Dime Community Bancshares, Inc. Reports Strong Fourth Quarter 2022 Results With Earnings Per Share Increasing By 19% On a Year-Over-Year Basis
Robust Loan Originations Drive Over $1.3 Billion in Loan Growth for Fiscal Year 2022
Fourth Quarter Results Highlighted by Strong Non-Interest Income Growth,
Prudent Expense Management and Improved Credit Quality
HAUPPAUGE, N.Y., Jan. 27, 2023 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $145.3 million for the year ended December 31, 2022, or $3.73 per diluted common share, compared to $96.7 million for the year ended December 31, 2021 or $2.45 per diluted common share.
Kevin M. O’Connor, Chief Executive Officer (“CEO”) of the Company, stated, “As we close the book on 2022, we can reflect on an extremely successful year for our Company. Reported net income available to common shareholders for the twelve months ended December 31, 2022 increased by 50% on a year-over-year basis. Importantly, we delivered consistent financial results throughout 2022 as demonstrated by an annual return on assets in excess of 1.20% and an efficiency ratio below 50%. We made numerous investments in our business and people over the year, including a buildout of our middle market commercial lending operations. Finally, we were very proud to achieve an overall “Outstanding” rating for our Community Reinvestment Act rating from the Federal Reserve Bank of New York.”
For the quarter ended December 31, 2022, net income available to common stockholders was $38.2 million, or $0.99 per diluted common share, compared to $37.7 million, or $0.98 per diluted common share, for the quarter ended September 30, 2022, and $33.5 million, or $0.83 per diluted common share, for the quarter ended December 31, 2021.
Highlights for the Fourth Quarter of 2022 Included:
- Total loans held for investment, net, increased by $450 million or 18% on an annualized basis versus the linked quarter;
- Total business loan balances increased by $215 million or 43% on an annualized basis versus the linked quarter;
- Non-interest income increased to $9.5 million during the fourth quarter of 2022. Excluding the impact of a $1.4 million gain on sale of a branch property in the third quarter, non-interest income during the third quarter of 2022 was $8.0 million. The increase in non-interest income was driven by customer-related loan swap revenue and SBA gain on sale revenue;
- Non-interest expense to average assets remained well controlled at 1.56% for the fourth quarter, compared to 1.54% for the prior quarter and 1.64% for the year-ago quarter; and
- Credit quality continues to be strong with non-performing assets and loans 90 days past due and accruing declining by 22% versus the linked quarter and representing only 0.26% of total assets as of December 31, 2022.
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the fourth quarter of 2022 was $96.8 million compared to $100.4 million for the third quarter of 2022 and $91.7 million for the fourth quarter of 2021.
The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.
| (Dollars in thousands) | Q4 2022 | Q3 2022 | Q4 2021 | |||||||||
| Net interest income | $ | 96,804 | $ | 100,438 | $ | 91,686 | ||||||
| Purchase accounting accretion on loans ("PAA") | (390 | ) | (57 | ) | 625 | |||||||
| Adjusted net interest income excluding PAA on loans (non-GAAP) | $ | 96,414 | $ | 100,381 | $ | 92,311 | ||||||
| Average interest-earning assets | $ | 12,198,905 | $ | 11,782,361 | $ | 11,582,086 | ||||||
| NIM (1) | 3.15 | % | 3.38 | % | 3.14 | % | ||||||
| Adjusted NIM excluding PAA on loans (non-GAAP) (2) | 3.14 | % | 3.38 | % | 3.16 | % | ||||||
(1) NIM represents net interest income divided by average interest-earning assets.
(2) Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes net interest income on PAA loans divided by average interest-earning assets.
Loan Portfolio
The ending weighted average rate (“WAR”)(1) on the total loan portfolio was 4.76% at December 31, 2022, a 43 basis point increase compared to the ending WAR on the total loan portfolio at September 30, 2022.
Outlined below are loan balances and WARs for the period ended as indicated.
| December 31, 2022 | September 30, 2022 | December 31, 2021 | ||||||||||||||
| ($ in thousands) | Balance | WAR | Balance | WAR | Balance | WAR | ||||||||||
| Loans held for investment balances at period end: | ||||||||||||||||
| Commercial and industrial ("C&I") | $ | 1,065,916 | 7.00 | % | $ | 900,768 | 5.90 | % | $ | 867,542 | 4.08 | % | ||||
| Owner-occupied commercial real estate | 1,140,145 | 5.16 | 1,090,417 | 4.69 | 1,030,240 | 4.05 | ||||||||||
| Business loans | 2,206,061 | 6.05 | 1,991,185 | 5.24 | 1,897,782 | 4.06 | ||||||||||
| One-to-four family residential, including condominium and cooperative apartment | 773,321 | 3.96 | 722,081 | 3.77 | 669,282 | 3.63 | ||||||||||
| Multifamily residential and residential mixed-use (2)(3) | 4,026,826 | 4.08 | 3,968,244 | 3.83 | 3,356,346 | 3.56 | ||||||||||
| Non-owner-occupied commercial real estate | 3,317,485 | 4.68 | 3,174,102 | 4.33 | 2,915,708 | 3.69 | ||||||||||
| Acquisition, development, and construction | 229,663 | 8.19 | 241,019 | 6.75 | 322,628 | 4.53 | ||||||||||
| Other loans | 7,679 | 10.22 | 8,927 | 7.29 | 16,898 | 5.85 | ||||||||||
| Loans held for investment, excluding PPP loans | 10,561,035 | 4.76 | 10,105,558 | 4.33 | 9,178,644 | 3.75 | ||||||||||
| PPP loans | 5,796 | 1.00 | 11,383 | 1.00 | 66,017 | 1.00 | ||||||||||
| Total loans held for investment, including PPP loans | $ | 10,566,831 | 4.76 | % | $ | 10,116,941 | 4.33 | % | $ | 9,244,661 | 3.73 | % | ||||
(1) Weighted average rate is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total amount of loans in the category.
