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MERGER (Tables) | 12 Months Ended
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Dec. 31, 2023
MERGER |
Schedule of Bridge and legacy Dime common stock | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Dime Community Bancshares, Inc. Ownership and Market Value
​ | ​ | Number of | ​ | ​ | ​ | Market Value at
​ | ​ | Bridge | ​ | Percentage | ​ | $24.43 Bridge
(Dollars and shares in thousands) | ​ | Outstanding Shares | ​ | Ownership | ​ | Share Price
Bridge shareholders |  | 19,993 |  | 48.5% |  | $ | 488,420
Legacy Dime shareholders | ​ | 21,233 | ​ | 51.5% | ​ | ​ | 518,720
Total | ​ | 41,226 | ​ | 100.0% | ​ | $ | 1,007,140
Schedule of hypothetical number of shares | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Hypothetical Legacy Dime Ownership
​ | ​ | Number of | ​ | ​
​ | ​ | Legacy Dime | ​ | Percentage
(Shares in thousands) | ​ | Outstanding Shares | ​ | Ownership
Bridge shareholders |  | 30,853 |  | 48.5%
Legacy Dime shareholders | ​ | 32,767 | ​ | 51.5%
Total | ​ | 63,620 | ​ | 100.0%
Schedule of purchase price | ​
​ | ​ | ​
(Dollars and shares in thousands) | ​ | ​
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | ​ | 30,853
Legacy Dime market price per share as of February 1, 2021 | $ | 15.90
Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders | $ | 490,560
Value of Bridge stock options hypothetically converted to options to acquire shares of Legacy Dime common stock | ​ | 643
Cash in lieu of fractional shares | ​ | 7
Purchase price consideration | $ | 491,210
Schedule of purchase price allocation | ​
​ | ​ | ​ | ​
(In thousands) | ​ | ​ | ​
Purchase price consideration | ​ | $ | 491,210
​ | ​ | ​ | ​
Fair value of assets acquired: | ​ | ​ | ​
Cash and due from banks | ​ | ​ | 715,988
Securities available-for-sale | ​ | ​ | 651,997
Loans held for sale | ​ | ​ | 10,000
Loans held for investment | ​ | ​ | 4,531,640
Premises and fixed assets | ​ | ​ | 37,881
Restricted stock | ​ | ​ | 23,362
BOLI | ​ | ​ | 94,085
Other intangible assets | ​ | ​ | 10,984
Operating lease assets | ​ | ​ | 45,603
Other assets | ​ | ​ | 117,016
Total assets acquired | ​ | ​ | 6,238,556
Fair value of liabilities assumed: | ​ | ​ | ​
Deposits | ​ | ​ | 5,405,575
Other short-term borrowings | ​ | ​ | 216,298
Subordinated debt | ​ | ​ | 83,200
Operating lease liabilities | ​ | ​ | 45,285
Other liabilities | ​ | ​ | 97,147
Total liabilities assumed | ​ | ​ | 5,847,505
Fair value of net identifiable assets | ​ | ​ | 391,051
Goodwill resulting from Merger | ​ | $ | 100,159
​ | ​ | ​ | ​
Schedule of loans acquired at the Merger Date | ​
​ | ​ | ​
(In thousands) | ​ | ​
PCD loans: | ​ |
Unpaid principal balance | $ | 295,306
Non-credit discount at acquisition |  | (9,050)
Unpaid principal balance, net |  | 286,256
​ | ​ | ​
Allowance for credit losses at acquisition | ​ | (52,284)
Fair value at acquisition | ​ | 233,972
​ | ​ | ​
Non-PCD loans: |  |
Unpaid principal balance |  | 4,289,236
Premium at acquisition |  | 8,432
Fair value at acquisition |  | 4,297,668
​ |  | ​
Total fair value at acquisition | $ | 4,531,640
Schedule of supplemental disclosures of cash flow information | ​
​ | ​ | ​
(In thousands) | ​ | ​
Business combination: | ​ |
Fair value of tangible assets acquired | $ | 6,227,572
Goodwill, core deposit intangible and other intangible assets acquired |  | 111,143
Liabilities assumed |  | 5,847,505
Purchase price consideration | ​ | 491,210

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