Earnings call transcript: Dime Community Q3 2025 misses EPS expectations

Looking forward, Dime Community expects further expansion of its Net Interest Margin in Q4 and 2026. The company anticipates significant loan repricing opportunities, which could bolster future earnings. Core cash operating expenses are projected to be around $63 million in Q4, with non-interest income anticipated to range between $10 million and $10.5 million. Notably, DCOM has maintained dividend payments for 29 consecutive years, currently offering a 3.59% dividend yield. For a comprehensive analysis of DCOM’s financial health and future prospects, investors can access the detailed Pro Research Report available exclusively on InvestingPro, which provides in-depth analysis of this and 1,400+ other US stocks. Notably, DCOM has maintained dividend payments for 29 consecutive years, currently offering a 3.59% dividend yield. For a comprehensive analysis of DCOM’s financial health and future prospects, investors can access the detailed Pro Research Report available exclusively on InvestingPro, which provides in-depth analysis of this and 1,400+ other US stocks.

Key Takeaways

• Dime Community missed EPS expectations by 14.49%.
• Revenue exceeded forecasts, reaching $115.61 million.
• Net Interest Margin (NIM) improved for the sixth consecutive quarter.
• The stock showed no movement in premarket trading.
• Core cash operating expenses increased to $61.9 million.

Company Performance

Looking forward, Dime Community expects further expansion of its Net Interest Margin in Q4 and 2026. The company anticipates significant loan repricing opportunities, which could bolster future earnings. Core cash operating expenses are projected to be around $63 million in Q4, with non-interest income anticipated to range between $10 million and $10.5 million. Notably, DCOM has maintained dividend payments for 29 consecutive years, currently offering a 3.59% dividend yield. For a comprehensive analysis of DCOM’s financial health and future prospects, investors can access the detailed Pro Research Report available exclusively on InvestingPro, which provides in-depth analysis of this and 1,400+ other US stocks.

Financial Highlights

• Revenue: $115.61 million, up from the forecast of $112.91 million.
• Earnings per share: $0.59, below the forecast of $0.69.
• Core pre-tax, pre-provision net revenue: $54 million.
• Net Interest Margin: 3.01%, marking continuous improvement.

Earnings vs. Forecast

Dime Community’s actual EPS of $0.59 was below the forecasted $0.69, resulting in a 14.49% negative surprise. This EPS miss is notable and could affect investor confidence, despite the positive revenue surprise of 2.39%.

Market Reaction

The stock price of Dime Community remained unchanged in premarket trading at $29.66, reflecting a neutral immediate market reaction to the earnings report. The stock is trading within its 52-week range, which suggests that investors are taking a wait-and-see approach.

Outlook & Guidance

Looking forward, Dime Community expects further expansion of its Net Interest Margin in Q4 and 2026. The company anticipates significant loan repricing opportunities, which could bolster future earnings. Core cash operating expenses are projected to be around $63 million in Q4, with non-interest income anticipated to range between $10 million and $10.5 million.

Executive Commentary

CEO Stu Lubow emphasized the focus on organic growth and the company’s strategic positioning in a high-rate environment. CFO Avi Reddy noted the late cycles of the current high-rate environment, suggesting potential rate cuts ahead. Lubow also highlighted the company’s readiness to deploy excess liquidity effectively.

Risks and Challenges

• Rising core cash operating expenses could pressure margins.
• Credit loss provisions may indicate potential asset quality concerns.
• The competitive banking landscape could impact market share.
• Macroeconomic factors, such as interest rate changes, pose risks.
• Regulatory changes in the financial sector could affect operations.

Q&A

During the earnings call, analysts inquired about the company’s credit quality and charge-offs, reflecting concerns about asset health. The management’s deposit beta strategy was discussed, as well as potential mergers and acquisitions, indicating strategic considerations for growth. Insights into the current credit cycle were also provided, offering a broader economic context.

