0000846617-24-000018 | 10-K | XBRL Viewer | Dime Community Bancshares INC NY

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SECURITIES - Sales Information and Marketable Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales of Available-for-sale Securities:
Proceeds from sales of securities available-for-sale	$ 77,804		$ 138,077
Gross gains	130		1,327
Tax expense on gains	39		421
Gross losses	1,577		120
Tax benefit on losses	467		38
Proceeds:
Marketable equity securities			6,101
Sales of securities held-to-maturity	$ 0	$ 0	$ 0

DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Weighted Average Rate, Savings accounts	3.67%	2.24%
Weighted Average Rate, CDs	4.43%	2.25%
Weighted Average Rate, Money market accounts	3.46%	1.50%
Weighted Average Rate, Interest-bearing checking accounts	0.77%	1.01%
Weighted Average Rate, Total	2.56	1.19
Liability, Savings accounts	$ 2,335,490	$ 2,260,101
Liability, CDs	1,607,683	1,115,364
Liability, Money market accounts	3,125,996	2,532,270
Liability, Interest-bearing checking accounts	515,987	827,454
Liability, Non-interest bearing checking accounts	2,945,499	3,519,218
Liability, Total	$ 10,530,655	$ 10,254,407

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of financial instruments with off-balance sheet risk


	Year Ended December 31,
	2023				2022
(In thousands)	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate
Available lines of credit	$	114,880	$	1,072,471	$	73,929	$	996,029
Other loan commitments		7,190		89,855		150,663		120,899
Stand-by letters of credit		38,095		—		27,020		355

SECURITIES

12 Months Ended

Dec. 31, 2023

SECURITIES

SECURITIES

4. SECURITIES

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

December 31, 2023

Gross

Amortized

Unrealized

Fair

(In thousands)

Cost

Gains

Losses

Value

Securities available-for-sale:

Agency notes

10,000

—

(629)

9,371

Treasury securities

245,877

—

(11,687)

234,190

Corporate securities

174,978

—

(23,808)

151,170

Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")

230,253

(24,978)

205,285

Agency CMOs

305,860

(46,491)

259,415

State and municipal obligations

28,741

—

(1,932)

26,809

Total securities available-for-sale

995,709

(109,525)

886,240

December 31, 2023

Gross

Amortized

Unrecognized

Fair

(In thousands)

Cost

Gains

Losses

Value

Securities held-to-maturity:

Agency notes

89,563

—

(11,300)

78,263

Corporate securities

9,000

—

(1,825)

7,175

Pass-through MBS issued by GSEs

279,853

—

(37,579)

242,274

Agency CMOs

216,223

(27,021)

189,218

Total securities held-to-maturity

594,639

(77,725)

516,930


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Treasury securities	$	246,899	$	—	$	(19,643)	$	227,256
Corporate securities		183,791		57		(17,075)		166,773
Pass-through MBS issued by GSEs		272,774		—		(31,534)		241,240
Agency CMOs		331,394		2		(50,057)		281,339
State and municipal obligations		37,000		—		(3,021)		33,979
Total securities available-for-sale	$	1,071,858	$	59	$	(121,330)	$	950,587

	December 31, 2022
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,157	$	—	$	(14,095)	$	75,062
Corporate securities		9,000		—		(553)		8,447
Pass-through MBS issued by GSEs		278,281		—		(40,960)		237,321
Agency CMOs		209,360		—		(24,431)		184,929
Total securities held-to-maturity	$	585,798	$	—	$	(80,039)	$	505,759

During the year ended December 31, 2023, there were no transfers of securities from available-for-sale to securities held-to-maturity. There were no transfers of securities from held-to-maturity to available-for-sale during the year ended December 31, 2023. The Company reassessed classification of certain investments and transferred securities with a book value of $372.2 million from available-for-sale to securities held-to-maturity during the year ended December 31, 2022. The related unrealized losses of $27.7 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer. There were no transfers from securities held-to-maturity during the year ended December 31, 2022. There were $140.4 million transferred from securities available-for-sale to securities held-to-maturity during the year ended December 31, 2021. There were no transfers from securities held-to-maturity during the year ended December 31, 2021.

The carrying amount of securities pledged at December 31, 2023 and 2022 was $457.7 million and $631.4 million, respectively. The pledged securities are mainly used as collateral for a portion of the Company’s municipal deposit portfolio.

At December 31, 2023 and 2022, 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.

The amortized cost and fair value of securities are shown 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.


	December 31, 2023
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	88,498	$	86,233
One to five years		198,552		186,041
Five to ten years		172,546		149,266
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		536,113		464,700
Total	$	995,709	$	886,240

Held-to-maturity
Within one year	$	—	$	—
One to five years		19,783		18,397
Five to ten years		78,780		67,041
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		496,076		431,492
Total	$	594,639	$	516,930

The following table presents the information related to sales of securities available-for-sale for the periods indicated:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Proceeds	$	77,804	$	—	$	138,077
Gross gains		130		—		1,327
Tax expense on gains		39		—		421
Gross losses		1,577		—		120
Tax benefit on losses		467		—		38

Equity securities included in other assets in the consolidated statements of financial condition had a fair value of $2.2 million as of December 31, 2023. Net loss on equity securities of $758 thousand was recognized for the year ended December 31, 2023.

Marketable equity securities were fully liquidated in connection with the termination of the BMP. Prior to termination, the Company held marketable equity securities as the underlying mutual fund investments of the BMP, held in a rabbi trust.

A summary of the sales of marketable equity securities is listed below for the periods indicated:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Proceeds:
Marketable equity securities	$	—	$	—	$	6,101

The related gain or loss on marketable equity securities shown in the consolidated statements of operations was due to market valuation changes. Net gain on marketable equity securities of $131 thousand were recognized for the year ended December 31, 2021.

There were no sales of securities held-to-maturity during the years ended December 31, 2023, 2022, or 2021.

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

December 31, 2023

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

—

9,371

629

9,371

629

Treasury securities

—

234,190

11,687

234,190

11,687

Corporate securities

20,935

917

130,235

22,891

151,170

23,808

Pass-through MBS issued by GSEs

—

203,469

24,978

203,469

24,978

Agency CMOs

—

251,900

46,491

251,900

46,491

State and municipal obligations

1,796

21,513

1,878

23,309

1,932


	December 31, 2022
	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:
Treasury securities	$	—	$	—	$	227,256	$	19,643	$	227,256	$	19,643
Corporate securities		110,707		8,494		50,116		8,581		160,823		17,075
Pass-through MBS issued by GSEs		50,813		2,010		190,427		29,524		241,240		31,534
Agency CMOs		55,924		3,454		220,413		46,603		276,337		50,057
State and municipal obligations		10,848		174		22,681		2,847		33,529		3,021

As of December 31, 2023, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required. Additionally, 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 totaled $5.3 million and $5.4 million at December 31, 2023 and 2022 respectively, and was 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 December 31, 2023, 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. Substantially all of the corporate bonds within the portfolio have maintained an investment grade rating by either Kroll, Egan-Jones, Fitch, Moody’s or Standard and Poor’s. None of the unrealized losses are related to credit losses. Substantially all 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.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of components of income tax expense


	Year Ended December 31,
(In thousands)	2023		2022		2021
Current expense
Federal	$	24,469	$	39,492	$	23,759
State and city		15,681		17,205		11,815
Total current expense		40,150		56,697		35,574

Deferred expense
Federal		1,393		840		5,490
State and city		(758)		1,822		3,106
Total deferred expense		635		2,662		8,596
Total	$	40,785	$	59,359	$	44,170

Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision


	Year Ended December 31,
(Dollars in thousands)	2023			2022			2021
Tax at federal statutory rate	$	28,745		$	44,502		$	31,115
State and local taxes, net of federal income tax benefit		12,237			13,699			11,601
Benefit plan differences		(127)			(127)			(107)
Investment in BOLI		(2,047)			(2,173)			(1,485)
Equity based compensation		79			(141)			(301)
Salaries deduction limitation		2,381			2,054			3,419
Transaction costs		—			—			181
Other, net		(483)			1,545			(253)
Total	$	40,785		$	59,359		$	44,170
Effective tax rate		29.80	%		28.01	%		29.81	%

Schedule of components of deferred tax assets and liabilities


	December 31,
(In thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses and other contingent liabilities	$	26,926	$	28,175
Tax effect of other components of income on securities available-for-sale		34,745		38,140
Tax effect of other components of income on securities held-to-maturity		7,216		8,138
Operating lease liability		19,229		19,256
Other		2,603		2,074
Total deferred tax assets		90,719		95,783
Deferred tax liabilities:
Tax effect of other components of income on derivatives		2,368		5,394
Employee benefit plans		1,707		976
Tax effect of purchase accounting fair value adjustments		1,329		2,352
Difference in book and tax carrying value of fixed assets		2,230		4,261
Difference in book and tax basis of unearned loan fees		3,239		2,431
Operating lease asset		18,266		18,414
States taxes		2,166		2,801
Other		241		1,002
Total deferred tax liabilities		31,546		37,631
Net deferred tax asset (recorded in other assets)	$	59,173	$	58,152

DEPOSITS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Time Deposits [Line Items]
Deposits in excess of the FDIC limit	$ 115.3	$ 129.6

LEASES - Other information related to operating leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other information related to operating leases:
Operating lease cost	$ 12,801	$ 11,428	$ 14,341
Cash paid for amounts included in the measurement of operating lease liabilities	$ 12,560	$ 10,574	$ 13,975
Weighted average remaining lease term	5 years	5 years 10 months 24 days
Weighted average discount rate	2.34%	2.03%

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of activity related to stock options


				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, 2023	92,137	$	35.39	6.2		—
Options exercised	—		—
Options forfeited	(65,142)		35.38
Options outstanding at December 31, 2023	26,995	$	35.39	5.2	$	—
Options vested and exercisable at December 31, 2023	26,995	$	35.39	5.2	$	—

Schedule of information related to stock option plan


	Year Ended December 31,
(In thousands)	2023		2022		2021
Cash received for option exercise cost	$	—	$	—	$	431
Income tax (expense) benefit recognized on stock option exercises		—		—		(15)
Intrinsic value of options exercised		—		—		171

Schedule of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options


	Outstanding Options		Vested Options
		Weighted		Weighted
		Average		Average
		Contractual		Contractual
		Years		Years
	Amount	Remaining	Amount	Remaining
Exercise Prices:
$34.87	10,061	6.1	10,061	6.1
$35.35	9,802	5.1	9,802	5.1
$36.19	7,132	4.1	7,132	4.1
Total	26,995	5.2	26,995	5.2

Schedule of activity related to restricted stock awards


		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Unvested allocated shares outstanding at January 1, 2023	350,758	$	28.63
Shares granted	220,750		25.47
Shares vested	(134,648)		29.37
Shares forfeited	(80,065)		26.45
Unvested allocated shares outstanding at December 31, 2023	356,795	$	26.88

Schedule of information related to restricted stock award plan


	Year Ended December 31,
(In thousands)		2023		2022		2021
Compensation expense recognized	$	4,003	$	3,516	$	5,253
Income tax (expense) benefit recognized on vesting of RSAs		(188)		(10)		27

Performance Shares | Long Term Incentive Award Program

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of activity related to performance based equity awards


		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Maximum aggregate share payout at January 1, 2023	95,831	$	30.35
Shares granted	195,066		17.69
Shares forfeited	(60,987)		25.21
Maximum aggregate share payout at December 31, 2023	229,910	$	20.97
Minimum aggregate share payout	—		—
Expected aggregate share payout	210,820	$	20.21

Schedule of information related to performance based share award plan


	Year Ended December 31,
(In thousands)	2023		2022		2021
Compensation (benefit) expense recognized	$	635	$	760	$	154
Income tax expense recognized on vesting of PSAs		—		193		—

RETIREMENT AND POSTRETIREMENT PLANS - Weighted average allocation by asset category (Details)	Dec. 31, 2023	Dec. 31, 2022
Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Actual Asset category	100.00%	100.00%
Employee Retirement Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual Asset category		51.00%
Employee Retirement Plan \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Actual Asset category	100.00%	47.00%
Employee Retirement Plan \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual Asset category		2.00%
BNB Bank Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Actual Asset category	100.00%	100.00%
BNB Bank Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual Asset category		51.00%
BNB Bank Pension Plan \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Actual Asset category	99.00%	46.00%
BNB Bank Pension Plan \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual Asset category	1.00%	3.00%

LOANS HELD FOR INVESTMENT, NET - Credit Quality Indicators (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Credit Risk Profile of Real Estate Loans [Abstract]
Total loans, net of fair value hedge basis point adjustments	$ 10,773,428	$ 10,566,831
Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	922,902
2022/2021	2,700,103	2,845,426
2021/2020	1,582,274	1,733,872
2020/2019	954,855	1,196,053
2019/2018	960,030	1,024,753
2018/2017 and Prior	2,257,567	522,005
2016 and Prior		2,175,148
Revolving	704,128	726,711
Revolving-Term	60,048	59,850
Total loans, net of fair value hedge basis point adjustments	10,141,907	10,283,818
Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	481
2022/2021	53,182	6,634
2021/2020	45,366
2020/2019	92,825	20,549
2019/2018	27,827	17,365
2018/2017 and Prior	70,219	16,628
2016 and Prior		31,664
Revolving	21,267	9,641
Revolving-Term	26,082	1,204
Total loans, net of fair value hedge basis point adjustments	337,249	103,685
Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2022/2021	1,857	5,242
2021/2020	2,196	2,052
2020/2019	96,805	23,234
2019/2018	14,483	19,143
2018/2017 and Prior	130,103	22,819
2016 and Prior		66,232
Revolving	15,567	11,290
Revolving-Term	20,167	10,505
Total loans, net of fair value hedge basis point adjustments	281,178	160,517
Doubtful
Credit Risk Profile of Real Estate Loans [Abstract]
2019/2018		8,332
2018/2017 and Prior	748	752
2016 and Prior		2,048
Total loans, net of fair value hedge basis point adjustments	748	11,132
Total real estate loans
Credit Risk Profile of Real Estate Loans [Abstract]
Total loans, net of fair value hedge basis point adjustments	9,694,144	9,487,440
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs 2022/2021		477
YTD Gross Charge-Offs 2021/2020		4,720
YTD Gross Charge-Offs 2020/2019		2,088
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior		2,414
YTD Gross Charge-Offs Revolving		1,460
YTD Gross Charge-Offs Revolving-Term		242
YTD Gross Charge-Offs	16	11,401	$ 3,817
Excludes Other Loans
Credit Risk Profile of Real Estate Loans [Abstract]
2022/2021		2,857,302
2021/2020		1,735,924
2020/2019		1,239,836
2019/2018		1,069,593
2018/2017 and Prior		562,204
2016 and Prior		2,275,092
Revolving		747,642
Revolving-Term		71,559
Total loans, net of fair value hedge basis point adjustments		10,559,152
C&I
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	61,252
2022/2021	152,914	184,359
2021/2020	28,109	37,755
2020/2019	31,853	48,361
2019/2018	28,114	49,859
2018/2017 and Prior	49,862	23,871
2016 and Prior		46,466
Revolving	657,474	648,912
Revolving-Term	57,360	32,129
Total loans, net of fair value hedge basis point adjustments	1,066,938	1,071,712
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs 2022/2021		477
YTD Gross Charge-Offs 2021/2020	77	4,720
YTD Gross Charge-Offs 2020/2019	38	2,088
YTD Gross Charge-Offs 2019/2018	4,166
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior	2,229	2,414
YTD Gross Charge-Offs Revolving	5,464	1,460
YTD Gross Charge-Offs Revolving-Term	3,390	242
YTD Gross Charge-Offs	15,364	11,401	4,984
C&I \| Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	60,771
2022/2021	138,145	175,347
2021/2020	24,865	36,511
2020/2019	25,371	42,103
2019/2018	25,142	37,030
2018/2017 and Prior	37,019	20,628
2016 and Prior		33,343
Revolving	620,799	628,560
Revolving-Term	31,467	22,239
Total loans, net of fair value hedge basis point adjustments	963,579	995,761
C&I \| Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	481
2022/2021	12,912	3,770
2021/2020	1,199
2020/2019	905	894
2019/2018	1,204	1,529
2018/2017 and Prior	159	1,521
2016 and Prior		843
Revolving	21,108	9,062
Revolving-Term	7,444	478
Total loans, net of fair value hedge basis point adjustments	45,412	18,097
C&I \| Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2022/2021	1,857	5,242
2021/2020	2,045	1,244
2020/2019	5,577	5,364
2019/2018	1,768	2,968
2018/2017 and Prior	11,936	970
2016 and Prior		10,232
Revolving	15,567	11,290
Revolving-Term	18,449	9,412
Total loans, net of fair value hedge basis point adjustments	57,199	46,722
C&I \| Doubtful
Credit Risk Profile of Real Estate Loans [Abstract]
2019/2018		8,332
2018/2017 and Prior	748	752
2016 and Prior		2,048
Total loans, net of fair value hedge basis point adjustments	748	11,132
One-to-four family residential and cooperative/condominium apartment
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	170,601
2022/2021	213,479	225,031
2021/2020	102,684	108,185
2020/2019	70,529	73,758
2019/2018	62,693	66,742
2018/2017 and Prior	221,875	67,180
2016 and Prior		176,292
Revolving	31,364	41,751
Revolving-Term	14,330	14,382
Total loans, net of fair value hedge basis point adjustments	887,555	773,321
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs Revolving-Term	14
YTD Gross Charge-Offs	14		20
One-to-four family residential and cooperative/condominium apartment \| Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	170,601
2022/2021	213,479	225,031
2021/2020	102,684	108,185
2020/2019	69,524	72,732
2019/2018	62,356	65,515
2018/2017 and Prior	213,131	66,038
2016 and Prior		164,338
Revolving	31,205	41,172
Revolving-Term	12,493	12,563
Total loans, net of fair value hedge basis point adjustments	875,473	755,574
One-to-four family residential and cooperative/condominium apartment \| Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2018/2017 and Prior	33	735
2016 and Prior		1,175
Revolving	159	579
Revolving-Term	776	726
Total loans, net of fair value hedge basis point adjustments	968	3,215
One-to-four family residential and cooperative/condominium apartment \| Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2020/2019	1,005	1,026
2019/2018	337	1,227
2018/2017 and Prior	8,711	407
2016 and Prior		10,779
Revolving-Term	1,061	1,093
Total loans, net of fair value hedge basis point adjustments	11,114	14,532
Multifamily residential and residential mixed-use
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	256,822
2022/2021	1,340,197	1,386,549
2021/2020	587,686	582,393
2020/2019	316,312	328,718
2019/2018	393,912	414,117
2018/2017 and Prior	1,113,081	147,385
2016 and Prior		1,155,080
Revolving	4,841	12,584
Revolving-Term	4,325
Total loans, net of fair value hedge basis point adjustments	4,017,176	4,026,826
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior	2
YTD Gross Charge-Offs	2		391
Multifamily residential and residential mixed-use \| Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	256,822
2022/2021	1,340,197	1,386,549
2021/2020	578,352	582,393
2020/2019	283,633	316,424
2019/2018	384,937	395,933
2018/2017 and Prior	981,820	127,074
2016 and Prior		1,107,281
Revolving	4,841	12,584
Revolving-Term	4,325
Total loans, net of fair value hedge basis point adjustments	3,834,927	3,928,238
Multifamily residential and residential mixed-use \| Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2021/2020	9,334
2020/2019	3,880
2019/2018	3,886	11,183
2018/2017 and Prior	64,273
2016 and Prior		14,168
Total loans, net of fair value hedge basis point adjustments	81,373	25,351
Multifamily residential and residential mixed-use \| Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2020/2019	28,799	12,294
2019/2018	5,089	7,001
2018/2017 and Prior	66,988	20,311
2016 and Prior		33,631
Total loans, net of fair value hedge basis point adjustments	100,876	73,237
Commercial real estate ("CRE")
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	417,973
2022/2021	1,019,518	1,024,486
2021/2020	837,194	854,391
2020/2019	715,891	777,757
2019/2018	502,703	522,932
2018/2017 and Prior	1,073,382	323,768
2016 and Prior		895,167
Revolving	24,839	34,362
Revolving-Term	29,400	24,767
Total loans, net of fair value hedge basis point adjustments	4,620,900	4,457,630
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs			3,406
Commercial real estate ("CRE") \| Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	417,973
2022/2021	990,748	1,021,622
2021/2020	817,171	854,240
2020/2019	566,427	753,552
2019/2018	484,930	510,332
2018/2017 and Prior	1,025,160	308,265
2016 and Prior		868,099
Revolving	24,839	34,362
Revolving-Term	11,538	24,767
Total loans, net of fair value hedge basis point adjustments	4,338,786	4,375,239
Commercial real estate ("CRE") \| Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2022/2021	28,770	2,864
2021/2020	19,872
2020/2019	88,040	19,655
2019/2018	10,484	4,653
2018/2017 and Prior	5,754	14,372
2016 and Prior		15,478
Revolving-Term	17,862
Total loans, net of fair value hedge basis point adjustments	170,782	57,022
Commercial real estate ("CRE") \| Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2021/2020	151	151
2020/2019	61,424	4,550
2019/2018	7,289	7,947
2018/2017 and Prior	42,468	1,131
2016 and Prior		11,590
Total loans, net of fair value hedge basis point adjustments	111,332	25,369
Acquisition, development, and construction ("ADC")
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	16,735
2022/2021	29,034	36,877
2021/2020	74,163	153,200
2020/2019	9,900	11,242
2019/2018	14,918	15,943
2018/2017 and Prior	437
2016 and Prior		2,087
Revolving	22,444	10,033
Revolving-Term	882	281
Total loans, net of fair value hedge basis point adjustments	168,513	229,663
Acquisition, development, and construction ("ADC") \| Pass
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	16,735
2022/2021	17,534	36,877
2021/2020	59,202	152,543
2020/2019	9,900	11,242
2019/2018	2,665	15,943
2018/2017 and Prior	437
2016 and Prior		2,087
Revolving	22,444	10,033
Revolving-Term	225	281
Total loans, net of fair value hedge basis point adjustments	129,142	229,006
Acquisition, development, and construction ("ADC") \| Special Mention
Credit Risk Profile of Real Estate Loans [Abstract]
2022/2021	11,500
2021/2020	14,961
2019/2018	12,253
Total loans, net of fair value hedge basis point adjustments	38,714
Acquisition, development, and construction ("ADC") \| Substandard
Credit Risk Profile of Real Estate Loans [Abstract]
2021/2020		657
Revolving-Term	657
Total loans, net of fair value hedge basis point adjustments	657	657
Other Loans
Credit Risk Profile of Real Estate Loans [Abstract]
Total loans, net of fair value hedge basis point adjustments	5,755	7,679
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs	300	53	$ 777
Other Loans \| Credit Risk Profile
Credit Risk Profile of Real Estate Loans [Abstract]
Total loans, net of fair value hedge basis point adjustments	5,755	7,679
Other Loans \| Performing \| Credit Risk Profile
Credit Risk Profile of Real Estate Loans [Abstract]
Total loans, net of fair value hedge basis point adjustments	5,755	7,580
Other Loans \| Non-Accrual \| Credit Risk Profile
Credit Risk Profile of Real Estate Loans [Abstract]
Total loans, net of fair value hedge basis point adjustments		$ 99
Excludes Other Loans
Credit Risk Profile of Real Estate Loans [Abstract]
2023/2022	923,383
2022/2021	2,755,142
2021/2020	1,629,836
2020/2019	1,144,485
2019/2018	1,002,340
2018/2017 and Prior	2,458,637
Revolving	740,962
Revolving-Term	106,297
Total loans, net of fair value hedge basis point adjustments	10,761,082
Excludes Other Loans \| Total real estate loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
YTD Gross Charge-Offs 2021/2020	77
YTD Gross Charge-Offs 2020/2019	38
YTD Gross Charge-Offs 2019/2018	4,166
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior	2,231
YTD Gross Charge-Offs Revolving	5,464
YTD Gross Charge-Offs Revolving-Term	3,404
YTD Gross Charge-Offs	$ 15,380

COMMITMENTS AND CONTINGENCIES - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2017
Other Commitments [Line Items]
Commitment outstanding	$ 97.0	$ 271.6
Commitment expiry period	3 months
Collateral amount			$ 280.2
Percentage of reimbursement of federal home loan	10.00%
Federal Home Loan Bank of New York [Member]
Other Commitments [Line Items]
Line of credit	$ 1,190.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated amortization expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS
2024	$ 1,164
2025	958
2026	795
2027	664
2028	560
Thereafter	918
Total	$ 5,059

SECURITIES - Narrative (Details) - USD ($)	12 Months Ended
SECURITIES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Transfer from securities held-to-maturity	$ 0	$ 0
Securities available-for-sale transferred to held-to-maturity		372,154,000	$ 140,399,000
Unrealized loss on transfer of securities to held to maturity	(27,700,000)
Gain (loss) on transfer of securities to held-to-maturity	$ 0
Transfer to securities held-to-maturity		$ 372,200,000
Transfers to or from securities held-to-maturity			0
Financial Instrument, Owned, Pledged Status [Extensible Enumeration]	Securities pledged	Securities pledged
Net loss on equity securities	$ 758,000
Number of holdings of securities of any one issuer in an amount greater than 10% of stockholders equity	0	0
Threshold for disclosure percentage	10.00%	10.00%
Available for sale debt securities, unrealized loss position due to credit	$ 0
Allowance for credit losses on available for sale debt securities	0
Accrued interest receivable on securities	5,300,000	$ 5,400,000
Securities pledged
Debt and Equity Securities, FV-NI [Line Items]
Carrying amount of securities pledged	457,700,000	$ 631,400,000
Fair Value
Debt and Equity Securities, FV-NI [Line Items]
Securities available-for-sale transferred to held-to-maturity			$ 140,400,000
Other assets
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 2,200,000

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Net income available to common stockholders	$ 88,808	$ 145,270	$ 96,710
Less: Dividends paid and earnings allocated to participating securities	(1,240)	(1,688)	(1,215)
Income attributable to common stock	$ 87,568	$ 143,582	$ 95,495
Weighted-average common shares outstanding, including participating securities (in shares)	38,754,346	38,985,314	39,327,959
Less: weighted-average participating securities (in shares)	(566,869)	(446,480)	(425,533)
Weighted-average common shares outstanding (in shares)	38,187,477	38,538,834	38,902,426
Basic EPS (in dollars per share)	$ 2.29	$ 3.73	$ 2.45
Weighted-average common shares outstanding (in shares)	38,187,477	38,538,834	38,902,426
Weighted-average common equivalent shares outstanding (in shares)			611
Weighted-average common and equivalent shares outstanding (in shares)	38,187,477	38,538,834	38,903,037
Diluted EPS (in dollars per share)	$ 2.29	$ 3.73	$ 2.45
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Weighted average shares excluded from earnings per share calculation (in shares)	69,479	134,447	167,053

MERGER RELATED EXPENSES

12 Months Ended

Dec. 31, 2023

MERGER RELATED EXPENSES

MERGER RELATED EXPENSES

17. MERGER RELATED EXPENSES

Merger-related expenses were recorded in the consolidated statements of operations as a component of non-interest expense and include costs relating to the Merger, as described in Note 2. Merger. These charges represent one-time costs associated with merger activities and do not represent ongoing costs of the fully integrated combined organization. Accounting guidance requires that merger-related transactional and restructuring costs incurred by the Company be charged to expense as incurred. There were no costs associated with merger expenses and transaction costs for the year ended December 31, 2023 and December 31, 2022. Costs associated with employee severance and other merger-related compensation expense incurred in connection with the Merger totaled $15.9 million for the year ended December 31, 2021 and were recorded in merger expenses and transaction costs expense in the consolidated statements of operations. Transaction costs (inclusive of costs to terminate leases) in connection with the Merger totaled $28.9 million, for the year ended December 31, 2021, and were recorded in merger expenses and transaction costs in the consolidated statements of operations.

