10-Q - DCOM - Equibles

Table of Contents ff

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-34096

DIME COMMUNITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

N/A

(Former name or former address, if changed since last report)


New York		11-2934195
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification number)

898 Veterans Memorial Highway, Suite 560 , Hauppauge , NY		11788
(Address of principal executive offices)		(Zip Code)

( 631 ) 537-1000

(Registrant’s telephone number, including area code)

	<br><br>
Title of each class	Trading<br><br>Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Par Value	DCOM	The NASDAQ Stock Market
Preferred Stock, Series A, $0.01 Par Value	DCOMP	The NASDAQ Stock Market
9.000% Subordinated Notes, $25.00 Par Value	DCOMG	The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all the reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ☒	Accelerated Filer ☐
Non-Accelerated Filer ☐	Smaller Reporting Company ☐
	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Classes of Common Stock		Number of shares outstanding at April 30, 2025
$0.01 Par Value		43,818,562

Table of Contents


PART I – FINANCIAL INFORMATION		Page
Item 1.	Unaudited Condensed Consolidated Financial Statements
	Consolidated Statements of Financial Condition at March 31, 2025 and December 31, 2024	4
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024	5
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024	6
	Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2025 and 2024	7
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	8
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	54

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	54
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	55
Item 3.	Defaults Upon Senior Securities	55
Item 4.	Mine Safety Disclosures	55
Item 5.	Other Information	55
Item 6.	Exhibits	56
	Signatures	57

Table of Contents Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions. Examples of forward-looking statements include, but are not limited to, the proposed use of proceeds from any offering, possible or assumed estimates with respect to the financial condition, expected or anticipated revenue, and results of operations and our business, including earnings growth; revenue growth in retail banking, lending and other areas; origination volume in the consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title insurance subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies.

Forward-looking statements are based upon various assumptions and analyses made by Dime Community Bancshares, Inc. (together with its direct and indirect subsidiaries, the “Company”), in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual conditions or results to differ materially from those expressed or implied by such forward-looking statements. Such factors include, without limitation, the following:

●	increases in competitive pressure among financial institutions or from non-financial institutions;
●	inflation and fluctuation in market interest rates, which may affect demand for our products, interest margins and the fair value of financial instruments;
---	---
●	our net interest margin is subject to material short-term fluctuation based upon market rates;
---	---
●	changes in deposit flows or composition, loan demand or real estate values;
---	---
●	changes in the quality and composition of our loan or investment portfolios or unanticipated or significant increases in loan losses;
---	---
●	changes in accounting principles, policies or guidelines;
---	---
●	changes in corporate and/or individual income tax laws or policies;
---	---
●	general socio-economic conditions, including conditions caused by public health emergencies, international conflict, inflation and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry;
---	---
●	legislative, regulatory or policy changes, including any changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
---	---
●	the imposition of tariffs and the responses of third parties thereto, which may increase inflationary pressures;
---	---
●	changes in distribution of federal funds or freezing of federal funding or grants, which could have an adverse effect on the ability of consumers and businesses to pay debts or affect the demand for loans and deposits;
---	---
●	technological changes;
---	---
●	breaches or failures of the Company’s information technology security systems;
---	---
●	the success of new business initiatives or the integration of any acquired entities;
---	---
●	difficulties or unanticipated expenses incurred in the consummation of new business initiatives or the integration of any acquired entities;
---	---
●	litigation or matters before regulatory agencies;
---	---
●	the risks referred to in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K; and/or
---	---
●	other unexpected material adverse changes in our financial condition, operations or earnings.
---	---

Accordingly, you should not place undue reliance on forward-looking statements. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.

Table of Contents Item 1. Condensed Consolidated Financial Statements

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(Dollars in thousands except share amounts)


		March 31,			December 31,
	****	2025		****	2024
Assets:
Cash and due from banks		$	1,030,702		$	1,283,571
Securities available-for-sale, at fair value			710,579			690,693
Securities held-to-maturity			631,334			637,339
Loans held for sale		****	2,527			22,625
Loans held for investment, net of fees and costs			10,868,735			10,871,943
Allowance for credit losses		****	(90,455)			(88,751)
Total loans held for investment, net		****	10,778,280			10,783,192
Premises and fixed assets, net		****	33,650			34,858
Restricted stock		****	66,987			69,106
Bank Owned Life Insurance ("BOLI")		****	389,167			290,665
Goodwill		****	155,797			155,797
Other intangible assets			3,644			3,896
Operating lease assets		****	45,657			46,193
Derivative assets			98,740			116,496
Accrued interest receivable			56,044			55,970
Other assets		****	94,574			162,857
Total assets		$	14,097,682		$	14,353,258

Liabilities:		****	****
Interest-bearing deposits		$	8,282,373		$	8,275,591
Non-interest-bearing deposits		****	3,245,409			3,355,829
Deposits (excluding mortgage escrow deposits)		****	11,527,782			11,631,420
Non-interest-bearing mortgage escrow deposits			88,138			54,715
Interest-bearing mortgage escrow deposits			4			6
Total mortgage escrow deposits			88,142			54,721
Federal Home Loan Bank of New York ("FHLBNY") advances		****	508,000			608,000
Other short-term borrowings		****	—			50,000
Subordinated debt, net		****	272,370			272,325
Derivative cash collateral			85,230			112,420
Operating lease liabilities		****	48,432			48,993
Derivative liabilities			92,516			108,347
Other liabilities		****	63,197			70,515
Total liabilities		****	12,685,669			12,956,741
		****	****
Commitments and contingencies		****	—			—

Stockholders' equity:		****	****
Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 10,000,000 shares authorized and 5,299,200 shares issued and outstanding at March 31, 2025 and December 31, 2024)		****	116,569			116,569
Common stock ($0.01 par, 80,000,000 shares authorized, 46,141,361 shares issued at March 31, 2025 and December 31, 2024 respectively, and 43,799,076 shares and 43,622,292 shares outstanding at March 31, 2025 and December 31, 2024, respectively)		****	461			461
Additional paid-in capital		****	623,305			624,822
Retained earnings		****	803,202			794,526
Accumulated other comprehensive loss, net of deferred taxes		****	(39,045)			(45,018)
Unearned equity awards		****	(12,909)			(7,640)
Treasury stock, at cost (2,342,285 shares and 2,519,069 shares at March 31, 2025 and December 31, 2024, respectively)		****	(79,570)			(87,203)
Total stockholders' equity		****	1,412,013			1,396,517
Total liabilities and stockholders' equity		$	14,097,682		$	14,353,258

See Notes to unaudited condensed Consolidated Financial Statements. 4

Table of Contents DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands except per share amounts)


		Three Months Ended
		March 31,
	****	2025		****	2024
Interest income:
Loans		$	142,705		$	143,565
Securities			11,323			7,880
Other short-term investments		****	7,837			9,564
Total interest income		****	161,865			161,009
Interest expense:		****	****
Deposits and escrow		****	58,074			73,069
Borrowed funds		****	8,381			14,697
Derivative cash collateral			1,197			1,713
Total interest expense		****	67,652			89,479
Net interest income		****	94,213			71,530
Provision for credit losses		****	9,626			5,210
Net interest income after provision for credit losses		****	84,587			66,320

Non-interest income:		****	****
Service charges and other fees		****	4,643			4,544
Title fees			98			133
Loan level derivative income		****	61			406
BOLI income		****	3,993			2,461
Gain on sale of SBA Loans			82			253
Gain on sale of residential loans		****	32			77
Fair value change in equity securities and loans held for sale			18			(842)
Gain on sale of other assets			—			2,968
Other		****	706			467
Total non-interest income		****	9,633			10,467
Non-interest expense:		****	****
Salaries and employee benefits		****	35,651			32,037
Severance			76			42
Occupancy and equipment		****	8,002			7,368
Data processing costs		****	4,794			4,313
Marketing		****	1,666			1,497
Professional services			2,116			1,467
Federal deposit insurance premiums		****	2,047			2,239
Loss from extinguishment of debt for FHLBNY advances		****	—			453
Loss due to pension settlement			7,231			—
Amortization of other intangible assets			252			307
Other		****	3,676			2,788
Total non-interest expense		****	65,511			52,511
Income before income taxes		****	28,709			24,276
Income tax expense		****	7,251			6,585
Net income			21,458			17,691
Preferred stock dividends			1,822			1,821
Net income available to common stockholders		$	19,636		$	15,870
Earnings per common share:		****	****
Basic		$	0.45		$	0.41
Diluted		$	0.45		$	0.41

See Notes to unaudited condensed Consolidated Financial Statements. 5

Table of Contents DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Dollars in thousands)


	Three Months Ended
	March 31,
	2025		****	2024
Net income	$	21,458		$	17,691
Other comprehensive income:	****	****
Change in unrealized gain (loss) on securities:
Change in net unrealized gain during the period	****	7,960			3,344
Reclassification adjustment for net losses included in net loss on sale of securities and other assets		—			—
Accretion of net unrealized loss on securities transferred to held-to-maturity		724			718
Credit loss expense		893			—
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense	****	(87)			(317)
Change in the net actuarial gain		4,854			520
Change in unrealized gain (loss) on derivatives:
Change in net unrealized (loss) gain during the period	****	(7,567)			2,145
Reclassification adjustment for expense included in interest expense		1,840			2,435
Other comprehensive income before income taxes	****	8,617			8,845
Deferred tax expense	****	2,644			2,732
Total other comprehensive income, net of tax	****	5,973			6,113
Total comprehensive income	$	27,431		$	23,804

See Notes to unaudited condensed Consolidated Financial Statements.

Table of Contents DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(Dollars in thousands)


	Three Months Ended March 31, 2025
										Accumulated
										Other
										Comprehensive
	Number of					Additional				Loss,		Unearned		Treasury		Total
	Shares of	Preferred		Common		Paid-in		Retained		Net of Deferred		Equity		Stock,		Stockholders’
	Common Stock	Stock		Stock		Capital		Earnings		Taxes		Awards		at cost		Equity
Beginning balance as of January 1, 2025	43,622,292	$	116,569	$	461	$	624,822	$	794,526	$	(45,018)	$	(7,640)	$	(87,203)	$	1,396,517
Net income	—		—		—		—		21,458		—		—		—		21,458
Other comprehensive income, net of tax	—		—		—		—		—		5,973		—		—		5,973
Release of shares, net of forfeitures	252,273		—		—		(1,514)		—		—		(7,153)		8,835		168
Stock-based compensation	—		—		—		—		—		—		1,884		—		1,884
Shares received related to tax withholding	(75,489)		—		—		(3)		—		—		—		(1,202)		(1,205)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,822)		—		—		—		(1,822)
Cash dividends declared to common stockholders	—		—		—		—		(10,960)		—		—		—		(10,960)
Ending balance as of March 31, 2025	43,799,076	$	116,569	$	461	$	623,305	$	803,202	$	(39,045)	$	(12,909)	$	(79,570)		1,412,013


	Three Months Ended March 31, 2024
										Accumulated
										Other
										Comprehensive
	Number of					Additional				Loss,		Unearned		Treasury		Total
	Shares of	Preferred		Common		Paid-in		Retained		Net of Deferred		Equity		Stock,		Stockholders’
	Common Stock	Stock		Stock		Capital		Earnings		Taxes		Awards		at cost		Equity
Beginning balance as of January 1, 2024	38,822,654	$	116,569	$	416	$	494,454	$	813,007	$	(91,579)	$	(8,622)	$	(98,020)	$	1,226,225
Net income	—		—		—		—		17,691		—		—		—		17,691
Other comprehensive loss, net of tax	—		—		—		—		—		6,113		—		—		6,113
Release of shares, net of forfeitures	155,782		—		—		(1,619)		—		—		(3,299)		5,128		210
Stock-based compensation	—		—		—		—		—		—		1,730		—		1,730
Shares received related to tax withholding	(46,603)		—		—		(1)		—		—		—		(1,029)		(1,030)
Cash dividends declared to preferred stockholders	—		—		—		—		(1,821)		—		—		—		(1,821)
Cash dividends declared to common stockholders	—		—		—		—		(9,747)		—		—		—		(9,747)
Ending balance as of March 31, 2024	38,931,833	$	116,569	$	416	$	492,834	$	819,130	$	(85,466)	$	(10,191)	$	(93,921)	$	1,239,371

See Notes to unaudited condensed Consolidated Financial Statements.

Table of Contents DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)


	Three Months Ended March 31,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	21,458	$	17,691
Adjustments to reconcile net income to net cash provided by operating activities:	****	****
Gain on sale of other assets		—		(2,968)
Fair value change in equity securities and loans held for sale	****	(18)		842
Gain on sale of loans held for sale	****	(114)		(330)
Net depreciation, amortization and accretion	****	1,085		1,574
(Accretion) amortization of fair value hedge basis point adjustments		(622)		628
Amortization of other intangible assets		252		307
Loss on extinguishment of debt		—		453
Stock-based compensation	****	1,884		1,730
Provision for credit losses	****	9,626		5,210
Originations of loans held for sale	****	(3,062)		(2,432)
Proceeds from sale of loans originated for sale	****	3,603		6,439
Increase in cash surrender value of BOLI	****	(3,605)		(2,461)
Gain from death benefits from BOLI		(371)		—
Decrease (increase) in other assets	****	73,026		(10,955)
(Decrease) increase in other liabilities	****	(37,722)		15,009
Net cash provided by operating activities	****	65,420		30,737
CASH FLOWS FROM INVESTING ACTIVITIES:	****	****
Purchases of securities available-for-sale	****	(29,720)		—
Proceeds from calls and principal repayments of securities available-for-sale	****	17,709		29,679
Proceeds from calls and principal repayments of securities held-to-maturity		6,823		6,112
Purchase of BOLI	****	(97,317)		—
Loans purchased	****	(3,921)		(3,915)
Proceeds from the sale of portfolio loans transferred to held for sale	****	5,165		—
Decrease in loans	****	15,184		7,644
Purchases of fixed assets, net	****	(570)		(1,378)
Proceeds from the sale of fixed assets and premises held for sale		—		3,879
Sales of restricted stock, net	****	2,119		24,404
Net cash (used in) provided by investing activities	****	(84,528)		66,425
CASH FLOWS FROM FINANCING ACTIVITIES:	****	****
(Decrease) increase in deposits	****	(70,212)		368,250
Repayments from FHLBNY advances, short-term, net	****	(100,000)		(540,000)
Repayments of other short-term borrowings, net	****	(50,000)		—
Release of stock for benefit plan awards	****	168		210
Payments related to tax withholding for equity awards	****	(1,205)		(1,030)
Cash dividends paid to preferred stockholders		(1,822)		(1,821)
Cash dividends paid to common stockholders	****	(10,690)		(9,466)
Net cash used in financing activities	****	(233,761)		(183,857)
Decrease in cash and cash equivalents	****	(252,869)		(86,695)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	****	1,283,571		457,547
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,030,702	$	370,852
	****	****
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	****	****
Cash paid for income taxes	$	3,999	$	6,684
Cash paid for interest	****	68,936		86,656
Loans transferred to held for sale	****	7,318		3,468
Loans transferred to held for investment		21,616		—
Operating lease assets in exchange for operating lease liabilities		2,750		2,224

See Notes to unaudited condensed Consolidated Financial Statements. 8

Table of Contents NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BASIS OF PRESENTATION

Dime Community Bancshares, Inc. (the “Holding Company”) is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank (“the Bank”). The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Holding Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Holding Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations also include Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. As of March 31, 2025, we operated 62 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, the Bronx, Staten Island, and Westchester County.

The unaudited Consolidated Financial Statements presented in this Quarterly Report on Form 10-Q include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.”

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited Consolidated Financial Statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Such estimates are subject to change in the future as additional information becomes available or previously existing circumstances are modified. Actual future results could differ significantly from those estimates. The annualized results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain reclassifications have been made to prior year amounts, and the related discussion and analysis, to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity. The unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which remain significantly unchanged and have been followed similarly as in prior periods.

SUMMARY OF ACCOUNTING POLICIES

Summary of Significant Accounting Policies

In the opinion of management, the accompanying unaudited condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of March 31, 2025 and December 31, 2024, the results of operations and statements of comprehensive income for the three months ended March 31, 2025 and 2024, the changes in stockholders’ equity for the three months ended March 31, 2025 and 2024, and cash flows for the three months ended March 31, 2025 and 2024.

