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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2023
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | 26. CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS The following statements of financial condition as of December 31, 2023 and 2022, and the related statements of operations and cash flows for the years ended December 31, 2023, 2022 and 2021, reflect the Holding Company’s investment in its wholly-owned subsidiary, the Bank, using, as deemed appropriate, the equity method of accounting: DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF FINANCIAL CONDITION ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2023 |  | 2022
ASSETS: |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 35,114 | ​ | $ | 25,009
Securities available-for-sale, at fair value | ​ | ​ | 2,693 | ​ | ​ | 2,489
Investment in subsidiaries | ​ |  | 1,395,526 | ​ |  | 1,348,962
Other assets | ​ |  | 4,401 | ​ |  | 4,389
Total assets | ​ | $ | 1,437,734 | ​ | $ | 1,380,849
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ​ |  |  | ​ |  |
Subordinated debt, net | ​ | $ | 200,196 | ​ | $ | 200,283
Other liabilities | ​ |  | 11,313 | ​ |  | 10,983
Stockholders’ equity | ​ |  | 1,226,225 | ​ |  | 1,169,583
Total liabilities and stockholders’ equity | ​ | $ | 1,437,734 | ​ | $ | 1,380,849
​ DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (1) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Net interest loss | ​ | $ | (9,942) | ​ | $ | (10,394) | ​ | $ | (8,427)
Dividends received from Bank | ​ |  | 60,000 | ​ |  | 95,000 | ​ |  | 20,000
Non-interest income | ​ |  | — | ​ |  | — | ​ |  | 136
Non-interest expense | ​ |  | (1,066) | ​ |  | (1,720) | ​ |  | (4,361)
Income before income taxes and equity in undistributed earnings of direct subsidiaries | ​ |  | 48,992 | ​ |  | 82,886 | ​ |  | 7,348
Income tax credit | ​ |  | 7,822 | ​ |  | 4,001 | ​ |  | 4,051
Income before equity in undistributed earnings of direct subsidiaries | ​ |  | 56,814 | ​ |  | 86,887 | ​ |  | 11,399
Equity in undistributed earnings of subsidiaries | ​ |  | 39,280 | ​ |  | 65,669 | ​ |  | 92,597
Net income | ​ | $ | 96,094 | ​ | $ | 152,556 | ​ | $ | 103,996
(1) | Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2023, 2022 and 2021.
DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 96,094 | ​ | $ | 152,556 | ​ | $ | 103,996
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  | ​ | ​ |  |  | ​ |  |
Equity in undistributed earnings of direct subsidiaries | ​ |  | (39,280) | ​ |  | (65,669) | ​ |  | (92,597)
Net gain on marketable equity securities | ​ |  | — | ​ |  | — | ​ |  | (131)
Net accretion | ​ |  | (87) | ​ |  | (111) | ​ |  | (157)
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | 740 | ​ | ​ | —
(Increase) decrease in other assets | ​ |  | (62) | ​ |  | (104) | ​ |  | 761
(Decrease) increase in other liabilities | ​ |  | (931) | ​ |  | (1,096) | ​ |  | 269
Net cash provided by operating activities | ​ |  | 55,734 | ​ |  | 86,316 | ​ |  | 12,141
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds sales of marketable equity securities | ​ |  | — | ​ |  | — | ​ |  | 6,101
Purchases of securities available-for-sale | ​ |  | — | ​ |  | — | ​ |  | (3,000)
Net cash received in business combination | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,545
Net cash provided by investing activities | ​ |  | — | ​ |  | — | ​ |  | 14,646
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from subordinated debentures issuance, net | ​ | ​ | — | ​ | ​ | 157,559 | ​ | ​ | —
Redemption of subordinated debentures | ​ | ​ | — | ​ | ​ | (155,000) | ​ | ​ | —
Proceeds from exercise of stock options | ​ |  | — | ​ |  | — | ​ |  | 431
Release of stock for benefit plan awards | ​ |  | 1,164 | ​ |  | 1,167 | ​ |  | 1,153
Payments related to tax withholding for equity awards | ​ |  | (1,258) | ​ |  | (1,558) | ​ |  | (111)
BMP ESOP shares received to satisfy distribution of retirement benefits | ​ |  | — | ​ |  | — | ​ |  | (993)
Treasury shares repurchased | ​ |  | (947) | ​ |  | (46,762) | ​ |  | (59,280)
Cash dividends paid to preferred stockholders | ​ |  | (7,286) | ​ |  | (7,286) | ​ |  | (7,286)
Cash dividends paid to common stockholders | ​ |  | (37,302) | ​ |  | (36,791) | ​ |  | (39,351)
Net cash used in financing activities | ​ |  | (45,629) | ​ |  | (88,671) | ​ |  | (105,437)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and due from banks | ​ |  | 10,105 | ​ |  | (2,355) | ​ |  | (78,650)
Cash and due from banks, beginning of period | ​ |  | 25,009 | ​ |  | 27,364 | ​ |  | 106,014
Cash and due from banks, end of period | ​ | $ | 35,114 | ​ | $ | 25,009 | ​ | $ | 27,364
​

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