RETIREMENT AND POSTRETIREMENT PLANS - 401(K) Plan - (Details) - 401 K Plan - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Maximum contribution by employee, for the calendar year	$ 22,500
Percentage of match for first 1% of employee contributions	100.00%
Percentage of employee contribution on which 100% match by employer	1.00%
Percentage of match on next 1% of employee contributions	50.00%
Common stock within the accounts of participants	$ 6,300,000	$ 7,800,000
Total expense recognized as a component of salaries and employee benefits expense	$ 2,500,000	$ 2,300,000
Maximum
Defined Benefit Plan Disclosure [Line Items]
Percentage of employee contribution on which 50% match by employer	6.00%
Maximum Percentage of participating employee contribution	3.50%

MERGER - Purchase Price (Details) - Merger Agreement - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 01, 2021	Jan. 31, 2021	Dec. 31, 2023
MERGER
Number of hypothetical Legacy Dime shares issued to Bridge shareholders		41,226
Number of Bridge Outstanding Shares		41,226
Cash in lieu of fractional shares		$ 1,007,140
Purchase price consideration			$ 491,210
Bridge shareholders
MERGER
Number of hypothetical Legacy Dime shares issued to Bridge shareholders	21,200	19,993
Number of Bridge Outstanding Shares	21,200	19,993
Cash in lieu of fractional shares		$ 488,420
Legacy Dime shareholders
MERGER
Number of hypothetical Legacy Dime shares issued to Bridge shareholders	30,853	21,233
Legacy Dime market price per share as of February 1, 2021	$ 15.90
Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders	$ 490,560
Number of Bridge Outstanding Shares	30,853	21,233
Cash in lieu of fractional shares	$ 7	$ 518,720
Purchase price consideration	$ 491,210
Legacy Dime shareholders \| Common Stock
MERGER
Number of hypothetical Legacy Dime shares issued to Bridge shareholders	643
Number of Bridge Outstanding Shares	643

SECURITIES - Held-to-maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Securities held-to-maturity:
Amortized Cost	$ 594,639	$ 585,798
Gross Unrecognized Gains	16
Gross Unrecognized Losses	(77,725)	(80,039)
Fair Value	516,930	505,759
US Government Agencies Debt Securities [Member]
Securities held-to-maturity:
Amortized Cost	89,563	89,157
Gross Unrecognized Losses	(11,300)	(14,095)
Fair Value	78,263	75,062
Corporate Debt Securities [Member]
Securities held-to-maturity:
Amortized Cost	9,000	9,000
Gross Unrecognized Losses	(1,825)	(553)
Fair Value	7,175	8,447
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")
Securities held-to-maturity:
Amortized Cost	279,853	278,281
Gross Unrecognized Losses	(37,579)	(40,960)
Fair Value	242,274	237,321
Agency collateralized mortgage obligations ("CMOs")
Securities held-to-maturity:
Amortized Cost	216,223	209,360
Gross Unrecognized Gains	16
Gross Unrecognized Losses	(27,021)	(24,431)
Fair Value	$ 189,218	$ 184,929

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying amount and accumulated amortization of intangible assets, amortizable and arose from merger (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Acquired intangible assets:
Total	$ 5,059
Core Deposit Intangibles
Acquired intangible assets:
Gross carrying value	10,204	$ 10,204
Accumulated amortization	(5,145)	(3,720)
Total	$ 5,059	$ 6,484

REGULATORY CAPITAL MATTERS (Tables)

12 Months Ended

Dec. 31, 2023

REGULATORY CAPITAL MATTERS

Schedule of the Company's and Bank's actual capital amounts and ratios

The following tables present actual capital levels and minimum required levels for the Company and the Bank under Basel III rules at December 31, 2023 and 2022:

At December 31, 2023

For Capital

To Be Categorized

Actual

Adequacy Purposes⁽¹⁾

as “Well Capitalized”⁽¹⁾

Minimum

(Dollars in thousands)

Amount

Ratio

Amount

Ratio

Amount

Ratio

Tier 1 capital / % of average total assets

Bank

1,331,676

9.8

544,254

4.0

680,318

5.0

Consolidated Company

1,158,455

8.5

544,529

4.0

N/A

Common equity Tier 1 capital / % of risk-weighted assets

Bank

1,331,676

12.6

476,168

4.5

687,798

6.5

Consolidated Company

1,041,886

9.8

476,341

4.5

N/A

Tier 1 capital / % of risk-weighted assets

Bank

1,331,676

12.6

634,890

6.0

846,520

8.0

Consolidated Company

1,158,455

10.9

635,122

6.0

N/A

Total capital / % of risk-weighted assets

Bank

1,406,581

13.3

846,520

8.0

1,058,151

10.0

Consolidated Company

1,433,361

13.5

846,829

8.0

N/A

(1)	In accordance with the Basel III rules.


	At December 31, 2022
					For Capital				To Be Categorized
	Actual				Adequacy Purposes⁽¹⁾				as “Well Capitalized”⁽¹⁾
							Minimum				Minimum
(Dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
Tier 1 capital / % of average total assets
Bank	$	1,286,656	10.0	%	$	517,606	4.0	%	$	647,008	5.0	%
Consolidated Company		1,103,498	8.5			517,914	4.0			N/A	N/A
Common equity Tier 1 capital / % of risk-weighted assets
Bank		1,286,656	11.9			485,062	4.5			700,645	6.5
Consolidated Company		986,928	9.2			485,243	4.5			N/A	N/A
Tier 1 capital / % of risk-weighted assets
Bank		1,286,656	11.9			646,749	6.0			862,332	8.0
Consolidated Company		1,103,498	10.2			646,990	6.0			N/A	N/A
Total capital / % of risk-weighted assets
Bank		1,373,431	12.7			862,332	8.0			1,077,915	10.0
Consolidated Company		1,390,272	12.9			862,654	8.0			N/A	N/A

(1)	In accordance with the Basel III rules.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and due from banks	$ 457,547	$ 169,297
Securities available-for-sale, at fair value	886,240	950,587
Securities held-to-maturity	594,639	585,798
Loans held for sale	10,159
Loans held for investment, net of fees and costs	10,773,428	10,566,831
Allowance for credit losses	(71,743)	(83,507)
Total loans held for investment, net	10,701,685	10,483,324
Premises and fixed assets, net	44,868	46,749
Premises held for sale	905
Restricted stock.	98,750	88,745
Bank Owned Life Insurance ("BOLI")	349,816	333,292
Goodwill	155,797	155,797
Other intangible assets	5,059	6,484
Operating lease assets	52,729	57,857
Derivative assets	122,132	154,485
Accrued interest receivable	55,666	48,561
Other assets	100,013	108,945
Total assets	13,636,005	13,189,921
Due to depositors:
Interest-bearing deposits	7,585,020	6,734,997
Non-interest-bearing deposits	2,884,378	3,449,763
Deposits (excluding mortgage escrow deposits)	10,469,398	10,184,760
Non-interest-bearing mortgage escrow deposits	61,121	69,455
Interest-bearing mortgage escrow deposits	136	192
Total mortgage escrow deposits	61,257	69,647
Federal Home Loan Bank of New York ("FHLBNY") advances	1,313,000	1,131,000
Other short-term borrowings		1,360
Subordinated debt, net	200,196	200,283
Derivative cash collateral	108,100	153,040
Operating lease liabilities	55,454	60,340
Derivative liabilities	121,265	137,335
Other liabilities	81,110	82,573
Total liabilities	12,409,780	12,020,338
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 December 31, 2023 and December 31, 2022)	116,569	116,569
Common stock ($0.01 par, 80,000,000 shares authorized, 41,637,256 and 41,621,772 shares issued at December 31, 2023 and December 31, 2022, and 38,822,654 shares and 38,573,000 shares outstanding at December 31, 2023 and December 31, 2022, respectively)	416	416
Additional paid-in capital	494,454	495,410
Retained earnings	813,007	762,762
Accumulated other comprehensive loss, net of deferred taxes	(91,579)	(94,379)
Unearned equity awards	(8,622)	(8,078)
Treasury stock, at cost (2,814,602 shares and 3,048,772 shares at December 31, 2023 and December 31, 2022, respectively)	(98,020)	(103,117)
Total stockholders' equity	1,226,225	1,169,583
Total liabilities and stockholders' equity	$ 13,636,005	$ 13,189,921

INCOME TAXES - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Total current expense	$ 40,150	$ 56,697	$ 35,574
Total deferred expense	635	2,662	8,596
Income tax expense	40,785	59,359	44,170
Federal
Operating Loss Carryforwards [Line Items]
Total current expense	24,469	39,492	23,759
Total deferred expense	1,393	840	5,490
State and city
Operating Loss Carryforwards [Line Items]
Total current expense	15,681	17,205	11,815
Total deferred expense	$ (758)	$ 1,822	$ 3,106

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

REGULATORY CAPITAL MATTERS - Schedule of the Company's and Bank's actual capital amounts and ratios (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Common equity Tier 1 capital / % of risk weighted assets
Actual, Ratio (as a percent)	0.045	0.070
Tier 1 Capital / % of risk weighted assets
Actual, Ratio (as a percent)	0.060	0.085
Total Capital / % of risk weighted assets
Actual, Ratio (as a percent)	0.080	0.105
Basel III
Tier 1 Capital / % of average total assets
Actual, Amount	$ 1,158,455	$ 1,103,498
Actual, Ratio (as a percent)	0.085	0.085
For Capital Adequacy Purposes, Amount	$ 544,529	$ 517,914
For Capital Adequacy Purposes, Minimum Ratio (as a percent)	0.040	0.040
Common equity Tier 1 capital / % of risk weighted assets
Actual, Amount	$ 1,041,886	$ 986,928
Actual, Ratio (as a percent)	0.098	0.092
For Capital Adequacy Purposes, Amount	$ 476,341	$ 485,243
For Capital Adequacy Purposes, Minimum Ratio (as a percent)	0.045%	0.045%
Tier 1 Capital / % of risk weighted assets
Actual, Amount	$ 1,158,455	$ 1,103,498
Actual, Ratio (as a percent)	0.109	0.102
For Capital Adequacy Purposes, Amount	$ 635,122	$ 646,990
For Capital Adequacy Purposes, Minimum Ratio (as a percent)	0.060	0.060
Total Capital / % of risk weighted assets
Actual, Amount	$ 1,433,361	$ 1,390,272
Actual, Ratio (as a percent)	0.135	0.129
For Capital Adequacy Purposes, Amount	$ 846,829	$ 862,654
For Capital Adequacy Purposes, Minimum Ratio (as a percent)	0.080	0.080
BNB Bank \| Basel III
Tier 1 Capital / % of average total assets
Actual, Amount	$ 1,331,676	$ 1,286,656
Actual, Ratio (as a percent)	0.098	0.100
For Capital Adequacy Purposes, Amount	$ 544,254	$ 517,606
For Capital Adequacy Purposes, Minimum Ratio (as a percent)	0.040	0.040
To Be Categorized as "Well Capitalized", Amount	$ 680,318	$ 647,008
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent)	0.050	0.050
Common equity Tier 1 capital / % of risk weighted assets
Actual, Amount	$ 1,331,676	$ 1,286,656
Actual, Ratio (as a percent)	0.126	0.119
For Capital Adequacy Purposes, Amount	$ 476,168	$ 485,062
For Capital Adequacy Purposes, Minimum Ratio (as a percent)	0.045%	0.045%
To Be Categorized as "Well Capitalized", Amount	$ 687,798	$ 700,645
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent)	0.065%	0.065%
Tier 1 Capital / % of risk weighted assets
Actual, Amount	$ 1,331,676	$ 1,286,656
Actual, Ratio (as a percent)	0.126	0.119
For Capital Adequacy Purposes, Amount	$ 634,890	$ 646,749
For Capital Adequacy Purposes, Minimum Ratio (as a percent)	0.060	0.060
To Be Categorized as "Well Capitalized", Amount	$ 846,520	$ 862,332
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent)	0.080	0.080
Total Capital / % of risk weighted assets
Actual, Amount	$ 1,406,581	$ 1,373,431
Actual, Ratio (as a percent)	0.133	0.127
For Capital Adequacy Purposes, Amount	$ 846,520	$ 862,332
For Capital Adequacy Purposes, Minimum Ratio (as a percent)	0.080	0.080
To Be Categorized as "Well Capitalized", Amount	$ 1,058,151	$ 1,077,915
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent)	0.100	0.100

MERGER - Loans Acquired (Details) - Bridge assets acquired $ in Thousands	Feb. 01, 2021 USD ($)
MERGER
Total fair value at acquisition	$ 4,531,640
PCD loans
MERGER
Unpaid principal balance	295,306
Non-credit discount at acquisition	(9,050)
Unpaid principal balance, net	286,256
Allowance for credit losses at acquisition	(52,284)
Total fair value at acquisition	233,972
Non-PCD loans
MERGER
Unpaid principal balance	4,289,236
Premium at acquisition	8,432
Total fair value at acquisition	$ 4,297,668

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2023

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

Schedule of components of premises and equipment


	December 31,
(In thousands)	2023		2022
Land	$	10,824	$	10,824
Buildings		21,173		21,688
Leasehold improvements		28,307		26,862
Furniture, fixtures and equipment		25,909		25,750
Premises and fixed assets, gross	$	86,213	$	85,124
Less: accumulated depreciation and amortization		(41,345)		(38,375)
Premises and fixed assets, net	$	44,868	$	46,749

LOANS HELD FOR INVESTMENT, NET - Performance of Loans that have been Modified (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 42,281
Current
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	40,058
Non-Accrual
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	2,223
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	2,948
One-to-four family residential and cooperative/condominium apartment \| Current
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	2,856
One-to-four family residential and cooperative/condominium apartment \| Non-Accrual
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	92
Commercial real estate ("CRE")
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	24,706
Commercial real estate ("CRE") \| Current
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	24,706
Commercial and Industrial ("C&I") Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	14,627
Commercial and Industrial ("C&I") Loans \| Current
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	12,496
Commercial and Industrial ("C&I") Loans \| Non-Accrual
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 2,131

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)		1 Months Ended	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Feb. 01, 2021 shares	Sep. 30, 2021 item	Dec. 31, 2023 USD ($) segment item customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2021 USD ($) customer	Jan. 01, 2021 USD ($)
Business Acquisition [Line Items]
Common stock converted into right to receive shares (in shares) \| shares	0.6480
Number of real estate investments dissolved \| item		2
Number of branch locations \| item			60
Accrued interest related to debt securities reversed against interest income			$ 0	$ 0
Non-accrual debt securities			0	0
Associated allowance for credit losses on the collectively evaluated loans			55,400,000	57,100,000
Collectively evaluated for impairment			10,730,000,000	10,520,000,000
Individually evaluated for impairment			35,400,000	47,600,000
Associated allowance for credit losses on the individually evaluated loans			16,300,000	26,400,000
Unrecognized Tax Benefits			$ 0	$ 0
Number of Reportable Segments \| segment			1
Number of Operating Segments \| segment			1
Customers that accounted for more than 10% of the Company's consolidated revenue \| customer			0	0	0
Retained earnings			$ 813,007,000	$ 762,762,000
Held-to-maturity securities						$ 0
Core Deposit Intangibles
Business Acquisition [Line Items]
Intangible Asset Useful Life			10 years
Cumulative Effect, CECL Adoption, Adjustment \| Accounting Standards Update 2016-13
Business Acquisition [Line Items]
Decrease in allowance for credit losses					$ 3,900,000
Retained earnings						$ 1,700,000
Reserve for unfunded commitments					$ 1,400,000
Maximum \| Buildings
Business Acquisition [Line Items]
Property Plant and Equipment Useful Life			50 years
Maximum \| Furniture Fixtures And Equipment [Member]
Business Acquisition [Line Items]
Property Plant and Equipment Useful Life			10 years
Minimum \| Buildings
Business Acquisition [Line Items]
Property Plant and Equipment Useful Life			40 years
Minimum \| Furniture Fixtures And Equipment [Member]
Business Acquisition [Line Items]
Property Plant and Equipment Useful Life			3 years

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).

Schedule of activity in accumulated other comprehensive (loss) income, net of tax


							Total
							Accumulated
	Securities		Defined				Other
	Available-		Benefit				Comprehensive
(In thousands)	for-Sale		Plans		Derivatives		Loss
Balance as of January 1, 2022	$	(7,864)	$	(1,306)	$	2,989	$	(6,181)
Other comprehensive (loss) income before reclassifications		(95,030)		(1,413)		9,879		(86,564)
Amounts reclassified from accumulated other comprehensive income (loss)		2,024		(2,547)		(1,111)		(1,634)
Net other comprehensive (loss) income during the period		(93,006)		(3,960)		8,768		(88,198)
Balance as of December 31, 2022	$	(100,870)	$	(5,266)	$	11,757	$	(94,379)
Other comprehensive income (loss) before reclassifications		7,498		(109)		(8,091)		(702)
Amounts reclassified from accumulated other comprehensive income (loss)		3,130		(1,055)		1,427		3,502
Net other comprehensive income (loss) during the period		10,628		(1,164)		(6,664)		2,800
Balance as of December 31, 2023	$	(90,242)	$	(6,430)	$	5,093	$	(91,579)

Schedule of before and after tax amounts allocated to each component of other comprehensive (loss) income


	Year Ended December 31,
(In thousands)	2023		2022		2021
Change in unrealized gain (loss) on securities:
Change in net unrealized gain (loss) during the period	$	10,355	$	(138,630)	$	(28,865)
Reclassification adjustment for net losses (gains) included in net (loss) gain on sale of securities and other assets		1,447		—		(1,207)
Accretion of net unrealized loss on securities transferred to held-to-maturity		3,142		2,953		—
Net change		14,944		(135,677)		(30,072)
Tax expense (benefit)		4,316		(42,671)		(9,514)
Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax		10,628		(93,006)		(20,558)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense		(1,547)		(3,715)		(1,092)
Reclassification adjustment for curtailment loss		—		—		1,543
Change in the net actuarial (loss) gain		(190)		(2,062)		6,563
Net change		(1,737)		(5,777)		7,014
Tax (benefit) expense		(573)		(1,817)		2,234
Net change in pension and other postretirement obligations		(1,164)		(3,960)		4,780
Change in unrealized gain (loss) on derivatives:
Change in net unrealized (loss) gain during the period		(11,782)		14,412		5,277
Reclassification adjustment for loss included in loss on termination of derivatives		—		—		16,505
Reclassification adjustment for expense included in interest expense		2,092		(1,621)		940
Net change		(9,690)		12,791		22,722
Tax expense (benefit)		(3,026)		4,023		7,201
Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax		(6,664)		8,768		15,521
Other comprehensive income (loss), net of tax	$	2,800	$	(88,198)	$	(257)

RETIREMENT AND POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Employee Retirement Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of funded status of defined benefit plan


	Year Ended December 31,
(In thousands)	2023		2022
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$	19,021	$	24,961
Interest cost		900		622
Actuarial (gain) loss		384		(5,004)
Benefit payments		(1,584)		(1,558)
Projected benefit obligation at end of year		18,721		19,021

Plan assets at fair value (investments in trust funds managed by trustee)
Balance at beginning of year		22,593		28,693
Return on plan assets		294		(4,542)
Benefit payments		(1,584)		(1,558)
Balance at end of year		21,303		22,593
Funded status at end of year	$	2,582	$	3,572

Schedule of components of net periodic benefit (credit) cost included in other non-interest expense


	Year Ended December 31,
(In thousands)	2023		2022		2021
Interest cost	$	900	$	622	$	562
Expected return on plan assets		(1,521)		(1,949)		(1,846)
Amortization of unrealized loss		572		261		824
Net periodic benefit (credit) cost	$	(49)	$	(1,066)	$	(460)

Schedule of change in accumulated other comprehensive loss


	Year Ended December 31,
(In thousands)	2023		2022
Balance at beginning of period	$	(5,323)	$	(4,097)
Amortization of unrealized loss		572		261
Loss recognized during the year		(1,612)		(1,487)
Balance at the end of the period	$	(6,363)	$	(5,323)
Period end component of accumulated other comprehensive loss, net of tax	$	4,343	$	3,649

Schedule of major assumptions utilized to determine the net periodic cost of Plan benefit obligations


	At or for the Year Ended December 31,
	2023		2022		2021
Discount rate used for net periodic benefit cost	4.90	%	2.55	%	2.15	%
Discount rate used to determine benefit obligation at period end	4.70		4.90		2.55
Expected long-term return on plan assets used for net periodic benefit cost	7.00		7.00		7.00
Expected long-term return on plan assets used to determine benefit obligation at period end	7.00		7.00		7.00

Summary of plan asset allocation by asset category


	December 31,
	2023		2022
Asset category:
Equity securities	—	%	51	%
Debt securities	100		47
Cash equivalents	—		2
Total	100	%	100	%

Summary of fair values of the plan assets

December 31, 2023

Fair Value Measurements Using:

Quoted

Prices in

Significant

Active Markets for

Other

Significant

Identical

Observable

Unobservable

(In thousands)

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Description:

Cash and cash equivalents

—

Fixed income securities:

Government

21,245

—

21,245

Total Plan Assets

21,245

—

21,303


	December 31, 2022
	Fair Value Measurements Using:
	Quoted
	Prices in		Significant
	Active Markets for		Other		Significant
	Identical		Observable		Unobservable
(In thousands)	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Description:
Cash and cash equivalents	$	—	$	541	$	—	$	541
Equities:
U.S. large cap		8,398		—		—		8,398
U.S. mid cap/small cap		2,348		—		—		2,348
International		2,718		—		—		2,718
Equities blend		192		—		—		192
Fixed income securities:
Corporate		—		1,305		—		1,305
Government		2,527		—		—		2,527
Mortgage-backed		—		586		—		586
High yield bonds and bond funds		—		3,978		—		3,978
Total Plan Assets	$	16,183	$	6,410	$	—	$	22,593

Schedule of expected benefit payments maturities


(In thousands)
2024	$	1,526
2025		1,518
2026		1,475
2027		1,447
2028		1,401
2029 to 2033		6,621

BNB Bank Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of funded status of defined benefit plan


	Year Ended December 31,
(In thousands)	2023		2022
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$	27,920	$	34,495
Service cost		564		807
Interest cost		1,263		793
Actuarial gain		(883)		(7,111)
Curtailment		(446)		—
Benefit payments		(1,136)		(1,064)
Projected benefit obligation at end of year		27,282		27,920

Plan assets at fair value (investments in trust funds managed by trustee)
Balance at beginning of year		38,572		47,857
Return on plan assets		734		(8,221)
Benefit payments		(1,136)		(1,064)
Balance at end of year		38,170		38,572
Funded status at end of year	$	10,888	$	10,652

Schedule of components of net periodic benefit (credit) cost included in other non-interest expense


	Year Ended December 31,
(In thousands)	2023		2022
Service cost	$	564	$	807
Interest cost		1,263		793
Expected return on plan assets		(2,760)		(3,441)
Net periodic benefit credit	$	(933)	$	(1,841)

Schedule of change in accumulated other comprehensive loss


	Year Ended December 31,
(In thousands)	2023		2022
Balance at beginning of period	$	(2,358)	$	2,193
Loss recognized during the year		(698)		(4,551)
Balance at the end of the period	$	(3,056)	$	(2,358)
Period end component of accumulated other comprehensive income, net of tax	$	2,087	$	1,617

Schedule of major assumptions utilized to determine the net periodic cost of Plan benefit obligations


	At or for the Year Ended December 31,
	2023		2022
Discount rate used for net periodic benefit cost	4.98	%	2.69	%
Discount rate used to determine benefit obligation at period end	4.79		4.98
Expected long-term return on plan assets used for net periodic benefit cost	7.25		7.25
Expected long-term return on plan assets used to determine benefit obligation at period end	7.25		7.25

Summary of plan asset allocation by asset category


	December 31,
	2023		2022
Asset category:
Equity securities	-	%	51	%
Debt securities	99		46
Cash equivalents	1		3
Total	100	%	100	%

Summary of fair values of the plan assets

Fair Value Measurements

at December 31, 2023

Quoted

Prices in

Significant

Active Markets for

Other

Significant

Identical

Observable

Unobservable

(In thousands)

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Description:

Cash and cash equivalents

—

317

—

317

Fixed income securities:

Government

37,853

—

37,853

Total Plan Assets

37,853

317

—

38,170


	Fair Value Measurements
	at December 31, 2022
	Quoted
	Prices in		Significant
	Active Markets for		Other		Significant
	Identical		Observable		Unobservable
(In thousands)	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Description:
Cash and cash equivalents	$	—	$	1,001	$	—	$	1,001
Equities:
U.S. large cap		14,310		—		—		14,310
U.S. mid cap/small cap		4,094		—		—		4,094
International		4,658		—		—		4,658
Equities blend		308		—		—		308
Fixed income securities:
Corporate		—		2,203		—		2,203
Government		4,275		—		—		4,275
Mortgage-backed		—		979		—		979
High yield bonds and bond funds		—		6,744		—		6,744
Total Plan Assets	$	27,645	$	10,927	$	—	$	38,572

Schedule of expected benefit payments maturities


(In thousands)
2024	$	1,298
2025		1,379
2026		1,501
2027		1,477
2028		1,529
2029 to 2033		9,075

BMP and Outside Director Retirement Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of funded status of defined benefit plan


	Year Ended
(In thousands)	December 31, 2021
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$	9,328
Interest cost		12
Benefit payments		(9,063)
Actuarial (gain) loss		(277)
Projected benefit obligation at end of year		—
Plan assets at fair value:
Balance at beginning of year		—
Contributions		9,063
Benefit payments		(9,063)
Balance at end of period		—
Funded status at end of year	$	—

Schedule of components of net periodic benefit (credit) cost included in other non-interest expense


	Year Ended
(In thousands)	December 31, 2021
Interest cost	$	12
Curtailment loss		1,543
Amortization of unrealized loss		—
Net periodic benefit cost	$	1,555