Please see “Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies” for a discussion of areas in the accompanying unaudited condensed Consolidated Financial Statements utilizing significant estimates. 9

Table of Contents Adoption of Recent Accounting Standards

ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280)

The Financial Accounting Standards Board issued Accounting Standards Update 2023-07 to improve reportable segment disclosures by requiring public business entities to disclose significant expense categories and amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision-maker and included in a segment’s reported measures of profit or loss. ASU 2023-07 became effective for the Company for interim periods on January 1, 2025. The adoption of ASU 2023-07 did not have a material effect on the Company’s consolidated financial statements. For a further discussion please see Note 17 to the condensed Consolidated Financial Statements.

ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, intended to enhance the transparency of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information.

Specifically, the amendments in this ASU require disclosure of: (i) a tabular reconciliation, using both percentages and reporting currency amounts, with prescribed categories that are required to be disclosed, and the separate disclosure and disaggregation of prescribed reconciling items with an effect equal to 5% or more of the amount determined by multiplying pretax income from continuing operations by the applicable statutory rate; (ii) a qualitative description of the states and local jurisdictions that make up the majority (greater than 50%) of the effect of the state and local income taxes; and (iii) amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions that comprise 5% or more of total income taxes paid, net of refunds received. The ASU also includes other amendments to improve the effectiveness of income tax disclosures.

ASU 2023-09 became effective for the Company on January 1, 2025 for annual reporting periods, on a prospective basis and is not anticipated to have a material effect on the Company’s consolidated financial statements.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Activity in accumulated other comprehensive income (loss), net of tax, was as follows:


	****			****			****			****	Total
											Accumulated
					Defined						Other
					Benefit						Comprehensive
(In thousands)	****	Securities		****	Plans		****	Derivatives		****	Income (Loss)
Balance as of January 1, 2025		$	(43,767)		$	(7,499)		$	6,248		$	(45,018)
Other comprehensive income (loss) before reclassifications		****	6,136		****	3,364		****	(5,244)		****	4,256
Amounts reclassified from accumulated other comprehensive income (loss)		****	502		****	(60)		****	1,275		****	1,717
Net other comprehensive income (loss) during the period		****	6,638		****	3,304		****	(3,969)		****	5,973
Balance as of March 31, 2025		$	(37,129)		$	(4,195)		$	2,279		$	(39,045)

Balance as of January 1, 2024		$	(90,242)		$	(6,430)		$	5,093		$	(91,579)
Other comprehensive income before reclassifications			2,360			361			1,457			4,178
Amounts reclassified from accumulated other comprehensive income (loss)			490			(216)			1,661			1,935
Net other comprehensive income during the period			2,850			145			3,118			6,113
Balance as of March 31, 2024		$	(87,392)		$	(6,285)		$	8,211		$	(85,466)

Table of Contents The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated.


	Three Months Ended
	March 31,
(In thousands)	2025		2024
Change in unrealized gain (loss) on securities:	****	****
Change in net unrealized gain during the period	$	7,960	$	3,344
Reclassification adjustment for net losses included in net loss on sale of securities and other assets	****	—		—
Accretion of net unrealized loss on securities transferred to held-to-maturity		724		718
Credit loss expense		893		—
Net change	****	9,577		4,062
Tax expense	****	2,939		1,212
Net change in unrealized gain on securities, net of reclassification adjustments and tax	****	6,638		2,850
Change in pension and other postretirement obligations:	****	****
Reclassification adjustment for expense included in other expense	****	(87)		(317)
Change in the net actuarial gain	****	4,854		520
Net change	****	4,767		203
Tax expense	****	1,463		58
Net change in pension and other postretirement obligations	****	3,304		145
Change in unrealized gain (loss) on derivatives:	****	****
Change in net unrealized (loss) gain during the period	****	(7,567)		2,145
Reclassification adjustment for expense included in interest expense	****	1,840		2,435
Net change	****	(5,727)		4,580
Tax (benefit) expense	****	(1,758)		1,462
Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax	****	(3,969)		3,118
Other comprehensive income, net of tax	$	5,973	$	6,113

EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if “in the money” stock options were exercised and converted into common stock. In determining the weighted-average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested restricted stock award (“RSA”) shares are included in the calculation of the weighted-average shares outstanding for basic and diluted EPS. Unvested RSA and performance-based share awards (“PSA”) shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted-average shares outstanding for basic and diluted EPS. Basic and diluted EPS on common stock and the basic and diluted EPS on participating securities are the same. 11

Table of Contents The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:


	Three Months Ended
	March 31,
(In thousands except share and per share amounts)	2025		2024
Net income available to common stockholders	$	19,636	$	15,870
Less: Dividends paid and earnings allocated to participating securities	****	(314)		(257)
Income attributable to common stock	$	19,322	$	15,613
Weighted-average common shares outstanding, including participating securities	****	43,642,621		38,884,434
Less: weighted-average participating securities	****	(693,931)		(628,876)
Weighted-average common shares outstanding	****	42,948,690		38,255,558
Basic EPS	$	0.45	$	0.41
	****	****
Income attributable to common stock	$	19,322	$	15,613
Weighted-average common shares outstanding	****	42,948,690		38,255,558
Weighted-average common equivalent shares outstanding	****	—		—
Weighted-average common and equivalent shares outstanding	****	42,948,690		38,255,558
Diluted EPS	$	0.45	$	0.41

Common and equivalent shares resulting from the dilutive effect of “in-the-money” outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 26,995 weighted-average stock options outstanding for the three months ended March 31, 2025 and 2024, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

PREFERRED STOCK

Dime Community Bancshares, Inc. has 5,299,200 shares currently outstanding, or $132.5 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the “Preferred Stock”).

The Company expects to pay dividends when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year. The Preferred Stock is perpetual and has no stated maturity. The Company may redeem the Preferred Stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to regulatory approval, on or after June 15, 2025, or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering. 12

Table of Contents 6. SECURITIES

The following tables summarize the major categories of securities as of the dates indicated:


		March 31, 2025
				Gross		Gross			Allowance
		Amortized		Unrealized		Unrealized			For Credit	Fair
(In thousands)	****	Cost		Gains		Losses			Losses	Value
Securities available-for-sale:
Agency notes		$	10,000	$	—	$	(297)	$	—	$	9,703
Corporate securities		****	185,837		887		(10,295)		(893)	****	175,536
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")		****	298,704		1,961		(1,152)		—	****	299,513
Agency CMOs		****	228,300		276		(25,570)		—	****	203,006
State and municipal obligations			24,112		—		(1,291)		—		22,821
Total securities available-for-sale		$	746,953	$	3,124	$	(38,605)	$	(893)	$	710,579


		March 31, 2025
				Gross		Gross
		Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	****	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes		$	90,082	$	—	$	(8,853)	$	81,229
Corporate securities			13,000		200		(710)		12,490
Pass-through MBS issued by GSEs			295,309		99		(37,675)		257,733
Agency CMOs		****	232,943	****	209	****	(25,818)	****	207,334
Total securities held-to-maturity		$	631,334	$	508	$	(73,056)	$	558,786


		December 31, 2024
				Gross		Gross
		Amortized		Unrealized		Unrealized		Fair
(In thousands)	****	Cost		Gains		Losses		Value
Securities available-for-sale:
Agency notes		$	10,000	$	—	$	(393)	$	9,607
Corporate securities			173,972		755		(10,778)		163,949
Pass-through MBS issued by GSEs			303,303		30		(3,112)		300,221
Agency CMOs			220,314		16		(28,442)		191,888
State and municipal obligations			26,545		—		(1,517)		25,028
Total securities available-for-sale		$	734,134	$	801	$	(44,242)	$	690,693

		December 31, 2024
				Gross		Gross
		Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	****	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes		$	89,977	$	—	$	(10,961)	$	79,016
Corporate securities			13,000		140		(855)		12,285
Pass-through MBS issued by GSEs			298,697		—		(43,716)		254,981
Agency CMOs			235,665		29		(29,699)		205,995
Total securities held-to-maturity		$	637,339	$	169	$	(85,231)	$	552,277

There were no transfers to or from securities held-to-maturity during the three months ended March 31, 2025 and 2024.

The carrying value of securities pledged at March 31, 2025 and December 31, 2024 was $677.1 million and $622.7 million, respectively.

At March 31, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity.

Table of Contents The following table presents the amortized cost and fair value of securities by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	March 31, 2025
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	8,012	$	7,909
One to five years		57,629		53,734
Five to ten years		149,415		142,407
Beyond ten years		4,000		4,010
Pass-through MBS issued by GSEs and agency CMOs		527,004		502,519
Total	$	746,060	$	710,579

Held-to-maturity
Within one year	$	—	$	—
One to five years		19,841		18,893
Five to ten years		83,241		74,826
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMOs		528,252		465,067
Total	$	631,334	$	558,786

There were no sales of securities available-for-sale or held-to-maturity during the three months ended March 31, 2025 and 2024, respectively.

The following table summarizes the gross unrealized losses and fair value of securities available-for-sale aggregated by investment category and the length of time the securities were in a continuous unrealized loss position as of the dates indicated:


		March 31, 2025
		Less than 12						12 Consecutive
		Consecutive Months						Months or Longer						Total
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
(In thousands)	****	Value		****	Losses		****	Value		****	Losses		****	Value		****	Losses
Securities available-for-sale:
Agency notes		$	—		$	—		$	9,703		$	297		$	9,703		$	297
Corporate securities			21,875			125			126,654			10,170			148,529			10,295
Pass-through MBS issued by GSEs			44,456			335			5,967			817			50,423			1,152
Agency CMOs			7,705			4			151,713			25,566			159,418			25,570
State and municipal obligations		****	3,485		****	15		****	19,336		****	1,276			22,821			1,291


		December 31, 2024
		Less than 12						12 Consecutive
		Consecutive Months						Months or Longer						Total
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
(In thousands)	****	Value		****	Losses		****	Value		****	Losses		****	Value		****	Losses
Securities available-for-sale:
Agency Notes		$	—		$	—		$	9,607		$	393		$	9,607		$	393
Corporate securities			2,925			16			141,124			10,762			144,049			10,778
Pass-through MBS issued by GSEs			289,095			2,170			6,119			942			295,214			3,112
Agency CMOs			32,101			357			154,770			28,085			186,871			28,442
State and municipal obligations			3,469			31			21,559			1,486			25,028			1,517

Table of Contents As of March 31, 2025, the Company recognized a provision for credit losses of $893 thousand on an available-for-sale corporate security due to the issuer’s non-compliance with certain financial covenants, which was considered a credit deterioration event. Given the high-quality composition of the Company’s held-to-maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Accrued interest receivable on securities totaling $4.1 million and $5.7 million at March 31, 2025 and December 31, 2024, respectively, was included in other assets in the Consolidated Statements of Financial Condition and excluded from the amortized cost and estimated fair value totals in the table above.

Management evaluates available-for-sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At March 31, 2025, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. The Company generally views changes in fair value caused by changes in interest rates as temporary, which is consistent with its experience. The following major security types held by the Company are all issued by U.S. government entities and agencies and therefore either explicitly or implicitly guaranteed by the U.S. government: Agency Notes, Treasury Securities, Pass-through MBS issued by GSEs, Agency Collateralized Mortgage Obligations. None of the unrealized losses are related to credit quality of the issuer. A majority of the state and municipal obligations within the portfolio have all maintained an investment grade rating by either Moody’s or Standard and Poor’s. The Company does not have the intent to sell these securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the debt. The fair value is expected to recover as the securities approach maturity.

The following table presents a rollforward of the allowance for credit losses for corporate securities available-for-sale for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(In thousands)	2025		2024
Beginning balance	$	—	$	—
Provision for credit losses	****	893	****	—
Ending balance	$	893	$	—

Table of Contents 7. LOANS HELD FOR INVESTMENT, NET

The following table presents the loan categories for the period ended as indicated:


(In thousands)	****	March 31, 2025		December 31, 2024
Business loans^(1)^		$	2,788,201	$	2,725,726
One-to-four family residential and cooperative/condominium apartment			961,069		951,528
Multifamily residential and residential mixed-use		****	3,779,923		3,820,283
Non-owner-occupied commercial real estate		****	3,190,898		3,230,535
Acquisition, development, and construction ("ADC")		****	140,309		136,172
Other loans		****	6,402		5,084
Total		****	10,866,802		10,869,328
Fair value hedge basis point adjustments ^(2)^			1,933		2,615
Total loans, net of fair value hedge basis point adjustments			10,868,735		10,871,943
Allowance for credit losses		****	(90,455)		(88,751)
Loans held for investment, net		$	10,778,280	$	10,783,192
(1)	Business loans include commercial and industrial loans (“C&I loans”), owner-occupied commercial real estate loans and SBA Paycheck Protection Program (“PPP”) loans.
---	---
(2)	The loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged business loans, one-to-four family residential mortgage loans, multifamily residential mortgage loans and non-owner occupied commercial real estate loans.
---	---

The following tables present data regarding the allowance for credit losses activity on loans held for investment for the periods indicated:


	At or for the Three Months Ended March 31, 2025
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
	Business		Condominium		Residential		Commercial				Other
(In thousands)	Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans			Total
Allowance for credit losses:													****
Beginning balance	$	42,898	$	9,501	$	11,946	$	21,876	$	2,323	$	207	****	$	88,751
Provision (recovery) for credit losses	****	931	****	288	****	1,141	****	6,281	****	37	****	84		****	8,762
Charge-offs	****	(176)	****	(44)	****	—	****	(7,082)	****	—	****	(35)		****	(7,337)
Recoveries		262		—		—		—		—		17			279
Ending balance	$	43,915	$	9,745	$	13,087	$	21,075	$	2,360	$	273		$	90,455


	At or for the Three Months Ended March 31, 2024
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
	Business		Condominium		Residential		Commercial				Other
(In thousands)	Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	35,962	$	6,813	$	7,237	$	19,623	$	1,989	$	119	$	71,743
Provision (recovery) for credit losses		734		160		3,934		(178)		333		81		5,064
Charge-offs		(796)		—		—		—		—		(30)		(826)
Recoveries		81		—		—		—		—		6		87
Ending balance	$	35,981	$	6,973	$	11,171	$	19,445	$	2,322	$	176	$	76,068

Table of Contents

The following tables present the amortized cost basis of loans on non-accrual status as of the periods indicated:


	March 31, 2025
	Non-accrual with		Non-accrual with			Related
(In thousands)	No Allowance		Allowance		****	Allowance
Business loans	$	3,624	$	18,320		$	16,297
One-to-four family residential and cooperative/condominium apartment		—		3,763			37
Non-owner-occupied commercial real estate		31,662		15			15
ADC		—		657			261
Total	$	35,286	$	22,755		$	16,610


	December 31, 2024
	Non-accrual with		Non-accrual with			Related
(In thousands)	No Allowance		Allowance		****	Allowance
Business loans	$	5,196	$	17,428		$	15,810
One-to-four family residential and cooperative/condominium apartment		—		3,213			31
Non-owner-occupied commercial real estate		16,456		6,504			432
ADC		—		657			287
Other loans		—		25			25
Total	$	21,652	$	27,827		$	16,585

The Company did not recognize interest income on non-accrual loans held for investment during the three months ended March 31, 2025 and 2024.

The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated:


		March 31, 2025
						Loans 90
						Days or				Total
		30 to 59		60 to 89		More Past Due				Past Due
		Days		Days		and Still				and				Total
(In thousands)	****	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans		$	6,287	$	151	$	—	$	21,944	$	28,382	$	2,759,819	$	2,788,201
One-to-four family residential, including condominium and cooperative apartment		****	7,406	****	494	****	—	****	3,763	****	11,663	****	949,406	****	961,069
Multifamily residential and residential mixed-use		****	31,357	****	—	****	—	****	—	****	31,357	****	3,748,566	****	3,779,923
Non-owner-occupied commercial real estate		****	927	****	1,867	****	—	****	31,677	****	34,471	****	3,156,427	****	3,190,898
ADC		****	—		—		—		657	****	657	****	139,652	****	140,309
Other loans			—		—		—		—		—		6,402		6,402
Total		$	45,977	$	2,512	$	—	$	58,041	$	106,530	$	10,760,272	$	10,866,802

Table of Contents


		December 31, 2024
						Loans 90
						Days or				Total
		30 to 59		60 to 89		More Past Due				Past Due
		Days		Days		and Still				and				Total
(In thousands)	****	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans		$	3,385	$	2,441	$	—	$	22,624	$	28,450	$	2,697,276	$	2,725,726
One-to-four family residential, including condominium and cooperative apartment			1,919		1,271		—		3,213		6,403		945,125		951,528
Multifamily residential and residential mixed-use			3,759		27,601		—		—		31,360		3,788,923		3,820,283
Non-owner-occupied commercial real estate			1,265		—		—		22,960		24,225		3,206,310		3,230,535
ADC			—		—		—		657		657		135,515		136,172
Other loans			2		—		—		25		27		5,057		5,084
Total		$	10,330	$	31,313	$	—	$	49,479	$	91,122	$	10,778,206	$	10,869,328

Accruing Loans 90 Days or More Past Due:

There were no accruing loans 90 days or more past due at March 31, 2025 or at December 31, 2024.

