to $11.42 billion at September 30, 2024, and $10.53 billion at December 31, 2023.
Non-interest income was a loss of $33.9 million during the fourth quarter of 2024, compared to income of $7.6 million during the third quarter of 2024, and income of $8.9 million during the fourth quarter of 2023.
Total non-interest expense was $60.6 million during the fourth quarter of 2024, $57.7 million during the third quarter of 2024, and $53.9 million during the fourth quarter of 2023.
Non-performing loans were $49.5 million at December 31, 2024, compared to $49.5 million at September 30, 2024, and $29.1 million at December 31, 2023.
Stockholders’ equity increased $170.3 million to $1.40 billion at December 31, 2024, compared to $1.23 billion at December 31, 2023.
The company's and the bank's regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the fourth quarter of 2024.
Dime Community Bancshares, Inc. will conduct a conference call at 8:30 a.m. (ET) on Thursday, January 23, 2025, to discuss the company’s fourth-quarter 2024 financial performance, with a question-and-answer session to follow. Following these announcements, the company's shares moved -3.5%, and are now trading at a price of $30.63. If you want to know more, read the company's complete 8-K report here.