Schedule of change in accumulated other comprehensive loss


	Year Ended
(In thousands)	December 31, 2021
Balance at beginning of year	$	(1,820)
Amortization of unrealized loss		—
Gain (loss) recognized during the year		277
Curtailment credit		1,543
Balance at the end of year	$	—
Period end component of accumulated other comprehensive loss, net of tax	$	—

POSTRETIREMENT PLANS

Defined Benefit Plan Disclosure [Line Items]

Schedule of funded status of defined benefit plan


	Year Ended
(In thousands)	December 31, 2021
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$	13
Interest cost		—
Actuarial loss		—
Curtailment gain		—
Benefit payments		(13)
Projected benefit obligation at end of year		—
Plan assets at fair value:
Balance at beginning of year		—
Contributions		13
Benefit payments		(13)
Balance at end of period		—
Funded status at end of year	$	—

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 96,094	$ 152,556	$ 103,996
Adjustments to reconcile net income to net cash provided by operating activities:
Net loss (gain) on sales of securities available-for-sale and other assets	1,469	(1,397)	(1,705)
Loss on equity securities	758		(131)
Net gain on sale of loans held for sale	(1,707)	(2,245)	(24,791)
Loss on termination of derivatives			16,505
Net depreciation, amortization and accretion	6,025	8,314	7,805
Amortization of fair value hedge basis point adjustments	561
Amortization of other intangible assets	1,425	1,878	2,622
Loss on extinguishment of debt		740	1,751
Stock-based compensation	4,638	4,278	5,407
Provision for credit losses	2,770	5,374	6,212
Originations of loans held for sale	(8,219)	(20,709)	(48,610)
Proceeds from sale of loans originated for sale	32,433	46,474	77,184
Increase in cash surrender value of BOLI	(9,103)	(8,190)	(6,721)
Gain from death benefits from BOLI	(645)	(2,156)	(350)
Decrease (Increase) in other assets	10,332	(35,170)	125,486
(Decrease) increase in other liabilities	(45,957)	145,425	(118,333)
Net cash provided by operating activities	90,874	295,172	146,327
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale	77,804		138,077
Proceeds from sales of marketable equity securities			6,101
Purchases of securities available-for-sale	(86,084)	(39,232)	(1,095,028)
Purchases of securities held-to-maturity	(28,328)	(63,210)	(40,249)
Proceeds from calls and principal repayments of securities available-for-sale	76,858	165,097	411,031
Proceeds from calls and principal repayments of securities held-to-maturity	22,986	31,736	1,360
Purchase of BOLI	(8,000)	(30,000)	(40,000)
Proceeds received from cash surrender value of BOLI	1,224	2,843	1,464
Loans purchased			(9,855)
Proceeds from the sale of portfolio loans transferred to held for sale	5,000	13,201	684,898
Net increase in loans	(259,805)	(1,359,782)	282,683
(Purchases) sales of fixed assets, net	(5,721)	(3,745)	14
Proceeds from the sale of fixed assets and premises held for sale	25	1,914
Purchases of restricted stock, net	(10,005)	(51,013)	46,337
Net cash received in business combination			715,988
Net cash used in investing activities	(214,046)	(1,332,191)	1,102,821
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits	276,411	(204,233)	518,682
(Repayments) proceeds from FHLBNY advances, short-term, net	20,000	1,070,000	(1,228,865)
Repayments of FHLBNY advances, long-term	162,000		(190,150)
Proceeds from FHLBNY advances, long-term	(1,360)	36,000	25,000
(Repayments) proceeds of other short-term borrowings, net		(502)	(118,138)
Proceeds from subordinated debentures issuance, net		157,559
Redemption of subordinated debentures		(155,000)
Proceeds from exercise of stock options			431
Release of stock for benefit plan awards	1,164	1,167	1,153
Payments related to tax withholding for equity awards	(1,258)	(1,558)	(111)
BMP Employee Stock Ownership Plan shares received to satisfy distribution of retirement benefits			(993)
Purchase of treasury stock	(947)	(46,762)	(59,280)
Redemption of REIT preferred stock			(121)
Cash dividends paid to preferred stockholders	(7,286)	(7,286)	(7,286)
Cash dividends paid to common stockholders	(37,302)	(36,791)	(39,351)
Net cash provided by financing activities	411,422	812,594	(1,099,029)
Increase (decrease) in cash and cash equivalents	288,250	(224,425)	150,119
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	169,297	393,722	243,603
CASH AND CASH EQUIVALENTS, END OF PERIOD	457,547	169,297	393,722
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	37,910	43,518	34,771
Cash paid for interest	280,815	54,910	28,460
Securities available-for-sale transferred to held-to-maturity		372,154	140,399
Loans transferred to held for sale	37,346	34,997	692,751
Loans transferred to held for investment		4,051
Premises transferred to held for sale	905		2,799
Operating lease assets in exchange for operating lease liabilities	$ 6,333	$ 5,098	9,769
Cumulative change due to Current Expected Credit Loss ("CECL") Standard adoption			1,686
Net non-cash liabilities assumed in Merger (See Note 2)			$ 324,937

FHLBNY ADVANCES (Tables)

12 Months Ended

Dec. 31, 2023

FHLBNY ADVANCES

Summary of FHLBNY extinguishments


	Year Ended December 31,
(Dollars in thousands)		2023			2022			2021
FHLBNY advances extinguished	$	-		$	-		$	209,010
Weighted average rate		-	%		-	%		1.31	%
Loss on extinguishment of debt	$	-		$	-		$	1,751

Schedule of contractual maturities and weighted average interest rates of FHLBNY advances


	December 31,
(Dollars in thousands)	2023		2022
2023, fixed rate at rates from 3.85% to 5.65%		—		1,095,000
2024, fixed rate at rates from 4.85% to 5.67%		1,265,000		—
2027, fixed rate at 4.25%		36,000		36,000
2028, fixed rate at 4.04%		12,000		—
Total FHLBNY advances	$	1,313,000	$	1,131,000

RETIREMENT AND POSTRETIREMENT PLANS

12 Months Ended

Dec. 31, 2023

RETIREMENT AND POSTRETIREMENT PLANS

RETIREMENT AND POSTRETIREMENT PLANS

19. 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. Bank of America, N.A. (“BANA”) was the Trustee for the Employee Retirement Plan and BNB Bank Pension Plan assets as of December 31, 2023. Pentegra Retirement Trust was the trustee for the Employee Retirement Plan prior to the transfer to BANA during the year ended December 31, 2021. The assets of both plans are overseen by the Retirement Committee (“Committee”), comprised of management, who meet quarterly and set investment policy guidelines. Merrill Lynch, Pierce, Fenner & Smith, Inc. (“MLPF&S”) and Blackrock are the investment managers of the assets of both plans. The Committee meets with representatives of MLPF&S and reviews the performance of the plan assets. Pension plan assets include cash and cash equivalents, equities and fixed income securities.

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 years ended December 31, 2023 and 2022, the Bank used December 31 as its measurement date for the Employee Retirement Plan.

The funded status of the Employee Retirement Plan was as follows:


	Year Ended December 31,
(In thousands)	2023		2022
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$	19,021	$	24,961
Interest cost		900		622
Actuarial (gain) loss		384		(5,004)
Benefit payments		(1,584)		(1,558)
Projected benefit obligation at end of year		18,721		19,021

Plan assets at fair value (investments in trust funds managed by trustee)
Balance at beginning of year		22,593		28,693
Return on plan assets		294		(4,542)
Benefit payments		(1,584)		(1,558)
Balance at end of year		21,303		22,593
Funded status at end of year	$	2,582	$	3,572

The net periodic cost for the Employee Retirement Plan included the following components:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Interest cost	$	900	$	622	$	562
Expected return on plan assets		(1,521)		(1,949)		(1,846)
Amortization of unrealized loss		572		261		824
Net periodic benefit (credit) cost	$	(49)	$	(1,066)	$	(460)

The change in accumulated other comprehensive loss that resulted from the Employee Retirement Plan is summarized as follows:


	Year Ended December 31,
(In thousands)	2023		2022
Balance at beginning of period	$	(5,323)	$	(4,097)
Amortization of unrealized loss		572		261
Loss recognized during the year		(1,612)		(1,487)
Balance at the end of the period	$	(6,363)	$	(5,323)
Period end component of accumulated other comprehensive loss, net of tax	$	4,343	$	3,649

Major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations were as follows:


	At or for the Year Ended December 31,
	2023		2022		2021
Discount rate used for net periodic benefit cost	4.90	%	2.55	%	2.15	%
Discount rate used to determine benefit obligation at period end	4.70		4.90		2.55
Expected long-term return on plan assets used for net periodic benefit cost	7.00		7.00		7.00
Expected long-term return on plan assets used to determine benefit obligation at period end	7.00		7.00		7.00

Plan Assets

At December 31, 2023, the Employee Retirement Plan’s assets included included debt securities. Debt securities include corporate bonds, government issues, mortgage-backed securities, high yield securities and mutual funds.

The weighted average expected long-term rate of return is estimated based on current trends in Employee Retirement Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. 27 for the real and nominal rate of investment return for a specific mix of asset classes. The long-term rate of return considers historical returns for the S&P 500 index and corporate bonds

representing cumulative returns of approximately 9.0% and 5.0%, respectively. These returns were considered along with the target allocations of asset categories. When these overall return expectations were applied to the Employee Retirement Plan’s target allocation, the expected annual rate of return was determined to be 7.00% at both December 31, 2023 and 2022.

The Bank did not make any contributions to the Employee Retirement Plan during the year ended December 31, 2023. The Bank does not expect to make contributions to the Employee Retirement Plan during the year ending December 31, 2024.

The weighted-average allocation by asset category of the assets of the Employee Retirement Plan was summarized as follows:


	December 31,
	2023		2022
Asset category:
Equity securities	—	%	51	%
Debt securities	100		47
Cash equivalents	—		2
Total	100	%	100	%

The allocation percentages in the above table were consistent with future planned allocation percentages as of December 31, 2023 and 2022, respectively.

The following tables present a summary of the Employee Retirement Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 24 for a discussion of the fair value hierarchy).

December 31, 2023

Fair Value Measurements Using:

Quoted

Prices in

Significant

Active Markets for

Other

Significant

Identical

Observable

Unobservable

(In thousands)

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Description:

Cash and cash equivalents

—

Fixed income securities:

Government

21,245

—

21,245

Total Plan Assets

21,245

—

21,303


	December 31, 2022
	Fair Value Measurements Using:
	Quoted
	Prices in		Significant
	Active Markets for		Other		Significant
	Identical		Observable		Unobservable
(In thousands)	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Description:
Cash and cash equivalents	$	—	$	541	$	—	$	541
Equities:
U.S. large cap		8,398		—		—		8,398
U.S. mid cap/small cap		2,348		—		—		2,348
International		2,718		—		—		2,718
Equities blend		192		—		—		192
Fixed income securities:
Corporate		—		1,305		—		1,305
Government		2,527		—		—		2,527
Mortgage-backed		—		586		—		586
High yield bonds and bond funds		—		3,978		—		3,978
Total Plan Assets	$	16,183	$	6,410	$	—	$	22,593

Benefit payments for the fiscal year ending December 31^st are anticipated to be made as follows:


(In thousands)
2024	$	1,526
2025		1,518
2026		1,475
2027		1,447
2028		1,401
2029 to 2033		6,621

BNB Bank Pension Plan

During 2012, 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. For the year ended December 31, 2023, the Bank used December 31 as its measurement date 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. Retirement benefits of the plan were vested as they were earned.

The funded status of the BNB Bank Pension Plan was as follows:


	Year Ended December 31,
(In thousands)	2023		2022
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$	27,920	$	34,495
Service cost		564		807
Interest cost		1,263		793
Actuarial gain		(883)		(7,111)
Curtailment		(446)		—
Benefit payments		(1,136)		(1,064)
Projected benefit obligation at end of year		27,282		27,920

Plan assets at fair value (investments in trust funds managed by trustee)
Balance at beginning of year		38,572		47,857
Return on plan assets		734		(8,221)
Benefit payments		(1,136)		(1,064)
Balance at end of year		38,170		38,572
Funded status at end of year	$	10,888	$	10,652

The net periodic cost for the BNB Bank Pension Plan included the following components:


	Year Ended December 31,
(In thousands)	2023		2022
Service cost	$	564	$	807
Interest cost		1,263		793
Expected return on plan assets		(2,760)		(3,441)
Net periodic benefit credit	$	(933)	$	(1,841)

The change in accumulated other comprehensive income that resulted from the BNB Bank Pension Plan is summarized as follows:


	Year Ended December 31,
(In thousands)	2023		2022
Balance at beginning of period	$	(2,358)	$	2,193
Loss recognized during the year		(698)		(4,551)
Balance at the end of the period	$	(3,056)	$	(2,358)
Period end component of accumulated other comprehensive income, net of tax	$	2,087	$	1,617

Major assumptions utilized to determine the net periodic cost of the BNB Bank Pension Plan benefit obligations were as follows:


	At or for the Year Ended December 31,
	2023		2022
Discount rate used for net periodic benefit cost	4.98	%	2.69	%
Discount rate used to determine benefit obligation at period end	4.79		4.98
Expected long-term return on plan assets used for net periodic benefit cost	7.25		7.25
Expected long-term return on plan assets used to determine benefit obligation at period end	7.25		7.25

Plan Assets

At December 31, 2023, the BNB Bank Pension Plan’s assets included cash equivalents and debt securities.

The weighted average expected long-term rate of return is estimated based on current trends in BNB Bank Pension Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. 27 for the real and nominal rate of investment return for a specific mix of asset classes. The long-term rate of return considers historical returns for the S&P 500 index and corporate bonds representing cumulative returns of approximately 9.0% and 5.0%, respectively. These returns were considered along with the target allocations of asset categories. When these overall return expectations were applied to the BNB Bank Pension Plan’s target allocation, the expected annual rate of return was determined to be 7.25% at December 31, 2023 and 2022.

The Bank did not make any contributions to the BNB Bank Pension Plan during the year ended December 31, 2023. The Bank does not expect to make contributions to the BNB Bank Pension Plan during the year ending December 31, 2024.

The weighted-average allocation by asset category of the assets of the BNB Bank Pension Plan was summarized as follows:


	December 31,
	2023		2022
Asset category:
Equity securities	-	%	51	%
Debt securities	99		46
Cash equivalents	1		3
Total	100	%	100	%

The following tables present a summary of the BNB Bank Pension Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 24 for a discussion of the fair value hierarchy).

Fair Value Measurements

at December 31, 2023

Quoted

Prices in

Significant

Active Markets for

Other

Significant

Identical

Observable

Unobservable

(In thousands)

Assets (Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Description:

Cash and cash equivalents

—

317

—

317

Fixed income securities:

Government

37,853

—

37,853

Total Plan Assets

37,853

317

—

38,170


	Fair Value Measurements
	at December 31, 2022
	Quoted
	Prices in		Significant
	Active Markets for		Other		Significant
	Identical		Observable		Unobservable
(In thousands)	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Description:
Cash and cash equivalents	$	—	$	1,001	$	—	$	1,001
Equities:
U.S. large cap		14,310		—		—		14,310
U.S. mid cap/small cap		4,094		—		—		4,094
International		4,658		—		—		4,658
Equities blend		308		—		—		308
Fixed income securities:
Corporate		—		2,203		—		2,203
Government		4,275		—		—		4,275
Mortgage-backed		—		979		—		979
High yield bonds and bond funds		—		6,744		—		6,744
Total Plan Assets	$	27,645	$	10,927	$	—	$	38,572

Benefit payments for the fiscal year ending December 31^st are anticipated to be made as follows:


(In thousands)
2024	$	1,298
2025		1,379
2026		1,501
2027		1,477
2028		1,529
2029 to 2033		9,075

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 day of the month 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 $22,500 for the calendar year ended December 31, 2023. Under the provisions of the 401(k) plan, employee contributions are partially matched by the Bank as follows: 100% of each employee’s contributions up to 1% of each employee’s compensation plus 50% of each employee’s contributions over 1% but not in excess of 6% of each employee’s compensation for a maximum contribution of 3.5% of a participating employee’s compensation. Participants can invest their account balances into several investment alternatives. The 401(k) plan does not allow for investment in the Company’s common stock. Legacy Dime employees were allowed to rollover Company common stock shares in-kind held in the former Dime Community Bank KSOP Plan (“Dime KSOP Plan”) and hold in the 401(k) Plan. The 401(k) held Company common stock within the accounts of participants totaling $6.3 million and $7.8 million at December 31, 2023 and 2022, respectively. Total expense recognized as a component of

salaries and employee benefits expense for the 401(k) Plan was $2.5 million during the year ended December 31, 2023 and $2.3 million during the years December 31, 2022, and December 31, 2021, respectively.

Dime KSOP Plan

The Dime Community Bank KSOP Plan (“Dime KSOP Plan”) was terminated by resolution of the Legacy Dime Board of Directors. The effective date of the Dime KSOP Plan termination was February 1, 2021, the date of the Merger. As such, all participants were required to transfer their assets out of the Dime KSOP Plan. The KSOP held Legacy Dime common stock within the accounts of participants totaling $40 thousand at December 31, 2021. During the year ended December 31, 2021, total expense recognized as a component of salaries and employee benefits expense for the Dime KSOP Plan was $338 thousand.

BMP and Outside Director Retirement Plan

The Holding Company and Bank maintained the BMP, which existed in order to compensate executive officers for any curtailments in benefits due to statutory limitations on benefit plans. Benefit accruals under the defined benefit portion of the BMP were suspended on April 1, 2000, when they were suspended under the Employee Retirement Plan.

Effective July 1, 1996, the Company established the Outside Director Retirement Plan to provide benefits to each eligible outside director commencing upon the earlier of termination of Board service or at age 75. The Outside Director Retirement Plan was frozen on March 31, 2005, and only outside directors serving prior to that date are eligible for benefits.

As of December 31, 2021, the Bank used December 31^st as its measurement date for both the BMP and Outside Director Retirement Plan.

In connection with the Merger, the Outside Director Retirement Plan and the BMP were terminated, resulting in lump sum payments to the participants in the amounts of $2.8 million for the Outside Director Retirement Plan and $6.2 million for the BMP. The total expense recognized as a curtailment loss during the year ended December 31, 2021 was $1.5 million.

The combined funded status of the defined benefit portions of the BMP and the Director Retirement Plan was as follows:


	Year Ended
(In thousands)	December 31, 2021
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$	9,328
Interest cost		12
Benefit payments		(9,063)
Actuarial (gain) loss		(277)
Projected benefit obligation at end of year		—
Plan assets at fair value:
Balance at beginning of year		—
Contributions		9,063
Benefit payments		(9,063)
Balance at end of period		—
Funded status at end of year	$	—

The combined net periodic cost for the defined benefit portions of the BMP and the Director Retirement Plan included the following components:


	Year Ended
(In thousands)	December 31, 2021
Interest cost	$	12
Curtailment loss		1,543
Amortization of unrealized loss		—
Net periodic benefit cost	$	1,555

The combined change in accumulated other comprehensive loss that resulted from the BMP and Director Retirement Plan is summarized as follows:


	Year Ended
(In thousands)	December 31, 2021
Balance at beginning of year	$	(1,820)
Amortization of unrealized loss		—
Gain (loss) recognized during the year		277
Curtailment credit		1,543
Balance at the end of year	$	—
Period end component of accumulated other comprehensive loss, net of tax	$	—

Postretirement Benefit Plan

The Bank offered the Postretirement Benefit Plan to its retired employees who provided at least five consecutive years of credited service and were active employees prior to April 1, 1991. Postretirement Benefit Plan benefits were available only to full-time employees who commence or commenced collecting retirement benefits from the Retirement Plan immediately upon termination of service from the Bank. The Postretirement Benefit Plan was amended effective March 31, 2015 to eliminate plan participation for post-amendment retirees. The plan was terminated during the year ended December 31, 2020.

The funded status of the Postretirement Benefit Plan was as follows:


	Year Ended
(In thousands)	December 31, 2021
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$	13
Interest cost		—
Actuarial loss		—
Curtailment gain		—
Benefit payments		(13)
Projected benefit obligation at end of year		—
Plan assets at fair value:
Balance at beginning of year		—
Contributions		13
Benefit payments		(13)
Balance at end of period		—
Funded status at end of year	$	—

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

STOCK-BASED COMPENSATION - Performance Based Equity Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Information related to PSAs
Weighted average remaining years for which compensation expense is to be recognized	2 years 3 months 18 days
Performance Shares
Performance Based Equity Awards
Percentage of threshold target for each award eligible to be earned based on relative performance	50.00%
Percentage of target for each award eligible to be earned based on relative performance	100.00%
Percentage of maximum target for each award eligible to be earned based on relative performance	150.00%
Award vesting period	3 years
Unvested and outstanding share-based awards	195,066	60,755
Number of Shares
Shares granted, Number of Shares	195,066
Shares forfeited (in shares)	(60,987)
Expected aggregate share payout, Number of Shares	210,820
Weighted-Average Grant-Date Fair Value
Shares granted, Weighted-Average Grant-Date Fair Value	$ 17.69
Shares forfeited, Weighted-Average Grant-Date Fair Value	25.21
Expected aggregate share payout, Weighted-Average Grant-Date Fair Value	$ 20.21
Information related to PSAs
Compensation (benefit) expense recognized	$ 635	$ 760	$ 154
Income tax expense recognized on vesting of PSAs		$ 193
Unrecognized compensation cost	$ 2,700
Performance Shares \| Maximum
Number of Shares
Maximum aggregate share payout beginning balance, Number of Shares	95,831
Maximum aggregate share payout ending balance, Number of Shares	229,910	95,831
Weighted-Average Grant-Date Fair Value
Maximum aggregate share payout beginning balance, Weighted-Average Grant-Date Fair Value	$ 30.35
Maximum aggregate share payout ending balance, Weighted-Average Grant-Date Fair Value	$ 20.97	$ 30.35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations and Principles of Consolidation

On February 1, 2021, Dime Community Bancshares, Inc., a Delaware corporation (“Legacy Dime”) merged with and into Bridge Bancorp, Inc., a New York corporation (“Bridge”) (the “Merger”), with Bridge as the surviving corporation under the name “Dime Community Bancshares, Inc.” (the “Holding Company”). At the effective time of the Merger (the “Effective Time”), each outstanding share of Legacy Dime common stock, par value $0.01 per share, was converted into the right to receive 0.6480 shares of the Holding Company’s common stock, par value $0.01 per share.

At the Effective Time, each outstanding share of Legacy Dime’s Series A preferred stock, par value $0.01 (the “Dime Preferred Stock”), was converted into the right to receive one share of a newly created series of the Holding Company’s preferred stock having the same powers, preferences and rights as the Dime Preferred Stock.

Immediately following the Merger, Dime Community Bank, a New York-chartered commercial bank and a wholly-owned subsidiary of Legacy Dime, merged with and into BNB Bank, a New York-chartered trust company and a wholly-owned subsidiary of Bridge, with BNB Bank as the surviving bank, under the name “Dime Community Bank” (the “Bank”).

The audited consolidated financial statements presented in this Annual Report on Form 10-K 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 Merger was accounted for as a reverse merger using the acquisition method of accounting, which means that for accounting and financial reporting purposes, Legacy Dime was deemed to have acquired Bridge in the Merger, even though Bridge was the legal acquirer. Accordingly, Legacy Dime’s historical financial statements are the historical financial statements of the combined company for all periods before February 1, 2021 (the “Merger Date”).

The Company’s results of operations for 2021 include the results of operations of Bridge on and after the Merger Date. Results for periods before the Merger Date reflect only those of Legacy Dime and do not include the results of operations of Bridge. The number of shares issued and outstanding, earnings per share, additional paid-in capital, dividends paid and all references to share quantities of the Company have been retrospectively adjusted to reflect the equivalent number of shares issued to holders of Legacy Dime common stock in the Merger. The assets and liabilities of Bridge as of the Merger Date were recorded at their estimated fair values and added to those of Legacy Dime. See Note 2. Merger for further information.

As of December 31, 2023, we operated 60 branch locations throughout Long Island and New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island, and the Bronx.

The Company is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community 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 Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations include Dime Community Inc., a real estate investment trust subsidiary which was formerly known as Bridgehampton Community, Inc., as an operating subsidiary. 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. In September 2021, the Company dissolved two REITs, DSBW Preferred Funding Corporation and DSBW Residential Preferred Funding Corporation, which were wholly-owned subsidiaries of the Bank, and the preferred shares outstanding were redeemed by its shareholders.

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and general practices within the financial institution industry. The accompanying consolidated financial statements include the accounts of the Holding Company and the Bank and its subsidiaries. Inter-company accounts and transactions have been eliminated in consolidation.

The following is a description of the significant accounting policies that the Company follows in preparing its consolidated financial statements.

Use of Estimates

To prepare consolidated financial statements in conformity with GAAP, management makes judgments, estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.

Summary of Significant Accounting Policies

Cash and Cash Equivalents - Cash and cash equivalents include cash and deposits with other financial institutions with original maturities fewer than 90 days. Net cash flows are reported for customer loan and deposit transactions, and interest bearing deposits in other financial institutions.

Securities - Debt securities are classified as held-to-maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Equity securities are carried at fair value, with changes in fair value reported in net income. Equity securities without readily determinable fair values are carried at cost, minus impairment, if any, plus or minus changes resulting in observable price changes in orderly transactions for the identical or a similar investment.

Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in accrued interest receivable in the consolidated statements of financial condition. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual is reversed against interest income. There were no non-accrual debt securities at December 31, 2023 and 2022, and there was no accrued interest related to debt securities reversed against interest income for the year ended December 31, 2023 and 2022. Gains and losses on sales are recorded on the trade date and determined using the specific identification method.

Restricted Stock – Restricted stock represents FHLBNY capital stock, FRB capital stock, and Atlantic Community Bankers Bank (“ACBB”) capital stock, which are reported at cost. The Bank is a member of the FHLB system. Members are required to own a particular amount of stock based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock is periodically evaluated for impairment based on ultimate recovery of par value. The Bank is a member of the FRB. Membership requires the purchase of shares of FRB capital stock. The Bank has a relationship with ACBB. The relationship requires the purchase of shares of ACBB capital stock. Both cash and stock dividends are reported as income.

Loans Held for Sale - Loans originated and intended for sale in the secondary market, as well as identified problem loans which are subject to an executed note sale agreement, are carried at the lower of aggregate cost or net realizable proceeds. Loans originated and intended for sale are generally sold with servicing rights retained. Certain loans in which the borrower does not adhere to all of the terms and conditions of the legal contract were best resolved through the sale of the loan rather than through litigation through our workout department.