Full transcript - Dime Community Bancshares Inc (DCOM) Q3 2025:

Diane, Conference Call Operator, Dime Community Bancshares: Today, and thank you for standing by. Welcome to the Dime Community Bancshares Inc. third quarter earnings conference call. Before we begin, the company would like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those contained in any such statements, including as set forth in today’s press release and the company’s filings with the U.S. Securities and Exchange Commission, to which we refer you. During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

For information about these non-GAAP measures and for reconciliation to GAAP, please refer to today’s earnings release. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today’s conference is being recorded. I would now like to turn the conference over to your speaker today, Stu Lubow, President and CEO. Please go ahead.

Stu Lubow, President and CEO, Dime Community Bancshares: Thank you, Diane, and thank you all for joining us this morning for our quarterly earnings call. With me today, as usual, is Avi Reddy, our CFO, and also Tom Geisel, who we hired earlier this year to continue growing our commercial bank. In my prepared remarks, I will touch upon key highlights for the third quarter of 2025. Avi will then provide some details on the quarter and thoughts for the remainder of 2025. Our core earnings power continues its significant upward trajectory. Quarter pre-tax, pre-provision income was $54.4 million for the third quarter of 2025, compared to $49.4 million in the second quarter of 2025 and $29.8 million a year ago. We had an increase in loan loss provision in the third quarter, primarily tied to charge-offs on loans in the owner-occupied and non-owner-occupied commercial real estate segments.

While NPAs were up slightly on a linked quarter basis, they are up off a very small base and represent only 50 basis points of total assets, which compares favorably to commercial bank peers. On a linked quarter basis, we did see a decline in credit side loans in the third quarter of approximately $30 million and also saw a 33% decline in 30 to 89 days past due. Core deposits were up $1 billion on a year-over-year basis. The deposit teams hired since 2023 have grown their deposit portfolios to approximately $2.6 billion. We have a core deposit funded balance sheet with ample liquidity to take advantage of lending opportunities as they arise. Our cost of total deposits was 2.09% in the third quarter, which was unchanged versus the second quarter.

By maintaining a strong focus on cost of funds, our NIM has now increased for the sixth consecutive quarter and has surpassed 3% more. Following the Fed rate cut in September, we were able to meaningfully lower deposits costs while maintaining loan yields. As mentioned in the press release, since the Fed rate cut, the spread between loan and deposits has increased approximately 10 basis points, and this will continue to drive NIM expansion in the fourth quarter. Outside of rate cuts, we continue to have several additional catalysts to continue to grow our NIM over the medium to long term, including a significant backbook loan repricing opportunity. Avi will get into more details on the margin in his prepared remarks. On the loan front, we continue to execute our stated plan of growing business loans and managing our CRE concentration ratio, which is now 401.

Business loans grew over $160 million in the third quarter, compared to $110 million of business loan growth in the second. On a year-over-year basis, business loan growth was in excess of $400 million. Loan originations, including new lines of credit, increased to $535 million. The weighted average rate on new originations and lines was approximately 6.95%. Our loan pipelines continue to be strong and currently stand at $1.2 billion. The weighted average rate on the pipeline is between 6.50% and 6.75%. Next, I will touch on our recruiting efforts. Disruption in our local marketplace remains very high, and we continue to execute on our goals of building out our CNI businesses. As outlined in the press release, we hired a number of talented bankers in the third quarter. Once they settle, we expect them to meaningfully contribute to our business loan growth.

In addition, we recently opened a branch location in Manhattan. The grand opening was actually yesterday, and we are on track to open our New Jersey location in Lakewood in the first quarter of 2026. Additionally, we have identified a new location on the North Shore of Long Island that we expect to open in early 2026. In conclusion, the momentum in our business continues to be very strong, and we are executing on our business plan of growing business loans and core deposits. We have clearly differentiated our franchise from our local competitors as it relates to our growth trajectory, our ability to attract talented bankers. We have an outstanding deposit franchise, strong liquidity position, and a robust capital base. We expect more meaningful NIM expansion in the fourth quarter and significant opportunities in 2026 based on loan repricing opportunities, organic growth across deposits and loans.

I am looking forward to closing out the year strong. I want to again thank all our dedicated employees for their efforts in positioning Dime as the best commercial bank in New York. With that, I will turn the call over to Avi.