(2) Includes loans underlying multifamily cooperatives.
(3) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
Outlined below are the loan originations, for the quarter ended as indicated.
| ($ in millions) | Q4 2022 | Q3 2022 | Q4 2021 | |||||||
| Loan originations | $ | 638.3 | $ | 800.9 | $ | 463.9 | ||||
Deposits
Total average deposits for the fourth quarter of 2022 were $10.4 billion, compared to $10.6 billion for the third quarter of 2022. The cost of deposits increased by 46 basis points on a linked quarter basis. CEO O’Connor stated, “Despite the rapid increase in market interest rates and the competitive environment for deposit balances, we were able to maintain average non-interest bearing deposit balances to average total deposit balances at approximately 36.2% for the fourth quarter of 2022.”
Non-Interest Income
Non-interest income was $9.5 million during the fourth quarter of 2022, $9.4 million during the third quarter of 2022, and $10.2 million during the fourth quarter of 2021. Included in non-interest income during the third quarter of 2022 was a $1.4 million gain on the sale of a branch property.
Non-Interest Expense
Total non-interest expense was $50.7 million during the fourth quarter of 2022, $48.3 million during the third quarter of 2022, and $50.8 million during the fourth quarter of 2021. Excluding the impact of merger expenses and transaction costs, branch restructuring, severance expense, loss on extinguishment of debt, and amortization of other intangible assets, adjusted non-interest expense was $50.3 million during the fourth quarter of 2022, $47.9 million during the third quarter of 2022, and $48.7 million during the fourth quarter of 2021 (see “Non-GAAP Reconciliation” tables at the end of this news release).
The ratio of non-interest expense to average assets was 1.56% during the fourth quarter of 2022, compared to 1.54% during the linked quarter and 1.64% for the fourth quarter of 2021. Excluding the impact of merger expenses and transaction costs, branch restructuring, severance expense, loss on extinguishment of debt, and amortization of other intangible assets, the ratio of adjusted non-interest expense to average assets was 1.55% during the fourth quarter of 2022, compared to 1.53% during the linked quarter and 1.57% for the fourth quarter of 2021 (see “Non-GAAP Reconciliation” tables at the end of this news release).
The efficiency ratio was 47.7% during the fourth quarter of 2022, compared to 44.0% during the linked quarter and 49.9% during the fourth quarter of 2021. Excluding the impact of merger expenses and transaction costs, branch restructuring, severance expense, loss on extinguishment of debt, amortization of other intangible assets, and gain on sale of securities and other assets, the adjusted efficiency ratio was 47.3% during the fourth quarter of 2022, compared to 44.2% during the linked quarter and 48.2% during the fourth quarter of 2021 (see “Non-GAAP Reconciliation” tables at the end of this news release).
Income Tax Expense
The reported effective tax rate for the fourth quarter of 2022 was 27.5%, compared to 28.1% for the third quarter of 2022, and 30.9% for the fourth quarter of 2021.
Credit Quality
Non-performing loans at December 31, 2022 were $34.2 million, or 0.32% of total loans.
A credit loss provision of $0.3 million was recorded during the fourth quarter of 2022, compared to a credit loss provision of $6.6 million during the third quarter of 2022, and a credit loss recovery of $132 thousand during the fourth quarter of 2021. The credit loss provision for the fourth quarter of 2022 was associated with growth in the loan portfolio offset by a reduction in reserves on individually evaluated loans and unfunded commitments.
The allowance for credit losses as a percentage of total loans was 0.79% at December 31, 2022 as compared to 0.81% at September 30, 2022 and 0.91% at December 31, 2021.
Capital Management
The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2022.
CEO O’Connor commented, “Our strong internal capital generation allowed us to keep our capital ratios steady in the quarter, while supporting approximately $450 million of quarterly loan growth. Over the course of 2022, we repurchased approximately $47 million of common stock, representing approximately 4% of shares outstanding at the beginning of the year. Our regulatory capital ratios, which exclude the impact of the accumulated other comprehensive loss component of stockholders’ equity, continue to be very strong.”
Dividends per common share were $0.24 during the fourth quarter of 2022.
Book value per common share was $27.41 at December 31, 2022 compared to $26.55 at September 30, 2022. Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $23.20 at December 31, 2022 compared to $22.34 at September 30, 2022. Excluding the impact of accumulated other comprehensive income, the adjusted tangible common book value per share was $25.54 at December 31, 2022 compared to $24.75 at September 30, 2022 (see “Non-GAAP Reconciliation” tables at the end of this news release).
Earnings Call Information
The Company will conduct a conference call at 8:30 a.m. (ET) on Friday, January 27, 2023, during which CEO O’Connor will discuss the Company’s fourth quarter 2022 financial performance, with a question-and-answer session to follow.