Loans - Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, net of partial charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination, commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as adjustments to yield. When a loan prepays, the remaining unamortized net deferred origination fees or costs are recognized in the current year. Interest on loans is credited to income based on the principal outstanding during the period. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance in accrued interest receivable on the consolidated statements of financial condition. Past due status is based on the contractual terms of the loan. Loans that are 90 days past due are automatically placed on non-accrual and previously accrued interest is reversed and charged against interest income. However, if the loan is in the process of

collection and the Bank has reasonable assurance that the loan will be fully collectable based upon an individual loan evaluation assessing such factors as collateral and collectability, accrued interest will be recognized as earned. If a payment is received when a loan is non-accrual, the payment is applied to the principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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.

Unless otherwise noted, the above policy is applied consistently to all loan segments.

Allowance for Credit Losses - On January 1, 2021, the Company adopted the CECL Standard, which requires that the measurement of all expected credit losses for financial assets at amortized cost, such as loans receivable, securities, and off-balance sheet credit exposures, held as of the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts to cover lifetime expected credit losses. Accrued interest receivable is excluded from amortized cost basis. The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent within the financial asset holdings. 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.

Allowance for credit losses on held-to-maturity securities - Management classifies its held-to-maturity portfolio into the following major security types: Pass-through MBS issued by GSEs, Agency Collateralized Mortgage Obligations, Agency Notes and Corporate Securities. The majority of the securities in the held-to-maturity portfolio are issued by U.S. government-sponsored entities or agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. To the extent that debt securities in the held-to-maturity portfolio share common risk characteristics, expected credit losses are calculated by pools of such debt securities. The historical lifetime probability of default and severity of loss in the event of default is derived or obtained from external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lifetime of the securities.

For a debt security in the held-to-maturity portfolio that does not share common risk characteristics with any of the pools of debt securities, expected credit loss on each security is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security.

With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities or agencies, 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. Therefore, for those securities, the Company does not record expected credit losses.

Allowance for credit losses on available-for-sale securities - Management evaluates available-for-sale debt securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. For securities in an unrealized loss position, management considers the extent of the unrealized loss, and the near-term prospects of the issuer. Impairment may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of whether any decline in fair value is due to a credit loss, all relevant information is considered at the individual security level. For asset-backed securities performance indicators considered related to the underlying assets include default rates, delinquency rates, percentage of non-performing assets, debt-to-collateral ratios, third party guarantees, current levels of subordination, vintage, geographic concentration, analyst reports and forecasts, credit ratings and other market data. In assessing whether a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are excluded from earnings and reported, net of tax, in other comprehensive income (“OCI”). Management also assesses whether it intends to sell or is more likely than not that it will be required to sell a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings.

Allowance for credit losses on loans held for investment - 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. The methodology for determining the allowance for credit losses on loans held for investment is considered a critical accounting policy by management given the judgment required for determining assumptions used, uncertainty of economic forecasts, and subjectivity of any qualitative factors considered.

The Company evaluates its loan pooling methodology at least annually. The Company has identified the following loan pools used to measure the allowance for credit losses as follows:

One-to-four family residential, including condominium and cooperative apartment loans - Loans in this classification consist of residential real estate and one-to-four family real estate properties, and may have a mixed-use commercial aspect. Included in one-to-four family loans are also certain SBA loans in which the loan is secured by underlying real estate as collateral. The Bank may sell a portion of the loan, guaranteed by the SBA, to a third-party investor. Owner-occupied properties are generally underwritten based upon an appraisal performed by an independent, state licensed appraiser and the credit quality of the individual borrower. Investment properties require: (1) a maximum loan-to-value ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.25x. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates and housing prices.

Multifamily residential and residential mixed-use loans - Loans in this classification consist of multifamily residential real estate with a minimum of five residential units, and may have a mixed-use commercial aspect of less than 50% of the property’s rental income. The Bank’s underwriting standards for multifamily residential loans generally require: (1) a maximum loan-to-value ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.20x. Repayment of multifamily residential loans is dependent, in significant part, on cash flow from the collateral property sufficient to satisfy operating expenses and debt service. Future increases in interest rates, increases in vacancy rates on multifamily residential or commercial buildings, and other economic events, such as unemployment rates, which are outside the control of the borrower or the Bank could negatively impact the future net operating income of such properties. Similarly, government regulations, such as the existing New York City Rent Regulation and Rent Stabilization laws, could limit future increases in the revenue from these buildings.

Commercial real estate and commercial mixed-use loans - Loans in this classification consist of CRE, both owner-occupied and non-owner occupied, and may have a residential aspect of less than 50% of the property’s rental income. The Bank’s underwriting standards for CRE loans generally require: (1) a maximum loan-to-value ratio of 75% based upon an appraisal performed by an independent, state licensed appraiser, and (2) sufficient rental income from the underlying property to adequately service the debt, represented by a minimum debt service ratio of 1.25x. Included in CRE loans are also certain SBA loans in which the loan is secured by underlying real estate as collateral. The Bank may sell a portion of the loan, guaranteed by the SBA, to a third-party investor. Repayment of CRE loans is often dependent upon successful operation or management of the collateral properties, as well as the success of the business and retail tenants occupying the properties. Repayment of such loans is generally more vulnerable to weak economic conditions, such as unemployment rates and CRE prices.

Acquisition, development, and construction loans - Loans in this classification consist of loans to purchase land intended for further development, including single-family homes, multi-family housing, and commercial income properties. In general, the maximum loan-to-value ratio for a land acquisition loan is 50% of the appraised value of the property. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates and CRE prices.

Commercial, industrial and agricultural loans - Loans in this classification consist of lines of credit, revolving lines of credit, and term loans, generally to businesses or high net worth individuals. The owners of these businesses typically provide recourse such that they guarantee the debt. The lines of credit are generally secured by the assets of the business, though they may at times be issued on an unsecured basis. Generally

speaking, they are subject to renewal on an annual basis based upon review of the borrower’s financial statements. Term loans are generally secured by either specific or general asset liens of the borrower’s business. These loans are granted based upon the strength of the cash generation ability of the borrower. Included in C&I loans are also certain SBA loans in which the loan is secured by underlying assets of the business (excludes SBA Paycheck Protection Program (“PPP”) loans from allowance for credit losses as these loans carry a 100% guarantee from the SBA). The Bank may sell a portion of the loan, guaranteed by the SBA, to a third-party investor. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates.

Other loans - Loans in this classification consist of installment and consumer loans. Repayment is dependent on the credit quality of the individual borrower. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates.

Loan restructurings - The Company adopted ASU No. 2022-02 on January 1, 2023, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company applies the loan refinancing and restructuring guidance to determine whether a modification or other forms of restructuring result 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 combinations of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows.

Troubled debt restructurings - As allowed by ASC 326, the Company elected to maintain pools of loans accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether modifications to individual acquired financial assets accounted for in pools were TDRs as of the date of adoption. A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The allowance for credit loss on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit loss is determined by discounting the expected future cash flows at the original interest rate of the loan. The allowance for credit losses on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring.

Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historically observed credit loss experience of peer banks within our geography provide the basis for the estimation of expected credit losses on similar loan pools. 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 the peer group. 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 adjusted using qualitative factors. These factors include: (1) lending policies and procedures; (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 experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due loans; (6) the quality of our loan review system; (7) the value of underlying collateral for collateralized loans; (8) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (9) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Collectively evaluated loans totaled $10.73 billion and $10.52 billion at December 31, 2023 and 2022, respectively. The associated allowance for credit losses on the collectively evaluated loans totaled $55.4 million and $57.1 million at December 31, 2023 and 2022, respectively.

Individually evaluated loans - Loans that do not share risk characteristics are evaluated on an individual basis based on various factors and are not included in the collective pool evaluation. Factors that may be considered are borrower delinquency trends and non-accrual status, probability of foreclosure or note sale, changes in the borrower’s circumstances or cash collections, borrower’s industry, or other facts and circumstances of the loan or collateral. For a loan that does not share risk characteristics with other loans, expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, the Company recognizes expected credit loss equal to the amount by

which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell the collateral if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. Individually evaluated loans totaled $35.4 million and $47.6 million at December 31, 2023 and 2022, respectively. The associated allowance for credit losses on the individually evaluated loans totaled $16.3 million and $26.4 million at December 31, 2023 and 2022, respectively.

The fair value of real estate collateral is determined based on recent appraised values. Appraisals are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Appraisals undergo a second review process to ensure that the methodology employed, and the values derived are reasonable. Generally, collateral values for real estate loans for which measurement of expected losses is dependent on collateral values are updated every twelve months. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. Once the expected credit loss amount is determined, an allowance is provided for equal to the calculated expected credit loss and included in the allowance for credit losses. Pursuant to the Company’s policy, credit losses must be charged-off in the period the loans, or portions thereof, are deemed uncollectable.

Allowance for credit losses on off-balance sheet credit exposures - The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures, which is included in other liabilities on the consolidated statements of financial condition, is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which is the same as the expected loss factor as determined based on the corresponding portfolio segment.

For further discussion of our loan accounting and acquisitions, see Note 2 - Merger and Note 5 - Loans.

Derivatives - The Company may engage in three types of derivatives depending on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (2) a hedge with the exposure to changes in fair value of an asset, liability, or firm commitment attributable to particular risk, such as interest risk (“fair value hedge”) or (3) an instrument with no hedging designation (“freestanding derivatives”). For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in fair value of the fair value derivative and the hedged item related to the hedged risk are recoginized in earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings as non-interest income.

Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement same as the cash flows of the items being hedged.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific liabilities on the consolidated statements of financial condition. The Company also formally assesses, both at the hedge’s inception and on an on-going basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that

were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings.

The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges from each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business.

Other Real Estate Owned (“OREO”) - Properties acquired as a result of foreclosure on a real estate loan or a deed in lieu of foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate collateralizing a one-to-four family residential loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through execution of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Declines in the recorded balance subsequent to acquisition by the Company are recorded through expense. Operating costs after acquisition are expensed.

Premises and Fixed Assets, Net - Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Buildings and related components are depreciated using the straight-line method with useful lives generally ranging from forty to fifty years. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives generally ranging from three to ten years.

Leases - On January 1, 2019, the Company adopted ASC 2016-02 "Leases (ASC Topic 842)" and subsequent amendments thereto, which requires the Company to recognize most leases on the consolidated statements of financial condition. The Company adopted the standard under a modified retrospective approach as of the date of adoption and elected to apply several of the available practical expedients, including:

●

Carryover of historical lease determination and lease classification conclusions.

●

Carryover of historical initial direct cost balances for existing leases.

●

Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component.

Adoption of the leasing standard resulted in the recognition of operating right-of-use assets, and operating lease liabilities. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. There was no material impact to the timing of expense or income recognition in the Company’s consolidated statements of operations. Disclosures about the Company’s leasing activities are presented in Note 8.

The Company made a policy election to exclude the recognition requirements of ASC 2016-02 on short-term leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties.

Goodwill and Other Intangible Assets - Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually, or more frequently if events and circumstances exist that indicate the carrying amount of the asset may be impaired. The Company performs its annual goodwill impairment test in the fourth quarter of every year, or more frequently if events or changes in circumstance indicate the asset might be impaired.

Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years.

Servicing Right Assets - When real estate or C&I loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. SRAs are carried at the lower of cost or fair value and are amortized in proportion to, and over the period of, anticipated net servicing income. All separately recognized SRAs are required to be initially measured at fair value, if practicable. The estimated fair value of loan servicing assets is determined by calculating the present value of estimated future net servicing cash flows, using assumptions of prepayments, defaults, servicing costs and discount rates derived based upon actual historical results for the Bank, or, in the absence of such data, from historical results for the Bank’s peers. Capitalized loan servicing assets are stratified based on predominant risk characteristics of the underlying loans (i.e., collateral, interest rate, servicing spread and maturity) for the purpose of evaluating impairment. A valuation allowance is then established in the event the recorded value of an individual stratum exceeds its fair value. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds, default rates, and losses.

Transfers of Financial Assets - Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been legally isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Bank Owned Life Insurance - BOLI is carried at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Increases in the contract value are recorded as non-interest income in the consolidated statements of operations and insurance proceeds received are recorded as a reduction of the contract value.

Income Taxes - Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount deemed more likely than not to be realized.

A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not satisfying the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to tax matters in income tax expense. The Company had no unrecognized tax positions at December 31, 2023 or 2022.

Employee Benefits - 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. As the sponsor of a single employer defined benefit plan, the Company must do the following for the Employee Retirement Plan and BNB Bank Pension Plan: (1) recognize the funded status of the benefit plans in its statements of financial condition, measured as the difference between plan assets at fair value (with limited exceptions) and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement benefit plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation; (2) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit or cost. Amounts recognized in accumulated other comprehensive income, including the gains or losses, prior service costs or credits, and the transition asset or obligation are adjusted as they are subsequently recognized as components of net periodic benefit cost; (3) measure defined benefit plan assets and obligations as of the date of the employer’s fiscal year-end statements of financial condition (with limited exceptions); and (4) disclose in the notes to financial statements additional information about certain effects on net periodic benefit cost for the next fiscal year that arise from delayed recognition of the gains or losses, prior service costs or credits, and transition asset or obligation. The Dime Community Bank KSOP Plan (“Dime KSOP Plan”) and Outside Director Retirement Plan, were terminated by resolution of the Legacy Dime Board of Directors. The effective date of the Dime terminations was February 1, 2021, the Merger Date.

The Company provides a 401(k) plan, which covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the 60^th day of employment, unless they elect not to participate.

The Holding Company and Bank maintain the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”), the Dime Community Bancshares, Inc. 2019 Equity Incentive Plan, (the “2019 Equity Incentive

Plan”), and the 2012 Stock-Based Compensation Plan (the “2012 Equity Incentive Plan”), (collectively the “Stock Plans”); which are discussed more fully in Note 20 Stock-Based Compensation. Under the Stock Plans, compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Holding Company’s common stock (“Common Stock”) at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award.

Basic and Diluted EPS - 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, and prior to 2021, if all likely aggregate Long Term Incentive Plan ("LTIP") performance-based share awards (“PSA”) were issued. 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 PSA shares 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.

Comprehensive Income - Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income includes unrealized gains and losses on available-for-sale securities, unrealized gains and losses on cash flow hedges, and changes in the funded status of the pension plan, which are also recognized as separate components of equity. Comprehensive and accumulated comprehensive income are summarized in Note 3.

Disclosures about Segments of an Enterprise and Related Information - The Company has 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. For example, lending is dependent upon the ability of the Bank to fund itself with retail deposits and other borrowings and to manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit.

For the years ended December 31, 2023, 2022 and 2021, there was no customer that accounted for more than 10% of the Company's consolidated revenue.

Reclassifications – There have been no material reclassifications to prior year amounts to conform to their current presentation.

Adoption of New Accounting Standards

Standards Adopted in 2021

ASU 2016-13, Financial Instruments – Credit Losses (Topic 326)

The Company adopted ASU No. 2016-13 on January 1, 2021 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. ASU 2016-13 was effective for the Company as of January 1, 2020. Under Section 4014 of the CARES Act, financial institutions required to adopt ASU 2016-13 as of January 1, 2020 were provided an option to delay the adoption of the CECL Standard framework. The Company elected to defer adoption of the CECL Standard until January 1, 2021. The CECL Standard requires that the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. This standard requires financial institutions and other organizations to use forward-looking information to better inform their credit loss estimates. Results for reporting periods beginning after January 1, 2021 are presented under the CECL Standard while prior period amounts will continue to be reported in accordance with previously applicable GAAP.

The adoption of the CECL Standard resulted in an initial decrease of $3.9 million to the allowance for credit losses and an increase of $1.4 million to the reserve for unfunded commitments in other liabilities, for the year ended December 31, 2021. The after-tax cumulative-effect adjustment of $1.7 million was recorded in retained earnings as of January 1, 2021.

There were no held-to-maturity securities as of January 1, 2021 and, therefore, no impact from the adoption of the CECL Standard.

Standards Adopted in 2023

ASU 2020-04, Reference Rate Reform (Topic 848)

ASU 2020-04 provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. Once optional expedients are elected, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic within the Codification. As of July 1, 2023, the Company has transitioned LIBOR based transactions to other indexes. The LIBOR transition did not have a material effect on the Company's consolidated financial statements.

ASU 2021-01, Reference Rate Reform (Topic 848): Scope

ASU 2021-01 clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining, or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2020-01 is effective upon issuance and generally can be applied through December 31, 2022. As of July 1, 2023, the Company has transitioned LIBOR based derivatives to other indexes such as fallback rate SOFR. The LIBOR transition did not have a material effect on the Company's consolidated financial statements.

ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method

On March 28, 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. The purpose of this updated guidance is to further align risk management objectives with hedge accounting results on the application of the last-of-layer method, which was first introduced in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2022-01 became effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption in the interim period, permitted. For entities who have already adopted ASU 2017-12, immediate adoption is allowed. This ASU became effective for the Company on January 1, 2023, on a prospective basis. This standard did not have a material impact on the consolidated financial statements.

ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

ASU 2022-02 eliminates TDR recognition and measurement guidance and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have adopted the amendments of ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This ASU became effective for the Company on January 1, 2023. The Company adopted ASU 2022-02 on its effective date using the modified retrospective method. The adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Loans	$ 554,488	$ 406,601	$ 359,016
Securities	32,179	29,224	22,634
Other short-term investments	22,693	3,400	2,976
Total interest income	609,360	439,225	384,626
Interest expense:
Deposits and escrow	219,045	38,433	16,527
Borrowed funds	66,472	19,117	10,490
Derivative cash collateral	7,272	1,812
Total interest expense	292,789	59,362	27,017
Net interest income	316,571	379,863	357,609
Provision for credit losses	2,770	5,374	6,212
Net interest income after provision for credit losses	313,801	374,489	351,397
Non-interest income:
Service charges and other fees	16,437	16,206	15,998
Title fees	1,295	2,031	2,338
Loan level derivative income	7,081	3,637	2,909
BOLI income	9,748	10,346	7,071
Gain on sale of SBA loans	1,592	1,797	23,033
Gain on sale of residential loans	115	448	1,758
Net (loss) gain on equity securities	(758)		131
Net (loss) gain on sale of securities and other assets	(1,469)	1,397	1,705
Loss on termination of derivatives			(16,505)
Other	2,165	2,294	3,630
Total non-interest income	36,206	38,156	42,068
Non-interest expense:
Salaries and employee benefits	117,437	120,108	108,331
Severance	9,093	2,198	1,875
Occupancy and equipment	29,055	30,220	30,697
Data processing costs	16,474	15,175	16,638
Marketing	6,781	5,900	4,661
Professional services	6,155	8,069	9,284
Federal deposit insurance premiums	8,853	3,900	4,077
Loss from extinguishment of debt for FHLBNY advances and subordinated debt		740	1,751
Curtailment loss			(1,543)
Merger expenses and transaction costs			44,824
Branch restructuring costs			5,059
Amortization of other intangible assets	1,425	1,878	2,622
Other	17,855	12,542	13,937
Total non-interest expense	213,128	200,730	245,299
Income before income taxes	136,879	211,915	148,166
Income tax expense	40,785	59,359	44,170
Net income	96,094	152,556	103,996
Preferred stock dividends	7,286	7,286	7,286
Net income available to common stockholders	$ 88,808	$ 145,270	$ 96,710
Earnings per common share:
Basic (in dollars per share)	$ 2.29	$ 3.73	$ 2.45
Diluted (in dollars per share)	$ 2.29	$ 3.73	$ 2.45

LOANS HELD FOR INVESTMENT, NET - Financial effect of the modifications to borrowers experiencing financial difficulty (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rate Reductions	4.27%
Weighted Average months of Term Extensions	202 months
Weighted Average Payment Delay or Principal Forgiveness	$ 3,470
One-to-four family residential and cooperative/condominium apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average months of Term Extensions	189 months
Weighted Average Payment Delay or Principal Forgiveness	$ 76
Commercial real estate ("CRE")
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Payment Delay or Principal Forgiveness	$ 988
Commercial and Industrial ("C&I") Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rate Reductions	4.27%
Weighted Average months of Term Extensions	13 months
Weighted Average Payment Delay or Principal Forgiveness	$ 2,406

FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Assets
Derivative assets	$ 122,132	$ 154,485
Financial Liabilities
Derivative liabilities	121,265	137,335
Certain individually evaluated loans
Individually evaluated loans	6,300
Recurring \| Cash flow hedges
Financial Assets
Derivative assets	7,461	17,150
Recurring \| Freestanding derivatives, net
Financial Assets
Derivative assets	114,671	137,335
Financial Liabilities
Derivative liabilities	114,671	137,335
Recurring \| Fair value hedges
Financial Liabilities
Derivative liabilities	6,594
Recurring \| Level 2 Inputs \| Cash flow hedges
Financial Assets
Derivative assets	7,461	17,150
Recurring \| Level 2 Inputs \| Freestanding derivatives, net
Financial Assets
Derivative assets	114,671	137,335
Financial Liabilities
Derivative liabilities	114,671	137,335
Recurring \| Level 2 Inputs \| Fair value hedges
Financial Liabilities
Derivative liabilities	6,594
Nonrecurring \| Level 3 Inputs
Certain individually evaluated loans
Individually evaluated loans	6,336	1,179
Carrying Amount
Certain individually evaluated loans
Individually evaluated loans	10,695,349	10,482,145
Carrying Amount \| Nonrecurring
Certain individually evaluated loans
Individually evaluated loans	6,336	1,179
US Government Agencies Debt Securities [Member] \| Recurring
Financial Assets
Securities available-for-sale:	9,371	227,256
US Government Agencies Debt Securities [Member] \| Recurring \| Level 2 Inputs
Financial Assets
Securities available-for-sale:	9,371	227,256
US Treasury Securities [Member] \| Recurring
Financial Assets
Securities available-for-sale:	234,190	166,773
US Treasury Securities [Member] \| Recurring \| Level 2 Inputs
Financial Assets
Securities available-for-sale:	234,190	166,773
Corporate securities \| Recurring
Financial Assets
Securities available-for-sale:	151,170	241,240
Corporate securities \| Recurring \| Level 2 Inputs
Financial Assets
Securities available-for-sale:	151,170	241,240
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") \| Recurring
Financial Assets
Marketable equity securities (Registered Mutual Funds)		281,339
Mortgage-backed securities	205,285
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") \| Recurring \| Level 2 Inputs
Financial Assets
Marketable equity securities (Registered Mutual Funds)		281,339
Mortgage-backed securities	205,285
Agency collateralized mortgage obligations ("CMOs") \| Recurring
Financial Assets
Securities available-for-sale:	259,415	33,979
Agency collateralized mortgage obligations ("CMOs") \| Recurring \| Level 2 Inputs
Financial Assets
Securities available-for-sale:	259,415	$ 33,979
State and municipal obligations. \| Recurring
Financial Assets
Securities available-for-sale:	26,809
State and municipal obligations. \| Recurring \| Level 2 Inputs
Financial Assets
Securities available-for-sale:	$ 26,809

FHLBNY ADVANCES - Contractual maturities (Details) - Federal Home Loan Bank of New York - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contractual Maturity, Amount
2023		$ 1,095,000
2024	$ 1,265,000
2027	36,000	36,000
2028	12,000
Total FHLBNY advances, amount	$ 1,313,000	$ 1,131,000
Contractual Maturity, Weighted Average Rate
2028	4.04%	4.04%
Total FHLBNY advances, weighted average interest rate (as a percent)	5.23%	4.55%
Minimum
Contractual Maturity, Weighted Average Rate
2023	3.85%	3.85%
2024	4.85%	4.85%
Maximum
Contractual Maturity, Weighted Average Rate
2023	5.65%	5.65%
2024	5.67%	5.67%
Weighted Average Rate
Contractual Maturity, Weighted Average Rate
2027	4.25%	4.25%

EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

21. EARNINGS PER 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, and prior to 2021, if all likely aggregate PSAs were issued. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested RSA shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA and 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.

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


	Year Ended December 31,
(In thousands except share and per share amounts)	2023		2022		2021
Net income available to common stockholders	$	88,808	$	145,270	$	96,710
Less: Dividends paid and earnings allocated to participating securities		(1,240)		(1,688)		(1,215)
Income attributable to common stock	$	87,568	$	143,582	$	95,495
Weighted-average common shares outstanding, including participating securities		38,754,346		38,985,314		39,327,959
Less: weighted-average participating securities		(566,869)		(446,480)		(425,533)
Weighted-average common shares outstanding		38,187,477		38,538,834		38,902,426
Basic EPS	$	2.29	$	3.73	$	2.45

Income attributable to common stock	$	87,568	$	143,582	$	95,495
Weighted-average common shares outstanding		38,187,477		38,538,834		38,902,426
Weighted-average common equivalent shares outstanding		—		—		611
Weighted-average common and equivalent shares outstanding		38,187,477		38,538,834		38,903,037
Diluted EPS	$	2.29	$	3.73	$	2.45

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 69,479, 134,447 and 167,053 weighted-average stock options outstanding for the years ended December 31, 2023, 2022 and 2021, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.

MERGER

12 Months Ended

Dec. 31, 2023

MERGER

MERGER

2. MERGER

As described in Note 1. Summary of Significant Accounting Policies, on February 1, 2021, we completed our Merger with Legacy Dime.

Pursuant to the merger agreement, Legacy Dime merged with and into Bridge with Bridge as the surviving corporation under the name “Dime Community Bancshares, Inc.” At the effective time of the Merger, each outstanding share of Legacy Dime common stock, par value $0.01 per share, was converted into 0.6480 shares of the Company’s common stock, par value $0.01 per share.

At the Effective Time, each outstanding share of Legacy Dime’s Series A preferred stock, par value $0.01 was converted into one share of a newly created series of the Company’s preferred stock having the same powers, preferences and rights as the Dime Preferred Stock.

In connection with the Merger, the Company assumed $115.0 million in aggregate principal amount of the 4.50% Fixed-to-Floating Rate Subordinated Debentures due 2027 of Legacy Dime.

The Merger constituted a business combination and was accounted for as a reverse merger using the acquisition method of accounting. As a result, Legacy Dime was the accounting acquirer and Bridge was the legal acquirer and the accounting acquiree. Accordingly, the historical financial statements of Legacy Dime became the historical financial statements of the combined company. In addition, the assets and liabilities of Bridge have been recorded at their estimated fair values and added to those of Legacy Dime as of the Merger Date. The determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are subjective and subject to change.

The Company issued 21.2 million shares of its common stock to Legacy Dime stockholders in connection with the Merger, which represented 51.5% of the voting interests in the Company upon completion of the Merger. In accordance with FASB ASC 805-40-30-2, the purchase price in a reverse acquisition is determined based on the number of equity interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition.

The table below summarizes the ownership of the combined company following the Merger, for each shareholder group, as well as the market capitalization of the combined company using shares of Bridge and Legacy Dime common stock outstanding at January 31, 2021 and Bridge’s closing price on January 31, 2021.