Diane, Conference Call Operator, Dime Community Bancshares: Thank you, Stu. Core EPS for the third quarter was $0.61 per share. This represents a 110% year-over-year increase. Core pre-tax, pre-provision net revenue of $54 million represents approximately 1.5% of average assets. The reported third quarter NIM increased to 3.01%. We had around two basis points of prepayment fees in the third quarter NIM. Excluding prepayment fees and purchase accounting, the third quarter NIM would have been 2.98%. As a reminder, the second quarter NIM, excluding prepayment fees and purchase accounting, was 2.95%. Total deposits were up approximately $320 million at September 30 versus the prior quarter. We continue to see strong inflows across our branch network and across the private and commercial bank. Core cash operating expenses, excluding intangible amortization, were $61.9 million, which was marginally above our prior guidance for the third quarter of $61.5 million.

The variance versus the prior guidance was due to the additional hires we made in the third quarter. Non-interest income of $12.2 million was inclusive of a $1.5 million positive benefit tied to a fraud recovery that dates back to Legacy Bridge. We had a $13.3 million credit loss provision for the quarter, and the allowance to loans increased to 88 basis points. As Stu mentioned, criticized loans were down approximately $30 million linked quarter, and loans 30 to 89 days past due were down approximately 33% on a linked quarter basis. We continue to grow, and our common equity tier 1 ratio grew to over 11.5%, and our total capital ratio grew to over 16%.

Having best-in-class capital ratios versus our local peer group is a competitive advantage and will allow us to take advantage of opportunities as they arise and speaks to our strength and ability to service our growing customer base. Next, I’ll provide some thoughts on the fourth quarter. As I mentioned previously, excluding prepayment fees and purchase accounting, the NIM for the third quarter would have been 2.98%. We would use this as a starting point for modeling purposes going forward. As Stu mentioned, we expect more substantial NIM expansion in the fourth quarter as we have been successful in reducing deposit costs and maintaining our loan yield, which has been helped by the pace of new originations. The spread between loans and deposits is approximately 10 basis points higher currently than what it was at September 15.

While we have a larger cash position than we did in prior quarters that will eat into some of the NIM benefit from the spread differential between loans and deposits, we do expect more pronounced NIM expansion in the fourth quarter compared to the second and third quarters. In addition, we expect the asset repricing story that we’ve been talking about for a while to unfold with more vigor in 2026 and 2027. To give you a sense of the significant backbook repricing opportunity in our adjustable and fixed-rate loan portfolios, in the full year 2026, we have approximately $1.35 billion of adjustable and fixed-rate loans across the loan portfolio at a weighted average rate of 4% that either reprice or mature in that timeframe.

Assuming a 250 basis point spread on those loans over the forward five-year Treasury, we could see a 20 basis point increase in NIM by the end of 2026 from the repricing of these loans alone. As we look into the backbook for 2027, we have another $1.7 billion of loans at a weighted average rate of 4.25% that will lead to continued NIM expansion in 2027. In summary, assuming the market consensus forward curve plays out, we continue to have a path to a structurally higher NIM and enhanced earnings power over time. Now that we’ve crossed 3% on the margin, the next marker in front of us is 3.25%, and after that, 3.50%. With respect to the balance sheet, we expect a relatively flat balance sheet for the remainder of this year as planned attrition in transactional CRE and multifamily masks the growth in our business loan portfolio.

As we’ve typically done, we will only provide guidance for 2026 once we get into the new year. Next, I’ll turn to expenses. As you’re aware, we’ve added a significant amount of talented individuals to the organization, and we continue to have opportunities to selectively add more. We expect fourth quarter core cash operating expenses to be around $63 million. We don’t expect any more wholesale additions of production staff until bonuses are paid in the first quarter, so we can treat the new fourth quarter expense run rate of $63 million as a good placeholder for now. Turning to non-interest income, for the fourth quarter, we do not expect a repeat of the fraud recovery item that we saw this quarter, meaning the run rate for non-interest income would be around $10 million to $10.5 million.

Factors that will determine the eventual outcome will be swap fee income, which can be hard to predict, as well as SBA fees, which are being impacted by the government shutdown. As has been our typical practice, we won’t be providing guidance on 2026 until we report earnings in January. Suffice to say, we are very positive on the NIM trajectory as we exit 2025. Our efficiency ratio continues to improve, and we expect to continue driving that down with NIM improvement. With that, I’ll turn the call back to Diane, and we’ll be happy to take your questions. Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again.