Collateral Dependent Loans:

The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as of the dates indicated:


	March 31, 2025				December 31, 2024
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
Business loans	$	9,032	$	1,452	$	9,290	$	1,408
Non-owner-occupied commercial real estate		31,662		—		22,944		416
ADC		657		261		657		287
Total	$	41,351	$	1,713	$	32,891	$	2,111

Loan Restructurings

The Company applies the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include conditions where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and/or a combination of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows.

The following tables show the amortized cost basis as of March 31, 2025 and 2024 of the loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted:


		For the Three Months Ended March 31, 2025
						Term Extension			Significant Payment Delay		Term Extension				% of
				Significant		and Significant			and Interest		and Interest				Total Class of
(Dollars in thousands)	****	Term Extension		Payment Delay		Payment Delay		****	Rate Reduction		Rate Reduction		Total		Financing Receivable
Business loans		$	—	$	521	$	—		$	—	$	14,188	$	14,709	0.5	%
Multifamily residential and residential mixed-use		****	—	****	27,603	****	—		****	—	****	—	****	27,603	0.7
Non-owner-occupied commercial real estate		****	—	****	27,752	****	—		****	15,205	****	—	****	42,957	1.3
Total		$	—	$	55,876	$	—		$	15,205	$	14,188	$	85,269	0.8	%

Table of Contents


		For the Three Months Ended March 31, 2024
											Significant
						Term Extension			Significant Payment Delay		Payment Delay, Term Extension				% of
				Significant		and Significant			and Interest		and Interest				Total Class of
(Dollars in thousands)	****	Term Extension		Payment Delay		Payment Delay		****	Rate Reduction		Rate Reduction		Total		Financing Receivable
Business loans		$	1,889	$	1,207	$	304		$	29	$	—	$	3,429	0.1	%
One-to-four family residential, including condominium and cooperative apartment			—		—		404			—		—		404	0.0
Multifamily residential and residential mixed-use			—		61,832		—			—		—		61,832	1.5
Non-owner-occupied commercial real estate			—		31,157		—			—		—		31,157	0.9
ADC			—		—		—			—		12,253		12,253	7.0
Total		$	1,889	$	94,196	$	708		$	29	$	12,253	$	109,075	1.0	%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty as of the dates indicated:


		For the Three Months Ended March 31, 2025
		Weighted Average		Weighted Average
		Interest Rate		Months of		Weighted Average
(Dollars in thousands)	****	Reductions		Term Extensions	****	Payment Delay
Business loans		1.25	%	103		$	10
Multifamily residential and residential mixed-use		—		—			407
Non-owner-occupied commercial real estate		3.75		—			1,131


		For the Three Months Ended March 31, 2024
		Weighted Average		Weighted Average
		Interest Rate		Months of		Weighted Average
(Dollars in thousands)	****	Reductions		Term Extensions	****	Payment Delay
Business loans		5.0	%	12		$	146
One-to-four family residential, including condominium and cooperative apartment		—		11			13
Multifamily residential and residential mixed-use		—		—			306
Non-owner-occupied commercial real estate		—		—			561
ADC		2.0		5			411

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables describe the performance of loans that have been modified during the past 12 months.


		March 31, 2025
				30-59		60-89		90+
(In thousands)	****	Current		Days Past Due		Days Past Due		Days Past Due		****	Non-Accrual		Total
Business loans		$	18,899	$	—	$	—	$	—		$	245	$	19,144
One-to-four family residential, including condominium and cooperative apartment			—		—		—		—			892		892
Multifamily residential and residential mixed-use		****	—	****	27,603	****	—	****	—			—	****	27,603
Non-owner-occupied commercial real estate		****	27,752	****	—	****	—	****	—			15,205	****	42,957
Total		$	46,651	$	27,603	$	—	$	—		$	16,342	$	90,596

Table of Contents


		March 31, 2024
				30-59		60-89		90+
(In thousands)	****	Current		Days Past Due		Days Past Due		Days Past Due		****	Non-Accrual		Total
Business loans		$	13,694	$	—	$	240	$	—		$	2,140	$	16,074
One-to-four family residential, including condominium and cooperative apartment			3,262		—		—		—			91		3,353
Multifamily residential and residential mixed-use			27,631		12,651		21,550		—			—	****	61,832
Non-owner-occupied commercial real estate			55,864		—		—		—			—	****	55,864
ADC			—		—		—		—			12,253	****	12,253
Total		$	100,451	$	12,651	$	21,790	$	—		$	14,484	$	149,376

As of March 31, 2025, there was one $15.2 million non-owner-occupied commercial loan that was modified to a borrower experiencing financial difficulty during the prior 12 months that subsequently defaulted. As of March 31, 2024, there were no loans modified to borrowers experiencing financial difficulty during the prior 12 months that subsequently defaulted. For the purposes of this disclosure, a payment default is defined as 90 or more days past due. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms.

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit structure, loan documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying them based on credit risk. The Company uses the following definitions for risk ratings:

Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’s credit position at some future date.

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of then existing facts, conditions, and values, highly questionable and improbable.

Table of Contents The following is a summary of the credit risk profile of loans by internally assigned grade as of the periods indicated, the years represent the year of origination for non-revolving loans:


	March 31, 2025
(In thousands)	2025		2024		2023		2022		2021		2020 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	46,415	$	397,937	$	226,203	$	311,457	$	195,007	$	498,755	$	927,718	$	58,722	$	2,662,214
Special mention		—		128		495		34,133		3,993		17,559		5,252		9,222		70,782
Substandard		—		—		378		3,952		2,482		15,109		3,749		28,923		54,593
Doubtful		—		—		—		—		—		612		—		—		612
Total business loans		46,415		398,065		227,076		349,542		201,482		532,035		936,719		96,867		2,788,201
YTD Gross Charge-Offs		—		—		—		—		—		—		47		129		176

One-to-four family residential, and condominium/cooperative apartment:
Pass		28,063		133,899		157,062		200,806		97,158		300,119		24,904		9,054		951,065
Special mention		—		—		—		—		—		707		158		—		865
Substandard		—		—		—		—		—		8,228		—		911		9,139
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		28,063		133,899		157,062		200,806		97,158		309,054		25,062		9,965		961,069
YTD Gross Charge-Offs		—		—		—		—		—		44		—		—		44

Multifamily residential and residential mixed-use:
Pass		—		21,661		251,744		1,278,949		556,818		1,487,533		4,848		4,251		3,605,804
Special mention		—		—		—		1,202		12,349		84,708		—		—		98,259
Substandard		—		—		—		—		—		75,860		—		—		75,860
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		—		21,661		251,744		1,280,151		569,167		1,648,101		4,848		4,251		3,779,923
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

Non-owner-occupied commercial real estate
Pass		6,368		55,167		206,196		718,908		593,440		1,397,639		12,103		16,994		3,006,815
Special mention		—		—		—		—		653		99,431		—		—		100,084
Substandard		—		—		—		—		16,471		67,528		—		—		83,999
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		6,368		55,167		206,196		718,908		610,564		1,564,598		12,103		16,994		3,190,898
YTD Gross Charge-Offs		—		—		—		—		—		5,259		1,823		—		7,082

ADC:
Pass		2,680		25,152		34,659		26,769		4,809		2,332		25,274		3,112		124,787
Special mention		—				—		—		14,865		—		—		—		14,865
Substandard		—		—		—		—		—		—		—		657		657
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		2,680		25,152		34,659		26,769		19,674		2,332		25,274		3,769		140,309
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

Total:
Pass		83,526		633,816		875,864		2,536,889		1,447,232		3,686,378		994,847		92,133		10,350,685
Special mention		—		128		495		35,335		31,860		202,405		5,410		9,222		284,855
Substandard		—		—		378		3,952		18,953		166,725		3,749		30,491		224,248
Doubtful		—		—		—		—		—		612		—		—		612
Total Loans	$	83,526	$	633,944	$	876,737	$	2,576,176	$	1,498,045	$	4,056,120	$	1,004,006	$	131,846	$	10,860,400
YTD Gross Charge-Offs	$	—	$	—	$	—	$	—	$	—	$	5,303	$	1,870	$	129	$	7,302

Table of Contents


	December 31, 2024
(In thousands)	2024		2023		****	2022		****	2021		****	2020		****	2019 and Prior		****	Revolving		****	Revolving-Term		****	Total
Business loans
Pass	$	400,607	$	232,017		$	327,174		$	201,799		$	164,834		$	348,388		$	828,287		$	67,238		$	2,570,344
Special mention		135		754			36,740			4,220			4,333			17,226			26,292			14,497			104,197
Substandard		—		398			1,985			2,482			3,944			11,298			—			30,467			50,574
Doubtful		—		—			—			—			—			611			—			—			611
Total business loans		400,742		233,169			365,899			208,501			173,111			377,523			854,579			112,202			2,725,726
YTD Gross Charge-Offs		—		—			158			166			267			586			89			6,785			8,051

One-to-four family residential, and condominium/cooperative apartment:
Pass		134,804		159,300			202,706			98,491			63,093			247,952			26,724			8,364			941,434
Special mention		—		—			—			—			—			711			159			—			870
Substandard		—		—			—			—			984			7,326			—			914			9,224
Doubtful		—		—			—			—			—			—			—			—			—
Total one-to-four family residential, and condominium/cooperative apartment		134,804		159,300			202,706			98,491			64,077			255,989			26,883			9,278			951,528
YTD Gross Charge-Offs		—		—			—			—			—			—			—			—			—

Multifamily residential and residential mixed-use:
Pass		21,810		252,975			1,285,619			560,039			286,653			1,239,261			4,285			4,267			3,654,909
Special mention		—		—			1,202			12,369			14,172			73,778			—			—			101,521
Substandard		—		—			—			—			—			63,853			—			—			63,853
Doubtful		—		—			—			—			—			—			—			—			—
Total multifamily residential and residential mixed-use		21,810		252,975			1,286,821			572,408			300,825			1,376,892			4,285			4,267			3,820,283
YTD Gross Charge-Offs		400		—			—			—			1,292			2,985			—			—			4,677

Non-owner-occupied commercial real estate
Pass		57,280		215,279			724,041			601,508			408,361			1,020,137			11,937			8,966			3,047,509
Special mention		—		—			—			658			75,802			29,564			—			—			106,024
Substandard		—		—			—			16,471			34,236			26,295			—			—			77,002
Doubtful		—		—			—			—			—			—			—			—			—
Total non-owner-occupied commercial real estate		57,280		215,279			724,041			618,637			518,399			1,075,996			11,937			8,966			3,230,535
YTD Gross Charge-Offs		—		—			—			2,797			4,033			—			—			96			6,926

ADC:
Pass		16,154		34,169			25,950			4,810			—			2,468			24,868			12,122			120,541
Special mention		—		—			—			14,974			—			—			—			—			14,974
Substandard		—		—			—			—			—			—			—			657			657
Doubtful		—		—			—			—			—			—			—			—			—
Total ADC		16,154		34,169			25,950			19,784			—			2,468			24,868			12,779			136,172
YTD Gross Charge-Offs		—		—			—			—			—			—			—			—			—

Total:
Pass		630,655		893,740			2,565,490			1,466,647			922,941			2,858,206			896,101			100,957			10,334,737
Special mention		135		754			37,942			32,221			94,307			121,279			26,451			14,497			327,586
Substandard		—		398			1,985			18,953			39,164			108,772			—			32,038			201,310
Doubtful		—		—			—			—			—			611			—			—			611
Total Loans	$	630,790	$	894,892		$	2,605,417		$	1,517,821		$	1,056,412		$	3,088,868		$	922,552		$	147,492		$	10,864,244
YTD Gross Charge-Offs	$	400	$	—		$	158		$	2,963		$	5,592		$	3,571		$	89		$	6,881		$	19,654

For other loans, the Company evaluates credit quality based on payment activity. Other loans that are 90 days or more past due are placed on non-accrual status, while all remaining other loans are classified and evaluated as performing. The following is a summary of the credit risk profile of other loans by internally assigned grade:


(In thousands)	****	March 31, 2025		December 31, 2024
Performing		$	6,402	$	5,059
Non-accrual		****	—		25
Total		$	6,402	$	5,084

Table of Contents 8. LEASES

The following table presents the Company’s remaining maturities of undiscounted lease payments, as well as a reconciliation to the discounted operating lease liabilities in the Consolidated Statements of Financial Condition at March 31, 2025:


(In thousands)	****
2025		$	10,681
2026			14,047
2027			12,206
2028			5,921
2029			3,211
Thereafter			5,772
Total undiscounted lease payments			51,838
Less amounts representing interest			(3,406)
Operating lease liabilities		$	48,432

Other information related to the Company’s operating leases was as follows:


	****	Three Months Ended March 31,
(In thousands)	****	2025		****	2024
Operating lease cost		$	3,632		$	3,291
Cash paid for amounts included in the measurement of operating lease liabilities			3,651			3,276


	As of March 31, 2025		As of December 31, 2024
Weighted average remaining lease term	4.3	years	4.4	years
Weighted average discount rate	2.84	%	2.72	%

DERIVATIVES AND HEDGING ACTIVITIES

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The Company engages in fair value hedges, cash flow hedges and freestanding derivatives. 23

Table of Contents Effect of Derivatives on the Consolidated Statements of Financial Condition

The tables below present the notional amounts and fair values of the Company’s derivative financial instruments as of March 31, 2025 and December 31, 2024.


		March 31, 2025					December 31, 2024
		Notional		Fair Value			Notional		Fair Value
(In thousands)	****	Amount		Assets		****	Amount		Assets
Derivatives designated as hedging instruments:
Cash flow hedges - interest rate products		$	150,000	$	6,591		$	150,000	$	8,318

Derivatives not designated as hedging instruments:
Interest rate products			1,644,759		92,149			1,665,949		108,178


		March 31, 2025				December 31, 2024
		Notional		Fair Value		Notional		Fair Value
(In thousands)	****	Amount		Liabilities		Amount		Liabilities
Derivatives designated as hedging instruments:
Fair value hedges - interest rate products		$	500,000	$	39	$	500,000	$	—
Cash flow hedges - interest rate products			400,000		313		350,000		159

Derivatives not designated as hedging instruments:
Interest rate products			1,644,759		92,149		1,665,949		108,178
Risk participations			140,853		15		141,080		10

Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Operations

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
	2025				2024
	Interest		Interest		Interest		Interest
(In thousands)	Income		Expense		Income		Expense
Effects of fair value or cash flow hedges are recorded	$	(622)	$	1,840	$	628		2,435

The effects of fair value and cash flow hedging:
Gain or (loss) on fair value hedging relationships
Interest contracts:
Hedged items		(683)		—		(5,273)		—
Derivatives designated as hedging instruments		61		—		5,901		—

Gain or (loss) on cash flow hedging relationships
Interest contracts:
Loss reclassified from AOCI into income		—		1,840		—		2,435

Fair Value Hedges

The Company uses fair value hedges to protect against changes in fair value of certain interest rate sensitive assets. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount.

For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. 24

Table of Contents As of March 31, 2025 and December 31, 2024, the Company posted $2.0 million and $2.7 million, respectively, to the Chicago Mercantile Exchange (“CME”) clearing house related to the fair value derivatives settled daily to market. The Company pays an average fixed rate of 4.82% and receives a floating rate based on the US federal funds effective rate for the life of the agreement without an exchange of the underlying notional amount.

The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on March 31, 2025 totaled $685.4 million. The amount identified as the last-of-layer in the open hedge relationship was $500.0 million, which is the amount of loans in the closed portfolio anticipated to be outstanding for the designated hedge period. The basis adjustment associated with the hedge was a $1.9 million asset as of March 31, 2025, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship.

The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on December 31, 2024 totaled $692.2 million. The amount identified as the last-of-layer in the open hedge relationship was $500.0 million, which is the amount of loans in the closed portfolio anticipated to be outstanding for the designated hedge period. The basis adjustment associated with the hedge was a $2.6 million asset as of December 31, 2024, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship.