	Dime Community Bancshares, Inc. Ownership and Market Value
	Number of		Market Value at
	Bridge	Percentage	$24.43 Bridge
(Dollars and shares in thousands)	Outstanding Shares	Ownership	Share Price
Bridge shareholders	19,993	48.5%	$	488,420
Legacy Dime shareholders	21,233	51.5%		518,720
Total	41,226	100.0%	$	1,007,140

The table below summarizes the hypothetical number of shares as of January 31, 2021 that Legacy Dime would have to issue to give Bridge owners the same percentage ownership in the combined company.


	Hypothetical Legacy Dime Ownership
	Number of
	Legacy Dime	Percentage
(Shares in thousands)	Outstanding Shares	Ownership
Bridge shareholders	30,853	48.5%
Legacy Dime shareholders	32,767	51.5%
Total	63,620	100.0%

The purchase price is calculated based on the number of hypothetical shares of Legacy Dime common stock issued to Bridge shareholders multiplied by the share price as demonstrated in the table below.


(Dollars and shares in thousands)
Number of hypothetical Legacy Dime shares issued to Bridge shareholders		30,853
Legacy Dime market price per share as of February 1, 2021	$	15.90
Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders	$	490,560
Value of Bridge stock options hypothetically converted to options to acquire shares of Legacy Dime common stock		643
Cash in lieu of fractional shares		7
Purchase price consideration	$	491,210

The following table provides the purchase price allocation as of the Merger Date and the Bridge assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by Dime Community Bancshares. We recorded the estimate of fair value based on initial valuations available at the Merger Date. We finalized all valuations and recorded final adjustments during the fourth quarter of 2021. In the fourth quarter of 2021, we obtained additional information and evidence that resulted in a subsequent adjustment to decrease the estimated fair value of our acquired BNB Bank Pension Plan assets, which resulted in an increase to goodwill resulting from the Merger of $458 thousand, net of tax. The subsequent adjustment to assets acquired was recorded in other assets in the consolidated statements of financial condition.


(In thousands)
Purchase price consideration	$	491,210

Fair value of assets acquired:
Cash and due from banks		715,988
Securities available-for-sale		651,997
Loans held for sale		10,000
Loans held for investment		4,531,640
Premises and fixed assets		37,881
Restricted stock		23,362
BOLI		94,085
Other intangible assets		10,984
Operating lease assets		45,603
Other assets		117,016
Total assets acquired		6,238,556
Fair value of liabilities assumed:
Deposits		5,405,575
Other short-term borrowings		216,298
Subordinated debt		83,200
Operating lease liabilities		45,285
Other liabilities		97,147
Total liabilities assumed		5,847,505
Fair value of net identifiable assets		391,051
Goodwill resulting from Merger	$	100,159

As a result of the Merger, we recorded $100.2 million of goodwill. The goodwill recorded is not deductible for income tax purposes.

The Company is required to record PCD assets, defined as a more-than-insignificant deterioration in credit quality since origination or issuance, at the purchase price plus the allowance for credit losses expected at the time of acquisition. Under this method, there is no credit loss expense affecting net income on acquisition of PCD assets. Changes in estimates of expected losses after acquisition are recognized as credit loss expense (or reversal of credit loss expense) in subsequent periods as they arise. Any non-credit discount or premium resulting from acquiring a pool of purchased financial assets with credit deterioration shall be allocated to each individual asset. At the acquisition date, the initial allowance for credit losses determined on a collective basis shall be allocated to individual assets to appropriately allocate any non-credit discount or premium. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. Information regarding loans acquired at the Merger Date are as follows:


(In thousands)
PCD loans:
Unpaid principal balance	$	295,306
Non-credit discount at acquisition		(9,050)
Unpaid principal balance, net		286,256

Allowance for credit losses at acquisition		(52,284)
Fair value at acquisition		233,972

Non-PCD loans:
Unpaid principal balance		4,289,236
Premium at acquisition		8,432
Fair value at acquisition		4,297,668

Total fair value at acquisition	$	4,531,640

Supplemental disclosures of cash flow information related to investing and financing activities regarding the Merger are as follows for the year ended December 31, 2021:


(In thousands)
Business combination:
Fair value of tangible assets acquired	$	6,227,572
Goodwill, core deposit intangible and other intangible assets acquired		111,143
Liabilities assumed		5,847,505
Purchase price consideration		491,210

Other intangible assets consisted of core deposit intangibles and a non-compete agreement with estimated fair values at the Merger Date of $10.2 million and $780 thousand, respectively. Core deposit intangibles are being amortized over a life of 10 years on an accelerated basis. The non-compete agreement was amortized over a life of 13 months.

MERGER - Supplemental of cash flow information (Details) - Merger Agreement $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Fair value of tangible assets acquired	$ 6,227,572
Goodwill, core deposit intangible and other intangible assets acquired	111,143
Liabilities assumed	5,847,505
Purchase price consideration	$ 491,210

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 96,094	$ 152,556	$ 103,996

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

PREFERRED STOCK (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Feb. 01, 2021 $ / shares	Jun. 10, 2020 USD ($) shares	Feb. 05, 2020 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Public Offering [Abstract]
Preferred stock, Series A, par value (in dollars per share)	$ 0.01			$ 0.01	$ 0.01
Preferred stock, Series A, liquidation value (in dollars per share)				$ 25.00	$ 25.00
Share conversion ratio	0.6480			1
Preferred Stock, Series A
Public Offering [Abstract]
Number of share issued in public offering (in shares) \| shares		2,300,000	2,999,200
Preferred stock, liquidation preference \| $		$ 57.5	$ 75.0
Preferred stock, interest rate		5.50%	5.50%
Preferred stock, Series A, par value (in dollars per share)			$ 0.01
Preferred stock, Series A, liquidation value (in dollars per share)			$ 25.00
Proceeds from issuance of preferred stock \| $		$ 44.3	$ 72.2
Preferred stock, redemption price (in dollars per share)				$ 25.00
Preferred Stock
Public Offering [Abstract]
Share conversion ratio	1

LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

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 December 31, 2023:



(In thousands)
2024	$	13,009
2025		12,833
2026		12,173
2027		10,322
2028		4,297
Thereafter		6,260
Total undiscounted lease payments		58,894
Less amounts representing interest		(3,440)
Operating lease liabilities	$	55,454

Other information related to our operating leases was as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating lease cost	$	12,801	$	11,428	$	14,341
Cash paid for amounts included in the measurement of operating lease liabilities		12,560		10,574		13,975


	Year Ended December 31,
	2023		2022
Weighted average remaining lease term	5.0	years	5.9	years
Weighted average discount rate	2.34	%	2.03	%

RESTRICTED STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal Home Loan Bank of New York
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Share price	$ 100
Decrease in outstanding FHLBNY advances	$ 182,000
Bank owned shares	734,751	636,274
Dividend income on the FHLBNY capital stock	$ 5,400	$ 853	$ 1,900
FRB capital stock
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Share price	$ 50
Bank owned shares	502,197	499,052
Dividend income on the FHLBNY capital stock	$ 1,000	$ 828	442
ACBB capital stock
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Bank owned shares	60
Dividend income on the FHLBNY capital stock	$ 2	$ 1	$ 1
ACBB capital stock \| Minimum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Share price	$ 2,500
ACBB capital stock \| Maximum
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Share price	$ 3,250

PREFERRED STOCK

12 Months Ended

Dec. 31, 2023

PREFERRED STOCK.

PREFERRED STOCK

22. PREFERRED STOCK

On February 5, 2020, Legacy Dime completed an underwritten public offering of 2,999,200 shares, or $75.0 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 “Legacy Dime Preferred Stock”). The net proceeds received from the issuance of preferred stock at the time of closing were $72.2 million. On June 10, 2020, Legacy Dime completed an underwritten public offering, a reopening of the February 5, 2020 original issuance, of 2,300,000 shares, or $57.5 million in aggregate liquidation preference, of the Legacy Dime Preferred Stock. The net proceeds received from the issuance of preferred stock at the time of closing were $44.3 million.

At the Effective Time of the Merger, each outstanding share of the Legacy Dime Preferred Stock was converted into the right to receive one share of a newly created series of the Company’s preferred stock having the same powers, preferences and rights as the Legacy Dime 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.

LOANS HELD FOR INVESTMENT, NET - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	$ 83,507
Provision for credit losses	2,770	$ 5,374	$ 6,212
Allowance for credit losses, Ending balance	71,743	83,507
Non-accrual with No Allowance	3,780	6,075
Non-accrual with Allowance	25,319	28,162
Reserve	14,202	22,389
Total real estate loans
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	43,381	47,771	28,712
Day 1 acquired PCD loans			28,753
Provision for credit losses	(718)	(4,446)	(4,077)
Charge-offs	(16)	(11,401)	(3,817)
Recoveries		56	176
Allowance for credit losses, Ending balance	42,647	43,381	47,771
Total real estate loans \| Cumulative Effect, CECL Adoption, Adjustment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			1,976
Total real estate loans \| Cumulative Effect, CECL Adoption, Adjusted Balance
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			(26,736)
One-to-four family residential and cooperative/condominium apartment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	5,969	5,932	644
Day 1 acquired PCD loans			2,220
Provision for credit losses	858	37	1,975
Charge-offs	(14)		(20)
Recoveries			65
Allowance for credit losses, Ending balance	6,813	5,969	5,932
Non-accrual with Allowance	3,248	3,203
Reserve	133	181
One-to-four family residential and cooperative/condominium apartment \| Cumulative Effect, CECL Adoption, Adjustment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			1,048
One-to-four family residential and cooperative/condominium apartment \| Cumulative Effect, CECL Adoption, Adjusted Balance
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			(1,692)
Multifamily residential and residential mixed-use
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	8,360	7,816	17,016
Day 1 acquired PCD loans			3,292
Provision for credit losses	(1,121)	542	(3,921)
Charge-offs	(2)		(391)
Recoveries		2	74
Allowance for credit losses, Ending balance	7,237	8,360	7,816
Multifamily residential and residential mixed-use \| Cumulative Effect, CECL Adoption, Adjustment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			8,254
Multifamily residential and residential mixed-use \| Cumulative Effect, CECL Adoption, Adjusted Balance
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			(8,762)
Commercial real estate ("CRE")
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	27,329	29,166	9,059
Day 1 acquired PCD loans			23,124
Provision for credit losses	(721)	(1,891)	(4,497)
Charge-offs			(3,406)
Recoveries		54	37
Allowance for credit losses, Ending balance	26,608	27,329	29,166
Non-accrual with No Allowance	2,298	4,915
Non-accrual with Allowance	8,229	3,417
Reserve	832	1,424
Commercial real estate ("CRE") \| Cumulative Effect, CECL Adoption, Adjustment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			4,849
Commercial real estate ("CRE") \| Cumulative Effect, CECL Adoption, Adjusted Balance
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			(13,908)
Acquisition, development, and construction ("ADC")
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	1,723	4,857	1,993
Day 1 acquired PCD loans			117
Provision for credit losses	266	(3,134)	2,366
Allowance for credit losses, Ending balance	1,989	1,723	4,857
Non-accrual with No Allowance		657
Non-accrual with Allowance	657
Reserve	305
Acquisition, development, and construction ("ADC") \| Cumulative Effect, CECL Adoption, Adjustment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			381
Acquisition, development, and construction ("ADC") \| Cumulative Effect, CECL Adoption, Adjusted Balance
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			(2,374)
Commercial and Industrial ("C&I") Loans
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	39,853	35,331	12,737
Day 1 acquired PCD loans			23,374
Provision for credit losses	3,464	11,786	6,016
Charge-offs	(15,364)	(11,401)	(4,984)
Recoveries	1,024	4,137	123
Allowance for credit losses, Ending balance	28,977	39,853	35,331
Non-accrual with No Allowance	1,482	503
Non-accrual with Allowance	13,185	21,443
Reserve	12,932	20,685
Commercial and Industrial ("C&I") Loans \| Cumulative Effect, CECL Adoption, Adjustment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			1,935
Commercial and Industrial ("C&I") Loans \| Cumulative Effect, CECL Adoption, Adjusted Balance
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			(10,802)
Other Loans
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	273	751	12
Day 1 acquired PCD loans			157
Provision for credit losses	129	(430)	1,364
Charge-offs	(300)	(53)	(777)
Recoveries	17	5	3
Allowance for credit losses, Ending balance	119	273	751
Non-accrual with Allowance		99
Reserve		99
Other Loans \| Cumulative Effect, CECL Adoption, Adjustment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			8
Other Loans \| Cumulative Effect, CECL Adoption, Adjusted Balance
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			(4)
Includes other loans
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance	83,507	83,853	41,461
Day 1 acquired PCD loans			52,284
Provision for credit losses	2,875	6,910	3,303
Charge-offs	(15,680)	(11,454)	(9,578)
Recoveries	1,041	4,198	302
Allowance for credit losses, Ending balance	$ 71,743	$ 83,507	83,853
Includes other loans \| Cumulative Effect, CECL Adoption, Adjustment
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			3,919
Includes other loans \| Cumulative Effect, CECL Adoption, Adjusted Balance
Allowance for loan losses [Roll Forward]
Allowance for credit losses, Beginning balance			$ (37,542)

MERGER (Tables)

12 Months Ended

Dec. 31, 2023

MERGER

Schedule of Bridge and legacy Dime common stock


	Dime Community Bancshares, Inc. Ownership and Market Value
	Number of		Market Value at
	Bridge	Percentage	$24.43 Bridge
(Dollars and shares in thousands)	Outstanding Shares	Ownership	Share Price
Bridge shareholders	19,993	48.5%	$	488,420
Legacy Dime shareholders	21,233	51.5%		518,720
Total	41,226	100.0%	$	1,007,140

Schedule of hypothetical number of shares


	Hypothetical Legacy Dime Ownership
	Number of
	Legacy Dime	Percentage
(Shares in thousands)	Outstanding Shares	Ownership
Bridge shareholders	30,853	48.5%
Legacy Dime shareholders	32,767	51.5%
Total	63,620	100.0%

Schedule of purchase price


(Dollars and shares in thousands)
Number of hypothetical Legacy Dime shares issued to Bridge shareholders		30,853
Legacy Dime market price per share as of February 1, 2021	$	15.90
Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders	$	490,560
Value of Bridge stock options hypothetically converted to options to acquire shares of Legacy Dime common stock		643
Cash in lieu of fractional shares		7
Purchase price consideration	$	491,210

Schedule of purchase price allocation


(In thousands)
Purchase price consideration	$	491,210

Fair value of assets acquired:
Cash and due from banks		715,988
Securities available-for-sale		651,997
Loans held for sale		10,000
Loans held for investment		4,531,640
Premises and fixed assets		37,881
Restricted stock		23,362
BOLI		94,085
Other intangible assets		10,984
Operating lease assets		45,603
Other assets		117,016
Total assets acquired		6,238,556
Fair value of liabilities assumed:
Deposits		5,405,575
Other short-term borrowings		216,298
Subordinated debt		83,200
Operating lease liabilities		45,285
Other liabilities		97,147
Total liabilities assumed		5,847,505
Fair value of net identifiable assets		391,051
Goodwill resulting from Merger	$	100,159

Schedule of loans acquired at the Merger Date


(In thousands)
PCD loans:
Unpaid principal balance	$	295,306
Non-credit discount at acquisition		(9,050)
Unpaid principal balance, net		286,256

Allowance for credit losses at acquisition		(52,284)
Fair value at acquisition		233,972

Non-PCD loans:
Unpaid principal balance		4,289,236
Premium at acquisition		8,432
Fair value at acquisition		4,297,668

Total fair value at acquisition	$	4,531,640

Schedule of supplemental disclosures of cash flow information


(In thousands)
Business combination:
Fair value of tangible assets acquired	$	6,227,572
Goodwill, core deposit intangible and other intangible assets acquired		111,143
Liabilities assumed		5,847,505
Purchase price consideration		491,210

LOANS HELD FOR INVESTMENT, NET - Related Party Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Loans and Leases Receivable, Related Parties [Roll Forward]
Beginning balance	$ 4,956
New loans	531
Repayments	(565)
Balance at end of period	$ 4,922

RETIREMENT AND POSTRETIREMENT PLANS - Employee Retirement Plans investments measured at fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 21,303	$ 22,593	$ 28,693
Expected annual rates of return	7.00%	7.00%	7.00%
Percentage of cumulative long term return on index	9.00%
Percentage of cumulative long term return on bonds	5.00%
Employee Retirement Plan's target allocation, expected annual rate of return	7.00%	7.00%
Actuarial (gain) loss	$ 384	$ (5,004)
Employee Retirement Plan \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	58	541
Employee Retirement Plan \| U.S. large cap
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		8,398
Employee Retirement Plan \| U.S. mid cap/small cap
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		2,348
Employee Retirement Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		2,718
Employee Retirement Plan \| Equities blend
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		192
Employee Retirement Plan \| Corporate
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		1,305
Employee Retirement Plan \| Government
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	21,245	2,527
Employee Retirement Plan \| Mortgage-backed
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		586
Employee Retirement Plan \| High yield bonds and bond funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		3,978
Employee Retirement Plan \| Domestic Mid Cap.
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	21,303	22,593
Employee Retirement Plan \| Level 1 Inputs \| U.S. large cap
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		8,398
Employee Retirement Plan \| Level 1 Inputs \| U.S. mid cap/small cap
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		2,348
Employee Retirement Plan \| Level 1 Inputs \| International
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		2,718
Employee Retirement Plan \| Level 1 Inputs \| Equities blend
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		192
Employee Retirement Plan \| Level 1 Inputs \| Government
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	21,245	2,527
Employee Retirement Plan \| Level 1 Inputs \| Domestic Mid Cap.
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	21,245	16,183
Employee Retirement Plan \| Level 2 Inputs \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	58	541
Employee Retirement Plan \| Level 2 Inputs \| Corporate
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		1,305
Employee Retirement Plan \| Level 2 Inputs \| Mortgage-backed
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		586
Employee Retirement Plan \| Level 2 Inputs \| High yield bonds and bond funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		3,978
Employee Retirement Plan \| Level 2 Inputs \| Domestic Mid Cap.
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	58	6,410
BNB Bank Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 38,170	$ 38,572	$ 47,857
Expected annual rates of return	7.25%	7.25%
Percentage of cumulative long term return on index	9.00%
Percentage of cumulative long term return on bonds	5.00%
Employee Retirement Plan's target allocation, expected annual rate of return	7.25%
Actuarial (gain) loss	$ (883)	$ (7,111)
BNB Bank Pension Plan \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	317	1,001
BNB Bank Pension Plan \| U.S. large cap
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		14,310
BNB Bank Pension Plan \| U.S. mid cap/small cap
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		4,094
BNB Bank Pension Plan \| International
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		4,658
BNB Bank Pension Plan \| Equities blend
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		308
BNB Bank Pension Plan \| Corporate
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		2,203
BNB Bank Pension Plan \| Government
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	37,853	4,275
BNB Bank Pension Plan \| Mortgage-backed
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		979
BNB Bank Pension Plan \| High yield bonds and bond funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		6,744
BNB Bank Pension Plan \| Domestic Mid Cap.
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		38,572
BNB Bank Pension Plan \| Level 1 Inputs
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	37,853
BNB Bank Pension Plan \| Level 1 Inputs \| U.S. large cap
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		14,310
BNB Bank Pension Plan \| Level 1 Inputs \| U.S. mid cap/small cap
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		4,094
BNB Bank Pension Plan \| Level 1 Inputs \| International
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		4,658
BNB Bank Pension Plan \| Level 1 Inputs \| Equities blend
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		308
BNB Bank Pension Plan \| Level 1 Inputs \| Government
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	37,853	4,275
BNB Bank Pension Plan \| Level 1 Inputs \| Domestic Mid Cap.
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		27,645
BNB Bank Pension Plan \| Level 2 Inputs
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	317
BNB Bank Pension Plan \| Level 2 Inputs \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets	$ 317	1,001
BNB Bank Pension Plan \| Level 2 Inputs \| Corporate
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		2,203
BNB Bank Pension Plan \| Level 2 Inputs \| Mortgage-backed
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		979
BNB Bank Pension Plan \| Level 2 Inputs \| High yield bonds and bond funds
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		6,744
BNB Bank Pension Plan \| Level 2 Inputs \| Domestic Mid Cap.
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		$ 10,927

DERIVATIVES AND HEDGING ACTIVITIES - Cash Flow Hedges Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) DerivativeInstrument	Dec. 31, 2022 USD ($) DerivativeInstrument	Dec. 31, 2021 USD ($) DerivativeInstrument
DERIVATIVES AND HEDGING ACTIVITIES
Estimated reclassification as a decrease to interest expense during next twelve months	$ 6.4
Number of derivatives terminated \| DerivativeInstrument	0	0	34
Termination value of derivatives	$ 0.0		$ 785.0
Collateral received against obligations in net asset position	13.5	$ 17.8
Designated as Hedging Instrument \| Cash flow hedges
DERIVATIVES AND HEDGING ACTIVITIES
Clearing house related to the fair value derivatives	$ 4.9
Loss on termination of derivatives
DERIVATIVES AND HEDGING ACTIVITIES
Gain (loss) on termination of derivatives			$ (16.5)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DERIVATIVES AND HEDGING ACTIVITIES - Risk Participation and Credit Risk Related Contingent Features (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)
DERIVATIVES AND HEDGING ACTIVITIES
Notional amounts of risk participation agreements for derivative liabilities	$ 93.9		$ 71.1
Credit Risk Related Contingent Features [Abstract]
Derivatives in a net liability position	0.0
Termination value of derivatives	$ 0.0	$ 785.0
Number of provisions breached \| item	0

DEPOSITS

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

DEPOSITS

11. DEPOSITS

Deposits are summarized as follows:


	Year Ended December 31,
	2023				2022
	Weighted				Weighted
	Average				Average
(Dollars in thousands)	Rate		Liability		Rate		Liability
Savings⁽¹⁾	3.67	%	$	2,335,490	2.24	%	$	2,260,101
CDs	4.43			1,607,683	2.25			1,115,364
Money market	3.46			3,125,996	1.50			2,532,270
Interest-bearing checking	0.77			515,987	1.01			827,454
Non-interest-bearing checking⁽¹⁾	—			2,945,499	—			3,519,218
Total	2.56	%	$	10,530,655	1.19	%	$	10,254,407

(1)	Includes mortgage escrow deposits.

The following table presents a summary of scheduled maturities of CDs outstanding at December 31, 2023:


	Maturing		Weighted Average
(Dollars in thousands)	Balance		Interest Rate
2024	$	1,489,735	4.60	%
2025		81,297	2.52
2026		25,742	2.26
2027		7,527	0.18
2028		3,382	0.05
2029 and beyond		—	—
Total	$	1,607,683	4.43	%

CDs that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250 thousand were $115.3 million and $129.6 million at December 31, 2023 and 2022, respectively.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

20. STOCK-BASED COMPENSATION

Before the Merger, Bridge and Legacy Dime granted share-based awards under their respective stock-based compensation plans, (collectively, the “Legacy Stock Plans”), which are both subject to the accounting requirements of ASC 718.

In May 2021, the Company’s shareholders 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. At December 31, 2023, there were 638,799 shares reserved for issuance under the 2021 Equity Incentive Plan.

In connection with the Merger, all outstanding stock options granted under Legacy Dime’s equity plans, were legally assumed by the combined company and adjusted so that its holder is entitled to receive a number of shares of Dime’s common stock equal to the product of (a) the number of shares of Legacy Dime common stock subject to such award multiplied by (b) the Exchange Ratio and (c) rounded, as applicable, to the nearest whole share, and otherwise subject to the same terms and conditions (including, without limitation, with respect to vesting conditions (taking into account any vesting that occurred at the Merger Date).

In connection with the Merger, all outstanding stock options and time-vesting restricted stock units of Bridge, which we refer to as the Bridge equity awards, which were outstanding immediately before the Merger Date continue to be awards in respect of Dime common stock following the Merger, subject to the same terms and conditions that were applicable to such awards before the Merger Date.

Stock Option Activity

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, 2023	92,137	$	35.39	6.2		—
Options exercised	—		—
Options forfeited	(65,142)		35.38
Options outstanding at December 31, 2023	26,995	$	35.39	5.2	$	—
Options vested and exercisable at December 31, 2023	26,995	$	35.39	5.2	$	—

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Cash received for option exercise cost	$	—	$	—	$	431
Income tax (expense) benefit recognized on stock option exercises		—		—		(15)
Intrinsic value of options exercised		—		—		171

The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of December 31, 2023 were as follows:


	Outstanding Options		Vested Options
		Weighted		Weighted
		Average		Average
		Contractual		Contractual
		Years		Years
	Amount	Remaining	Amount	Remaining
Exercise Prices:
$34.87	10,061	6.1	10,061	6.1
$35.35	9,802	5.1	9,802	5.1
$36.19	7,132	4.1	7,132	4.1
Total	26,995	5.2	26,995	5.2

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.

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, 2023	350,758	$	28.63
Shares granted	220,750		25.47
Shares vested	(134,648)		29.37
Shares forfeited	(80,065)		26.45
Unvested allocated shares outstanding at December 31, 2023	356,795	$	26.88

Information related to RSAs during each period is as follows:


	Year Ended December 31,
(In thousands)		2023		2022		2021
Compensation expense recognized	$	4,003	$	3,516	$	5,253
Income tax (expense) benefit recognized on vesting of RSAs		(188)		(10)		27

As of December 31, 2023, there was $5.6 million of total unrecognized compensation cost related to unvested RSAs to be recognized over a weighted-average period of 1.7 years.

Performance-Based Share Awards

The Company maintains a 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.

As of December 31, 2023 and 2022, 195,066 shares and 60,755 shares have been granted, respectively.

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, 2023	95,831	$	30.35
Shares granted	195,066		17.69
Shares forfeited	(60,987)		25.21
Maximum aggregate share payout at December 31, 2023	229,910	$	20.97
Minimum aggregate share payout	—		—
Expected aggregate share payout	210,820	$	20.21

Information related to PSAs during each period is as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Compensation (benefit) expense recognized	$	635	$	760	$	154
Income tax expense recognized on vesting of PSAs		—		193		—

As of December 31, 2023, there was $2.7 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 2.3 years.