The conference call will be simultaneously webcast (listen only) and archived for a period of one year at https://events.q4inc.com/attendee/499210648.
Conference Call Details:
Dial-in for Live Call:
| United States: | 1-844-200-6205 |
| International: | +1-929-526-1599 |
| Access code: | 269082 |
Telephone Replay:
A recording will be available until Friday, February 10, 2023.
| United States: | 1-866-813-9403 |
| International: | +44-204-525-0658 |
| Access code: | 964093 |
ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.1 billion in assets and the number one deposit market share among community banks on Greater Long Island(1).
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks less than $20 billion in assets.
This news release 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," “likely,” "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions.
Forward-looking statements are based upon various assumptions and analyses made by 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 are 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 results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general socio- economic conditions, including conditions caused by the COVID-19 pandemic and any other public health emergency, 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 may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. Further, given its ongoing and dynamic nature, it is difficult to predict what effects the COVID-19 pandemic will have on our business and results of operations. The pandemic and related local and national economic disruption may, among other effects, result in a decline in demand for our products and services; increased levels of loan delinquencies, problem assets and foreclosures; branch closures, work stoppages and unavailability of personnel; and increased cybersecurity risks, as employees work remotely. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
| Contact: Avinash Reddy | |
| Senior Executive Vice President – Chief Financial Officer | |
| 718-782-6200 extension 5909 |
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
| December 31, | September 30, | December 31, | ||||||||||
|
2022 |
2022 |
2021 |
||||||||||
| Assets: | ||||||||||||
| Cash and due from banks | $ | 169,297 | $ | 312,996 | $ | 393,722 | ||||||
| Securities available-for-sale, at fair value | 950,587 | 962,927 | 1,563,711 | |||||||||
| Securities held-to-maturity | 585,798 | 591,403 | 179,309 | |||||||||
| Loans held for sale | — | 289 | 5,493 | |||||||||
| Loans held for investment, net: | ||||||||||||
| C&I | 1,065,916 | 900,768 | 867,542 | |||||||||
| Owner-occupied commercial real estate | 1,140,145 | 1,090,417 | 1,030,240 | |||||||||
| Total business loans | 2,206,061 | 1,991,185 | 1,897,782 | |||||||||
| One-to-four family and cooperative/condominium apartment | 773,321 | 722,081 | 669,282 | |||||||||
| Multifamily residential and residential mixed-use (1)(2) | 4,026,826 | 3,968,244 | 3,356,346 | |||||||||
| Non-owner-occupied commercial real estate | 3,317,485 | 3,174,102 | 2,915,708 | |||||||||
| Acquisition, development, and construction | 229,663 | 241,019 | 322,628 | |||||||||
| Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | 5,796 | 11,383 | 66,017 | |||||||||
| Other loans | 7,679 | 8,927 | 16,898 | |||||||||
| Allowance for credit losses | (83,507 | ) | (81,935 | ) | (83,853 | ) | ||||||
| Total loans held for investment, net | 10,483,324 | 10,035,006 | 9,160,808 | |||||||||
| Premises and fixed assets, net | 46,749 | 47,406 | 50,368 | |||||||||
| Premises held for sale | — | — | 556 | |||||||||
| Restricted stock | 88,745 | 65,656 | 37,732 | |||||||||
| Bank Owned Life Insurance ("BOLI") | 333,292 | 331,105 | 295,789 | |||||||||
| Goodwill | 155,797 | 155,797 | 155,797 | |||||||||
| Other intangible assets | 6,484 | 6,915 | 8,362 | |||||||||
| Operating lease assets | 57,857 | 57,916 | 64,258 | |||||||||
| Derivative assets | 154,485 | 162,679 | 45,086 | |||||||||
| Accrued interest receivable | 48,561 | 41,567 | 40,149 | |||||||||
| Other assets | 113,084 | 114,241 | 65,224 | |||||||||
| Total assets | $ | 13,194,060 | $ | 12,885,903 | $ | 12,066,364 | ||||||
| Liabilities: | ||||||||||||
| Non-interest-bearing checking | $ | 3,519,218 | $ | 3,830,676 | $ | 3,920,423 | ||||||
| Interest-bearing checking | 827,454 | 936,082 | 905,717 | |||||||||
| Savings | 2,260,101 | 2,237,409 | 1,158,040 | |||||||||
| Money market | 2,532,270 | 2,553,729 | 3,621,552 | |||||||||
| Certificates of deposit | 1,115,364 | 930,774 | 853,242 | |||||||||
| Total deposits | 10,254,407 | 10,488,670 | 10,458,974 | |||||||||
| FHLBNY advances | 1,131,000 | 620,000 | 25,000 | |||||||||
| Other short-term borrowings | 1,360 | 2,124 | 1,862 | |||||||||
| Subordinated debt, net | 200,283 | 200,305 | 197,096 | |||||||||
| Derivative cash collateral | 153,040 | 158,200 | 4,550 | |||||||||
| Operating lease liabilities | 60,340 | 60,252 | 66,103 | |||||||||
| Derivative liabilities | 137,335 | 144,343 | 40,728 | |||||||||
| Other liabilities | 82,573 | 71,218 | 79,431 | |||||||||
| Total liabilities | 12,020,338 | 11,745,112 | 10,873,744 | |||||||||
| Stockholders' equity: | ||||||||||||
| Preferred stock, Series A | 116,569 | 116,569 | 116,569 | |||||||||
| Common stock | 416 | 416 | 416 | |||||||||
| Additional paid-in capital | 495,410 | 495,232 | 494,125 | |||||||||
| Retained earnings | 762,762 | 733,783 | 654,726 | |||||||||
| Accumulated other comprehensive loss ("AOCI"), net of deferred taxes | (90,240 | ) | (93,036 | ) | (6,181 | ) | ||||||
| Unearned equity awards | (8,078 | ) | (9,177 | ) | (7,842 | ) | ||||||
| Treasury stock, at cost | (103,117 | ) | (102,996 | ) | (59,193 | ) | ||||||
| Total stockholders' equity | 1,173,722 | 1,140,791 | 1,192,620 | |||||||||
| Total liabilities and stockholders' equity | $ | 13,194,060 | $ | 12,885,903 | $ | 12,066,364 | ||||||
(1) Includes loans underlying multifamily cooperatives.