During the three months ended March 31, 2025 and 2024, the Company recorded a $622 thousand debit and $628 thousand credit, respectively, from the swap transaction as a component of interest income in the consolidated statements of operations.

As of March 31, 2025 and December 31, 2024, the following amounts were recorded on the consolidated statements of financial condition related to cumulative basis adjustment for fair value hedges:


		March 31, 2025				December 31, 2024
(In thousands)	****	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets		Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Fixed Rate Loans		$	687,307	$	1,933	$	694,774	$	2,615

Cash Flow Hedges

Cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company uses these types of derivatives to hedge the variable cash flows associated with existing or forecasted issuances of short-term borrowings.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that an additional $5.1 million will be reclassified as a decrease to interest expense.

The Company did not terminate any derivatives during the three months ended March 31, 2025 and March 31, 2024, respectively. 25

Table of Contents The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated:


	Three Months Ended
	March 31,
(In thousands)	2025		2024
(Loss) gain recognized in other comprehensive income (loss)	$	(7,567)	$	2,145
Loss reclassified from other comprehensive income into interest expense	****	(1,840)		(2,435)

All cash flow hedges are recorded gross on the Consolidated Statement of Financial Condition.

Certain cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of March 31, 2025 and December 31, 2024, the Company did not post collateral to the third-party counterparties. As of March 31, 2025, the Company received $7.4 million in collateral from its third-party counterparties under the agreements in a net asset position. As of March 31, 2025, the Company posted $3.0 million to the CME clearing house that are accounted for as settlements of the derivative liabilities. As of December 31, 2024, the Company received $9.1 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2024, the Company posted $856 thousand to the CME clearing house that are accounted for as settlements of the derivative asset.

Freestanding Derivatives

The Company maintains an interest-rate risk protection program for its loan portfolio in order to offer loan level derivatives with certain borrowers and to generate loan level derivative income. The Company enters into interest rate swap or interest rate floor agreements with borrowers. These interest rate derivatives are designed such that the borrower synthetically attains a fixed-rate loan, while the Company receives floating rate loan payments. The Company offsets the loan level interest rate swap exposure by entering into an offsetting interest rate swap or interest rate floor with an unaffiliated and reputable bank counterparty. These interest rate derivatives do not qualify as designated hedges, under ASU 815; therefore, each interest rate derivative is accounted for as a freestanding derivative. The notional amounts of the interest rate derivatives do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate derivative agreements. The following tables reflect freestanding derivatives included in the consolidated statements of financial condition as of the dates indicated:


	March 31, 2025
		Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/liabilities:
Loan level interest rate swaps with borrower	48	$	539,938	$	9,396	$	—
Loan level interest rate swaps with borrower	171		1,104,821		—		82,753
Loan level interest rate swaps with third-party counterparties	48	****	539,938	****	—	****	9,396
Loan level interest rate swaps with third-party counterparties	171		1,104,821		82,753		—


	December 31, 2024
		Notional		Fair Value		Fair Value
(Dollars in thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/liabilities:
Loan level interest rate swaps with borrower	23	$	321,745	$	3,704	$	—
Loan level interest rate swaps with borrower	202		1,344,204		—		104,474
Loan level interest rate swaps with third-party counterparties	23		321,745		—		3,704
Loan level interest rate swaps with third-party counterparties	202		1,344,204		104,474		—

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Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed. Total loan level derivative income is included in non-interest income as follows:


	Three Months Ended
	March 31,
(In thousands)	2025		2024
Loan level derivative income	$	61	$	406

The interest rate swap product with the borrower is cross collateralized with the underlying loan and, therefore, there is no posted collateral. Certain interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of March 31, 2025 and December 31, 2024, the Company did not post collateral to its third-party counterparties, respectively. As of March 31, 2025, the Company received $77.8 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2024, the Company received $103.3 million in collateral from its third-party counterparties under the agreements in a net asset position.

Risk Participation Agreements

The Company enters into risk participation agreements to manage economic risks but does not designate the instruments in hedge relationships. As of March 31, 2025 and December 31, 2024, the notional amounts of risk participation agreements for derivative liabilities were $140.9 million and $141.1 million, respectively. The related fair values of the Company’s risk participation agreements as of March 31, 2025 and December 31, 2024 were $15 thousand and $10 thousand, respectively.

Credit Risk Related Contingent Features

The Company’s agreements with each of its derivative counterparties state that if the Company defaults on any of its indebtedness, it could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty.

The Company’s agreements with certain of its derivative counterparties state that if the Bank fails to maintain its status as a well-capitalized institution, the Bank could be required to terminate its derivative positions with the counterparty.

For derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, any breach of the above provisions by the Company may require settlement of its obligations under the agreements at the termination value with the respective counterparty. As of March 31, 2025, there were no derivatives in a net liability position, and therefore the termination value was zero. There were no provisions breached for the three months ended March 31, 2025.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs – Significant other observable inputs such as any of the following: (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in markets that are not active, (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates), 27

Table of Contents or (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level 3 Inputs – Significant unobservable inputs for the asset or liability. Significant unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Significant unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Securities

The Company’s available-for-sale securities are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data, and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions.

All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by GSEs as of March 31, 2025 and December 31, 2024. In accordance with the Company’s investment policy, corporate securities are rated “investment grade” at the time of purchase and the financials of the issuers are reviewed quarterly.

Derivatives

Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date.

The following tables present financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.


			Fair Value Measurements
			at March 31, 2025 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Agency notes	$	9,703	$	—	$	9,703	$	—
Corporate securities		175,536	****	—	****	175,536	****	—
Pass-through MBS issued by GSEs		299,513	****	—	****	299,513	****	—
Agency CMOs		203,006	****	—	****	203,006	****	—
State and municipal obligations		22,821		—		22,821		—
Derivative – cash flow hedges		6,591	****	—	****	6,591	****	—
Derivative – freestanding derivatives, net		92,149	****	—	****	92,149	****	—
Financial Liabilities:
Derivative – fair value hedges		39		—		39		—
Derivative – cash flow hedges		313		—		313		—
Derivative – freestanding derivatives, net		92,149		—		92,149		—
Derivative – risk participations		15	****	—	****	15	****	—

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			Fair Value Measurements
			at December 31, 2024 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Agency Notes	$	9,607	$	—	$	9,607	$	—
Corporate securities		163,949		—		163,949		—
Pass-through MBS issued by GSEs		300,221		—		300,221		—
Agency CMOs		191,888		—		191,888		—
State and municipal obligations		25,028		—		25,028		—
Derivative – cash flow hedges		8,318		—		8,318		—
Derivative – freestanding derivatives, net		108,178		—		108,178		—
Financial Liabilities:
Derivative – cash flow hedges		159		—		159		—
Derivative – freestanding derivatives, net		108,178		—		108,178		—
Derivative – risk participations		10		—		10		—

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral.


	March 31, 2025
				Fair Value Measurements Using:
			Quoted Prices						****
			In Active			Significant			****
			Markets for			Other			Significant
			Identical			Observable			Unobservable
	Carrying		Assets			Inputs			Inputs
(In thousands)	Value		(Level 1)		****	(Level 2)			(Level 3)
Individually evaluated loans	$	1,958	$	—		$	—	****	$	1,958


		December 31, 2024
						Fair Value Measurements Using:
		****			Quoted Prices						****
					In Active			Significant
					Markets for			Other			Significant
					Identical			Observable			Unobservable
		Carrying			Assets			Inputs			Inputs
(In thousands)	****	Value		****	(Level 1)		****	(Level 2)		****	(Level 3)
Individually evaluated loans		$	7,584		$	—		$	—		$	7,584

Individually evaluated loans with an allowance for credit losses at March 31, 2025 had a carrying amount of $2.0 million, which is made up of the outstanding balance of $3.7 million, net of a valuation allowance of $1.7 million. There was a credit loss recovery of $398 thousand on collateral dependent individually evaluated loans during the three months ended March 31, 2025, which is included in the amounts reported in the Consolidated Statements of Operations.

Individually evaluated loans with an allowance for credit losses at December 31, 2024 had a carrying amount of $7.6 million, which is made up of the outstanding balance of $9.7 million, net of a valuation allowance of $2.1 million. 29

Table of Contents Financial Instruments Not Measured at Fair Value

The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or non-recurring basis for the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.


			Fair Value Measurements
			at March 31, 2025 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	1,030,702	$	1,030,702	$	—	$	—	$	1,030,702
Securities held-to-maturity		631,334	****	—	****	558,786	****	—	****	558,786
Loans held for sale		2,527		—		—		2,527		2,527
Loans held for investment, net	****	10,776,322	****	—	****	—	****	10,419,587	****	10,419,587
Accrued interest receivable	****	56,044	****	—	****	6,438	****	49,606	****	56,044
Financial Liabilities:	****	****	****	****	****	****	****	****	****	****
Savings, money market and checking accounts ^(1)^	****	10,494,856	****	10,494,856	****	—	****	—	****	10,494,856
Certificates of deposit ("CDs")	****	1,121,068	****	—	****	1,118,156	****	—	****	1,118,156
FHLBNY advances	****	508,000	****	—	****	510,485	****	—	****	510,485
Subordinated debt, net	****	272,370	****	—	****	256,150	****	—	****	256,150
Accrued interest payable	****	9,302	****	—	****	9,302	****	—	****	9,302

^(1)^ Includes mortgage escrow deposits.


			Fair Value Measurements
			at December 31, 2024 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	1,283,571	$	1,283,571	$	—	$	—	$	1,283,571
Securities held-to-maturity		637,339		—		552,277		—		552,277
Loans held for sale		22,625		—		—		22,625		22,625
Loans held for investment, net		10,775,608		—		—		10,354,366		10,354,366
Accrued interest receivable		55,970		—		6,676		49,294		55,970
Financial Liabilities:
Savings, money market and checking accounts^(1)^		10,617,060		10,617,060		—		—		10,617,060
CDs		1,069,081		—		1,066,630		—		1,066,630
FHLBNY advances		608,000		—		608,908		—		608,908
Subordinated debt, net		272,325		—		257,464		—		257,464
Other short-term borrowings		50,000		50,000		—		—		50,000
Accrued interest payable		8,586		—		8,586		—		8,586

^(1)^ Includes mortgage escrow deposits.

OTHER INTANGIBLE ASSETS

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable.


(In thousands)	March 31, 2025		December 31, 2024
Gross carrying value	$	10,204	$	10,204
Accumulated amortization	****	(6,560)		(6,308)
Net carrying amount	$	3,644	$	3,896

Amortization expense recognized on intangible assets was $252 thousand and $307 thousand for the three months ended March 31, 2025 and March 31, 2024, respectively. 30

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Estimated amortization expense for the remainder of 2025 through 2029 and thereafter is as follows:


(In thousands)
2025	$	706
2026		795
2027		664
2028		560
2029		475
Thereafter		444
Total	$	3,644

FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY totaling $508.0 million and $608.0 million at March 31, 2025 and December 31, 2024, respectively, all of which were fixed rate. In accordance with FHLBNY advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank had remaining FHLBNY borrowing capacity of $1.91 billion as of March 31, 2025 and $1.84 billion as of December 31, 2024, and maintained sufficient qualifying collateral, as defined by the FHLBNY.

For the three months ended March 31, 2025, the Company did not incur any prepayment penalty expense related to the extinguishment of debt. During the three months ended March 31, 2024, the Company had $453 thousand of prepayment penalty expense recognized as a loss on extinguishment of debt.

The following table is a summary of FHLBNY extinguishments for the periods presented:


	Three Months Ended March 31,
(Dollars in thousands)		2025			2024
FHLBNY advances extinguished	$	-		$	1,655,000
Weighted average rate		-	%		5.28	%
Loss on extinguishment of debt	$	-		$	453

The following table presents the contractual maturities of FHLBNY advances for each of the next five years.


(Dollars in thousands)	March 31, 2025		December 31, 2024
Overnight, fixed rate at 4.67%		—		100,000
2025, fixed rate at rates from 0.59% to 4.43%		400,000		400,000
2027, fixed rate at 4.25%		36,000		36,000
2028, fixed rate at 4.04%		12,000		12,000
2029, fixed rate at rates from 3.98% to 4.03%		60,000		60,000
Total FHLBNY advances	$	508,000	$	608,000

Total FHLBNY advances had a weighted average interest rate of 4.40% and 4.58% at March 31, 2025 and December 31, 2024, respectively.

SUBORDINATED DEBENTURES

On June 28, 2024, the Company issued $65.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2034 (“the 2024 Notes”). The 2024 Notes are callable at par after five years, have a stated maturity of July 15, 2034, and bear interest at a fixed annual rate of 9.00% per year, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on October 15, 2024. The last interest payment for the fixed rate period will be July 15, 2029. From and including July 15, 2029, to, but excluding the stated maturity date or any earlier redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term

SOFR

) plus 495.1 basis points, payable quarterly in arrears on January 15, April 15, July 15, and October 15 of each year, commencing on October 15, 2029. 31

Table of Contents Subsequently, on July 9, 2024, the Company issued and sold an additional $9.8 million of the 2024 Notes, pursuant to an overallotment option granted to the underwriters of the offering. Including the overallotment option, the total gross proceeds from the offering were $74.8 million, before discounts and offering expenses.

On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the 2022 Notes”). The 2022 Notes are callable at par after five years, have a stated maturity of May 15, 2032 and bear interest at a fixed annual rate of 5.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2022. The last interest payment for the fixed rate period will be May 15, 2027. From and including May 15, 2027 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term

SOFR

) plus 218-basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2027. The Company used the net proceeds of the offering for the repayment of $115.0 million of the Company’s 4.50% fixed-to-floating rate subordinated notes due 2027 on June 15, 2022, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025 on June 30, 2022. The repayment of the subordinated notes due 2027 resulted in a pre-tax write-off of debt issuance costs of $740 thousand, which was recognized in loss on extinguishment of debt in non-interest expense. The remaining $40.0 million of fixed-to-floating rate subordinated debentures were issued by the Company in September 2015, are callable at par after ten years, have a stated maturity of September 30, 2030, and bear interest at a fixed annual rate of 5.75% per year, for the first ten years. From and including September 30, 2025 to the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month CME Term

SOFR

plus 372 basis points. The subordinated debentures totaled $272.4 million and $272.3 million at March 31, 2025 and December 31, 2024, respectively. Interest expense related to the subordinated debentures was $4.3 million and $2.6 million during the three months ended March 31, 2025 and 2024, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.

RETIREMENT AND POSTRETIREMENT PLANS

The Bank maintains two noncontributory pension plans that existed before the Merger: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees.

Employee Retirement Plan

The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the Employee Retirement Plan effective December 31, 2023. Retirement benefits of the plan were vested as they were earned. For the year ended December 31, 2024, the Bank used December 31^st^ as its measurement date for the Employee Retirement Plan. 32

Table of Contents BNB Bank Pension Plan

During 2012, Bridge Bancorp, Inc., (“Bridge”) amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan. Effective December 31, 2023, the Bank froze all participant benefits under the BNB Pension Plan, the impact of which is reflected in the recorded curtailment as of December 31, 2023. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the BNB Bank Pension Plan effective December 31, 2023. The termination was effectively completed by March 31, 2025. Retirement benefits of the plan were vested as they were earned. For the year ended December 31, 2024, the Bank used December 31^st^ as its measurement date for the BNB Bank Pension Plan.

The following tables represent the components of net periodic (credit) benefit cost associated with these plans:


	Three Months Ended March 31,
	2025				2024

	BNB Bank		Employee		BNB Bank		Employee
(In thousands)	Pension Plan		Retirement Plan		Pension Plan		Retirement Plan
Service cost	$	—	$	—	$	—	$	—
Interest cost		271		217		310		210
Expected return on assets	****	(534)	****	(323)		(680)		(360)
Amortization of unrealized loss	****	49	****	233		—		203
Net periodic (credit) benefit	$	(214)	$	127	$	(370)	$	53
Settlement loss recognized		7,231		—		—		—
Total benefit cost	$	7,017	$	127	$	(370)	$	53

There were no contributions to the BNB Bank Pension Plan or the Employee Retirement Plan for the three months ended March 31, 2025 and 2024.

