Dime Community Bancshares, Inc. declared a quarterly cash dividend of $0.34375 per share on its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on February 13, 2025, to holders of record as of February 6, 2025. The company also reported its fourth-quarter and full-year 2024 financial results.

For the full year 2024, net income available to common stockholders was $21.8 million, or $0.55 per diluted share, compared to $88.8 million, or $2.29 per diluted share, in 2023. Fourth-quarter results included a net loss of $22.2 million due to pre-tax losses on securities sales, severance expenses, pension plan termination costs, and tax expenses related to legacy Bank Owned Life Insurance assets. Adjusted net income for the quarter totaled $17.4 million, up 52% from the prior quarter and 16% from the prior year, with adjusted EPS of $0.42, up 45% from the prior quarter.

Key fourth-quarter highlights included a $268.8 million increase in total deposits, a $513.4 million rise in core deposits, a decline in deposit costs by 37 basis points, and an increase in net interest margin to 2.79% from 2.50% in the prior quarter. The loan-to-deposit ratio declined to 93.0%, while the allowance for credit losses rose to 0.82%. The company’s Common Equity Tier 1 Ratio increased to 11.07%, and the bank received "Outstanding" ratings in its Community Reinvestment Act examination.

CEO Stuart H. Lubow highlighted the company's deposit growth, improved net interest margin, and strategic portfolio repositioning, which strengthened the balance sheet and supported future growth.