(2) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except share and per share amounts)
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||
| 2022 | 2022 |
2021 |
2022 |
2021 |
|||||||||||||
| Interest income: | |||||||||||||||||
| Loans | $ | 120,773 | $ | 106,306 | $ | 89,301 | $ | 406,601 | $ | 359,016 | |||||||
| Securities | 7,652 | 7,374 | 7,097 | 29,224 | 22,634 | ||||||||||||
| Other short-term investments | 1,444 | 847 | 414 | 3,400 | 2,976 | ||||||||||||
| Total interest income | 129,869 | 114,527 | 96,812 | 439,225 | 384,626 | ||||||||||||
| Interest expense: | |||||||||||||||||
| Deposits and escrow | 22,017 | 10,154 | 2,861 | 38,433 | 16,527 | ||||||||||||
| Borrowed funds | 9,783 | 3,483 | 2,265 | 19,117 | 10,490 | ||||||||||||
| Derivative cash collateral | 1,265 | 452 | — | 1,812 | — | ||||||||||||
| Total interest expense | 33,065 | 14,089 | 5,126 | 59,362 | 27,017 | ||||||||||||
| Net interest income | 96,804 | 100,438 | 91,686 | 379,863 | 357,609 | ||||||||||||
| Provision (credit) for credit losses | 335 | 6,587 | (132 | ) | 5,374 | 6,212 | |||||||||||
| Net interest income after provision (credit) | 96,469 | 93,851 | 91,818 | 374,489 | 351,397 | ||||||||||||
| Non-interest income: | |||||||||||||||||
| Service charges and other fees | 3,945 | 3,866 | 4,621 | 16,206 | 15,998 | ||||||||||||
| Title fees | 453 | 474 | 735 | 2,031 | 2,338 | ||||||||||||
| Loan level derivative income | 1,397 | 549 | 113 | 3,637 | 2,909 | ||||||||||||
| BOLI income | 2,187 | 2,177 | 1,890 | 10,346 | 7,071 | ||||||||||||
| Gain on sale of SBA loans | 621 | 211 | 851 | 1,797 | 2,336 | ||||||||||||
| Gain on sale of PPP loans | — | — | — | — | 20,697 | ||||||||||||
| Gain on sale of residential loans | 55 | 54 | 225 | 448 | 1,758 | ||||||||||||
| Net gain on equity securities | — | — | — | — | 131 | ||||||||||||
| Net gain on sale of securities and other assets | — | 1,397 | 975 | 1,397 | 1,705 | ||||||||||||
| Loss on termination of derivatives | — | — | — | — | (16,505 | ) | |||||||||||
| Other | 809 | 634 | 769 | 2,294 | 3,630 | ||||||||||||
| Total non-interest income | 9,467 | 9,362 | 10,179 | 38,156 | 42,068 | ||||||||||||
| Non-interest expense: | |||||||||||||||||
| Salaries and employee benefits | 31,632 | 29,188 | 27,638 | 120,108 | 108,331 | ||||||||||||
| Severance | 5 | — | — | 2,198 | 1,875 | ||||||||||||
| Occupancy and equipment | 7,356 | 7,884 | 7,784 | 30,220 | 30,697 | ||||||||||||
| Data processing costs | 4,023 | 3,434 | 4,506 | 15,175 | 16,638 | ||||||||||||
| Marketing | 1,559 | 1,531 | 1,959 | 5,900 | 4,661 | ||||||||||||
| Professional services | 1,831 | 2,116 | 2,130 | 8,069 | 9,284 | ||||||||||||
| Federal deposit insurance premiums | 800 | 800 | 1,031 | 3,900 | 4,077 | ||||||||||||
| Loss on extinguishment of debt | — | — | — | 740 | 1,751 | ||||||||||||
| Curtailment loss | — | — | — | — | 1,543 | ||||||||||||
| Merger expenses and transaction costs | — | — | 2,574 | — | 44,824 | ||||||||||||
| Branch restructuring | — | — | (1,118 | ) | — | 5,059 | |||||||||||
| Amortization of other intangible assets | 431 | 431 | 715 | 1,878 | 2,622 | ||||||||||||
| Other | 3,065 | 2,918 | 3,610 | 12,542 | 13,937 | ||||||||||||
| Total non-interest expense | 50,702 | 48,302 | 50,829 | 200,730 | 245,299 | ||||||||||||
| Income before taxes | 55,234 | 54,911 | 51,168 | 211,915 | 148,166 | ||||||||||||
| Income tax expense | 15,175 | 15,430 | 15,811 | 59,359 | 44,170 | ||||||||||||
| Net income | 40,059 | 39,481 | 35,357 | 152,556 | 103,996 | ||||||||||||
| Preferred stock dividends | 1,821 | 1,822 | 1,821 | 7,286 | 7,286 | ||||||||||||
| Net income available to common stockholders | $ | 38,238 | $ | 37,659 | $ | 33,536 | $ | 145,270 | $ | 96,710 | |||||||