In the interest of time, we ask that you limit your questions to one question and one follow-up and re-queue if you have additional questions. Please stand by while we compile the Q&A roster. Our first question comes from Steve Moss of Raymond James. Your line is open.

Good morning, guys.

Stu Lubow, President and CEO, Dime Community Bancshares: Hey, Steve.

Hi, Steve.

Hey, Steve.

Hey, Steve. Avi, maybe just starting off on credit here, just curious with regard to the NPA formations and the charge-offs. Were the charge-offs related to this quarter’s new non-performing loans? Was it weighted more towards owner-occupied CRE or non-owner-occupied CRE? Maybe if any of it was multifamily related.

Diane, Conference Call Operator, Dime Community Bancshares: Yeah. None of it was multifamily related, Steve. It was owner-occupied and non-owner-occupied. The split was around 20% owner-occupied, around 80% non-owner-occupied over there. Like Stu said, credit size was down around $30 million linked quarter. The 30 to 89-day bucket got better. We’re pretty confident that we should see some resolution of legacy NPAs in the fourth quarter, probably amounting to around $15 to $17 million that we have a good line of sight into. I wouldn’t characterize the formation as anything out of the ordinary course of business. We’re operating at 50 basis points of NPAs. We probably could be range-bound around that between now and the end of the year. We’re seeing very strong credit overall on the multifamily side.

Okay. Appreciate that. Maybe on the multifamily payoffs this quarter, those accelerated here. It kind of sounds like you’re going to expect that similar pace into the fourth quarter. Is that kind of, you know, maybe how you guys are thinking about 2026 as you guys just have greater repricings, and we’re going to see just a continued step up in the multifamily paydowns?

Stu Lubow, President and CEO, Dime Community Bancshares: I think you’re going to see continued paydowns in the multifamily. I think this quarter was a bit outsized, and we knew that we had some big prepayments or payoffs coming in. I wouldn’t expect it to be at this level of prepayment going forward, more normalized. We are seeing maturities. When we do have maturities, there is a relatively high percentage that is refinancing out.

Okay. Great. I’ll step back and re-queue here. Appreciate all the color. Thank you.

Diane, Conference Call Operator, Dime Community Bancshares: Thank you. Our next question comes from Matthew Breese of Stephens Inc. Your line is open.

Hey, thank you, and good morning.

Stu Lubow, President and CEO, Dime Community Bancshares: Hey, Matt.

Avi, Steve, I wanted to follow up on the credit question just for a moment. On charge-offs specifically, Avi, I think in the past you’ve discussed, hey, look, we’re building out a business bank. There’s going to be some more normalized, call it charge-offs, than historical Dime and Bridge, especially in the higher rate environment. Could you just reframe for us what you define as normalized? I’m trying to triangulate the comments. Is there a path to go back to normalized over the next couple of quarters?

Diane, Conference Call Operator, Dime Community Bancshares: Yeah. No problem, Matt. Appreciate the question. I think at the start of the year, our guidance for charge-offs was around 20 to 30 basis points. That’s what we said before we started building out the specialty verticals, really. That was my comments back in January, right? You look at on a year-to-date basis right now, we’re basically at 31 basis points. We’re basically within the range of what we have. The new businesses that we’re building out, Fund Finance, for example, we expect zero losses in those new businesses, right? I don’t think the new businesses, per se, are going to add to the level of future charge-offs because we’re making good loans and we’re being very conservative in what we do. What it may change, though, is the reserving methodology because, for CNI loans, we are reserving somewhere between 125 and 150.

If you think about the model going forward, we do expect the reserve to build and us to be in that 90 to 1% area. That could gradually build over time. It’ll be a function of what we’re putting on. In terms of charge-offs, I mean, we’re in probably the late cycles of a high-rate environment. It’s our goal with increased earnings power to exit some creditized assets here and there. That’s probably a couple more quarters of that, probably, that we see. I would expect, as we get into 2026, to get to a more of a historical Dime level if that’s what you’re asking on the charge-off level. I think on the provision level, it’s going to be a function of the new business, right? We’re reserving at a higher level for the new business.

