From GlobeNewswire:

Dime Community Bancshares, Inc. reports net income available to common stockholders of $88.8 million for 2023, a decrease from $145.3 million in 2022. The company’s total deposits grew over $276 million on a year-over-year basis, driven by deposit gathering. Capital ratios increased and asset quality remains stable. Loan originations increased to $195.9 million for the fourth quarter of 2023. Non-interest income was $8.9 million and total non-interest expense was $53.9 million during the fourth quarter of 2023. The efficiency ratio was 65.0% during the fourth quarter of 2023, compared to 70.5% during the linked quarter and 47.7% during the fourth quarter of 2022. The reported effective tax rate for the fourth quarter of 2023 was 35.6%. The company strategically positioned its balance sheet to benefit from projected Federal Reserve rate cuts in 2024. Total deposits increased by $276 million on a year-over-year basis in the fourth quarter of 2023, with the ratio of average non-interest-bearing deposits to average total deposits being 29%. The pace of NIM compression continued to slow, with NIM declining by 5 basis points in the fourth quarter of 2023 compared to 16 basis points for the third quarter of 2023. Loan originations totaled $195.9 million for the fourth quarter of 2023, a significant increase from $153.4 million in the prior quarter. Capital ratios continue to build, with the Company’s Tier 1 Risk Based Capital Ratio increasing to 10.94% at December 31, 2023. The ending weighted average rate on the total loan portfolio was 5.29% at December 31, 2023. Total Federal Home Loan Bank advances were $1.31 billion at December 31, 2023. Non-interest income was $8.9 million during the fourth quarter of 2023. Total non-interest expense was $53.9 million, with the efficiency ratio at 65.0% during the fourth quarter of 2023. The reported effective tax rate for the fourth quarter of 2023 was 35.6%.



Read more: Dime Community Bancshares, Inc. Reports Fourth Quarter 2023