| Earnings per common share ("EPS"): | |||||||||||||||||
| Basic | $ | 0.99 | $ | 0.98 | $ | 0.83 | $ | 3.73 | $ | 2.45 | |||||||
| Diluted | $ | 0.99 | $ | 0.98 | $ | 0.83 | $ | 3.73 | $ | 2.45 | |||||||
| Average common shares outstanding for diluted EPS | 38,123,221 | 38,165,681 | 39,876,825 | 38,538,834 | 38,903,037 | ||||||||||||
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share amounts)
| At or For the Three Months Ended | At or For the Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Per Share Data: | ||||||||||||||||
| Reported EPS (Diluted) | $ | 0.99 | $ | 0.98 | $ | 0.83 | $ | 3.73 | $ | 2.45 | ||||||
| Cash dividends paid per common share | 0.24 | 0.24 | 0.24 | 0.96 | 0.96 | |||||||||||
| Book value per common share | 27.41 | 26.55 | 26.98 | 27.41 | 26.98 | |||||||||||
| Tangible common book value per share (1) | 23.20 | 22.34 | 22.87 | 23.20 | 22.87 | |||||||||||
| Tangible common book value per share excluding AOCI (1) | 25.54 | 24.75 | 23.02 | 25.54 | 23.02 | |||||||||||
| Common shares outstanding | 38,573 | 38,572 | 39,878 | 38,573 | 39,878 | |||||||||||
| Dividend payout ratio | 24.24 | % | 24.49 | % | 28.92 | % | 25.74 | % | 39.18 | % | ||||||
| Performance Ratios (Based upon Reported Net Income): | ||||||||||||||||
| Return on average assets | 1.23 | % | 1.26 | % | 1.14 | % | 1.22 | % | 0.86 | % | ||||||
| Return on average equity | 13.72 | 13.56 | 11.67 | 13.05 | 8.96 | |||||||||||
| Return on average tangible common equity (1) | 17.34 | 17.15 | 14.61 | 16.48 | 11.09 | |||||||||||
| Net interest margin | 3.15 | 3.38 | 3.14 | 3.25 | 3.15 | |||||||||||
| Non-interest expense to average assets | 1.56 | 1.54 | 1.64 | 1.61 | 2.03 | |||||||||||
| Efficiency ratio (1) | 47.7 | 44.0 | 49.9 | 48.0 | 61.4 | |||||||||||
| Effective tax rate | 27.47 | 28.10 | 30.90 | 28.01 | 29.81 | |||||||||||
| Balance Sheet Data: | ||||||||||||||||
| Average assets | $ | 12,985,248 | $ | 12,550,626 | $ | 12,419,184 | $ | 12,466,774 | $ | 12,112,800 | ||||||
| Average interest-earning assets | 12,198,905 | 11,782,361 | 11,582,086 | 11,684,501 | 11,354,111 | |||||||||||
| Average tangible common equity (1) | 889,018 | 885,182 | 931,503 | 889,038 | 888,128 | |||||||||||
| Loan-to-deposit ratio at end of period | 103.0 | 96.5 | 88.4 | 103.0 | 88.4 | |||||||||||
| Capital Ratios and Reserves - Consolidated: (3) | ||||||||||||||||
| Tangible common equity to tangible assets (1) | 6.87 | % | 6.77 | % | 7.66 | % | ||||||||||
| Tangible common equity excluding AOCI to tangible assets (1) | 7.51 | 7.45 | 7.71 | |||||||||||||
| Tangible equity to tangible assets (1) | 7.76 | 7.69 | 8.64 | |||||||||||||
| Tangible equity excluding AOCI to tangible assets (1) | 8.40 | 8.36 | 8.69 | |||||||||||||
| Tier 1 common equity ratio | 9.15 | 9.13 | 9.49 | |||||||||||||
| Tier 1 risk-based capital ratio | 10.23 | 10.25 | 10.69 | |||||||||||||
| Total risk-based capital ratio | 12.89 | 12.98 | 13.45 | |||||||||||||
| Tier 1 leverage ratio | 8.53 | 8.61 | 8.46 | |||||||||||||
| CRE consolidated concentration ratio (2) | 554 | 555 | 519 | |||||||||||||
| Allowance for credit losses/ Total loans | 0.79 | 0.81 | 0.91 | |||||||||||||
| Allowance for credit losses/ Non-performing loans | 243.91 | 199.45 | 208.04 | |||||||||||||
(1) See "Non-GAAP Reconciliation" tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
(2) The CRE consolidated concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. December 31, 2022 amounts are preliminary pending completion and filing of the Company’s regulatory reports.
(3) December 31, 2022 amounts are preliminary pending completion and filing of the Company’s regulatory reports.