Great. Thank you. Going back to the multifamily reduction, I am curious, within that, was there any selection bias? Stuff that’s rolling off the book, was it more market rate multifamily versus rent-regulated? I would love just to hear what the market appetite is for those products, refining away. Is it non-discriminate and both are being refined away? Or are you seeing more so the market rate stuff get refined away than rent-regulated?

Yeah. I think what we’re setting are new rates, you know, slightly above market, Matt. I think at a reprice, some of the customers are staying with us. At maturities, we’re not seeing any delineation between free market and, you know, historical rent-regulated items just because the LTVs are so low and we’ve been pretty conservative in the underwriting. I think there’s a difference at the reprice. If something is repricing and still has five years left, you probably would see more of the rent-regulated stuff staying on with the books. At maturity, we’re seeing the same, you know, 80 to 90% of the loans are basically going away at this point. There’s really no delineation between that at this point in time, at least.

Okay. Two others for me, just, you know, one, we may be in the process of getting some, you know, in short order successive rate cuts. Feels like, you know, two by the end of the year and then maybe one earlier next year. Call it, you know, three or four, another three or four 25% cuts. Can you give us some idea for expectations on deposit betas as a lot has changed on your end than previous cycles?

Yes. I’ll start with this cut, Matt. I think you asked the question last quarter. Rate cuts obviously help us, and gradual rate cuts help us more than probably big rate cuts because that’s sometimes hard to cut depositors by the full amount. We kept the deposit cost at 209 this quarter, consistent with the last quarter, but we continued to grow deposits, right? We’re bringing on new deposits in the low 2s. Right now, our cost of deposits is in the low 190s. Prior to this rate cut, it was 209. We were pretty much able to pass the full 100% on. We do have 30% DDA, so that is what it is. I’d say for this 25 basis points, we’re very happy with where we ended up. We started at 209. We’re at 190 right now. We were able to cut, and that’s on total deposits.

We’re able to cut by 19 basis points. I think for anything going forward for the next two, we’d expect something similar, but it’s going to depend on the competition. The luxury that we have is we have a lot of new deposits coming in from our branch network, from our municipal deposit bankers, from our private banking teams, and from some of the commercial lending teams that we’ve built on. We can be more aggressive with the existing deposit base that we have. I don’t think that’s a luxury that a lot of other peers in our geography have. While I think the models would say a 50%, 60% beta, we’re trying to pass everything on going forward on the way down. If you remember, when rates were at zero, our cost of deposits was seven basis points back then, right?

We’re not getting back there, but we did pay up on the way up. There were industry events with Signature and some of the other stuff that happened where there was a bit of retention going on. I think on the way down, our goal is to benefit from that. Again, the NIM guidance that we gave going forward, that’s absent any rate cuts, right? For every rate cut, we should have five basis points plus or minus over there. That’s kind of primarily from cutting the deposit side of the business.

Great. I appreciate all that. Just, you know, my last one. There have been some larger banks that have identified Long Island as a market folks want to be in. I know in prior calls, we’ve asked you about M&A as a buyer, and I’m curious your thoughts there. I’m also curious to what extent you’ve thought about all strategic alternatives, including a potential sale if bids were to come in and some of these larger banks were to make a more pronounced effort into Long Island. That’s all I had.

Stu Lubow, President and CEO, Dime Community Bancshares: Yeah. Thanks, Matt. Look, you know, we’re focused on organic growth. We’ve just brought on all these talented bankers and these teams on the loan side. We had already done that on the deposit side. We think we’re really well positioned to deploy that excess liquidity that we have over the next, you know, six months to a year with all these teams coming on board. Our pipeline is very strong with very good yields. I’m excited about the fact that, you know, we’re going to start to see NIMs in the mid to high threes, you know, in a relatively, you know, mid to long term, which is going to benefit the bottom line and our shareholder value. Really focused on that. As far as the other, look, everyone knows me. I’ve been around a long time. I’m always interested in maximizing shareholder value.

For now, we’re really focused on organic growth.

Appreciate it. Thank you.