FHLBNY ADVANCES - Summary of FHLBNY extinguishments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
FHLBNY ADVANCES
FHLBNY advances extinguished		$ 209,010
Weighted average rate		1.31%
Loss on extinguishment of debt	$ 740	$ 1,751

LOAN SERVICING ACTIVITIES - Activity for SRAs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Servicing right assets:
Beginning of year	$ 3,349	$ 3,856	$ 1,710
Acquired in the Merger			2,070
Additions	458	659	885
Amortized to expense	(639)	(907)	(809)
Sold		(259)
End of year	3,168	3,349	3,856
Valuation allowance:
Beginning of year	201	80
Additions expensed	(36)	(121)	(80)
End of year	237	201	80
Servicing right assets, net	$ 2,931	$ 3,148	$ 3,776

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Valuation allowances	$ 0	$ 0
Federal NOL carryforward	2,200
State NOL carryforward	543
City NOL carryforward	0
Bad debt reserves totaling	15,100	15,100
Additional income tax expense	4,800
Unrecognized tax benefits	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in unrealized gain (loss) on securities:
Change in net unrealized gain (loss) during the period	$ 10,355	$ (138,630)	$ (28,865)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets	1,447		(1,207)
Accretion of net unrealized loss on securities transferred to held-to-maturity	3,142	2,953
Net change	14,944	(135,677)	(30,072)
Tax expense (benefit)	4,316	(42,671)	(9,514)
Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax	10,628	(93,006)	(20,558)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense	(1,547)	(3,715)	(1,092)
Reclassification adjustment for curtailment loss			1,543
Change in the net actuarial (loss) gain	(190)	(2,062)	6,563
Net change	(1,737)	(5,777)	7,014
Tax (benefit) expense	(573)	(1,817)	2,234
Net change in pension and other postretirement obligations	(1,164)	(3,960)	4,780
Change in unrealized gain (loss) on derivatives:
Change in net unrealized (loss) gain during the period	(11,782)	14,412	5,277
Reclassification adjustment for loss included in loss on termination of derivatives			(16,505)
Reclassification adjustment for expense included in interest expense	2,092	(1,621)	940
Net change	(9,690)	12,791	22,722
Tax expense (benefit)	(3,026)	4,023	7,201
Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax	(6,664)	8,768	15,521
Total other comprehensive income (loss), net of tax	$ 2,800	$ (88,198)	$ (257)

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

16. INCOME TAXES

The Company’s consolidated Federal, State and City income tax provisions were comprised of the following:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Current expense
Federal	$	24,469	$	39,492	$	23,759
State and city		15,681		17,205		11,815
Total current expense		40,150		56,697		35,574

Deferred expense
Federal		1,393		840		5,490
State and city		(758)		1,822		3,106
Total deferred expense		635		2,662		8,596
Total	$	40,785	$	59,359	$	44,170

The preceding table excludes tax effects recorded directly to stockholders’ equity in connection with unrealized gains and losses on securities available-for-sale (including losses on such securities upon their transfer to held-to-maturity), interest rate derivatives, and adjustments to other comprehensive income relating to the minimum pension liability, unrecognized gains of pension and other postretirement obligations and changes in the non-credit component of OTTI. These tax effects are disclosed as part of the presentation of the consolidated statements of changes in stockholders’ equity and comprehensive income.

The provision for income taxes differed from that computed at the Federal statutory rate as follows:


	Year Ended December 31,
(Dollars in thousands)	2023			2022			2021
Tax at federal statutory rate	$	28,745		$	44,502		$	31,115
State and local taxes, net of federal income tax benefit		12,237			13,699			11,601
Benefit plan differences		(127)			(127)			(107)
Investment in BOLI		(2,047)			(2,173)			(1,485)
Equity based compensation		79			(141)			(301)
Salaries deduction limitation		2,381			2,054			3,419
Transaction costs		—			—			181
Other, net		(483)			1,545			(253)
Total	$	40,785		$	59,359		$	44,170
Effective tax rate		29.80	%		28.01	%		29.81	%

The increase in effective tax rate in 2023 was primarily the result of an increase in the Section 162M limitation due to executive severance. Deferred tax assets and liabilities are recorded for temporary differences between the book and tax bases of assets and liabilities. The components of Federal, State and City deferred income tax assets and liabilities were as follows:


	December 31,
(In thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses and other contingent liabilities	$	26,926	$	28,175
Tax effect of other components of income on securities available-for-sale		34,745		38,140
Tax effect of other components of income on securities held-to-maturity		7,216		8,138
Operating lease liability		19,229		19,256
Other		2,603		2,074
Total deferred tax assets		90,719		95,783
Deferred tax liabilities:
Tax effect of other components of income on derivatives		2,368		5,394
Employee benefit plans		1,707		976
Tax effect of purchase accounting fair value adjustments		1,329		2,352
Difference in book and tax carrying value of fixed assets		2,230		4,261
Difference in book and tax basis of unearned loan fees		3,239		2,431
Operating lease asset		18,266		18,414
States taxes		2,166		2,801
Other		241		1,002
Total deferred tax liabilities		31,546		37,631
Net deferred tax asset (recorded in other assets)	$	59,173	$	58,152

The Company and its subsidiary are subject to U.S. federal income tax as well as income tax of the State of New York, City of New York and the State of New Jersey.

Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled.

No valuation allowances were recognized on deferred tax assets during the years ended December 31, 2023 or 2022, since, at each period end, it was deemed more likely than not that the deferred tax assets would be fully realized.

In connection with the Merger, the Company acquired a federal net operating loss (“NOL”) carryforward subject to Internal Revenue Code Section 382. The Company recorded a deferred tax asset that it expects to realize within the carryforward period. At December 31, 2023, the remaining federal NOL carryforward was $2.2 million. At December 31, 2023, the Company had a New York State NOL carryforward of $543 thousand, and recorded a deferred tax asset that it expects to recover within the carryforward period. At December 31, 2023, the Company had a New York City NOL carryforward balance of zero. The New York State NOLs at December 31, 2023 included NOLs acquired in connection with the Merger.

At December 31, 2023 and 2022, the Bank had accumulated bad debt reserves totaling $15.1 million for which no provision for income tax was required to be recorded. These bad debt reserves could be subject to recapture into taxable income under certain circumstances, including a distribution of the bad debt benefits to the Holding Company or the failure of the Bank to qualify as a bank for federal income tax purposes. Should the reserves as of December 31, 2023 be fully recaptured, the Bank would recognize $4.8 million in additional income tax expense. The Company expects to take no action in the foreseeable future that would require the establishment of a tax liability associated with these bad debt reserves.

The Company is subject to regular examination by various tax authorities in jurisdictions in which it conducts significant business operations. The Company regularly assesses the likelihood of additional examinations in each of the tax jurisdictions resulting from ongoing assessments.

Under current accounting rules, all tax positions adopted are subjected to two levels of evaluation. Initially, a determination is made, based on the technical merits of the position, as to whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. In conducting this evaluation, management is required to presume that the position will be examined by the appropriate taxing authority possessing full knowledge of all relevant information. The second level of evaluation is the measurement of a tax position that satisfies the more-likely-than-not recognition threshold. This measurement is performed in order to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. The Company had no unrecognized tax benefits as

of December 31, 2023 or 2022. The Company does not anticipate any material change to unrecognized tax benefits during the year ended December 31, 2024.

As of December 31, 2023, the tax years ended December 31, 2023, 2022, 2021, and 2020, remained subject to examination by all of the Company's relevant tax jurisdictions. The Company is currently not under audit in any taxing jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Assets [Abstract]
Securities held-to-maturity	$ 516,930	$ 505,759
Loans held for investment, net	6,300
Carrying Amount
Financial Assets [Abstract]
Cash and due from banks	457,547	169,297
Securities held-to-maturity	594,639	585,798
Loans held for investment, net	10,695,349	10,482,145
Accrued interest receivable	55,666	48,561
Financial Liabilities [Abstract]
Savings, money market and checking accounts	8,922,972	9,139,043
CDs	1,607,683	1,115,364
FHLBNY Advances	1,313,000	1,131,000
Subordinated debt, net	200,196	200,283
Other short-term borrowings		1,360
Accrued interest payable	17,298	5,323
Fair Value
Financial Assets [Abstract]
Cash and due from banks	457,547	169,297
Securities held-to-maturity	516,930	505,759
Loans held for investment, net	10,305,026	10,005,121
Accrued interest receivable	55,666	48,561
Financial Liabilities [Abstract]
Savings, money market and checking accounts	8,922,972	9,139,043
CDs	1,602,087	1,096,808
FHLBNY Advances	1,312,940	1,131,217
Subordinated debt, net	160,696	180,583
Other short-term borrowings		1,360
Accrued interest payable	17,298	5,323
Level 1 Inputs \| Fair Value
Financial Assets [Abstract]
Cash and due from banks	457,547	169,297
Financial Liabilities [Abstract]
Savings, money market and checking accounts	8,922,972	9,139,043
Other short-term borrowings		1,360
Level 2 Inputs \| Fair Value
Financial Assets [Abstract]
Securities held-to-maturity	516,930	505,759
Accrued interest receivable	6,593	6,105
Financial Liabilities [Abstract]
CDs	1,602,087	1,096,808
FHLBNY Advances	1,312,940	1,131,217
Subordinated debt, net	160,696	180,583
Accrued interest payable	17,298	5,323
Level 3 Inputs \| Fair Value
Financial Assets [Abstract]
Loans held for investment, net	10,305,026	10,005,121
Accrued interest receivable	$ 49,073	$ 42,456

LOANS HELD FOR INVESTMENT, NET - Loan Categories (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans held for investment, net:
Total loans		$ 10,766,837	$ 10,566,831
Fair value hedge basis point adjustments		6,591
Total loans, net of fair value hedge basis point adjustments		10,773,428	10,566,831
Allowance for credit losses		(71,743)	(83,507)
Total loans held for investment, net		10,701,685	10,483,324
Total real estate loans
Loans held for investment, net:
Total loans		9,694,144	9,487,440
Total loans, net of fair value hedge basis point adjustments		9,694,144	9,487,440
Allowance for credit losses		(42,647)	(43,381)	$ (47,771)	$ (28,712)
One-to-four family residential and cooperative/condominium apartment
Loans held for investment, net:
Total loans		887,555	773,321
Total loans, net of fair value hedge basis point adjustments		887,555	773,321
Allowance for credit losses		(6,813)	(5,969)	(5,932)	(644)
Multifamily residential and residential mixed-use
Loans held for investment, net:
Total loans		4,017,176	4,026,826
Total loans, net of fair value hedge basis point adjustments		4,017,176	4,026,826
Allowance for credit losses		(7,237)	(8,360)	(7,816)	(17,016)
Commercial real estate ("CRE")
Loans held for investment, net:
Total loans		4,620,900	4,457,630
Total loans, net of fair value hedge basis point adjustments		4,620,900	4,457,630
Allowance for credit losses		(26,608)	(27,329)	(29,166)	(9,059)
Acquisition, development, and construction ("ADC")
Loans held for investment, net:
Total loans		168,513	229,663
Total loans, net of fair value hedge basis point adjustments		168,513	229,663
Allowance for credit losses		(1,989)	(1,723)	(4,857)	(1,993)
Commercial and Industrial ("C&I") Loans
Loans held for investment, net:
Total loans		1,066,938	1,071,712
Total loans, net of fair value hedge basis point adjustments		1,066,938	1,071,712
Allowance for credit losses		(28,977)	(39,853)	(35,331)	(12,737)
Commercial and Industrial ("C&I") Loans \| Small Business Administration ("SBA") Paycheck Protection Program ("PPP")
Loans held for investment, net:
Total loans, net of fair value hedge basis point adjustments		1,100	5,800
Gain recorded on sale of SBA loans	$ 20,700
Sold amount	$ 596,200
Other Loans
Loans held for investment, net:
Total loans		5,755	7,679
Total loans, net of fair value hedge basis point adjustments		5,755	7,679
Allowance for credit losses		$ (119)	$ (273)	$ (751)	$ (12)

RETIREMENT AND POSTRETIREMENT PLANS - Net periodic benefit (credit) cost for the Employee Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other
Curtailment loss			$ 1,543
BMP and Outside Director Retirement Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Curtailment loss			(1,500)
Employee Retirement Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 900	$ 622	562
Expected return on assets	(1,521)	(1,949)	(1,846)
Amortization of unrealized loss	572	261	824
Net periodic credit	(49)	(1,066)	(460)
BNB Bank Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	564	807
Interest cost	1,263	793
Expected return on assets	(2,760)	(3,441)
Net periodic credit	$ (933)	$ (1,841)
Retirement Plans \| BMP and Outside Director Retirement Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost			12
Curtailment loss			1,543
Net periodic credit			$ 1,555

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

9. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

At December 31, 2023 and 2022, the carrying amount of the Company’s goodwill was $155.8 million.

The Company performs its annual goodwill impairment test in the fourth quarter of every year, or more frequently if events or changes in circumstance indicate the asset might be impaired. It was determined during the annual impairment testing that no impairment was needed for the years ended December 31, 2023, 2022 and 2021.

The following table presents the change in Goodwill for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(In thousands)		2023		2022		2021
Beginning of year	$	155,797	$	155,797	$	55,638
Acquired goodwill ⁽¹⁾		-		-		100,159
End of year	$	155,797	$	155,797	$	155,797

(1)	See Note 2. Merger for additional information regarding the acquired goodwill

Other Intangible Assets

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable, all of which are core deposit intangibles:


	Year Ended December 31,
(In thousands)	2023		2022
Gross carrying value	$	10,204	$	10,204
Accumulated amortization		(5,145)		(3,720)
Net carrying amount	$	5,059	$	6,484

Amortization expense recognized on intangible assets was $1.4 million and $1.9 million for the years ended December 31, 2023 and 2022, respectively.

Estimated amortization expense for 2024 through 2028 and thereafter is as follows:


(In thousands)
2024	$	1,164
2025		958
2026		795
2027		664
2028		560
Thereafter		918
Total	$	5,059

GOODWILL AND OTHER INTANGIBLE ASSETS - Change in Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning of year	$ 155,797,000	$ 155,797,000	$ 55,638,000
Acquired goodwill			100,159,000
Impairment	0	0	0
End of year	$ 155,797,000	$ 155,797,000	$ 155,797,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Summary of maturities of operating lease liabilities



(In thousands)
2024	$	13,009
2025		12,833
2026		12,173
2027		10,322
2028		4,297
Thereafter		6,260
Total undiscounted lease payments		58,894
Less amounts representing interest		(3,440)
Operating lease liabilities	$	55,454

Summary of other information related to operating leases


	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating lease cost	$	12,801	$	11,428	$	14,341
Cash paid for amounts included in the measurement of operating lease liabilities		12,560		10,574		13,975


	Year Ended December 31,
	2023		2022
Weighted average remaining lease term	5.0	years	5.9	years
Weighted average discount rate	2.34	%	2.03	%

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock Cumulative Effect, CECL Adoption, Adjusted Balance	Preferred Stock	Common Stock Cumulative Effect, CECL Adoption, Adjusted Balance	Common Stock	Additional Paid-in Capital Cumulative Effect, CECL Adoption, Adjusted Balance	Additional Paid-in Capital	Retained Earnings Cumulative Effect, CECL Adoption, Adjustment	Retained Earnings Cumulative Effect, CECL Adoption, Adjusted Balance	Retained Earnings	Accumulated Other Comprehensive Loss, Net of Deferred Taxes Cumulative Effect, CECL Adoption, Adjusted Balance	Accumulated Other Comprehensive Loss, Net of Deferred Taxes	Unearned Equity Awards	Common Stock Held by BMP [Member] Cumulative Effect, CECL Adoption, Adjusted Balance	Common Stock Held by BMP [Member]	Treasury Stock, at Cost Cumulative Effect, CECL Adoption, Adjusted Balance	Treasury Stock, at Cost	Cumulative Effect, CECL Adoption, Adjustment	Cumulative Effect, CECL Adoption, Adjusted Balance	Total
Balance at Dec. 31, 2020	$ 116,569	$ 116,569	$ 348	$ 348	$ 278,295	$ 278,295	$ 1,686	$ 602,327	$ 600,641	$ (5,924)	$ (5,924)		$ (1,496)	$ (1,496)	$ (287,337)		$ 1,686	$ 702,782	$ 701,096
Balance (in shares) at Dec. 31, 2020			21,232,984	21,232,984
Treasury Stock, at cost, beginning balance at Dec. 31, 2020																$ (287,337)
Increase (Decrease) in Stockholders' Equity
Net income									103,996										103,996
Other comprehensive loss, net of tax											(257)								(257)
Reverse merger with Bridge Bancorp, Inc.				$ 65		206,641						$ (2,603)				287,107			491,210
Reverse merger with Bridge Bancorp, Inc. (in shares)				19,992,284
Exercise of stock options, net						258										173			431
Exercise of stock options, net (in shares)				20,629
Release of shares, net of forfeitures				$ 3		10,411						(10,646)				1,385			1,153
Release of shares, net of forfeitures (in shares)				431,440
Stock-based compensation												5,407							5,407
Shares received to satisfy distribution of retirement benefits (in shares)				(41,101)
Proceeds from Preferred Stock issuance, net						(1,359)								$ 1,496		(1,130)			(993)
Shares received related to tax withholding																(111)			(111)
Shares received related to tax withholding (in shares)				(3,342)
Cash dividends declared and paid to preferred stockholders									(7,286)										(7,286)
Cash dividends declared and paid to common stockholders									(44,311)										(44,311)
Redemption of real estate investment trust ("REIT") preferred stock						(121)													(121)
Purchase of treasury stock																(59,280)			(59,280)
Purchase of treasury stock (in shares)				(1,755,061)
Balance at Dec. 31, 2021		116,569		$ 416		494,125			654,726		(6,181)	(7,842)							1,192,620
Balance (in shares) at Dec. 31, 2021				39,877,833
Treasury Stock, at cost, ending balance at Dec. 31, 2021																(59,193)
Increase (Decrease) in Stockholders' Equity
Net income									152,556										152,556
Other comprehensive loss, net of tax											(88,198)								(88,198)
Release of shares, net of forfeitures						1,287						(4,514)				4,394			1,167
Release of shares, net of forfeitures (in shares)				171,838
Stock-based compensation												4,278							4,278
Shares received related to tax withholding						(2)										(1,556)			(1,558)
Shares received related to tax withholding (in shares)				(45,430)
Cash dividends declared and paid to preferred stockholders									(7,286)										(7,286)
Cash dividends declared and paid to common stockholders									(37,234)										(37,234)
Purchase of treasury stock																(46,762)			(46,762)
Purchase of treasury stock (in shares)				(1,431,241)
Balance at Dec. 31, 2022		116,569		$ 416		495,410			762,762		(94,379)	(8,078)							$ 1,169,583
Balance (in shares) at Dec. 31, 2022				38,573,000															38,573,000
Treasury Stock, at cost, ending balance at Dec. 31, 2022																(103,117)			$ (103,117)
Increase (Decrease) in Stockholders' Equity
Net income									96,094										96,094
Other comprehensive loss, net of tax											2,800								2,800
Release of shares, net of forfeitures						(955)						(5,182)				7,301			1,164
Release of shares, net of forfeitures (in shares)				331,395
Stock-based compensation												4,638							4,638
Shares received related to tax withholding						(1)										(1,257)			(1,258)
Shares received related to tax withholding (in shares)				(44,928)
Cash dividends declared and paid to preferred stockholders									(7,286)										(7,286)
Cash dividends declared and paid to common stockholders									(38,563)										(38,563)
Purchase of treasury stock																(947)			(947)
Purchase of treasury stock (in shares)				(36,813)
Balance at Dec. 31, 2023		$ 116,569		$ 416		$ 494,454			$ 813,007		$ (91,579)	$ (8,622)							$ 1,226,225
Balance (in shares) at Dec. 31, 2023				38,822,654															38,822,654
Treasury Stock, at cost, ending balance at Dec. 31, 2023																$ (98,020)			$ (98,020)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 96,094	$ 152,556	$ 103,996
Other comprehensive income (loss):
Change in net unrealized gain (loss) during the period	10,355	(138,630)	(28,865)
Reclassification adjustment for net losses (gains) included in net (loss) gain on sale of securities and other assets	1,447		(1,207)
Accretion of net unrealized loss on securities transferred to held-to-maturity	3,142	2,953
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense	(1,547)	(3,715)	(1,092)
Reclassification adjustment for curtailment loss			1,543
Change in the net actuarial (loss) gain	(190)	(2,062)	6,563
Change in unrealized gain (loss) on derivatives:
Change in net unrealized (loss) gain during the period	(11,782)	14,412	5,277
Reclassification adjustment for loss included in loss on termination of derivatives			(16,505)
Reclassification adjustment for expense included in interest expense	2,092	(1,621)	940
Other comprehensive income (loss) before income taxes	3,517	(128,663)	(336)
Deferred tax expense (benefit)	717	(40,465)	(79)
Total other comprehensive income (loss), net of tax	2,800	(88,198)	(257)
Total comprehensive income	$ 98,894	$ 64,358	$ 103,739

STOCK-BASED COMPENSATION - Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Information Related to Stock Option Plans [Abstract]
Cash received for option exercise cost			$ 431
Employee Stock Option [Member]
Number of Options
Options outstanding, beginning of period (in shares)	92,137
Options forfeited (in shares)	(65,142)
Options outstanding, end of period (in shares)	26,995	92,137
Options vested and exercisable, end of period (in shares)	26,995
Weighted-Average Exercise Price
Options outstanding, beginning of period (in dollars per share)	$ 35.39
Options forfeited (in dollars per share)	35.38
Options outstanding, end of period (in dollars per share)	35.39	$ 35.39
Options vested and exercisable. end of period (in dollars per share)	$ 35.39
Weighted-Average Remaining Contractual Years
Outstanding options, weighted average remaining contractual years	5 years 2 months 12 days	6 years 2 months 12 days
Options vested and exercisable, weighted average remaining contractual years	5 years 2 months 12 days
Information Related to Stock Option Plans [Abstract]
Cash received for option exercise cost			431
Income tax (expense) benefit recognized on stock option exercises			(15)
Intrinsic value of options exercised			$ 171

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair value, assets and liabilities measured on recurring basis

Fair Value Measurements

at December 31, 2023 Using

Level 1

Level 2

Level 3

(In thousands)

Total

Inputs

Financial Assets:

Securities available-for-sale:

Agency notes

9,371

—

9,371

—

Treasury securities

234,190

—

234,190

—

Corporate securities

151,170

—

151,170

—

Pass-through MBS issued by GSEs

205,285

—

205,285

—

Agency CMOs

259,415

—

259,415

—

State and municipal obligations

26,809

—

26,809

—

Derivative – cash flow hedges

7,461

—

7,461

—

Derivative – freestanding derivatives, net

114,671

—

114,671

—

Financial Liabilities:

Derivative – fair value hedges

6,594

—

6,594

—

Derivative – freestanding derivatives, net

114,671

—

114,671

—


			Fair Value Measurements
			at December 31, 2022 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Treasury securities	$	227,256	$	—	$	227,256	$	—
Corporate securities		166,773		—		166,773		—
Pass-through MBS issued by GSEs		241,240		—		241,240		—
Agency CMOs		281,339		—		281,339		—
State and municipal obligations		33,979		—		33,979		—
Derivative – cash flow hedges		17,150		—		17,150		—
Derivative – freestanding derivatives, net		137,335		—		137,335		—
Financial Liabilities:
Derivative – freestanding derivatives, net		137,335		—		137,335		—

Schedule of assets measured at fair value on a non-recurring basis

December 31, 2023

Fair Value Measurements Using:

Quoted Prices

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

(In thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Individually evaluated loans

6,336

—

6,336

December 31, 2022

Fair Value Measurements Using:

Quoted Prices

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

(In thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Individually evaluated loans

1,179

—

1,179

Schedule of fair value measurements, nonrecurring

Fair Value Measurements

at December 31, 2023 Using

Carrying

Level 1

Level 2

Level 3

(In thousands)

Amount

Inputs

Total

Financial Assets:

Cash and due from banks

457,547

—

457,547

Securities held-to-maturity

594,639

—

516,930

—

516,930

Loans held for investment, net

10,695,349

—

10,305,026

Accrued interest receivable

55,666

—

6,593

49,073

55,666

Financial Liabilities:

Savings, money market and checking accounts ⁽¹⁾

8,922,972

—

8,922,972

CDs

1,607,683

—

1,602,087

—

1,602,087

FHLBNY advances

1,313,000

—

1,312,940

—

1,312,940

Subordinated debt, net

200,196

—

160,696

—

160,696

Accrued interest payable

17,298

—

17,298

—

17,298

(1)	Includes mortgage escrow deposits.


			Fair Value Measurements
			at December 31, 2022 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	169,297	$	169,297	$	—	$	—	$	169,297
Securities held-to-maturity		585,798		—		505,759		—		505,759
Loans held for investment, net		10,482,145		—		—		10,005,121		10,005,121
Accrued interest receivable		48,561		—		6,105		42,456		48,561
Financial Liabilities:
Savings, money market and checking accounts⁽¹⁾		9,139,043		9,139,043		—		—		9,139,043
CDs		1,115,364		—		1,096,808		—		1,096,808
FHLBNY advances		1,131,000		—		1,131,217		—		1,131,217
Subordinated debt, net		200,283		—		180,583		—		180,583
Other short-term borrowings		1,360		1,360		—		—		1,360
Accrued interest payable		5,323		—		5,323		—		5,323

(1)	Includes mortgage escrow deposits.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed line of credit	$ 114,880	$ 73,929
Variable line of credit	1,072,471	996,029
Other loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed line of credit	7,190	150,663
Variable line of credit	89,855	120,899
Stand-by letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed line of credit	$ 38,095	27,020
Variable line of credit		$ 355

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Stockholders' equity:
Preferred stock, Series A, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, Series A, liquidation value (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, Series A, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, Series A, shares issued (in shares)	5,299,200	5,299,200
Preferred stock, Series A, shares outstanding (in shares)	5,299,200	5,299,200
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	41,637,256	41,621,772
Common stock, shares outstanding (in shares)	38,822,654	38,573,000
Treasury stock (in shares)	2,814,602	3,048,772

LOAN SERVICING ACTIVITIES

12 Months Ended

Dec. 31, 2023

LOAN SERVICING ACTIVITIES

LOAN SERVICING ACTIVITIES

6. LOAN SERVICING ACTIVITIES

The Bank services real estate and C&I loans for others having principal balances outstanding of approximately $346.1 million and $347.9 million at December 31, 2023 and 2022, respectively. Loans serviced for others are not reported as assets. Servicing loans for others generally consists of collecting loan payments, maintaining escrow accounts, disbursing payments to investors, paying taxes and insurance and processing foreclosures. In connection with loans serviced for others, the Bank held borrowers’ escrow balances of $1.3 million at December 31, 2023 and 2022.