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars in thousands)
| Three Months Ended | |||||||||||||||||||||||||
| December 31, 2022 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||
| Average | Average | Average | |||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||
| Balance | Interest | Cost | Balance | Interest | Cost | Balance | Interest | Cost | |||||||||||||||||
| Assets: | |||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||
| Real estate loans | $ | 9,370,045 | $ | 104,218 | 4.41 | % | $ | 8,981,848 | $ | 92,309 | 4.08 | % | $ | 8,293,470 | $ | 78,367 | 3.75 | % | |||||||
| Commercial and industrial loans | 957,151 | 16,430 | 6.81 | 940,628 | 13,837 | 5.84 | 969,338 | 10,702 | 4.38 | ||||||||||||||||
| Other loans | 8,269 | 125 | 6.00 | 10,566 | 160 | 6.01 | 18,385 | 232 | 5.01 | ||||||||||||||||
| Securities | 1,663,969 | 7,652 | 1.82 | 1,666,398 | 7,374 | 1.76 | 1,729,191 | 7,097 | 1.63 | ||||||||||||||||
| Other short-term investments | 199,471 | 1,444 | 2.87 | 182,921 | 847 | 1.84 | 571,702 | 414 | 0.29 | ||||||||||||||||
| Total interest-earning assets | 12,198,905 | 129,869 | 4.22 | % | 11,782,361 | 114,527 | 3.86 | % | 11,582,086 | 96,812 | 3.32 | % | |||||||||||||
| Non-interest-earning assets | 786,343 | 768,265 | 837,098 | ||||||||||||||||||||||
| Total assets | $ | 12,985,248 | $ | 12,550,626 | $ | 12,419,184 | |||||||||||||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Interest-bearing checking | $ | 845,530 | $ | 1,174 | 0.55 | % | $ | 833,386 | $ | 970 | 0.46 | % | $ | 962,597 | $ | 455 | 0.19 | % | |||||||
| Money market | 2,469,177 | 6,620 | 1.06 | 2,651,459 | 2,046 | 0.31 | 3,652,681 | 1,087 | 0.12 | ||||||||||||||||
| Savings | 2,234,968 | 9,889 | 1.76 | 2,243,887 | 4,951 | 0.88 | 1,174,719 | 108 | 0.04 | ||||||||||||||||
| Certificates of deposit | 1,063,053 | 4,334 | 1.62 | 988,827 | 2,187 | 0.88 | 915,210 | 1,211 | 0.52 | ||||||||||||||||
| Total interest-bearing deposits | 6,612,728 | 22,017 | 1.32 | 6,717,559 | 10,154 | 0.60 | 6,705,207 | 2,861 | 0.17 | ||||||||||||||||
| FHLBNY advances | 724,902 | 6,383 | 3.49 | 166,739 | 430 | 1.02 | 25,000 | 61 | 0.97 | ||||||||||||||||
| Subordinated debt, net | 200,298 | 2,553 | 5.06 | 200,320 | 2,553 | 5.06 | 197,126 | 2,204 | 4.44 | ||||||||||||||||
| Other short-term borrowings | 90,275 | 847 | 3.72 | 75,975 | 500 | 2.61 | 2,484 | — | — | ||||||||||||||||
| Total borrowings | 1,015,475 | 9,783 | 3.82 | 443,034 | 3,483 | 3.12 | 224,610 | 2,265 | 4.00 | ||||||||||||||||
| Derivative cash collateral | 157,898 | 1,265 | 3.18 | 111,325 | 452 | 1.61 | 3,842 | — | — | ||||||||||||||||
| Total interest-bearing liabilities | 7,786,101 | 33,065 | 1.68 | % | 7,271,918 | 14,089 | 0.77 | % | 6,933,659 | 5,126 | 0.29 | % | |||||||||||||
| Non-interest-bearing checking | 3,755,395 | 3,894,093 | 4,092,204 | ||||||||||||||||||||||
| Other non-interest-bearing liabilities | 275,636 | 219,883 | 181,074 | ||||||||||||||||||||||
| Total liabilities | 11,817,132 | 11,385,894 | 11,206,937 | ||||||||||||||||||||||
| Stockholders' equity | 1,168,116 | 1,164,732 | 1,212,247 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 12,985,248 | $ | 12,550,626 | $ | 12,419,184 | |||||||||||||||||||
| Net interest income | $ | 96,804 | $ | 100,438 | $ | 91,686 | |||||||||||||||||||
| Net interest rate spread | 2.54 | % | 3.09 | % | 3.03 | % | |||||||||||||||||||
| Net interest margin | 3.15 | % | 3.38 | % | 3.14 | % | |||||||||||||||||||
| Deposits (including non-interest-bearing checking accounts) | $ | 10,368,123 | $ | 22,017 | 0.84 | % | $ | 10,611,652 | $ | 10,154 | 0.38 | % | $ | 10,797,411 | $ | 2,861 | 0.11 | % | |||||||
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
(Dollars in thousands)
| At or For the Three Months Ended | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| Asset Quality Detail |
2022 |
2022 |
2021 |
|||||||||
| Non-performing loans ("NPLs") | ||||||||||||
| One-to-four family residential, including condominium and cooperative apartment | $ | 3,203 | $ | 3,219 | $ | 7,623 | ||||||
| Multifamily residential and residential mixed-use | — | — | — | |||||||||
| Commercial real estate | 8,332 | 7,673 | 5,053 | |||||||||
| Acquisition, development, and construction | 657 | 657 | — | |||||||||
| C&I | 21,946 | 29,532 | 27,266 | |||||||||
| Other | 99 | — | 365 | |||||||||
| Total Non-accrual loans | $ | 34,237 | $ | 41,081 | $ | 40,307 | ||||||
| Total Non-performing assets ("NPAs") | $ | 34,237 | $ | 41,081 | $ | 40,307 | ||||||
| Loans 90 days delinquent and accruing ("90+ Delinquent") | ||||||||||||
| One-to-four family residential, including condominium and cooperative apartment | $ | — | $ | — | $ | 1,945 | ||||||
| Multifamily residential and residential mixed-use | — | — | — | |||||||||
| Commercial real estate | — | — | — | |||||||||
| Acquisition, development, and construction | — | — | — | |||||||||
| C&I | — | 2,781 | 1,056 | |||||||||
| Other | — | — | — | |||||||||
| 90+ Delinquent | $ | — | $ | 2,781 | $ | 3,001 | ||||||
| NPAs and 90+ Delinquent | $ | 34,237 | $ | 43,862 | $ | 43,308 | ||||||
| NPAs and 90+ Delinquent / Total assets | 0.26 | % | 0.34 | % | 0.36 | % | ||||||
| Net charge-offs (recoveries) ("NCOs") | $ | 185 | $ | 3,932 | $ | (108 | ) | |||||
| NCOs / Average loans (1) | 0.01 | % | 0.16 | % | 0.00 | % | ||||||
(1) Calculated based on annualized NCOs to average loans, excluding loans held for sale.