401(k) Plan

The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger. The 401(k) Plan covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the first pay date following the 60^th^ day of employment, unless they elect not to participate. Participants may contribute a portion of their pre-tax base salary, generally not to exceed $23,500 for the calendar year ended December 31, 2025. Under the provisions of the 401(k) Plan, Dime Community Bank provides an employer non-elective contribution to employee accounts equivalent to 3% of eligible compensation. Participants can invest their account balances into several investment alternatives. The 401(k) Plan does not allow for investment of new contributions in the Company’s common stock, nor does it allow participants to transfer existing balances into the Company’s common stock. The 401(k) Plan held Company common stock within the accounts of participants totaling $6.0 million and $4.4 million at March 31, 2025 and 2024, respectively. During the three months ended March 31, 2025, the Company did not recognize any expense as a component of salaries and employee benefits expense for the 401(k) Plan. During the three months ended March 31, 2024, total expense recognized as a component of salaries and employee benefits expense for the 401(k) Plan was $872 thousand.

STOCK-BASED COMPENSATION

In May 2021, the Company’s stockholders approved the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) to provide the Company with sufficient equity compensation to meet the objectives of appropriately incentivizing its officers, other employees, and directors to execute our strategic plan to build shareholder value, while providing appropriate shareholder protections. The Company no longer makes grants under the Legacy Stock Plans. Awards outstanding under the Legacy Stock Plans will continue to remain outstanding and subject to the terms and conditions of the Legacy Stock Plans. An additional 1,185,000 shares of common stock were reserved to be issued under the 2021 Equity Incentive Plan following stockholder approval at the Annual Meeting of Shareholders on May 23, 2024. At March 31, 2025, there were 1,250,943 shares reserved for issuance under the 2021 Equity Incentive Plan. 33

Table of Contents Stock Option Awards

The following table presents a summary of activity related to stock options granted under the Legacy Stock Plans, and changes during the period then ended:


			****			****	Weighted-	****
							Average
				Weighted-			Remaining		Aggregate
		Number of		Average Exercise			Contractual		Intrinsic
(Dollars in thousands except share and per share amounts)	****	Options	****	Price		****	Years	****	Value
Options outstanding at January 1, 2025		26,995		$	35.39		4.2			—
Options exercised		—			—
Options forfeited		—			—
Options outstanding at March 31, 2025		26,995		$	35.39		4.0		$	—
Options vested and exercisable at March 31, 2025		26,995		$	35.39		4.0		$	—

Information related to stock options during each period is as follows:


	Three Months Ended
	March 31,
(In thousands)	2025		****	2024
Cash received for option exercise cost	$	—		$	—
Income tax (expense) benefit recognized on stock option exercises	****	—			—
Intrinsic value of options exercised	****	—			—

The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of March 31, 2025 were as follows:


	Outstanding Options				Vested Options
			Weighted				Weighted
			Average				Average
	Number		Contractual		Number		Contractual
	of		Years		of		Years
	Options	****	Remaining	****	Options	****	Remaining
Exercise Prices:
34.87	10,061		4.9		10,061		4.9
35.35	9,802		3.9		9,802		3.9
36.19	7,132		2.9		7,132		2.9
Total	26,995		4.0		26,995		4.0

All values are in US Dollars.

Restricted Stock Awards

The Company has made RSA grants to outside Directors and certain officers under the Legacy Stock Plans and the 2021 Equity Incentive Plan. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers vest over a pre-determined requisite period. All awards were made at the fair value of the Company’s common stock on the grant date. Compensation expense on all RSAs is based upon the fair value of the shares on the respective dates of the grant. 34

Table of Contents The following table presents a summary of activity related to the RSAs granted, and changes during the period then ended:


			****	Weighted-
				Average
		Number of		Grant-Date
	****	Shares	****	Fair Value
Unvested allocated shares outstanding at January 1, 2025		470,236		$	22.79
Shares granted		146,558			29.69
Shares vested		(207,898)			24.45
Shares forfeited		(575)			28.58
Unvested allocated shares outstanding at March 31, 2025		408,321		$	24.42

Information related to RSAs during each period is as follows:


	Three Months Ended
	March 31,
(In thousands)	2025		****	2024
Compensation expense recognized	$	1,406		$	1,373
Income tax benefit (expense) recognized on vesting of RSAs	****	322			(240)

As of March 31, 2025, there was $8.5 million of total unrecognized compensation cost related to unvested RSAs to be recognized over a weighted-average period of 2.1 years.

Performance-Based Share Awards

The Company maintains a Long-Term Incentive Plan (“LTIP”) for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and stretch (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of common stock are issued on the grant date and held as unvested stock awards until the end of the performance period. Shares are issued at the stretch opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. Compensation expense on PSAs is based upon the fair value of the shares on the date of the grant for the expected aggregate share payout as of the period end.

The following table presents a summary of activity related to the PSAs granted, and changes during the period then ended:


			****	Weighted-
				Average
		Number of		Grant-Date
	****	Shares	****	Fair Value
Maximum aggregate share payout at January 1, 2025		258,864		$	18.69
Shares granted		98,449			28.19
Shares forfeited		(1,789)			34.57
Shares vested		(7,166)			34.57
Maximum aggregate share payout at March 31, 2025		348,358		$	20.97
Minimum aggregate share payout		—			—
Expected aggregate share payout		340,830		$	20.91

Information related to PSAs during each period is as follows:


	Three Months Ended
	March 31,
(In thousands)	2025		****	2024
Compensation expense recognized	$	478		$	357
Income tax expense recognized on vesting of PSAs	****	(9)			—

Table of Contents As of March 31, 2025, there was $4.9 million of total unrecognized compensation cost related to unvested PSAs based on the expected aggregate share payout to be recognized over a weighted-average period of 2.2 years.

INCOME TAXES

During the three months ended March 31, 2025 and 2024, the Company’s consolidated effective tax rates were 25.3% and 27.1%, respectively. There were no significant unusual income tax items during the three months ended March 31, 2025 and 2024, respectively.

SEGMENT REPORTING

The Chief Executive Officer, who is designated as the chief operating decision maker (“CODM”), determines the Company’s reportable segment. The Chief Executive Officer along with others in the Company’s executive management evaluates performance and allocates resources based upon analysis of the Company as one operating segment or unit. The activities of the Company comprise one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on the manner in which it supports the other activities of the Company. All the consolidated assets are attributable to the Community Banking segment. The accounting policies of the Community Banking segment are the same as those described in Note 1 “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2024.

The Company provides a range of community banking services, including commercial and consumer lending, personal and business banking, treasury management and merchant services, and other financial services primarily to individuals, businesses, and municipalities in the Greater Long Island area.

The CODM is provided with the Company’s consolidated statements of financial condition and operations and evaluates the Company’s operating results based on consolidated net interest income, non-interest income, non-interest expense, and net income, which can be seen on the consolidated statement of operations. These results are used to benchmark the Company against its competitors. Other significant non-cash items assessed by the CODM are depreciation, amortization and provision for credit losses consistent with the reporting on the consolidated statements of cash flows. Expenditures for long-lived assets are also evaluated and are consistent with the reporting on the consolidated statements of cash flows. Strategic plans and budget to actual monitoring are evaluated as one reportable segment. The actual results are used in assessing performance of the segment and in establishing management’s compensation. All revenues are derived from banking operations within the United States, and for the three months ended March 31, 2025 and 2024, no customer accounted for more than 10% of the Company's consolidated revenue. 36

Table of Contents

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Dime Community Bancshares, Inc., a New York corporation, is a bank holding company formed in 1988. On a parent-only basis, the Holding Company has minimal operations, other than as owner of Dime Community Bank. The Holding Company is dependent on dividends from its wholly-owned subsidiary, Dime Community Bank, its own earnings, additional capital raised, and borrowings as sources of funds. The information in this report reflects principally the financial condition and results of operations of the Bank. The Bank's results of operations are primarily dependent on its net interest income, which is the difference between interest income on loans and investments and interest expense on deposits and borrowings. The Bank also generates non-interest income, such as fee income on deposit and loan accounts, merchant credit and debit card processing programs, loan swap fees, investment services, income from its title insurance subsidiary, and net gains on sales of securities and loans. The level of non-interest expenses, such as salaries and benefits, occupancy and equipment costs, other general and administrative expenses, expenses from the Bank’s title insurance subsidiary, and income tax expense, further affects our net income. Certain reclassifications have been made to prior year amounts and the related discussion and analysis to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity.

Selected Financial Highlights and Other Data

(Dollars in Thousands Except Per Share Amounts)


	****	At or For the
	****	Three Months Ended
	****	March 31,
	****	2025		****	2024		****
Per Share Data:			****	****
Reported EPS (Diluted)		$	0.45		$	0.41
Cash dividends paid per common share		****	0.25			0.25
Book value per common share		****	29.58			28.84
Dividend payout ratio			55.56	%		60.98	%
Performance and Other Selected Ratios:
Return on average assets			0.62	%		0.51	%
Return on average equity			6.04			5.68
Net interest spread			1.95			1.15
Net interest margin			2.95			2.21
Average interest-earning assets to average interest-bearing liabilities			146.99			138.59
Non-interest expense to average assets			1.90			1.52
Efficiency ratio			63.1			64.0
Loan-to-deposit ratio at end of period			93.6			98.8
Effective tax rate			25.26			27.13
Asset Quality Summary:		****	****
Non-performing loans ^(1)^		$	58,041		$	34,827
Non-performing assets			58,041			34,827
Net charge-offs			7,058			739
Non-performing assets/Total assets		****	0.41	%		0.26	%
Non-performing loans/Total loans		****	0.53			0.32
Allowance for credit losses/Total loans		****	0.83			0.71
Allowance for credit losses/Non-performing loans		****	155.85			218.42

(1) Non-performing loans are defined as all loans on non-accrual status. 37

Table of Contents Critical Accounting Estimates

Note 1. Summary of Significant Accounting Policies, to the Company’s Audited Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2024 contains a summary of significant accounting policies. These critical accounting estimates involve a significant degree of complexity and require management to make difficult subjective judgments which often necessitate assumptions or estimates about highly uncertain matters. Policies with respect to the methodologies used to determine the allowance for credit losses on loans held for investment and are important to the presentation of the Company’s consolidated financial condition and results of operations. The use of different judgments, assumptions or estimates could result in material variations in the Company’s consolidated results of operations or financial condition.

Management has reviewed the following critical accounting estimates and related disclosures with its Audit Committee.

Allowance for Credit Losses on Loans Held for Investment

Methods and Assumptions Underlying the Estimate

The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent in our loan portfolio. Management evaluates the adequacy of the allowance on a quarterly basis, and additions to the allowance are charged to expense and realized losses, net of recoveries, are charged against the allowance.

Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In determining the allowance for credit losses for loans that share similar risk characteristics, the Company utilizes a model which compares the amortized cost basis of the loan to the net present value of expected cash flows to be collected. Expected credit losses are determined by aggregating the individual cash flows and calculating a loss percentage by loan segment, or pool, for loans that share similar risk characteristics. For a loan that does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods.

Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of a peer group of banks that operate in and around Dime’s footprint. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro-economic variables. Adjustments to the quantitative results are made using qualitative factors, which are subjective and require significant management judgment. These factors include: (1) lending policies and procedures and the experience, ability, and depth of the lending management and other relevant staff; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the volume and severity of past due loans; (5) the quality of our loan review system; (6) the value of underlying collateral for collateralized loans; (7) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (8) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio.

Although management believes that it uses the best information available to establish the Allowance for Credit Loss, management assesses the sensitivity of key quantitative assumptions including macroeconomic forecasts and prepayment rate assumptions. Changes in quantitative inputs may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs may offset improvement in others. 38

Table of Contents Uncertainties Regarding the Estimate

Estimating the timing and amounts of future losses is subject to significant management judgment as these projected cash flows rely upon the estimates discussed above and factors that are reflective of current or future expected conditions. These estimates depend on the duration of current overall economic conditions, industry, borrower, or portfolio specific conditions. Volatility in certain credit metrics and differences between expected and actual outcomes are to be expected.

Customers may not repay their loans according to the original terms, and the collateral securing the payment of those loans may be insufficient to pay any remaining loan balance. Bank regulators periodically review our allowance for credit losses and may require us to increase our provision for credit losses or loan charge-offs.

Impact on Financial Condition and Results of Operations

If our assumptions prove to be incorrect, the allowance for credit losses may not be sufficient to cover expected losses in the loan portfolio, resulting in additions to the allowance. Future additions or reductions to the allowance may be necessary based on changes in economic, market or other conditions. Changes in estimates could result in a material change in the allowance through charges to earnings which would materially decrease our net income.

We may experience significant credit losses if borrowers experience financial difficulties, which could have a material adverse effect on our operating results.

In addition, various regulatory agencies, as an integral part of the examination process, periodically review the allowance for credit losses. Such agencies may require the Bank to recognize adjustments to the allowance based on their judgments of the information available to them at the time of their examination.

Liquidity and Capital Resources

The Board of Directors has approved a liquidity policy that it reviews and updates at least annually. Senior management is responsible for implementing the policy. The Bank’s Asset Liability Committee (“ALCO”) is responsible for general oversight and strategic implementation of the policy and management of the appropriate departments are designated responsibility for implementing any strategies established by ALCO. On a daily basis, appropriate senior management receives a current cash position report and 30-day forecast to ensure that all short-term obligations are timely satisfied, and that adequate liquidity exists to fund future activities. Reports detailing the Bank’s liquidity reserves are presented to appropriate senior management on at least a monthly basis, and the Board of Directors at each of its meetings. In addition, a twelve-month liquidity forecast is presented to ALCO in order to assess potential future liquidity concerns. A forecast of cash flow data for the upcoming 12 months is presented to the Board of Directors no less than annually. Given recent banking industry events, management monitors the level of uninsured deposits on a regular basis.

Liquidity is primarily needed to meet customer borrowing commitments and deposit withdrawals, either on demand or on contractual maturity, to repay borrowings as they mature, to fund current and planned expenditures and to make new loans and investments as opportunities arise. The Bank’s primary sources of funding for its lending and investment activities include deposits, loan payments, investment security principal and interest payments and advances from the FHLBNY. The Bank may also sell or securitize selected multifamily residential, mixed-use or one-to-four family residential real estate loans to private sector secondary market purchasers and has in the past sold such loans to FNMA and Federal Home Loan Mortgage Corporation (“FHLMC”). The Company may additionally issue debt or equity under appropriate circumstances. Although maturities and scheduled amortization of loans and investments are predictable sources of funds, deposit flows and prepayments on real estate loans and MBS are influenced by interest rates, economic conditions and competition.

The Bank is a member of American Financial Exchange (“AFX”), through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily. At March 31, 2025, the Bank did not have any such borrowings outstanding through the AFX. At December 31, 2024, the Bank had $50.0 million of such borrowings outstanding through the AFX, which is included in other short-term borrowings on the consolidated statements of financial condition. 39

Table of Contents The Bank utilizes repurchase agreements as part of its borrowing policy to add liquidity. Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities. As of March 31, 2025 and December 31, 2024, the Bank did not have any repurchase agreements.

The Bank gathers deposits in direct competition with commercial banks, savings banks and brokerage firms, many among the largest in the nation. It must additionally compete for deposit monies against the stock and bond markets, especially during periods of strong performance in those arenas. The Bank’s deposit flows are affected primarily by the pricing and marketing of its deposit products compared to its competitors, as well as the market performance of depositor investment alternatives such as the U.S. bond or equity markets. To the extent that the Bank is responsive to general market increases or declines in interest rates, its deposit flows should not be materially impacted. However, favorable performance of the equity or bond markets could adversely impact the Bank’s deposit flows.

Total deposits (including mortgage escrow deposits) decreased $70.2 million during the three months ended March 31, 2025, compared to an increase of $368.2 million during the three months ended March 31, 2024. The decrease in deposits during the current period was primarily due to a decrease in interest bearing and non-interest-bearing checking accounts, offset by the growth in money market accounts, CD’s and savings accounts deposits.

In the event that the Bank should require funds beyond its ability or desire to generate them internally, additional sources of funds are available through a borrowing line at the FHLBNY, borrowing capacity at the AFX, lines of credit with unaffiliated correspondent banks, and various brokered deposit sources. At March 31, 2025, the Bank had remaining borrowing capacity of $1.91 billion through the FHLBNY, subject to customary minimum FHLBNY common stock ownership requirements (i.e., 4.5% of the Bank’s outstanding FHLBNY borrowings). The Bank also had access to the FRB Discount Window. **** At March 31, 2025, an available line of credit totaling $395.9 million was in place at the FRB backed by investment securities with no advances drawn. Additionally, at March 31, 2025, a line of credit totaling $3.16 billion was in place at the FRB secured by certain qualifying 1-4 family residential mortgage loans, construction loans and CRE loans with no amounts drawn.

