Thu, Aug 1, 8:37 PM (88 days ago)
Dime Community Bancshares, Inc. reported a net income of $18.5 million for Q2 2024, down from $27.5 million in Q2 2023. The decline was due to a $4.7 million decrease in net interest income, a $4.7 million increase in the credit loss provision, and a $3.5 million rise in non-interest expenses, partially offset by a $1.4 million increase in non-interest income and a $2.5 million decrease in income tax expense. Total assets decreased by $87.2 million to $13.55 billion, primarily due to reductions in investment securities, cash, and restricted stock. Loans increased by $45.4 million. Total liabilities fell by $111.6 million, driven by a $680 million reduction in FHLB advances, partially offset by a $497.8 million rise in deposits and a $62.6 million increase in subordinated debt. The allowance for credit losses increased to $77.8 million, with a provision of $10.8 million for H1 2024, primarily due to the multifamily loan portfolio. Non-performing loans were at 0.23% of total loans. Net interest margin decreased to 2.31% from 2.62% in H1 2023, reflecting the impact of rising interest rates on funding costs. Future performance may be affected by interest rate trends and economic conditions.