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)
The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.
The following non-GAAP financial measures exclude pre-tax income and expenses associated with the Company’s February 2021 merger with Bridge Bancorp, Inc., as well as a gain on sale of a branch property, branch restructuring, gain on sale of PPP loans, severance, and loss on extinguishment of debt:
| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2022 |
2022 |
2021 |
2022 |
2021 |
|||||||||||||||
| Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders | |||||||||||||||||||
| Reported net income available to common stockholders | $ | 38,238 | $ | 37,659 | $ | 33,536 | $ | 145,270 | $ | 96,710 | |||||||||
| Adjustments to net income (1): | |||||||||||||||||||
| Provision for credit losses - Non-PCD loans (double-count) | — | — | — | — | 20,278 | ||||||||||||||
| Gain on sale of PPP loans | — | — | — | — | (20,697 | ) | |||||||||||||
| Net gain on sale of securities and other assets | — | (1,397 | ) | (975 | ) | 1,397 | (1,685 | ) | |||||||||||
| Loss on termination of derivatives | — | — | — | — | 16,505 | ||||||||||||||
| Severance | 5 | — | — | 2,198 | 1,875 | ||||||||||||||
| Loss on extinguishment of debt | — | — | — | 740 | 1,751 | ||||||||||||||
| Curtailment loss | — | — | — | — | 1,543 | ||||||||||||||
| Merger expenses and transaction costs (2) | — | — | 2,574 | — | 44,824 | ||||||||||||||
| Branch restructuring | — | — | (1,118 | ) | — | 5,059 | |||||||||||||
| Income tax effect of adjustments and other tax adjustments | — | 440 | (234 | ) | 145 | (19,421 | ) | ||||||||||||
| Adjusted net income available to common stockholders (non-GAAP) | $ | 38,243 | $ | 36,702 | $ | 33,783 | $ | 149,750 | $ | 146,742 | |||||||||
| Adjusted Ratios (Based upon non-GAAP as calculated above) | |||||||||||||||||||
| Adjusted EPS (Diluted) | $ | 0.99 | $ | 0.95 | $ | 0.84 | $ | 3.77 | $ | 3.73 | |||||||||
| Adjusted return on average assets | 1.23 | % | 1.23 | % | 1.15 | % | 1.24 | % | 1.27 | % | |||||||||
| Adjusted return on average equity | 13.72 | 13.23 | 11.75 | 13.20 | 13.26 | ||||||||||||||
| Adjusted return on average tangible common equity | 17.34 | 16.72 | 14.72 | 16.67 | 16.73 | ||||||||||||||
| Adjusted non-interest expense to average assets | 1.55 | 1.53 | 1.57 | 1.57 | 1.55 | ||||||||||||||
| Adjusted efficiency ratio | 47.3 | 44.2 | 48.2 | 47.0 | 47.6 | ||||||||||||||
(1) Adjustments to net income are taxed at the Company's statutory tax rate of approximately 31% unless otherwise noted.
(2) Certain merger expenses and transaction costs are non-taxable expense.