There are no restrictions on the Company’s consolidated assets or liabilities related to loans sold with servicing rights retained. Upon sale of these loans, the Company recorded an SRA in other assets, and has elected to account for the SRA under the "amortization method" prescribed under GAAP. The activity for SRAs for the periods indicated are as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Servicing right assets:
Beginning of year	$	3,349	$	3,856	$	1,710
Acquired in the Merger		—		—		2,070
Additions		458		659		885
Amortized to expense		(639)		(907)		(809)
Sold		—		(259)		—
End of year		3,168		3,349		3,856

Valuation allowance:
Beginning of year		(201)		(80)		—
Additions expensed		(36)		(121)		(80)
End of year		(237)		(201)		(80)
Servicing right assets, net	$	2,931	$	3,148	$	3,776

The fair value of SRAs was $3.4 million and $3.5 million, at December 31, 2023 and 2022, respectively. The fair value at December 31, 2023 was determined using discount rates ranging from 10.0% to 14.5%, prepayment speeds ranging from 6.5% to 12.2%, depending on the stratification of the specific servicing right, and a weighted average default rate of 0.67%. The fair value at December 31, 2022 was determined using discount rates ranging from 9.5% to 12.0%, prepayment speeds ranging from 6.7% to 16%, depending on the stratification of the specific servicing right, and a weighted average default rate of 0.67%.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBORDINATED DEBENTURES

12 Months Ended

Dec. 31, 2023

SUBORDINATED DEBENTURES.

SUBORDINATED DEBENTURES

14. SUBORDINATED DEBENTURES

On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the Notes”). The 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 five 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 $200.2 million at December 31, 2023 and $200.3 million at December 31, 2022. Interest expense related to the subordinated debt was $10.2 million, $10.6 million and $8.5 million during the years ended December 31, 2023, 2022 and 2021, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Accumulated Other Comprehensive (loss) income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive (loss) income, net of tax:
Balance	$ 1,169,583	$ 1,192,620	$ 701,096
Total other comprehensive income (loss), net of tax	2,800	(88,198)	(257)
Balance	1,226,225	1,169,583	1,192,620
Accumulated Other Comprehensive Loss, Net of Deferred Taxes
Accumulated other comprehensive (loss) income, net of tax:
Balance	(94,379)	(6,181)	(5,924)
Other comprehensive income (loss) before reclassifications	(702)	(86,564)
Amounts reclassified from accumulated other comprehensive income (loss)	3,502	(1,634)
Total other comprehensive income (loss), net of tax	2,800	(88,198)	(257)
Balance	(91,579)	(94,379)	(6,181)
Securities
Accumulated other comprehensive (loss) income, net of tax:
Balance	(100,870)	(7,864)
Other comprehensive income (loss) before reclassifications	7,498	(95,030)
Amounts reclassified from accumulated other comprehensive income (loss)	3,130	2,024
Total other comprehensive income (loss), net of tax	10,628	(93,006)
Balance	(90,242)	(100,870)	(7,864)
Defined Benefit Plans
Accumulated other comprehensive (loss) income, net of tax:
Balance	(5,266)	(1,306)
Other comprehensive income (loss) before reclassifications	(109)	(1,413)
Amounts reclassified from accumulated other comprehensive income (loss)	(1,055)	(2,547)
Total other comprehensive income (loss), net of tax	(1,164)	(3,960)
Balance	(6,430)	(5,266)	(1,306)
Accumulated Other Comprehensive Loss, Derivatives
Accumulated other comprehensive (loss) income, net of tax:
Balance	11,757	2,989
Other comprehensive income (loss) before reclassifications	(8,091)	9,879
Amounts reclassified from accumulated other comprehensive income (loss)	1,427	(1,111)
Total other comprehensive income (loss), net of tax	(6,664)	8,768
Balance	$ 5,093	$ 11,757	$ 2,989

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowance for credit losses and other contingent liabilities	$ 26,926	$ 28,175
Tax effect of other components of income on securities available-for-sale	34,745	38,140
Tax effect of other components of income on securities held-to-maturity	7,216	8,138
Operating lease liability	19,229	19,256
Other	2,603	2,074
Total deferred tax assets	90,719	95,783
Deferred tax liabilities:
Tax effect of other components of income on derivatives	2,368	5,394
Employee benefit plans	1,707	976
Tax effect of purchase accounting fair value adjustments	1,329	2,352
Difference in book and tax carrying value of fixed assets	2,230	4,261
Difference in book and tax basis of unearned loan fees	3,239	2,431
Operating lease asset	18,266	18,414
States taxes	2,166	2,801
Other	241	1,002
Total deferred tax liabilities	31,546	37,631
Net deferred tax asset (recorded in other assets)	$ 59,173	$ 58,152

DERIVATIVES AND HEDGING ACTIVITIES - Classification on Consolidated Statements of Financial Condition (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) DerivativeInstrument	Dec. 31, 2022 USD ($) DerivativeInstrument	Dec. 31, 2021 USD ($)	Oct. 31, 2023 USD ($)
Cash Flow Hedges
Collateral received against obligations in net asset position	$ 13,500,000	$ 17,800,000
Not Designated as Hedging Instrument
Cash Flow Hedges
Loan level derivative income	7,081,000	3,637,000	$ 2,909,000
Interest Rate Products \| Designated as Hedging Instrument \| Cash flow hedges
Cash Flow Hedges
Notional amount, assets	150,000,000	150,000,000
Notional amount, liabilities	200,000,000
Fair value assets	12,492,000	17,874,000
Interest Rate Products \| Designated as Hedging Instrument \| Fair value hedges
Cash Flow Hedges
Notional amount, liabilities	500,000,000
Interest Rate Products \| Not Designated as Hedging Instrument
Cash Flow Hedges
Notional amount, assets	1,682,961,000	1,594,356,000
Notional amount, liabilities	1,682,961,000	1,594,356,000
Fair value assets	$ 114,671,000	$ 137,335,000
Interest Rate Swaps \| Designated as Hedging Instrument \| Fair value hedges
Cash Flow Hedges
Notional amount, liabilities				$ 500,000,000.0
Loan Level Interest Rate Swaps with Borrower (Assets) \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, assets \| DerivativeInstrument	49	3
Notional amount, assets	$ 491,394,000	$ 53,311,000
Fair value assets	$ 10,985,000	$ 1,524,000
Loan Level Interest Rate Swaps with Borrower (Liabilities) \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, liabilities \| DerivativeInstrument	178	185
Notional amount, liabilities	$ 1,121,085,000	$ 1,214,736,000
Fair value liabilities	103,570,000	$ 126,751,000
Posted collateral	$ 0
Loan level interest rate floors with borrower \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, assets \| DerivativeInstrument	2
Notional amount, assets	$ 29,721,000
Loan level interest rate floors with borrower (liabilities) \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, liabilities \| DerivativeInstrument	7	40
Notional amount, liabilities	$ 40,761,000	$ 326,309,000
Fair value liabilities	$ 116,000	$ 9,060,000
Loan level interest rate swaps with third party counterparties (assets) \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, assets \| DerivativeInstrument	178	185
Count, liabilities \| DerivativeInstrument	49
Notional amount, assets	$ 1,121,085,000	$ 1,214,736,000
Notional amount, liabilities	491,394,000
Fair value assets	103,570,000	126,751,000
Fair value liabilities	10,985,000
Posted collateral	0	0
Collateral received against obligations in net asset position		$ 135,300,000
Loan level interest rate swaps with third party counterparties (liabilities) \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, liabilities \| DerivativeInstrument		3
Notional amount, liabilities		$ 53,311,000
Fair value liabilities		$ 1,524,000
Loan level interest rate floors with third party counterparties (assets) \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, assets \| DerivativeInstrument		40
Notional amount, assets		$ 326,309,000
Fair value assets		$ 9,060,000
Collateral received against obligations in net asset position	$ 94,700,000
Loan level interest rate floors with third party counterparties \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, liabilities \| DerivativeInstrument	2
Notional amount, assets	$ 29,721,000
Loan level interest rate floors with third party counterparties (liabilities) \| Not Designated as Hedging Instrument
Cash Flow Hedges
Count, assets \| DerivativeInstrument	7
Notional amount, assets	$ 40,761,000
Fair value assets	$ 116,000
Posted collateral			$ 14,000,000.0

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-34096
Entity Registrant Name	Dime Community Bancshares, Inc.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-2934195
Entity Address, Address Line One	898 Veterans Memorial Highway, Suite 560
Entity Address, City or Town	Hauppauge
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11788
City Area Code	631
Local Phone Number	537-1000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 610.4
Entity Common Stock, Shares Outstanding		38,826,981
Auditor Name	Crowe LLP
Auditor Firm ID	173
Auditor Location	New York, New York
Entity Central Index Key	0000846617
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	DCOM
Security Exchange Name	NASDAQ
Preferred Stock, Series A
Entity Listings [Line Items]
Title of 12(b) Security	Preferred Stock, Series A, par value $0.01 per share
Trading Symbol	DCOMP
Security Exchange Name	NASDAQ

DERIVATIVES AND HEDGING ACTIVITIES - Fair value and cash flow hedge accounting on the consolidated statements of financial condition (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Designated as Hedging Instrument \| Fair value hedges \| Interest Rate Products
DERIVATIVES AND HEDGING ACTIVITIES
Notional amount, liabilities	$ 500,000
Fair Value Liabilities	6,594
Designated as Hedging Instrument \| Cash flow hedges \| Interest Rate Products
DERIVATIVES AND HEDGING ACTIVITIES
Notional amount, assets	150,000	$ 150,000
Notional amount, liabilities	200,000
Fair Value Assets	12,492	17,874
Fair Value Liabilities	5,031
Not Designated as Hedging Instrument \| Interest Rate Products
DERIVATIVES AND HEDGING ACTIVITIES
Notional amount, assets	1,682,961	1,594,356
Notional amount, liabilities	1,682,961	1,594,356
Fair Value Assets	114,671	137,335
Fair Value Liabilities	114,671	137,335
Not Designated as Hedging Instrument \| Other Contract
DERIVATIVES AND HEDGING ACTIVITIES
Notional amount, liabilities	93,891	71,103
Fair Value Liabilities	$ 24	$ 33

STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Awards [Abstract]
Weighted average remaining years for which compensation expense is to be recognized	2 years 3 months 18 days
Restricted Stock Awards
Restricted Stock Awards [Abstract]
Unrecognized compensation cost	$ 5,600
Weighted average remaining years for which compensation expense is to be recognized	1 year 8 months 12 days
Number of Shares
Unvested allocated shares outstanding, beginning of period (in shares)	350,758
Shares granted (in shares)	220,750
Shares vested (in shares)	(134,648)
Shares forfeited (in shares)	(80,065)
Unvested allocated shares outstanding, end of period (in shares)	356,795	350,758
Weighted-Average Grant-Date Fair Value
Unvested allocated shares outstanding, beginning of period (in dollars per share)	$ 28.63
Shares granted (in dollars per share)	25.47
Shares vested (in dollars per share)	29.37
Shares forfeited (in dollars per share)	26.45
Unvested allocated shares outstanding, end of period (in dollars per share)	$ 26.88	$ 28.63
Information Related to RSAs
Compensation (benefit) expense recognized	$ 4,003	$ 3,516	$ 5,253
Income tax (expense) benefit recognized on vesting of RSAs	$ (188)	$ (10)	$ 27

MERGER - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Feb. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
MERGER
Increase to goodwill resulting from merger	$ 458
Fair value of liabilities assumed:
Goodwill resulting from Merger		$ 155,797	$ 155,797	$ 155,797	$ 55,638
Bridge assets acquired
Fair value of liabilities assumed:
Goodwill resulting from Merger	100,200
Bridge assets acquired \| Other Assets [Member]
Purchase price consideration:
Purchase price consideration	491,210
Fair value of assets acquired:
Cash and due from banks	715,988
Securities available-for-sale	651,997
Loans held for sale	10,000
Loans held for investment	4,531,640
Premises and fixed assets	37,881
Restricted stock	23,362
BOLI	94,085
Other intangible assets	10,984
Operating lease assets	45,603
Other assets	117,016
Total assets acquired	6,238,556
Fair value of liabilities assumed:
Deposits	5,405,575
Other short-term borrowings	216,298
Subordinated debt	83,200
Operating lease liabilities	45,285
Other liabilities	97,147
Total liabilities assumed	5,847,505
Fair value of net identifiable assets	391,051
Goodwill resulting from Merger	$ 100,159

SECURITIES - Available-for-sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Securities available-for-sale:
Amortized Cost	$ 995,709	$ 1,071,858
Gross Unrealized Gains	56	59
Gross Unrealized Losses	(109,525)	(121,330)
Fair Value	886,240	950,587
Agency notes
Securities available-for-sale:
Amortized Cost	10,000
Gross Unrealized Losses	(629)
Fair Value	9,371
Treasury securities
Securities available-for-sale:
Amortized Cost	245,877	246,899
Gross Unrealized Losses	(11,687)	(19,643)
Fair Value	234,190	227,256
Corporate securities
Securities available-for-sale:
Amortized Cost	174,978	183,791
Gross Unrealized Gains		57
Gross Unrealized Losses	(23,808)	(17,075)
Fair Value	151,170	166,773
Pass-through MBS issued by GSEs
Securities available-for-sale:
Amortized Cost	230,253	272,774
Gross Unrealized Gains	10
Gross Unrealized Losses	(24,978)	(31,534)
Fair Value	205,285	241,240
Agency CMOs
Securities available-for-sale:
Amortized Cost	305,860	331,394
Gross Unrealized Gains	46	2
Gross Unrealized Losses	(46,491)	(50,057)
Fair Value	259,415	281,339
State and municipal obligations.
Securities available-for-sale:
Amortized Cost	28,741	37,000
Gross Unrealized Losses	(1,932)	(3,021)
Fair Value	$ 26,809	$ 33,979

RESTRICTED STOCK (Tables)

12 Months Ended

Dec. 31, 2023

RESTRICTED STOCK

Summary of restricted stock


	Year Ended December 31,
(In thousands)	2023		2022
FHLBNY capital stock	$	73,475	$	63,627
FRB capital stock		25,110		24,953
ACBB capital stock		165		165
Restricted stock	$	98,750	$	88,745

LOANS HELD FOR INVESTMENT, NET - Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	$ 10,773,428	$ 10,566,831
Allowance for credit losses	71,743	83,507
Total real estate loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	9,694,144	9,487,440
Allowance for credit losses	42,647	43,381	$ 47,771	$ 28,712
Real Estate Collateral Dependent \| Total real estate loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	11,004	8,997
Allowance for credit losses	926	1,297
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	887,555	773,321
Allowance for credit losses	6,813	5,969	5,932	644
Multifamily residential and residential mixed-use
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	4,017,176	4,026,826
Allowance for credit losses	7,237	8,360	7,816	17,016
Commercial real estate ("CRE")
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	4,620,900	4,457,630
Allowance for credit losses	26,608	27,329	29,166	9,059
Commercial real estate ("CRE") \| Real Estate Collateral Dependent
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	8,903	7,391
Allowance for credit losses	621	1,297
Acquisition, development, and construction ("ADC")
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	168,513	229,663
Allowance for credit losses	1,989	1,723	4,857	1,993
Acquisition, development, and construction ("ADC") \| Real Estate Collateral Dependent
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	657	657
Allowance for credit losses	305
Commercial and Industrial ("C&I") Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	1,066,938	1,071,712
Allowance for credit losses	28,977	39,853	35,331	12,737
Commercial and Industrial ("C&I") Loans \| Real Estate Collateral Dependent
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	1,444	949
Other Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans, net of fair value hedge basis point adjustments	5,755	7,679
Allowance for credit losses	$ 119	$ 273	$ 751	$ 12

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE
Premises and fixed assets, gross	$ 86,213,000	$ 85,124,000
Less: accumulated depreciation and amortization	(41,345,000)	(38,375,000)
Premises and fixed assets, net	44,868,000	46,749,000
Depreciation and amortization	6,700,000	$ 7,400,000	$ 6,500,000
Company's premises held for sale	$ 0
Number of real estate properties utilized \| property	1
Premises held for investment transferred to held for sale	$ 905,000		$ 2,799,000
Number of real estate properties, sold \| property		1
Proceeds from sale of real estate		$ 1,900,000
Gain on sale		1,400,000
Land
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE
Premises and fixed assets, gross	10,824,000	10,824,000
Buildings
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE
Premises and fixed assets, gross	21,173,000	21,688,000
Leasehold improvements
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE
Premises and fixed assets, gross	28,307,000	26,862,000
Furniture, fixtures and equipment
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE
Premises and fixed assets, gross	$ 25,909,000	$ 25,750,000

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

23. COMMITMENTS AND CONTINGENCIES

Loan Commitments and Lines of Credit

The contractual amounts of financial instruments with off-balance sheet risk were as follows:


	Year Ended December 31,
	2023				2022
(In thousands)	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate
Available lines of credit	$	114,880	$	1,072,471	$	73,929	$	996,029
Other loan commitments		7,190		89,855		150,663		120,899
Stand-by letters of credit		38,095		—		27,020		355

At December 31, 2023 and 2022, the Bank had outstanding firm loan commitments that were accepted by borrowers that aggregated to $97.0 million and $271.6 million, respectively. Substantially all of the Bank’s commitments expire within three months of their acceptance by the prospective borrowers. The credit risk associated with these commitments is based on the loan type which is comprised of multifamily residential, residential mixed-use, CRE, commercial mixed-use, C&I, and one-to-four family residential loans.

At December 31, 2023, the Bank had an available line of credit with the FHLBNY equal to its excess borrowing capacity. At December 31, 2023, this amount approximated $1.19 billion.

During the year ended December 31, 2017, the Bank completed a securitization of $280.2 million of its multifamily loans through a FHLMC sponsored “Q-deal” securitization completed in December 2017. With respect to the securitization transaction, the Company also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse FHLMC for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date.

Litigation

The Company is subject to certain pending and threatened legal actions which arise out of the normal course of business. Litigation is inherently unpredictable, particularly in proceedings where claimants seek substantial or indeterminate damages, or which are in their early stages. The Company cannot predict with certainty the actual loss or range of loss related to such legal proceedings, the manner in which they will be resolved, the timing of final resolution or the ultimate settlement. Consequently, the Company cannot estimate losses or ranges of losses related to such legal matters, even in instances where it is reasonably possible that a loss will be incurred. In the opinion of management, after consultation with counsel, the resolution of all ongoing legal proceedings will not have a material adverse effect on the consolidated financial condition or results of operations of the Company. The Company accounts for potential losses related to litigation in accordance with GAAP.

BRANCH RESTRUCTURING COSTS (Details) $ in Millions	12 Months Ended
BRANCH RESTRUCTURING COSTS (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 29, 2021 location
BRANCH RESTRUCTURING COSTS
Number of branches combined into existing branches \| location				5
Restructuring costs \| $	$ 0.0	$ 0.0	$ 5.1

DERIVATIVES AND HEDGING ACTIVITIES - Effect on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss):
(Loss) gain recognized in other comprehensive income (loss)	$ (11,782)	$ 14,412	$ 5,277
Gain recognized on termination of derivatives			(16,505)
Interest Rate Products \| Other Comprehensive Income
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss):
(Loss) gain recognized in other comprehensive income (loss)	(11,782)	14,412	5,277
Interest Rate Products \| Other Comprehensive Income \| Interest Expense
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss):
(Loss) gain reclassified from other comprehensive income into interest expense	$ (2,092)	$ 1,621	(940)
Interest Rate Products \| Other Comprehensive Income \| Derivatives
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss):
Gain recognized on termination of derivatives			$ 16,505

LOAN SERVICING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

LOAN SERVICING ACTIVITIES

Summary of servicing rights asset activity


	Year Ended December 31,
(In thousands)	2023		2022		2021
Servicing right assets:
Beginning of year	$	3,349	$	3,856	$	1,710
Acquired in the Merger		—		—		2,070
Additions		458		659		885
Amortized to expense		(639)		(907)		(809)
Sold		—		(259)		—
End of year		3,168		3,349		3,856

Valuation allowance:
Beginning of year		(201)		(80)		—
Additions expensed		(36)		(121)		(80)
End of year		(237)		(201)		(80)
Servicing right assets, net	$	2,931	$	3,148	$	3,776

RETIREMENT AND POSTRETIREMENT PLANS - Dime KSOP Plan - BMP and Outside Director Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Curtailment loss		$ (1,543)
Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Obligation			$ 13
Benefits paid		13
Dime KSOP Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution plan cost		338
Dime KSOP Plan \| Defined Benefit Plan, Equity Securities, Common Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Plan Assets		40
BMP and Outside Director Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Termination Age of Board Members	75 years
Curtailment loss		1,500
BMP and Outside Director Retirement Plan \| Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Obligation			$ 9,328
Curtailment loss		(1,543)
Benefits paid		9,063
Outside Director Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Obligation		2,800
Board Member Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Obligation		$ 6,200

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition

December 31, 2023

December 31, 2022

Notional

Fair Value

Notional

Fair Value

(Dollars in thousands)

Amount

Assets

Amount

Assets

Derivatives designated as hedging instruments

Cash flow hedges - interest rate products

150,000

12,492

150,000

17,874

Derivatives not designated as hedging instruments

Interest rate products

1,682,961

114,671

1,594,356

137,335

December 31, 2023

December 31, 2022

Notional

Fair Value

Notional

Fair Value

(Dollars in thousands)

Amount

Liabilities

Amount

Liabilities

Derivatives designated as hedging instruments

Fair value hedges - interest rate products

500,000

6,594

—

Cash flow hedges - interest rate products

200,000

5,031

—

Derivatives not designated as hedging instruments

Interest rate products

1,682,961

114,671

1,594,356

137,335

Other contracts

93,891

71,103

Schedule of fair value and cash flow hedge accounting on the consolidated statements of operations

December 31, 2023

December 31, 2022

Interest

Income

Expense

Income

Expense

Effects of fair value or cash flow hedges are recorded

561

2,275

—

The effects of fair value and cash flow hedging:

Gain or (loss) on fair value hedging relationships

Interest contracts

Hedged items

6,591

—

Derivatives designated as hedging instruments

(6,030)

—

Gain or (loss) on cash flow hedging relationships

Interest contracts

Gain (loss) reclassified from AOCI into income

—

2,275

—

1,134

Schedule of cumulative basis adjustment for fair value hedges

Year Ended December 31,

2023

2022

(Dollars 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

506,591

6,591

—

Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income (loss)

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of December 31, 2023, 2022 and 2021.


	Year Ended December 31,
(In thousands)	2023		2022		2021
(Loss) gain recognized in other comprehensive income (loss)	$	(11,782)	$	14,412	$	5,277
Gain recognized on termination of derivatives		—		—		16,505
(Loss) gain reclassified from other comprehensive income into interest expense		(2,092)		1,621		(940)

Not Designated as Hedging Instrument

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition


	December 31, 2023
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	49	$	491,394	$	10,985	$	—
Loan level interest rate swaps with borrower	178		1,121,085		—		103,570
Loan level interest rate floors with borrower	2		29,721		—		—
Loan level interest rate floors with borrower	7		40,761		—		116
Loan level interest rate swaps with third-party counterparties	49		491,394		—		10,985
Loan level interest rate swaps with third-party counterparties	178		1,121,085		103,570		—
Loan level interest rate floors with third-party counterparties	2		29,721		—		—
Loan level interest rate floors with third-party counterparties	7		40,761		116		—


	December 31, 2022
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	3	$	53,311	$	1,524	$	—
Loan level interest rate swaps with borrower	185		1,214,736		—		126,751
Loan level interest rate floors with borrower	40		326,309		—		9,060
Loan level interest rate swaps with third-party counterparties	3		53,311		—		1,524
Loan level interest rate swaps with third-party counterparties	185		1,214,736		126,751		—
Loan level interest rate floors with third-party counterparties	40		326,309		9,060		—

Schedule of loan level derivative income


	Year Ended December 31,
(In thousands)	2023		2022		2021
Loan level derivative income	$	7,081	$	3,637	$	2,909

REGULATORY CAPITAL MATTERS (Details)	12 Months Ended
REGULATORY CAPITAL MATTERS (Details)	Dec. 31, 2023
Basel III
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Additional capital conservation buffer (as a percentage)	0.025%

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value Hedges Narrative (Details) - Fair value hedges - Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Oct. 31, 2023
DERIVATIVES AND HEDGING ACTIVITIES
Clearing house related to the fair value derivatives	$ 6,500
Interest Rate Swaps
DERIVATIVES AND HEDGING ACTIVITIES
Notional amount, liabilities		$ 500,000
Average fixed interest rate	4.82%
Mortgage loans - Amortized Cost	$ 729,500
Last-of-layer in the open hedge relationship	500,000
Basis adjustment associated with the hedge	6,600
Interest income from swap transaction	$ 561

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF ACCOUNTING POLICIES

Nature of Operations and Principles of Consolidation

Nature of Operations and Principles of Consolidation

As of December 31, 2023, we operated 60 branch locations throughout Long Island and New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island, and the Bronx.

The following is a description of the significant accounting policies that the Company follows in preparing its consolidated financial statements.

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Unless otherwise noted, the above policy is applied consistently to all loan segments.

The Company evaluates its loan pooling methodology at least annually. The Company has identified the following loan pools used to measure the allowance for credit losses as follows:

For further discussion of our loan accounting and acquisitions, see Note 2 - Merger and Note 5 - Loans.

Derivatives

were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings.

Other Real Estate Owned ('OREO")

Premises and Fixed Assets, Net

Leases

●

Carryover of historical lease determination and lease classification conclusions.

●

Carryover of historical initial direct cost balances for existing leases.

●

Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component.

Goodwill and Other Intangible Assets

Servicing Right Assets

Transfers of Financial Assets

Bank Owned Life Insurance

Income Taxes

Employee Benefits

Basic and Diluted EPS

Comprehensive Income

Disclosures about Segments of an Enterprise and Related Information

For the years ended December 31, 2023, 2022 and 2021, there was no customer that accounted for more than 10% of the Company's consolidated revenue.

Reclassifications

Reclassifications – There have been no material reclassifications to prior year amounts to conform to their current presentation.

Adoption of Recent Accounting Standards

Adoption of New Accounting Standards

Standards Adopted in 2021

ASU 2016-13, Financial Instruments – Credit Losses (Topic 326)

There were no held-to-maturity securities as of January 1, 2021 and, therefore, no impact from the adoption of the CECL Standard.