Diane, Conference Call Operator, Dime Community Bancshares: Thank you. Our next question comes from Mark Fitzgibbon of Piper Sandler. Your line is open.

Hey, guys. Good morning.

Hey, Mark. Good morning.

I was wondering, with the capital ratios building nicely and it sounds like no balance sheet growth in the fourth quarter, what are your thoughts on stock repurchases?

Yep. Yeah, Mark. We’ve started having those conversations in earnest at this point. I think last couple of quarters we said, you know, early 2026, we’ll revisit it. I mean, the common equity tier 1’s over 11.5%. Total capital’s over 16%. The one thing we were trying to do is to get the CRE concentration ratio down to, you know, the low 400s. We are there, right, at this point in time. I will say when you look at the peer groups, Mark, and more nationally, because we’ve really broken out of the local peer group here. Our business model is completely different from a lot of the other banks here. You look at, you know, PCE ratios or you look at, you know, common equity tier 1 ratios, it’s gone up industry-wide. I don’t think we’re an outlier when you compare us to the rest of the industry.

We obviously have a lot more capital than historical Dime used to run the balance sheet. I think the first and best use of capital, obviously, is putting it to work on all of the existing lending teams that we have, a lot of the new teams that Tom has hired, and putting that to work. You’ve seen the press release, the number of new verticals that we’ve brought on board. Each one of them should be a half a billion dollar business for us over two to three years, right? We’d like to deploy that. At the same time, the CRE runoff, the multifamily runoff is going to stop at some point relatively soon. We’ll be back in that market in a bigger way. I think we’re trying to balance a lot of those items, Mark.

From a corporate finance perspective, we see the stock is very undervalued, especially as you start projecting out NIMs in 2026 and 2027. From that perspective, we do want to be back in the market for that. If you remember, after the merger, we returned around $100 million of capital to shareholders. We have been aggressive on that. I think the limiting factor was the CRE ratio, more from an optics perspective. As we get below 400, that’ll go away. It’ll probably help us be back in the market. Hopefully, that provides you a bit of perspective on the different dynamics there.

It does. Thank you. I was curious, Avi, you mentioned there was a fraud recovery in the quarter. I’m curious how much was that. Was that in the other income line?

Yes. Yes. That was in other income, Mark. If you remember, this is probably dating back to 2018 or 2019. Legacy Bridge had a fraud with a bus company. It was around an $8 million non-interest expense hit that they had, more of an operational item. We’ve been going through the legal process, and we were able to recover $1.5 million this quarter. That’s in the other non-interest income line.

Okay. Great. I guess just sort of a bigger picture, and maybe not even necessarily relating to Dime, but just industry-wide, you know, Stu, you and I have been through a few credit cycles. I guess I’m curious where you feel like we are and what inning are we in? You know, how does this cycle play out? Does it get markedly worse? Does it sort of just muddle along? Or have we seen the worst of it? I guess I’m curious of high-level thoughts. Again, not specific to Dime per se.

Stu Lubow, President and CEO, Dime Community Bancshares: I think we’re kind of in the later innings at this point. I think we’re going to muddle along a little bit going forward. Look, the issues of 2023 and the two years thereafter kind of exacerbated some of the situations with the higher rate environment. I think overall, the industry has done very well. I think we’re at the point now where you have a lower rate environment coming. I think generally, at least locally, the economy remains relatively strong. I think that the industry has kind of worked through the process and managed the credit issues very well. As some of the issues come up with improved earnings, there might be a little bit more aggressive approach to resolving items. I think generally, the industry has done well. I don’t see us entering a significant stress environment in terms of credit.

Thank you.

Diane, Conference Call Operator, Dime Community Bancshares: Thank you. I’m showing no further questions at this time. I’d like to turn it back to Stuart Lubow for closing remarks.

Stu Lubow, President and CEO, Dime Community Bancshares: Thank you, operator and Diane. Thank you all for our dedicated employees and our shareholders for their continuing to support. We look forward to speaking to you in early 2026 after our fourth quarter.

Diane, Conference Call Operator, Dime Community Bancshares: This concludes today’s conference call. Thank you for participating, and you may now disconnect.

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