The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
| Operating expense as a % of average assets - as reported | 1.56 | % | 1.54 | % | 1.64 | % | 1.61 | % | 2.03 | % | |||||||||||
| Loss on extinguishment of debt | — | — | — | (0.01 | ) | (0.01 | ) | ||||||||||||||
| Curtailment loss | — | — | — | — | (0.02 | ) | |||||||||||||||
| Severance | — | — | — | (0.02 | ) | (0.02 | ) | ||||||||||||||
| Merger expenses and transaction costs | — | — | (0.08 | ) | — | (0.37 | ) | ||||||||||||||
| Branch restructuring | — | — | 0.03 | — | (0.04 | ) | |||||||||||||||
| Amortization of other intangible assets | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||
| Adjusted operating expense as a % of average assets (non-GAAP) | 1.55 | 1.53 | 1.57 | 1.57 | 1.55 | ||||||||||||||||
The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
|
2022 |
2022 |
2021 |
2022 |
2021 |
|||||||||||||||||
| Efficiency ratio - as reported (non-GAAP) (1) | 47.7 | % | 44.0 | % | 49.9 | % | 48.0 | % | 61.4 | % | |||||||||||
| Non-interest expense - as reported | $ | 50,702 | $ | 48,302 | $ | 50,829 | $ | 200,730 | $ | 245,299 | |||||||||||
| Severance | (5 | ) | — | — | (2,198 | ) | (1,875 | ) | |||||||||||||
| Merger expenses and transaction costs | — | — | (2,574 | ) | — | (44,824 | ) | ||||||||||||||
| Branch restructuring | — | — | 1,118 | — | (5,059 | ) | |||||||||||||||
| Loss on extinguishment of debt | — | — | — | (740 | ) | (1,751 | ) | ||||||||||||||
| Curtailment loss | — | — | — | — | (1,543 | ) | |||||||||||||||
| Amortization of other intangible assets | (431 | ) | (431 | ) | (715 | ) | (1,878 | ) | (2,622 | ) | |||||||||||
| Adjusted non-interest expense (non-GAAP) | $ | 50,266 | $ | 47,871 | $ | 48,658 | $ | 195,914 | $ | 187,625 | |||||||||||
| Net interest income - as reported | $ | 96,804 | $ | 100,438 | $ | 91,686 | $ | 379,863 | $ | 357,609 | |||||||||||
| Non-interest income - as reported | $ | 9,467 | $ | 9,362 | $ | 10,179 | $ | 38,156 | $ | 42,068 | |||||||||||
| Gain on sale of PPP loans | — | — | — | — | (20,697 | ) | |||||||||||||||
| Net gain on sale of securities and other assets | — | (1,397 | ) | (975 | ) | (1,397 | ) | (1,685 | ) | ||||||||||||
| Loss on termination of derivatives | — | — | — | — | 16,505 | ||||||||||||||||
| Adjusted non-interest income (non-GAAP) | $ | 9,467 | $ | 7,965 | $ | 9,204 | $ | 36,759 | $ | 36,191 | |||||||||||
| Adjusted total revenues for adjusted efficiency ratio (non-GAAP) | $ | 106,271 | $ | 108,403 | $ | 100,890 | $ | 416,622 | $ | 393,800 | |||||||||||
| Adjusted efficiency ratio (non-GAAP) (2) | 47.3 | % | 44.2 | % | 48.2 | % | 47.0 | % | 47.6 | % | |||||||||||
(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
(2) The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.
The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):
| December 31, | September 30, | December 31, | |||||||||||
|
2022 |
2022 |
2021 |
|||||||||||
| Reconciliation of Tangible Assets: | |||||||||||||
| Total assets | $ | 13,194,060 | $ | 12,885,903 | $ | 12,066,364 | |||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | |||||||
| Other intangible assets | (6,484 | ) | (6,915 | ) | (8,362 | ) | |||||||
| Tangible assets (non-GAAP) | $ | 13,031,779 | $ | 12,723,191 | $ | 11,902,205 | |||||||
| Reconciliation of Tangible Common Equity - Consolidated: | |||||||||||||
| Total stockholders' equity | $ | 1,173,722 | $ | 1,140,791 | $ | 1,192,620 | |||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | |||||||
| Other intangible assets | (6,484 | ) | (6,915 | ) | (8,362 | ) | |||||||
| Tangible equity (non-GAAP) | 1,011,441 | 978,079 | 1,028,461 | ||||||||||
| Preferred stock, net | (116,569 | ) | (116,569 | ) | (116,569 | ) | |||||||
| Tangible common equity (non-GAAP) | $ | 894,872 | $ | 861,510 | $ | 911,892 | |||||||
| Tangible common equity (non-GAAP) | $ | 894,872 | $ | 861,510 | $ | 911,892 | |||||||
| AOCI, net of deferred taxes | 90,240 | 93,036 | 6,181 | ||||||||||
| Tangible common equity excluding AOCI (non-GAAP) | $ | 985,112 | $ | 954,546 | $ | 918,073 | |||||||
| Tangible equity (non-GAAP) | $ | 1,011,441 | $ | 978,079 | $ | 1,028,461 | |||||||
| AOCI, net of deferred taxes | 90,240 | 93,036 | 6,181 | ||||||||||
| Tangible equity excluding AOCI (non-GAAP) | $ | 1,101,681 | $ | 1,071,115 | $ | 1,034,642 | |||||||
| Common shares outstanding | 38,573 | 38,572 | 39,878 | ||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 6.87 | % | 6.77 | % | 7.66 | % | |||||||
| Tangible common equity excluding AOCI to tangible assets (non-GAAP) | 7.51 | 7.45 | 7.71 | ||||||||||
| Tangible equity to tangible assets (non-GAAP) | 7.76 | 7.69 | 8.64 | ||||||||||
| Tangible equity excluding AOCI to tangible assets (non-GAAP) | 8.40 | 8.36 | 8.69 | ||||||||||
| Book value per share | $ | 27.41 | $ | 26.55 | $ | 26.98 | |||||||
| Tangible common book value per share (non-GAAP) | 23.20 | 22.34 | 22.87 | ||||||||||
| Tangible common book value per share excluding AOCI (non-GAAP) | 25.54 | 24.75 | 23.02 | ||||||||||