The Bank reduced its outstanding FHLBNY advances by $100.0 million during the three months ended March 31, 2025, compared to a reduction of $540.0 million during the three months ended March 31, 2024. See Note 12. “FHLBNY Advances” for further information.

Subordinated debentures totaled $272.4 million at March 31, 2025 compared to $272.3 million at December 31, 2024. See Note 13. “Subordinated Debentures” to our Consolidated Financial Statements for further information.

During the three months ended March 31, 2025 and 2024, business loan originations totaled $42.6 million and $49.0 million, respectively. During the three months ended March 31, 2025, and 2024, real estate loan originations (excluding owner-occupied commercial real estate) totaled $28.9 million and $49.2 million, respectively.

The Company and the Bank are subject to minimum regulatory capital requirements imposed by their primary federal regulators. As a general matter, these capital requirements are based on the amount and composition of an institution’s assets. At March 31, 2025, both the Company and the Bank were in compliance with all applicable regulatory capital requirements and the Bank was considered “well capitalized” for all regulatory purposes. 40

Table of Contents The following table summarizes Company and Bank capital ratios calculated under the Basel III Capital Rules framework as of the period indicated:


		Actual Ratios at March 31, 2025
								Basel III
					Consolidated			Minimum			To Be Categorized as
		Bank			Company			Requirement			“Well Capitalized” ^(1)^
Tier 1 common equity ratio		****	14.0	%		11.1	%		4.5	%	6.5	%
Tier 1 risk-based capital ratio		****	14.0			12.2			6.0		8.0	****
Total risk-based capital ratio		****	14.9			15.7			8.0		10.0	****
Tier 1 leverage ratio		****	10.8			9.5			4.0		5.0	****
(1)	Only the Bank is subject to these requirements.
---	---

During the three months ended March 31, 2025 and 2024, the Holding Company did not repurchase any shares of its common stock. As of March 31, 2025, 1,566,947 shares remained available for purchase under the authorized share repurchase programs. See “Part II - Item 2. Other Information - Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities” for additional information about repurchases of common stock.

The Holding Company paid $1.8 million in cash dividends on its preferred stock during the three months ended March 31, 2025, and 2024, respectively.

The Holding Company paid $10.7 million and $9.7 million in cash dividends on its common stock during the three months ended March 31, 2025, and 2024, respectively.

Contractual Obligations

The Bank generally has borrowings outstanding in the form of FHLBNY advances, short-term or overnight borrowings, subordinated debt, as well as customer CDs with fixed contractual interest rates. In addition, the Bank is obligated to make rental payments under leases on certain of its branches and equipment.

Off-Balance Sheet Arrangements

As part of its loan origination business, the Bank generally has outstanding commitments to extend credit to borrowers, which are originated pursuant to its regular underwriting standards. Available lines of credit may not be drawn on or may expire prior to funding, in whole or in part, and amounts are not estimates of future cash flows. As of March 31, 2025, the Bank had $156.9 million of firm loan commitments that were accepted by the borrowers.

Additionally, in connection with a loan securitization completed in December 2017, the Bank executed a reimbursement agreement with FHLMC that obligates the Company to reimburse FHLMC for any contractual principal and interest payments on defaulted loans, not to exceed 10% of the original principal amount of the loans comprising the aggregate balance of the loan pool at securitization. The maximum exposure under this reimbursement obligation is $28.0 million. The Bank has pledged $28.0 million of pass-through MBS issued by GSEs as collateral.

Concentrations of Lending Activities

Non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans have collectively represented the largest percentage of the Company’s loan portfolio, accounting for 64% and 65% of total loans held for investment as of March 31, 2025 and December 31, 2024, respectively. Non-owner occupied commercial real estate loans represent 29% and 30% of total loans held for investment as of March 31, 2025 and December 31, 2024, respectively. Multifamily residential and residential mixed-use loans made up 35% of total loans held for investment as of March 31, 2025 and December 31, 2024, respectively. The Company expects that non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans will continue to be a significant portion of the Company’s total loan portfolio. 41

Table of Contents Non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans are subject to a varying degree of risk associated with changing general economic conditions. The Company employs heightened risk management practices that address key elements, including board and management oversight and strategic planning, portfolio management, development of underwriting standards, risk assessment and monitoring through market analysis and stress testing, and maintenance of appropriate capital levels as needed to support lending activities.

Despite the Company's concentration in non-owner occupied commercial real estate and multifamily residential and residential mixed-use loans, the properties securing these portfolios are diversified in terms of type and geographic location. This diversity helps reduce the exposure to adverse economic events that affect any single market or industry. As a matter of policy, the non-owner occupied commercial real estate loan and the multifamily residential and residential mixed-use loan portfolios are subject to risk exposure limits by individual asset classes as well as geographic collateral locations outside of our market areas.

We regularly identify and assess concentration levels through ongoing reporting to our Board of Directors as well as committees at both the Board and Management levels. The management team has extensive knowledge and experience in underwriting non-owner occupied commercial real estate loans and multifamily residential and residential mixed-use loans. Management has established the Credit Risk Management Committee which meets quarterly to review all policies and procedures, large lending exposures, and emerging trends including trends related to delinquency, debt service coverage ratios, loan-to-value, and loan ratings to aid in early detection and escalation of potential issues. The Company has a dedicated team responsible for conducting comprehensive annual reviews of the portfolios, ensuring consistent oversight. Credit underwriting standards are periodically reviewed and adjusted based upon observations from our ongoing monitoring of economic conditions in major real estate markets in which we lend. In response to the current dynamic interest rate environment and changes in the benchmark rates that determine loan pricing, the Company has enhanced its stress testing and loan review activities to mitigate interest rate reset risk with a specific emphasis on borrowers' abilities to absorb the impact of higher interest loan rates and measure the resiliency of the portfolios. As a general rule, Management takes a selective approach to originating non-owner occupied commercial real estate and multifamily residential and residential mixed-use loans, prioritizing quality and strategic alignment.

The following tables present the composition by property type and weighted average loan-to-value (“LTV”) of the Company’s non-owner occupied commercial real estate loans:


		March 31, 2025
										Weighted
										Average Rate
(Dollars in thousands)			NY		NJ		Other	Balance		LTV	****
Investor commercial real estate:
Retail		$	1,060,170	$	67,252	$	3,561	$	1,130,983	51	%
Investor office			442,701		135,243		3,108		581,052	57
Warehouse/ Industrial		****	336,783		41,459		69,024	****	447,266	56
Hotels		****	354,287		424		11,877	****	366,588	57
Supportive housing		****	160,278		—		—	****	160,278	59
Medical office		****	101,537		—		28,314	****	129,851	61
Educational facility or library			113,755		—		—		113,755	57
Medical facility			60,745		—		—		60,745	71
Other ^(1)^			194,944		2,738		2,698		200,380	54
Total investor commercial real estate		$	2,825,200		247,116		118,582	$	3,190,898	55	%
(1)	Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties.
---	---

Table of Contents


		December 31, 2024
										Weighted
										Average Rate
(Dollars in thousands)			NY		NJ		Other	Balance		LTV	****
Investor commercial real estate:
Retail		$	1,085,618	$	62,990	$	3,594	$	1,152,202	51	%
Investor office			439,359		135,584		3,127		578,070	58
Warehouse/ Industrial		****	337,288		43,458		69,314	****	450,060	54
Hotels		****	356,450		425		11,934	****	368,809	57
Supportive housing		****	161,207		—		—	****	161,207	59
Medical office		****	106,403		—		28,470	****	134,873	62
Educational facility or library			120,719		—		—		120,719	59
Medical facility			60,866		—		—		60,866	71
Other ^(1)^			196,304		2,763		4,662		203,729	54
Total investor commercial real estate		$	2,864,214		245,220		121,101	$	3,230,535	55	%
(1)	Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties.
---	---

The following tables present the composition by property type and weighted average LTV of the Company’s multifamily residential and residential mixed-use loans:


		March 31, 2025
				Weighted
		Total		Average Rate
(Dollars in thousands)		Balance		LTV	****
Multifamily residential and residential mixed-use:
New York City^(1)^
100% rent regulated^(2)^		$	561,283	57	%
Majority rent regulated ^(2)^			638,100	59
Majority free market			1,839,105	55
Total New York City			3,038,488	56

Outside New York City			741,435	59
Total multifamily residential and residential mixed-use		$	3,779,923	57	%
(1)	New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.
---	---
(2)	Composition based on revenue.
---	---


		December 31, 2024
				Weighted
		Total		Average Rate
(Dollars in thousands)		Balance		LTV	****
Multifamily residential and residential mixed-use:
New York City^(1)^
100% rent regulated^(2)^		$	572,054	58	%
Majority rent regulated ^(2)^			643,908	59
Majority free market			1,846,525	55
Total New York City			3,062,487	56

Outside New York City			757,796	59
Total multifamily residential and residential mixed-use		$	3,820,283	57	%
(1)	New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.
---	---
(2)	Composition based on revenue.
---	---

Table of Contents Additional information related to the granularity in the non-owner occupied commercial real estate and multifamily residential and residential mixed-use portfolios is presented in the tables below as of March 31, 2025 and December 31, 2024:


		March 31, 2025
					Number of
		Average			loans
(Dollars in thousands)		Loan Size			> $20 million
Investor commercial real estate:
Retail		$	2,606		3
Investor Office			6,053		8
Warehouse/ Industrial			3,958		5
Hotels			8,728		8
Supportive housing			20,035		3
Medical office			6,183		2
Educational facility or library			10,341		—
Medical facility			7,593		1
Other ^(1)^			1,908		—

Multifamily residential and residential mixed-use:
New York City^(2)^
100% rent regulated ^(3)^			2,473		—
Majority rent regulated ^(3)^			3,798		2
Majority free market			3,921		7
Outside New York City			4,577		8
(1)	Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties.
---	---
(2)	New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.
---	---
(3)	Composition based on revenue.
---	---

---	---	---	---	---	---
		December 31, 2024
					Number of
		Average			loans
(Dollars in thousands)		Loan Size			> $20 million
Investor commercial real estate:
Retail		$	2,613		4
Investor Office			5,781		8
Warehouse/ Industrial			3,983		5
Hotels			8,781		8
Supportive housing			20,151		3
Medical office			6,423		2
Educational facility or library			10,060		—
Medical facility			7,608		1
Other ^(1)^			1,922		—

Multifamily residential and residential mixed-use:
New York City^(2)^
100% rent regulated ^(3)^			2,487		—
Majority rent regulated ^(3)^			3,810		2
Majority free market			3,864		7
Outside New York City			4,521		8
(1)	Includes various property types such as gas stations, restaurants, storage facilities, and other special use properties.
---	---
(2)	New York City includes the Bronx, Brooklyn, Queens, Staten Island and Manhattan.
---	---
(3)	Composition based on revenue.
---	---

Table of Contents Asset Quality

General

We do not originate or purchase loans, either whole loans or loans underlying MBS, which would have been considered subprime loans at origination, i.e., real estate loans advanced to borrowers who did not qualify for market interest rates because of problems with their income or credit history. See Note 6 to our unaudited condensed Consolidated Financial Statements for a discussion of evaluation for impaired securities.

Monitoring and Collection of Delinquent Loans

Our management reviews delinquent loans on a monthly basis and reports to our Board of Directors or Committees of the Board of Directors at each regularly scheduled Board or Committee meeting regarding the status of all non-performing and otherwise delinquent loans in our loan portfolio.

Our loan servicing policies and procedures require that an automated late notice be sent to a delinquent borrower as soon as possible after a payment is ten days late in the case of business loans, multifamily residential and mixed use, non-owner-occupied commercial real estate loans, and ADC loans, or fifteen days late in connection with one-to-four family and consumer loans. Thereafter, periodic letters are mailed and phone calls placed to the borrower until payment is received or the loan is transferred to workout. When contact is made with the borrower at any time prior to foreclosure, we will attempt to obtain the full payment due or negotiate a repayment schedule with the borrower to avoid foreclosure.

Accrual of interest is generally discontinued on a loan that meets any of the following three criteria: (i) full payment of principal or interest is not expected; (ii) principal or interest has been in default for a period of 90 days or more (unless the loan is both deemed to be well secured and in the process of collection); or (iii) an election has otherwise been made to maintain the loan on a cash basis due to deterioration in the financial condition of the borrower. Such non-accrual determination practices are applied consistently to all loans regardless of their internal classification or designation. Upon entering non-accrual status, the system will reverse all outstanding accrued interest receivable.

We generally initiate foreclosure proceedings on real estate loans when a loan enters non-accrual status based upon non-payment, unless the borrower is paying in accordance with an agreed upon modified payment agreement. We obtain an updated appraisal upon the commencement of legal action to calculate a potential collateral shortfall and to reserve appropriately for the potential loss. If a foreclosure action is instituted and the loan is not brought current, paid in full, or refinanced before the foreclosure action is completed, the property securing the loan is transferred to Other Real Estate Owned (“OREO”) status. We generally attempt to utilize all available remedies, such as note sales in lieu of foreclosure, in an effort to resolve non-accrual loans and OREO properties as quickly and prudently as possible in consideration of market conditions, the physical condition of the property and any other mitigating circumstances. We have not initiated any expected or imminent foreclosure proceedings that are likely to have a material adverse impact on our consolidated financial statements. In the event that a non-accrual loan is subsequently brought current, it is returned to accrual status once the doubt concerning collectability has been removed and the borrower has demonstrated performance in accordance with the loan terms and has made at least six months of payments.

The C&I portfolio, which is within our business loans, is actively managed by our lenders. Most credit facilities typically require an annual review of the exposure and borrowers are required to submit annual financial reporting and loans are structured with financial covenants to indicate expected performance levels. Smaller C&I loans are monitored based on performance and the ability to draw against a credit line is curtailed if there are any indications of credit deterioration. Guarantors are also required to update their financial reporting on an annual basis or alternative schedule as provided in their loan documents. All exposures are credit risk rated and those entering adverse ratings due to financial performance concerns of the borrower or material delinquency of any payments or financial reporting are subjected to added management scrutiny and monitoring. Measures taken typically include amendments to the amount of the available credit facility, requirements for increased collateral, additional guarantor support or a material enhancement to the frequency and quality of financial reporting. Loans determined to reach adverse risk rating standards are monitored closely by Credit Administration to identify any potential credit losses. When warranted, loans reaching a Substandard rating could be reassigned to the Workout Group for direct handling. 45

Table of Contents Non-accrual Loans

Within our held-for-investment loan portfolio, non-accrual loans totaled $58.0 million at March 31, 2025 and $49.5 million at December 31, 2024.

The following is a reconciliation of non-accrual loans as of the dates indicated:


	March 31,			December 31,			March 31,
	2025			2024			2024
	(Dollars in thousands)
Non-accrual loans:
Business loans	$	21,944		$	22,624		$	18,213
One-to-four family residential, including condominium and cooperative apartment		3,763			3,213			3,689
Multifamily residential and residential mixed-use		—			—			—
Non-owner-occupied commercial real estate		31,677			22,960			15
ADC		657			657			12,910
Other loans		—			25			—
Total non-accrual loans	$	58,041		$	49,479		$	34,827
Ratios:
Total non-accrual loans to total loans		0.53	%		0.46	%		0.32	%
Total non-performing assets to total assets		0.41			0.34			0.26

Loan Restructurings

Within the allowance for credit losses, losses are estimated for restructured loans on accrual status as well as restructured loans on non-accrual status that are one-to-four family loans or consumer loans, on a pooled basis with loans that share similar risk characteristics. Restructured loans on non-accrual status excluding one-to-four family and consumer loans are individually evaluated to determine expected credit losses. For restructured loans that are collateral-dependent where the Bank has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and we expect repayment of the loan to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of collateral, less the estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. For non-collateral-dependent loans, the allowance for credit losses is measured based on the difference between the present value of expected cash flows and the amortized cost basis of the loan as of the measurement date.

OREO

Property acquired by the Bank, or a subsidiary, as a result of foreclosure on a mortgage loan or a deed in lieu of foreclosure is classified as OREO. Upon entering OREO status, we obtain a current appraisal on the property and reassess the likely realizable value (a/k/a fair value) of the property quarterly thereafter. OREO is carried at the lower of the fair value or book balance, with any write downs recognized through a provision recorded in non-interest expense. Only the appraised value, or either a contractual or formal marketed value that falls below the appraised value, is used when determining the likely realizable value of OREO at each reporting period. We typically seek to dispose of OREO properties in a timely manner. As a result, OREO properties have generally not warranted subsequent independent appraisals.

There was no carrying value of OREO properties on our Consolidated Statement of Financial Condition at March 31, 2025 or December 31, 2024. We did not recognize any provisions for losses on OREO properties during the three months ended March 31, 2025 or 2024. 46

Table of Contents Past Due Loans

Loans Delinquent 30 to 59 Days

At March 31, 2025, there were $46.0 million of loans that were past due between 30 and 59 days, compared to $10.3 million at December 31, 2024. The 30 to 59-day delinquency levels fluctuate monthly and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans.

Loans Delinquent 60 to 89 Days

At March 31, 2025, there were $2.5 million of loans that were past due between 60 and 89 days past due, compared to $31.3 million at December 31, 2024. The 60 to 89-day delinquency levels fluctuate monthly and are generally considered a less accurate indicator of near-term credit quality trends than non-accrual loans.

Accruing Loans 90 Days or More Past Due

There were no accruing loans 90 days or more past due at March 31, 2025 or at December 31, 2024.

Reserve for Unfunded Loan Commitments

The Bank maintains a reserve, recorded in other liabilities, associated with unfunded loan commitments accepted by the borrower. The amount of our reserve was $2.6 million and $2.7 million at March 31, 2025 and December 31, 2024, respectively. This reserve is determined based upon the outstanding volume of unfunded loan commitments at each period end. Any increases or reductions in this reserve are recognized in provision for credit losses.

Allowance for Credit Losses

Provision for credit losses for the three months ended March 31, 2025 and 2024 was $9.6 million and $5.2 million, respectively. The $9.6 million credit loss provision for the three months ended March 31, 2025, was primarily associated with provisioning for individually analyzed loans. The $5.2 million credit loss provision for the three months ended March 31, 2024, was primarily associated with provisioning for the Bank’s pooled multifamily loan portfolio.

For a further discussion of the allowance for credit losses and related activity during the three months ended March 31, 2025 and 2024, please see Note 7 to the condensed Consolidated Financial Statements.

The following table presents our allowance for credit losses allocated by loan type and the percent of loans in each category to total loans as of the dates indicated.


	March 31, 2025					December 31, 2024
				Percent					Percent
				of Loans					of Loans
				in Each					in Each
				Category					Category
	Allocated			to Total		Allocated			to Total
(Dollars in thousands)	Amount		****	Loans	****	Amount		****	Loans	****
Business loans	$	43,915		25.66	%	$	42,898		25.08	%
One-to-four family residential and cooperative/condominium apartment		9,745		8.84			9,501		8.75
Multifamily residential and residential mixed-use	****	13,087		34.79			11,946		35.16
Non-owner-occupied commercial real estate	****	21,075		29.36			21,876		29.72
ADC	****	2,360		1.29			2,323		1.25
Other loans	****	273		0.06			207		0.04
Total	$	90,455	****	100.00	%	$	88,751		100.00	%

Table of Contents The following table sets forth information about our allowance for credit losses at or for the dates indicated:


		At or for the Three Months Ended March 31,
(Dollars in thousands)		2025			2024
Total loans outstanding at end of period ^(1)^		$	10,866,802		$	10,763,265
Average total loans outstanding during the period ^(2)^		****	10,865,868			10,742,050
Allowance for credit losses balance at end of period		****	90,455			76,068
Allowance for credit losses to total loans at end of period		****	0.83	%		0.71	%
Non-performing loans to total loans at end of period			0.53			0.32
Allowance for credit losses to total non-performing loans at end of period		****	155.85			218.42

Ratio of net charge-offs to average loans outstanding during the period:
Business loans			(0.01)	%		0.27	%
One-to-four family residential and cooperative/condominium apartment			0.02			—
Non-owner-occupied commercial real estate			0.88			—
Other loans			1.25			1.73
Total			0.26			0.03
(1)	Total loans represent gross loans (excluding loans held for sale), inclusive of deferred fees/costs and premiums/discounts.
---	---
(2)	Total average loans represent gross loans (including loans held for sale), inclusive of deferred loan fees/costs and premiums/discounts.
---	---

Comparison of Financial Condition at March 31, 2025 and December 31, 2024

Assets. Assets totaled $14.10 billion at March 31, 2025, $255.6 million below their level at December 31, 2024, primarily due to decreases of $252.9 million in cash and due from banks, $68.3 million in other assets, $20.1 million in loans held for sale, $17.8 million in derivative assets and $4.9 million in the loan portfolio, partially offset by increases of $98.5 million in BOLI and $13.9 million in total investment securities.

Total loans, net of allowance decreased $4.9 million during the three months ended March 31, 2025, to $10.78 billion at period end. During the three months ended March 31, 2025, we had loan originations of $71.5 million.

Total investment securities increased $13.9 million during the three months ended March 31, 2025, to $1.34 billion at period end, primarily due to purchases of $29.7 million and a decrease in unrealized losses of $8.9 million, offset by proceeds from principal payments, calls and maturities of $23.8 million. There were no transfers to or from securities held-to-maturity during the three months ended March 31, 2025.

BOLI increased $98.5 million during the three months ended March 31, 2025, to $389.2 million. The increase in BOLI is primarily due to completion of the restructuring initiative that begun in late 2024, as well as purchases of new BOLI assets.

Liabilities. Total liabilities decreased $271.1 million during the three months ended March 31, 2025, to $12.69 billion at period end, primarily due to decreases of $100.0 million in FHLBNY advances, $70.2 million in deposits (including mortgage escrow accounts), $50.0 million in short-term borrowings, $27.2 million in derivative cash collateral, $15.8 million in derivative liabilities and $7.3 million in other liabilities.

Stockholders’ Equity. Stockholders’ equity increased $15.5 million during the three months ended March 31, 2025, to $1.41 billion at period end, primarily due to net income of $21.5 million and other comprehensive income of $6.0 million, partially offset by common stock dividends of $11.0 million, and preferred stock dividends of $1.8 million.

Table of Contents Comparison of Operating Results for the Three Months Ended March 31, 2025 and 2024

General. Net income was $21.5 million during the three months ended March 31, 2025, compared to net income of $17.7 million for the three months ended March 31, 2024. During the three months ended March 31, 2025, net interest income increased by $22.7 million, non-interest expense increased by $13.0 million, the credit loss provision increased by $4.4 million, non-interest income decreased by $834 thousand and income tax expense increased by $666 thousand, compared to the three months ended March 31, 2024.

The discussion of net interest income for the three months ended March 31, 2025 and 2024 should be read in conjunction with the following tables, which set forth certain information related to the Consolidated Statements of Operations for those periods, and which also present the average yield on assets and average cost of liabilities for the periods indicated. The average yields and costs were derived by dividing income or expense by the average balance of their related assets or liabilities during the periods represented. Average balances were derived from average daily balances. No tax-equivalent adjustments have been made for interest income exempt from federal, state, and local taxation. The yields include loan fees consisting of amortization of loan origination and commitment fees and certain direct and indirect origination costs, prepayment fees, and late charges that are considered adjustments to yields. Net loan fees included in interest income were $1.1 million during the three months ended March 31, 2025, compared to a net loan cost of $297 thousand during the three months ended March 31, 2024. The increase in net loan fees was primarily due to increases in prepayment penalty fees and deferred fees on loans in 2025.

Table of Contents Analysis of Net Interest Income


		Three Months Ended March 31,
		2025								2024
	****			****				Average	****			****			Average	****
		Average						Yield/		Average					Yield/
	****	Balance		****	Interest			Cost	****	Balance		****	Interest		Cost	****
Assets:		(Dollars in thousands)
Interest-earning assets:
Business loans^(1) (3) (6)^		$	2,748,142		$	45,047		6.65	%	$	2,308,319		$	39,224	6.83	%
One-to-four family residential, including condo and coop^(3) (6)^			962,046			11,069		4.67			886,588			9,770	4.43
Multifamily residential and residential mixed-use^(3) (6)^			3,796,754			42,329		4.52			4,000,510			46,019	4.63
Non-owner-occupied commercial real estate^(3) (6)^			3,214,758			41,326		5.21			3,371,438			44,776	5.34
ADC^(3)^			138,428			2,906		8.51			169,775			3,692	8.75
Other loans ^(3)^		****	5,740		****	28		1.98			5,420			84	6.23
Securities		****	1,372,563		****	11,323		3.35			1,578,330			7,880	2.01
Other short-term investments		****	724,889		****	7,837		4.38			695,375			9,564	5.53
Total interest-earning assets		****	12,963,320			161,865		5.06	%		13,015,755			161,009	4.98	%
Non-interest earning assets		****	814,345		****						779,169
Total assets		$	13,777,665							$	13,794,924

Liabilities and Stockholders' Equity:		****	****		****	****	****	****
Interest-bearing liabilities:		****	****		****	****	****	****
Interest-bearing checking^(2)^		$	912,852		$	4,164	****	1.85	%	$	582,047		$	1,223	0.85	%
Money market		****	4,076,612		****	31,294	****	3.11			3,359,884			30,638	3.67
Savings^(2)^		****	1,970,338		****	14,185	****	2.92			2,368,946			22,810	3.87
CDs		****	973,108		****	8,431	****	3.51			1,655,882			18,398	4.47
Total interest-bearing deposits		****	7,932,910			58,074		2.97			7,966,759			73,069	3.69
FHLBNY advances			509,111			4,066		3.24			1,094,209			12,143	4.46
Subordinated debt, net			272,341			4,302		6.41			200,188			2,553	5.13
Other short-term borrowings			633			13		8.33			77			1	5.22
Total borrowings			782,085			8,381		4.35			1,294,474			14,697	4.57
Derivative cash collateral			104,126			1,197		4.66			130,166			1,713	5.29
Total interest-bearing liabilities		****	8,819,121		****	67,652	****	3.11	%		9,391,399			89,479	3.83	%
Non-interest-bearing checking^(2)^			3,322,583								2,909,776
Other non-interest-bearing liabilities		****	213,876		****		****				247,717
Total liabilities		****	12,355,580		****		****				12,548,892
Stockholders' equity		****	1,422,085		****		****				1,246,032
Total liabilities and stockholders' equity		$	13,777,665							$	13,794,924
Net interest income					$	94,213							$	71,530
Net interest rate spread ^(4)^		****			****		****	1.95	%						1.15	%
Net interest-earning assets		$	4,144,199							$	3,624,356
Net interest margin ^(5)^		****			****		****	2.95	%						2.21	%
Ratio of interest-earning assets to interest-bearing liabilities		****			****		****	146.99	%						138.59	%
Deposits (including non-interest-bearing checking accounts)^(2)^		$	11,255,493		$	58,074		2.09	%	$	10,876,535		$	73,069	2.70	%
(1)	Business loans include C&I loans, owner-occupied commercial real estate loans and PPP loans.
---	---
(2)	Includes mortgage escrow deposits.
---	---
(3)	Amounts are net of deferred origination costs/(fees) and allowance for credit losses, and include loans held for sale.
---	---
(4)	Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
---	---
(5)	Net interest margin represents net interest income divided by average-interest earning assets.
---	---
(6)	At March 31, 2025, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged business loans, one-to-four family residential mortgage loans, multifamily residential mortgage loans and non-owner occupied commercial real estate loans.
---	---

Table of Contents

Rate/Volume Analysis

Rate/Volume Analysis


	****	Three Months Ended March 31, 2025
		Compared to Three Months Ended March 31, 2024
		Increase / (Decrease) Due to:
	****	Volume		****	Rate		****	Total
		(Dollars in thousands)
Interest-earning assets:	****
Business loans ^(1) (2)^		$	7,128		$	(1,305)		$	5,823
One-to-four family residential, including condo and coop			799			500			1,299
Multifamily residential and residential mixed-use			(2,466)			(1,226)			(3,692)
Non-owner-occupied commercial real estate			(2,216)			(1,234)			(3,450)
ADC			(681)			(105)			(786)
Other loans			3			(59)			(56)
Securities			(1,396)			4,839			3,443
Other short-term investments			323			(2,051)			(1,728)
Total interest-earning assets		$	1,494		$	(641)		$	853
Interest-bearing liabilities:
Interest-bearing checking		$	1,099		$	1,842		$	2,941
Money market			5,891			(5,235)			656
Savings			(3,440)			(5,185)			(8,625)
CDs			(6,786)			(3,181)			(9,967)
FHLBNY advances			(5,609)			(2,468)			(8,077)
Subordinated debt, net			1,017			731			1,748
Other short-term borrowings			9			3			12
Derivative cash collateral			(327)			(189)			(516)
Total interest-bearing liabilities		$	(8,146)		$	(13,682)		$	(21,828)
Net change in net interest income		$	9,640		$	13,041		$	22,681
(1)	Business loans include C&I loans, owner-occupied commercial real estate loans and PPP loans.
---	---
(2)	Amounts are net of deferred origination costs/(fees) and allowance for credit losses, and include loans held for sale.
---	---

Net interest income. Net interest income was $94.2 million during the three months ended March 31, 2025, an increase of $22.7 million from the three months ended March 31, 2024. Average interest-earning assets were $12.96 billion for the three months ended March 31, 2025, a decrease of $52.4 million from $13.02 billion for the three months ended March 31, 2024. Net interest margin was 2.95% during the three months ended March 31, 2025, up from 2.21% during the three months ended March 31, 2024.

Interest Income. Interest income was $161.9 million during the three months ended March 31, 2025, compared to $161.0 million during the three months ended March 31, 2024. During the three months ended March 31, 2025, interest income increased $856 thousand from the three months ended March 31, 2024, primarily reflecting increases in interest income of $5.8 million on business loans, $3.4 million in securities and $1.3 million on one-to-four family loans, partially offset by a decrease of $3.7 million on multifamily residential and residential mixed-use loans and a decrease of $3.5 million on non-owner-occupied commercial real estate loans.

The increased interest income on business loans was due to a $439.8 million increase in the average balances, partially offset by an 18-basis point decrease in the yield of such loans in the period. The increased interest income on one-to-four family loans was related to a $75.5 million increase in the average balances and a 24-basis point increase in the yield of such loans in the period. The increased interest income on securities was related to a 134-basis point increase in the yield, partially offset by a decrease of $205.8 million in the average balances of such securities in the period. The decreased interest income on multifamily residential and residential mixed-use loans was related to a $203.8 million decrease in the average balance and an 11-basis point decrease in the yield of such loans in the period. The decreased interest income on non-owner-occupied commercial real estate loans reflected a $156.7 million decrease in the average balance and a 13-basis point decrease in the yield of such loans in the period.

Interest Expense. Interest expense was $67.7 million during the three months ended March 31, 2025, compared to $89.5 million during the three months ended March 31, 2024. During the three months ended March 31, 2025, interest expense decreased $21.8 million, primarily reflecting a decrease in interest expense of $15.0 million on deposits, a decrease in interest expense of $8.1 million on FHLBNY advances and a decrease of $516 thousand in interest expense on derivative cash collateral, partially offset by a $1.7 million increase in interest expense on subordinated debt. The decreased interest 51

Table of Contents expense on deposits was primarily due to a $682.8 million decrease in the average balance of CDs and a 96-basis point decrease in such deposits in the period, and due to a 95-basis point decrease in rates paid on savings accounts and a $398.6 million decrease in average balances of such deposits. The decreased interest expense on FHLBNY advances was due to a $585.1 million decrease in the average balance of such advances and a 122-basis point decrease in the cost of FHLBNY advances in the period. The decreased interest expense on derivative cash collateral was due to a $26.0 million decrease in the average balance and a 63-basis point decrease in the cost of such derivatives in the period. The increased interest expense on subordinated debt was due to a $72.2 million increase in the average balance and a 127-basis point increase in the cost of such debt in the period.

Provision for Credit Losses. We recorded a credit loss provision of $9.6 million and $5.2 million during the three months ended March 31, 2025 and 2024, respectively. The $9.6 million credit loss provision for the three months ended March 31, 2025, was primarily associated with provisioning for individually analyzed loans. The $5.2 million credit loss provision for the three months ended March 31, 2024, was primarily associated with increased provisioning for our pooled multifamily loan portfolio.

Non-Interest Income. Non-interest income was $9.6 million during the three months ended March 31, 2025, compared to $10.5 million during the three months ended March 31, 2024. During the three months ended March 31, 2025, non-interest income decreased $834 thousand from the three months ended March 31, 2024, reflecting a decrease of $3.0 million related to a gain on sale of other assets, partially offset by an increase of $1.5 million in BOLI income.

Non-Interest Expense. Non-interest expense was $65.5 million during the three months ended March 31, 2025, compared to $52.5 million during the three months ended March 31, 2024. During the three months ended March 31, 2025, non-interest expense increased $13.0 million from the three months ended March 31, 2024, primarily due to the Company recording a $7.2 million loss due to pension settlement and a $3.6 million increase in salaries and employee benefits.

Non-interest expense was 1.90% and 1.52% of average assets during the three months ended March 31, 2025 and 2024, respectively.

Income Tax Expense. Income tax expense was $7.3 million during the three months ended March 31, 2025, compared to income tax expense of $6.6 million during the three months ended March 31, 2024. The reported effective tax rate for the three months ended March 31, 2025 was 25.3%, and 27.1% for the three months ended March 31, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and qualitative disclosures about market risk were presented at December 31, 2024 in Item 7A of the Holding Company’s Annual Report on Form 10-K, filed with the SEC on February 20, 2025. The following is an update of the discussion provided therein.

General. The Company’s largest component of market risk remains interest rate risk. The Company is not subject to foreign currency exchange or commodity price risk. During the three months ended March 31, 2025, we conducted zero transactions involving derivative instruments requiring bifurcation in order to hedge interest rate or market risk.

Interest Rate Risk Exposure Analysis

Economic Value of Equity (“EVE”) Analysis. In accordance with agency regulatory guidelines, the Company simulates the impact of interest rate volatility upon EVE using several interest rate scenarios. EVE is the difference between the present value of the expected future cash flows of the Company’s assets and liabilities and the value of any off-balance sheet items, such as derivatives, if applicable. 52

Table of Contents Traditionally, the fair value of fixed-rate instruments fluctuates inversely with changes in interest rates. Increases in interest rates thus result in decreases in the fair value of interest-earning assets, which could adversely affect the Company’s consolidated results of operations in the event they were to be sold, or, in the case of interest-earning assets classified as available-for-sale, reduce the Company’s consolidated stockholders’ equity, if retained. The changes in the value of assets and liabilities due to fluctuations in interest rates measure the interest rate sensitivity of those assets and liabilities.

In order to measure the Company’s sensitivity to changes in interest rates, EVE is calculated under market interest rates prevailing at a given quarter-end (“Pre-Shock Scenario”), and under various other interest rate scenarios (“Rate Shock Scenarios”) representing immediate, permanent, parallel shifts in the term structure of interest rates from the actual term structure observed in the Pre-Shock Scenario, with this shift occurring equally across all points on the yield curve. An increase in the EVE is considered favorable, while a decline is considered unfavorable. The changes in EVE between the Pre-Shock Scenario and various Rate Shock Scenarios due to fluctuations in interest rates reflect the interest rate sensitivity of the Company’s assets, liabilities, and off-balance sheet items that are included in the EVE. Management reports the EVE results to the Board of Directors on a quarterly basis. The report compares the Company’s estimated Pre-Shock Scenario EVE to the estimated EVE calculated under the various Rate Shock Scenarios.

The Company’s valuation model makes various estimates regarding cash flows from principal repayments on loans and deposit decay rates at each level of interest rate change. The Company’s estimates for loan repayment levels are influenced by the recent history of prepayment activity in its loan portfolio, as well as the interest rate composition of the existing portfolio, especially in relation to the existing interest rate environment. Regarding deposit decay rates, the Company tracks and analyzes the decay rate of its deposits over time, with the assistance of a reputable third-party, and over various interest rate scenarios. Such results are utilized in determining estimates of deposit decay rates in the valuation model. The Company also generates a series of spot discount rates that are integral to the valuation of the projected monthly cash flows of its assets and liabilities. The valuation model employs discount rates that it considers representative of prevailing market rates of interest with appropriate adjustments it believes are suited to the heterogeneous characteristics of the Company’s various asset and liability portfolios. No matter the care and precision with which the estimates are derived, actual cash flows could differ significantly from the Company’s estimates resulting in significantly different EVE calculations.

The analysis that follows presents, as of March 31, 2025 and December 31, 2024, the estimated EVE at both the Pre-Shock Scenario and the -200 Basis Point, -100 Basis Point, +100 Basis Point, and +200 Basis Point Rate Shock Scenarios.


		March 31, 2025							December 31, 2024
	****			Dollar			Percentage				Dollar		Percentage	****
(Dollars in thousands)		EVE		Change			Change		EVE		Change		Change	****
Rate Shock Scenarios
+ 200 Basis Points		$	1,850,089	$	142,980		8.4	%	$	1,862,712	$	101,644	5.8	%
+ 100 Basis Points			1,810,693		103,584	****	6.1	%		1,843,160		82,092	4.7	%
Pre-Shock Scenario		****	1,707,109	****	—	****	—			1,761,068		—	—
- 100 Basis Points			1,573,858		(133,251)		(7.8)	%		1,636,011		(125,057)	(7.1)	%
- 200 Basis Points			1,358,991		(348,118)		(20.4)	%		1,439,251		(321,817)	(18.3)	%

The Company’s Pre-Shock Scenario EVE decreased from $1.76 billion at December 31, 2024 to $1.71 billion at March 31, 2025. The primary factor contributing to the decrease in EVE is a decrease in the value of the Bank’s non-maturity deposit base, partially offset by an increase in value of the loan portfolio.

The Company’s EVE in the +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios decreased from $1.84 billion and $1.86 billion, respectively, at December 31, 2024, to $1.81 billion and $1.85 billion, respectively, at March 31, 2025. In the -100 Basis Point Rate and -200 Basis Point Rate Shock Scenario the Company’s EVE decreased from $1.64 billion and $1.44 billion, respectively, at December 31, 2024, to $1.57 billion and $1.36 billion, respectively, at March 31, 2025.

Income Simulation Analysis. As of the end of each quarterly period, the Company also monitors the impact of interest rate changes through a net interest income simulation model. This model estimates the impact of interest rate changes on the Company’s net interest income over forward-looking periods typically not exceeding 36 months (a considerably shorter 53

Table of Contents period than measured through the EVE analysis). Management reports the net interest income simulation results to the Company’s Board of Directors on a quarterly basis. The following table discloses the estimated changes to the Company’s net interest income in various time periods assuming gradual changes in interest rates occurring equally across all points on the yield curve over a 12-month period beginning March 31, 2025, for the given rate scenarios:


	Percentage Change in Net Interest Income
Gradual Change in Interest rates of:	Year-One		Year-Two
+ 200 Basis Points	0.6	%	5.0	%
+ 100 Basis Points	0.4	%	2.7	%
- 100 Basis Points	1.6	%	0.2	%
- 200 Basis Points	2.5	%	(1.4)	%

Management also examines the potential impact to net interest income by simulating the impact of instantaneous changes to interest rates occurring equally across all points on the yield curve. The following table discloses the estimated changes to the Company’s net interest income in various time periods associated with the given interest rate shock scenarios.


	Percentage Change in Net Interest Income
Instantaneous Rate Shock Scenarios	Year-One		Year-Two
+ 200 Basis Points	4.1	%	8.3	%
+ 100 Basis Points	2.1	%	4.4	%
- 100 Basis Points	0.6	%	(1.8)	%
- 200 Basis Points	0.0	%	(6.1)	%

iIte

Item 4.Controls and Procedures

Management of the Company, with the participation of its Principal Executive Officer and Principal Financial Officer, conducted an evaluation of the effectiveness, as of March 31, 2025, of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15(d)-15(e) under the Exchange Act. Based upon this evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2025 in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management of the Company as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There has been no change in the Company’s internal control over financial reporting during the quarter ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, such controls.

PART II – OTHER INFORMATION

Item 1.Legal Proceedings

In the ordinary course of business, the Company is routinely named as a defendant in or party to various pending or threatened legal actions or proceedings. Certain of these matters may seek substantial monetary damages. In the opinion of management, the Company was not involved in any actions or proceedings that were likely to have a material adverse impact on its financial condition and results of operations as of March 31, 2025.

Item 1A. Risk Factors

For information regarding the Company’s risk factors, see Part 1, Item 1A “Risk Factors” in the Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2024, and Part II, Item 1A “Risk Factors” in our subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission. 54

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Item 2.Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

(a)	Not applicable.
(b)	Not applicable.
---	---

(c) In May 2022, we announced the adoption of a new stock repurchase program of up to 1,948,314 shares, upon the completion of our existing authorized stock repurchase program. The stock repurchase program may be suspended, terminated, or modified at any time for any reason, and has no termination date. As of March 31, 2025, there were 1,566,947 shares remaining to be purchased in the program. There were no repurchases of common stock during the quarter ended March 31, 2025.

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not Applicable.

Item 5.Other Information

On March 6, 2025, Kenneth J. Mahon, Chairman of the Board, adopted a Rule 10b5-1 trading plan for the purpose of selling up to 75,000 shares of the Company’s common stock. The plan was adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1924 and is designed to allow for transaction to be made according to the pre-established terms without violating insider trading laws. The adoption of the plan was made at a time when Chairman Mahon was not in possession of any material non-public information regarding the Company. The plan specifies the transactions may occur beginning on or after March 6, 2025, and ending on the earlier of December 31, 2025, or the date on which all shares authorized for sale have been sold in conformance with the terms of the plan.

Table of Contents

Item 6.Exhibits


3.1		Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed February 2, 2021 (File No. 001-34096))
3.2		Amended and Restated Bylaws of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, filed October 25, 2024 (File No. 001-34096))
4.1		Indenture, dated May 6, 2022, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed May 6, 2022 (File No. 001-34096))
4.2		First Supplemental Indenture, dated May 6, 2022, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed May 6, 2022 (File No. 001-34096))
4.3		Second Supplemental Indenture, dated June 28, 2024, between Dime Community Bancshares, Inc. and Wilmington Trust National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed June 28, 2024 (File No. 001-34096))
10.1		Amendment Two to the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (incorporated by reference to the Registrant’s Definitive Proxy Statement, File No. 001-34096, filed April 4, 2024)
10.2		Amendment Three to the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan
31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14(a)
31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a)
32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350
101		The following financial statements from Dime Community Bancshares, Inc.'s Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2025, filed on May 6, 2025, formatted in XBRL: (i) Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024, (ii) Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024, (iii) Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024, (iv) Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2025 and 2024, (v) Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024, and (vi) the Condensed Notes to Consolidated Financial Statements.
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB		XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definitions Linkbase Document
104		Cover page to this Quarterly Report on Form 10-Q, formatted in Inline XBRL

Table of Contents SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dime Community Bancshares, Inc.


Dated: May 6, 2025	By:	/s/ Stuart H. Lubow
		Stuart H. Lubow
		President and Chief Executive Officer


Dated: May 6, 2025	By:	/s/ Avinash Reddy
		Avinash Reddy
		Senior Executive Vice President and Chief Financial Officer

Amendment to 2021 Equity Plan - Full Vesting of Performance Awards Upon CIC (00398965.DOCX;1)

EXHIBIT 10.2 AMENDMENT THREE

DIME COMMUNITY BANCSHARES, INC.

2021 EQUITY INCENTIVE PLAN

WHEREAS, Dime Community Bancshares, Inc. (the “Company”) maintains the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (“the “Plan”); and

WHEREAS, Section 2.8 of the Plan provides generally that a Participant will hold a vested Award or shares of Stock received upon exercise of a Stock Option for the later of twelve (12) months or the date a Participant meets the minimum ownership requirements, if any; and

WHEREAS, the Board of Directors of the Company (the “Board”) desires to amend Section 2.8 of the Plan to eliminate the minimum holding period restriction of twelve (12) months; and

WHEREAS, Section 6.1 of the Plan provides generally that the Board may amend the Plan at any time, and may amend any Award Agreement, provided, however, that the Board shall not amend the Plan without approval of the stockholders of the Company if such amendment may materially increase the benefits accruing to Participants under the Plan, materially increase the aggregate number of securities which may be issued under the Plan, or materially modify the requirements for participation in the Plan; and

WHEREAS, the Company’s common stock is traded on The Nasdaq Stock Market, LLC (the “NASDAQ”); and

WHEREAS, NASDAQ Rule 5635(c) generally requires stockholder approval when an equity plan is established or materially amended; and

WHEREAS, NASDAQ Rule 5635(c) provides that a material amendment would include, but is not limited to, any material increase in benefits to participants; and

WHEREAS, NASDAQ guidance provides that an elimination of the holding period of an equity award is not a material amendment provided that the change does not result in either an extension in the term of an equity award beyond the maximum allowable term under the equity plan or in an addition to the aggregate shares available under the equity plan; and

WHEREAS, the Internal Revenue Code of 1986, as amended, does not require shareholder approval of this Amendment Three.

NOW THEREFORE, the Plan is hereby amended as follows:

Section 1.Section 2.8 of the Plan. Section 2.8 of the Plan is hereby amended and restated to read as follows:

“Holding Period for Vested Awards. As a condition of receipt of an Award, a Participant must agree to hold shares of Stock received upon exercise of a Stock Option or upon vesting of a Restricted Stock Award or Restricted Stock Unit until the date the individual meets

EXHIBIT 10.2 the minimum ownership requirements (if any) applicable to that individual. The foregoing limitation shall not apply to the extent that an Award vests due to death, Disability or an Involuntary Termination following a Change in Control, or to the extent that (i) a Participant directs the Company to withhold or the Company elects to withhold shares of Stock with respect to the vesting or exercise, or, in lieu thereof, to retain, or to sell without notice, a sufficient number of shares of Stock to cover the amount required to be withheld or (ii) a Participant exercises a Stock Option by a net settlement, and in the case of (i) and (ii) herein, only to the extent of the shares are withheld for tax purposes or for purposes of the net settlement.”

Section 2. Effectiveness. This Amendment Three shall be deemed effective as of July 24, 2024. In addition, the Plan Award Agreements entered into between the Company and a Participant prior to July 24, 2024 shall be automatically amended to incorporate the terms of this Amendment Two. Notwithstanding the foregoing, for Named Executive Officers Stuart H. Lubow, Avinash Reddy, Michael Fegan, Conrad J. Gunther and Christopher Porzelt, the Plan Award Agreements shall not be retroactively amended and Amendment Two shall apply only to Awards granted to such Named Executive Officers after July 24, 2024.

Section 3. Capitalized Terms. Capitalized terms which are not defined herein shall have the same meaning as set forth in the Plan.

Section 4. Governing Law. This Amendment Three and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of the State of New York.

Section 5. Counterparts. This Amendment Three may be executed in any number of counterparts, each of which shall for all purposes be deemed an original, and all of which together shall constitute but one and the same instrument.

Section 6. Compliance with Section 409A. This Amendment shall be interpreted and administered consistent with Section 409A of the Code.

IN WITNESS WHEREOF, the Board has adopted this Amendment Three on the date set forth below.

DIME COMMUNITY BANCSHARES, INC.

July 24, 2024By:

Date Stuart Lubow, Chief Executive Officer

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)

I, Stuart H. Lubow, certify that:

1)	I have reviewed this quarterly report on Form 10-Q of Dime Community Bancshares, Inc.;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4)	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:
---	---
a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
---	---
b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d)	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
---	---
5)	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:
---	---
a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
---	---
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
---	---

Date: May 6, 2025
/s/ Stuart H. Lubow
Stuart H. Lubow
President and Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)

I, Avinash Reddy, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Dime Community Bancshares, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:
---	---
a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
---	---
b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d)	disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
---	---
5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:
---	---
a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
---	---
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
---	---

Date: May 6, 2025


/s/ Avinash Reddy
Avinash Reddy
Senior Executive Vice President and Chief Financial Officer

EXHIBIT 32.1

This certification is being furnished as required by Rule 13a-14(b) under the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

CERTIFICATION PURSUANT TO RULE 13a-14(b) 18 U.S.C. SECTION 1350,

As adopted pursuant to

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Dime Community Bancshares, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2025 as filed with the Securities and Exchange Commission, (the “Report”), we, Stuart H. Lubow, President and Chief Executive Officer of the Company and, Avinash Reddy, Senior Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
---	---

---	---
Date: May 6, 2025	/s/ Stuart H. Lubow
	Stuart H. Lubow
	President and Chief Executive Officer

	/s/ Avinash Reddy
	Avinash Reddy
	Senior Executive Vice President and Chief Financial Officer