Standards Adopted in 2023

ASU 2020-04, Reference Rate Reform (Topic 848)

ASU 2021-01, Reference Rate Reform (Topic 848): Scope

ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method

ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures

OTHER SHORT-TERM BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2023

OTHER SHORT-TERM BORROWINGS

Summary of other short-term borrowings


	December 31,
(In thousands)	2023		2022
Repurchase agreements	$	—	$	1,360
Other short-term borrowings	$	—	$	1,360

MERGER - Dime Community Bancshares, Inc. Ownership and Market Value (Details) - Merger Agreement - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended
	Feb. 01, 2021	Jan. 31, 2021
MERGER
Number of Bridge Outstanding Shares		41,226
Percentage Ownership		100.00%
Securities available-for-sale acquired on the Merger Date		$ 1,007,140
Bridge shareholders
MERGER
Number of Bridge Outstanding Shares	21,200	19,993
Percentage Ownership	51.50%	48.50%
Securities available-for-sale acquired on the Merger Date		$ 488,420
Bridge Share Price		$ 24.43
Legacy Dime shareholders
MERGER
Number of Bridge Outstanding Shares	30,853	21,233
Percentage Ownership		51.50%
Securities available-for-sale acquired on the Merger Date	$ 7	$ 518,720

RESTRICTED STOCK

12 Months Ended

Dec. 31, 2023

RESTRICTED STOCK

RESTRICTED STOCK

10. RESTRICTED STOCK

The following is a summary of restricted stock:


	Year Ended December 31,
(In thousands)	2023		2022
FHLBNY capital stock	$	73,475	$	63,627
FRB capital stock		25,110		24,953
ACBB capital stock		165		165
Restricted stock	$	98,750	$	88,745

FHLBNY Capital Stock

The Bank is a member of the FHLBNY. Membership requires the purchase of shares of FHLBNY capital stock at $100 per share. Members are required to own a particular amount of stock based on the level of borrowings and other factors. The Bank increased its outstanding FHLBNY advances by $182.0 million during the year ended December 31, 2023, resulting in an increase of required FHLBNY stock. The Bank owned 734,751 shares and 636,274 shares at December 31, 2023 and 2022, respectively. The Bank recorded dividend income on the FHLBNY capital stock of $5.4 million, $853 thousand and $1.9 million during the years ended December 31, 2023, 2022 and 2021, respectively.

FRB Capital Stock

The Bank is a member of the FRB. Membership requires the purchase of shares of FRB capital stock at $50 per share. The Bank owned 502,197 shares at December 31, 2023 and 499,052 shares at December 31, 2022. The Bank recorded dividend income on the FRB capital stock of $1.0 million, $828 thousand, and $442 thousand during the years ended December 31, 2023, 2022, and 2021, respectively.

ACBB Capital Stock

The Bank has a relationship with ACBB. The relationship requires the purchase of shares of ACBB capital stock between $2,500 and $3,250 per share. The Bank owned 60 shares at December 31, 2023 and 2022. The Bank recorded dividend

income on the ACBB capital stock of $2 thousand during the year ended December 31, 2023 and $1 thousand during the years ended December 31, 2022, and 2021, respectively.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

24. 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), 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 December 31, 2023 and December 31, 2022. 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. Obtaining market values as of December 31, 2023 and December 31, 2022 for these securities utilizing significant observable inputs was not difficult due to their liquid nature.

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 December 31, 2023 Using

Level 1

Level 2

Level 3

(In thousands)

Total

Inputs

Financial Assets:

Securities available-for-sale:

Agency notes

9,371

—

9,371

—

Treasury securities

234,190

—

234,190

—

Corporate securities

151,170

—

151,170

—

Pass-through MBS issued by GSEs

205,285

—

205,285

—

Agency CMOs

259,415

—

259,415

—

State and municipal obligations

26,809

—

26,809

—

Derivative – cash flow hedges

7,461

—

7,461

—

Derivative – freestanding derivatives, net

114,671

—

114,671

—

Financial Liabilities:

Derivative – fair value hedges

6,594

—

6,594

—

Derivative – freestanding derivatives, net

114,671

—

114,671

—


			Fair Value Measurements
			at December 31, 2022 Using
			Level 1		Level 2		Level 3
(In thousands)	Total		Inputs		Inputs		Inputs
Financial Assets:
Securities available-for-sale:
Treasury securities	$	227,256	$	—	$	227,256	$	—
Corporate securities		166,773		—		166,773		—
Pass-through MBS issued by GSEs		241,240		—		241,240		—
Agency CMOs		281,339		—		281,339		—
State and municipal obligations		33,979		—		33,979		—
Derivative – cash flow hedges		17,150		—		17,150		—
Derivative – freestanding derivatives, net		137,335		—		137,335		—
Financial Liabilities:
Derivative – freestanding derivatives, net		137,335		—		137,335		—

Assets Measured at Fair Value on a Non-recurring Basis

Certain financial assets are measured at fair value on a nonrecurring 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.

December 31, 2023

Fair Value Measurements Using:

Quoted Prices

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

(In thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Individually evaluated loans

6,336

—

6,336

December 31, 2022

Fair Value Measurements Using:

Quoted Prices

In Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

(In thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Individually evaluated loans

1,179

—

1,179

Individually evaluated loans with an allowance for credit losses at December 31, 2023 had a carrying amount of $6.3 million, which is made up of the outstanding balance of $7.3 million, net of a valuation allowance of $1.0 million. Collateral dependent individually analyzed loans as of December 31, 2023 resulted in a credit loss recovery of $371 thousand, which is included in the amounts reported in the consolidated statements of operations for the year ended December 31, 2023.

Individually evaluated loans with an allowance for credit losses at December 31, 2022 had a carrying amount of $1.2 million, which is made up of the outstanding balance of $2.5 million, net of a valuation allowance of $1.3 million. Collateral dependent individually analyzed loans as of December 31, 2022 resulted in a credit loss provision of $0.7 million, which is included in the amounts reported in the consolidated statements of operations for the year ended December 31, 2022.

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 nonrecurring 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 December 31, 2023 Using

Carrying

Level 1

Level 2

Level 3

(In thousands)

Amount

Inputs

Total

Financial Assets:

Cash and due from banks

457,547

—

457,547

Securities held-to-maturity

594,639

—

516,930

—

516,930

Loans held for investment, net

10,695,349

—

10,305,026

Accrued interest receivable

55,666

—

6,593

49,073

55,666

Financial Liabilities:

Savings, money market and checking accounts ⁽¹⁾

8,922,972

—

8,922,972

CDs

1,607,683

—

1,602,087

—

1,602,087

FHLBNY advances

1,313,000

—

1,312,940

—

1,312,940

Subordinated debt, net

200,196

—

160,696

—

160,696

Accrued interest payable

17,298

—

17,298

—

17,298

(1)	Includes mortgage escrow deposits.


			Fair Value Measurements
			at December 31, 2022 Using
	Carrying		Level 1		Level 2		Level 3
(In thousands)	Amount		Inputs		Inputs		Inputs		Total
Financial Assets:
Cash and due from banks	$	169,297	$	169,297	$	—	$	—	$	169,297
Securities held-to-maturity		585,798		—		505,759		—		505,759
Loans held for investment, net		10,482,145		—		—		10,005,121		10,005,121
Accrued interest receivable		48,561		—		6,105		42,456		48,561
Financial Liabilities:
Savings, money market and checking accounts⁽¹⁾		9,139,043		9,139,043		—		—		9,139,043
CDs		1,115,364		—		1,096,808		—		1,096,808
FHLBNY advances		1,131,000		—		1,131,217		—		1,131,217
Subordinated debt, net		200,283		—		180,583		—		180,583
Other short-term borrowings		1,360		1,360		—		—		1,360
Accrued interest payable		5,323		—		5,323		—		5,323

(1)	Includes mortgage escrow deposits.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

Schedule of condensed statements of financial condition


	December 31,
(In thousands)	2023		2022
ASSETS:
Cash and due from banks	$	35,114	$	25,009
Securities available-for-sale, at fair value		2,693		2,489
Investment in subsidiaries		1,395,526		1,348,962
Other assets		4,401		4,389
Total assets	$	1,437,734	$	1,380,849

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Subordinated debt, net	$	200,196	$	200,283
Other liabilities		11,313		10,983
Stockholders’ equity		1,226,225		1,169,583
Total liabilities and stockholders’ equity	$	1,437,734	$	1,380,849

Schedule of condensed statements of income and other comprehensive income


	Year Ended December 31,
(In thousands)	2023		2022		2021
Net interest loss	$	(9,942)	$	(10,394)	$	(8,427)
Dividends received from Bank		60,000		95,000		20,000
Non-interest income		—		—		136
Non-interest expense		(1,066)		(1,720)		(4,361)
Income before income taxes and equity in undistributed earnings of direct subsidiaries		48,992		82,886		7,348
Income tax credit		7,822		4,001		4,051
Income before equity in undistributed earnings of direct subsidiaries		56,814		86,887		11,399
Equity in undistributed earnings of subsidiaries		39,280		65,669		92,597
Net income	$	96,094	$	152,556	$	103,996

(1)	Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2023, 2022 and 2021.

Schedule of condensed statements of cash flows


	Year Ended December 31,
(In thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	96,094	$	152,556	$	103,996
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of direct subsidiaries		(39,280)		(65,669)		(92,597)
Net gain on marketable equity securities		—		—		(131)
Net accretion		(87)		(111)		(157)
Loss on extinguishment of debt		—		740		—
(Increase) decrease in other assets		(62)		(104)		761
(Decrease) increase in other liabilities		(931)		(1,096)		269
Net cash provided by operating activities		55,734		86,316		12,141

Cash flows from investing activities:
Proceeds sales of marketable equity securities		—		—		6,101
Purchases of securities available-for-sale		—		—		(3,000)
Net cash received in business combination		—		—		11,545
Net cash provided by investing activities		—		—		14,646

Cash flows from financing activities:
Proceeds from subordinated debentures issuance, net		—		157,559		—
Redemption of subordinated debentures		—		(155,000)		—
Proceeds from exercise of stock options		—		—		431
Release of stock for benefit plan awards		1,164		1,167		1,153
Payments related to tax withholding for equity awards		(1,258)		(1,558)		(111)
BMP ESOP shares received to satisfy distribution of retirement benefits		—		—		(993)
Treasury shares repurchased		(947)		(46,762)		(59,280)
Cash dividends paid to preferred stockholders		(7,286)		(7,286)		(7,286)
Cash dividends paid to common stockholders		(37,302)		(36,791)		(39,351)
Net cash used in financing activities		(45,629)		(88,671)		(105,437)

Net increase (decrease) in cash and due from banks		10,105		(2,355)		(78,650)
Cash and due from banks, beginning of period		25,009		27,364		106,014
Cash and due from banks, end of period	$	35,114	$	25,009	$	27,364

LOANS HELD FOR INVESTMENT, NET - Amortized cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 42,281
% of Total Class of Financing Receivable	0.40%
Term Extension
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 1,789
Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	39,582
Term Extension and Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	612
Significant Payment Delay And Interest Rate Deduction
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	298
C&I
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	14,627
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 2,948
% of Total Class of Financing Receivable	0.30%
One-to-four family residential and cooperative/condominium apartment \| Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 2,856
One-to-four family residential and cooperative/condominium apartment \| Term Extension and Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 92
Multifamily residential and residential mixed-use
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Total Class of Financing Receivable	0.00%
Commercial real estate ("CRE")
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 24,706
% of Total Class of Financing Receivable	0.50%
Commercial real estate ("CRE") \| Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 24,706
Acquisition, development, and construction ("ADC")
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Total Class of Financing Receivable	0.00%
Commercial and industrial ("C&I"), including SBA and PPP loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 14,627
% of Total Class of Financing Receivable	1.40%
Commercial and industrial ("C&I"), including SBA and PPP loans \| Term Extension
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 1,789
Commercial and industrial ("C&I"), including SBA and PPP loans \| Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	12,020
Commercial and industrial ("C&I"), including SBA and PPP loans \| Term Extension and Significant Payment Delay
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	520
Commercial and industrial ("C&I"), including SBA and PPP loans \| Significant Payment Delay And Interest Rate Deduction
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans that have been modified	$ 298
Other Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Total Class of Financing Receivable	0.00%

RETIREMENT AND POSTRETIREMENT PLANS - Funded status of the Employee Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Retirement Plan
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	$ 19,021	$ 24,961
Interest cost	900	622	$ 562
Actuarial (gain) loss	384	(5,004)
Benefit payments	(1,584)	(1,558)
Projected benefit obligation at end of year	18,721	19,021	24,961
Plan assets at fair value (investments in trust funds managed by trustee)
Balance at beginning of year	22,593	28,693
Return on plan assets	294	(4,542)
Benefit payments	(1,584)	(1,558)
Balance at end of year	21,303	22,593	28,693
Funded status at end of year	2,582	3,572
BNB Bank Pension Plan
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year	27,920	34,495
Service cost	564	807
Interest cost	1,263	793
Actuarial (gain) loss	(883)	(7,111)
Curtailment	(446)
Benefit payments	(1,136)	(1,064)
Projected benefit obligation at end of year	27,282	27,920	34,495
Plan assets at fair value (investments in trust funds managed by trustee)
Balance at beginning of year	38,572	47,857
Return on plan assets	734	(8,221)
Benefit payments	(1,136)	(1,064)
Balance at end of year	38,170	38,572	47,857
Funded status at end of year	$ 10,888	$ 10,652
Retirement Plans \| BMP and Outside Director Retirement Plan
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year			9,328
Interest cost			12
Actuarial (gain) loss			(277)
Benefit payments			(9,063)
Plan assets at fair value (investments in trust funds managed by trustee)
Contributions			9,063
Benefit payments			(9,063)
Postretirement Benefit Plan
Reconciliation of projected benefit obligation:
Projected benefit obligation at beginning of year			13
Benefit payments			(13)
Plan assets at fair value (investments in trust funds managed by trustee)
Contributions			13
Benefit payments			$ (13)

RETIREMENT AND POSTRETIREMENT PLANS - Major assumptions utilized to determine the net periodic cost of the Plan (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Retirement Plan
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Discount rate used for net periodic benefit cost	4.90%	2.55%	2.15%
Discount rate used to determine benefit obligation at period end	4.70%	4.90%	2.55%
Expected long-term return on plan assets used for net periodic benefit cost	7.00%	7.00%	7.00%
Expected long-term return on plan assets used to determine benefit obligation at period end	7.00%	7.00%	7.00%
BNB Bank Pension Plan
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Discount rate used for net periodic benefit cost	4.98%	2.69%
Discount rate used to determine benefit obligation at period end	4.79%	4.98%
Expected long-term return on plan assets used for net periodic benefit cost	7.25%	7.25%
Expected long-term return on plan assets used to determine benefit obligation at period end	7.25%	7.25%

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

12 Months Ended

Dec. 31, 2023

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

7. PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE

Premises and Fixed Assets, Net

The following is a summary of premises and fixed assets, net:


	December 31,
(In thousands)	2023		2022
Land	$	10,824	$	10,824
Buildings		21,173		21,688
Leasehold improvements		28,307		26,862
Furniture, fixtures and equipment		25,909		25,750
Premises and fixed assets, gross	$	86,213	$	85,124
Less: accumulated depreciation and amortization		(41,345)		(38,375)
Premises and fixed assets, net	$	44,868	$	46,749

Depreciation and amortization expense amounted to $6.7 million, $7.4 million and $6.5 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Premises Held for Sale

During the year ended December 31, 2023, the Company transferred one real estate property utilized as a retail branch to premises held for sale totaling $905 thousand. There were no premises held for sale as of December 31, 2022.

During the year ended December 31, 2022, the Company sold one real estate property utilized as a retail branch for $1.9 million and recorded an associated gain of $1.4 million in Gain on sale of securities and other assets in the consolidated statements of operations.

SECURITIES - Amortized Cost and Fair Value By Contractual Maturity, Held-to-maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Held-to-maturity, Amortized Cost
One to five years	$ 19,783
Five to ten years	78,780
Pass-through MBS issued by GSEs and agency CMO	496,076
Total Amortized Cost	594,639
Held-to-maturity, Fair Value
One to five years	18,397
Five to ten years	67,041
Pass-through MBS issued by GSEs and agency CMO	431,492
Total Fair Value	$ 516,930	$ 505,759

BRANCH RESTRUCTURING COSTS

12 Months Ended

Dec. 31, 2023

BRANCH RESTRUCTURING COSTS

BRANCH RESTRUCTURING COSTS

18. BRANCH RESTRUCTURING COSTS

On June 29, 2021, the Company issued a press release announcing that the Bank planned to combine five branch locations into other existing branches. The combinations took place in October 2021. Costs associated with early lease terminations and accelerated depreciation of fixed assets totaled $5.1 million for the year ended December 31, 2021 and were recorded in branch restructuring costs in the consolidated statements of operations. There were no branch restructuring costs for the years ended December 31, 2023 or 2022.

MERGER (Details) $ / shares in Units, shares in Thousands, $ in Millions		1 Months Ended	12 Months Ended
	Feb. 01, 2021 USD ($) $ / shares shares	Jan. 31, 2021 shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
MERGER
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01	$ 0.01
Share conversion ratio	0.6480		1
Preferred stock, Series A, par value (in dollars per share)	$ 0.01		$ 0.01	$ 0.01
Preferred Stock
MERGER
Share conversion ratio	1
Legacy Dime
MERGER
Common stock, par value (in dollars per share)	$ 0.01
Aggregate principal amount \| $	$ 115.0
Fixed interest rate of debentures	4.50%
Legacy Dime \| Preferred Stock
MERGER
Preferred stock, Series A, par value (in dollars per share)	$ 0.01
Merger Agreement
MERGER
Number of Bridge Outstanding Shares \| shares		41,226
Percentage Ownership		100.00%
Merger Agreement \| Bridge shareholders
MERGER
Number of Bridge Outstanding Shares \| shares	21,200	19,993
Percentage Ownership	51.50%	48.50%
Merger Agreement \| Legacy Dime shareholders
MERGER
Number of Bridge Outstanding Shares \| shares	30,853	21,233
Percentage Ownership		51.50%

DERIVATIVES AND HEDGING ACTIVITIES - Cumulative basis adjustment for fair value hedges (Details) $ in Thousands	Dec. 31, 2023 USD ($)
DERIVATIVES AND HEDGING ACTIVITIES
Carrying Amount of the Hedged Assets	$ 506,591
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Derivative assets
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets	$ 6,591

SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

SECURITIES

Schedule of major categories of securities owned by entity

December 31, 2023

Gross

Amortized

Unrealized

Fair

(In thousands)

Cost

Gains

Losses

Value

Securities available-for-sale:

Agency notes

10,000

—

(629)

9,371

Treasury securities

245,877

—

(11,687)

234,190

Corporate securities

174,978

—

(23,808)

151,170

Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs")

230,253

(24,978)

205,285

Agency CMOs

305,860

(46,491)

259,415

State and municipal obligations

28,741

—

(1,932)

26,809

Total securities available-for-sale

995,709

(109,525)

886,240

December 31, 2023

Gross

Amortized

Unrecognized

Fair

(In thousands)

Cost

Gains

Losses

Value

Securities held-to-maturity:

Agency notes

89,563

—

(11,300)

78,263

Corporate securities

9,000

—

(1,825)

7,175

Pass-through MBS issued by GSEs

279,853

—

(37,579)

242,274

Agency CMOs

216,223

(27,021)

189,218

Total securities held-to-maturity

594,639

(77,725)

516,930


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities available-for-sale:
Treasury securities	$	246,899	$	—	$	(19,643)	$	227,256
Corporate securities		183,791		57		(17,075)		166,773
Pass-through MBS issued by GSEs		272,774		—		(31,534)		241,240
Agency CMOs		331,394		2		(50,057)		281,339
State and municipal obligations		37,000		—		(3,021)		33,979
Total securities available-for-sale	$	1,071,858	$	59	$	(121,330)	$	950,587

	December 31, 2022
			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
(In thousands)	Cost		Gains		Losses		Value
Securities held-to-maturity:
Agency notes	$	89,157	$	—	$	(14,095)	$	75,062
Corporate securities		9,000		—		(553)		8,447
Pass-through MBS issued by GSEs		278,281		—		(40,960)		237,321
Agency CMOs		209,360		—		(24,431)		184,929
Total securities held-to-maturity	$	585,798	$	—	$	(80,039)	$	505,759

Amortized cost and fair value of securities are shown by contractual maturity


	December 31, 2023
	Amortized		Fair
(In thousands)	Cost		Value
Available-for-sale
Within one year	$	88,498	$	86,233
One to five years		198,552		186,041
Five to ten years		172,546		149,266
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		536,113		464,700
Total	$	995,709	$	886,240

Held-to-maturity
Within one year	$	—	$	—
One to five years		19,783		18,397
Five to ten years		78,780		67,041
Beyond ten years		—		—
Pass-through MBS issued by GSEs and agency CMO		496,076		431,492
Total	$	594,639	$	516,930

Summary of sale of available-for-sale securities


	Year Ended December 31,
(In thousands)	2023		2022		2021
Proceeds	$	77,804	$	—	$	138,077
Gross gains		130		—		1,327
Tax expense on gains		39		—		421
Gross losses		1,577		—		120
Tax benefit on losses		467		—		38

Sales of Marketable Equity Securities


	Year Ended December 31,
(In thousands)	2023		2022		2021
Proceeds:
Marketable equity securities	$	—	$	—	$	6,101

Schedule of gross unrealized losses and fair value of investment securities

December 31, 2023

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

—

9,371

629

9,371

629

Treasury securities

—

234,190

11,687

234,190

11,687

Corporate securities

20,935

917

130,235

22,891

151,170

23,808

Pass-through MBS issued by GSEs

—

203,469

24,978

203,469

24,978

Agency CMOs

—

251,900

46,491

251,900

46,491

State and municipal obligations

1,796

21,513

1,878

23,309

1,932


	December 31, 2022
	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:
Treasury securities	$	—	$	—	$	227,256	$	19,643	$	227,256	$	19,643
Corporate securities		110,707		8,494		50,116		8,581		160,823		17,075
Pass-through MBS issued by GSEs		50,813		2,010		190,427		29,524		241,240		31,534
Agency CMOs		55,924		3,454		220,413		46,603		276,337		50,057
State and municipal obligations		10,848		174		22,681		2,847		33,529		3,021

STOCK-BASED COMPENSATION - Stock Option Awards Exercise Price Range (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
$34.87
STOCK-BASED COMPENSATION
Exercise Prices	$ 34.87
$35.35
STOCK-BASED COMPENSATION
Exercise Prices	35.35
$36.19
STOCK-BASED COMPENSATION
Exercise Prices	36.19
Employee Stock Option [Member]
STOCK-BASED COMPENSATION
Exercise Prices	$ 35.39	$ 35.39
Outstanding Options, Amount	26,995	92,137
Outstanding options, weighted average remaining contractual years	5 years 2 months 12 days	6 years 2 months 12 days
Vested Options, Amount	26,995
Vested Options, Weighted Average Contractual Years Remaining	5 years 2 months 12 days
Employee Stock Option [Member] \| $34.87
STOCK-BASED COMPENSATION
Outstanding Options, Amount	10,061
Outstanding options, weighted average remaining contractual years	6 years 1 month 6 days
Vested Options, Amount	10,061
Vested Options, Weighted Average Contractual Years Remaining	6 years 1 month 6 days
Employee Stock Option [Member] \| $35.35
STOCK-BASED COMPENSATION
Outstanding Options, Amount	9,802
Outstanding options, weighted average remaining contractual years	5 years 1 month 6 days
Vested Options, Amount	9,802
Vested Options, Weighted Average Contractual Years Remaining	5 years 1 month 6 days
Employee Stock Option [Member] \| $36.19
STOCK-BASED COMPENSATION
Outstanding Options, Amount	7,132
Outstanding options, weighted average remaining contractual years	4 years 1 month 6 days
Vested Options, Amount	7,132
Vested Options, Weighted Average Contractual Years Remaining	4 years 1 month 6 days

RESTRICTED STOCK - Summary of restricted stock (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Restricted stock.	$ 98,750	$ 88,745
Federal Home Loan Bank of New York
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Restricted stock.	73,475	63,627
FRB capital stock
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Restricted stock.	25,110	24,953
ACBB capital stock
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Restricted stock.	$ 165	$ 165

OTHER SHORT-TERM BORROWINGS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER SHORT-TERM BORROWINGS
Other short-term borrowings		$ 1,360
Repurchase agreements
OTHER SHORT-TERM BORROWINGS
Percentage of pass through for Mortgage Backed Securities	100.00%
Other short-term borrowings	$ 0	1,360
Interest expense	0	1	$ 1
AFX
OTHER SHORT-TERM BORROWINGS
Interest expense	$ 101	$ 1,400	$ 1

DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Summary of deposits


	Year Ended December 31,
	2023				2022
	Weighted				Weighted
	Average				Average
(Dollars in thousands)	Rate		Liability		Rate		Liability
Savings⁽¹⁾	3.67	%	$	2,335,490	2.24	%	$	2,260,101
CDs	4.43			1,607,683	2.25			1,115,364
Money market	3.46			3,125,996	1.50			2,532,270
Interest-bearing checking	0.77			515,987	1.01			827,454
Non-interest-bearing checking⁽¹⁾	—			2,945,499	—			3,519,218
Total	2.56	%	$	10,530,655	1.19	%	$	10,254,407

(1)	Includes mortgage escrow deposits.

Summary of scheduled maturities of CDs outstanding


	Maturing		Weighted Average
(Dollars in thousands)	Balance		Interest Rate
2024	$	1,489,735	4.60	%
2025		81,297	2.52
2026		25,742	2.26
2027		7,527	0.18
2028		3,382	0.05
2029 and beyond		—	—
Total	$	1,607,683	4.43	%

- Definition

Tabular disclosure of type of deposit liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (3)
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (4)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (5)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (c)
-Publisher SEC

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (d)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)
-Publisher SEC

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (1)
-Publisher SEC

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)
-Publisher SEC

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)
-Publisher SEC

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(ii)
-Publisher SEC

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iii)
-Publisher SEC

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iv)
-Publisher SEC

+ Details

LOANS HELD FOR INVESTMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

LOANS HELD FOR INVESTMENT, NET

Schedule of loan categories


	December 31,
(In thousands)	2023		2022
One-to-four family residential and cooperative/condominium apartment	$	887,555	$	773,321
Multifamily residential and residential mixed-use		4,017,176		4,026,826
CRE		4,620,900		4,457,630
ADC		168,513		229,663
Total real estate loans		9,694,144		9,487,440
C&I		1,066,938		1,071,712
Other loans		5,755		7,679
Total		10,766,837		10,566,831
Fair value hedge basis point adjustments ⁽¹⁾		6,591		—
Total loans, net of fair value hedge basis point adjustments		10,773,428		10,566,831
Allowance for credit losses		(71,743)		(83,507)
Loans held for investment, net	$	10,701,685	$	10,483,324

(1)	At December 31, 2023, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged one-to-four family residential mortgage loans, multifamily residential mortgage loans and CRE loans.

Schedule of activity in allowance for loan losses


	Real Estate Loans
	One-to-Four
	Family		Multifamily
	Residential and		Residential
	Cooperative/		and
	Condominium		Residential						Total Real				Other
(In thousands)	Apartment		Mixed-Use		CRE		ADC		Estate		C&I		Loans		Total
Ending balance as of December 31, 2020	$	644	$	17,016	$	9,059	$	1,993	$	28,712	$	12,737	$	12	$	41,461
Impact of adopting CECL as of January 1, 2021		1,048		(8,254)		4,849		381		(1,976)		(1,935)		(8)		(3,919)
Beginning balance as of January 1, 2021		1,692		8,762		13,908		2,374		26,736		10,802		4		37,542
Day 1 acquired PCD loans		2,220		3,292		23,124		117		28,753		23,374		157		52,284
Provision for credit losses		1,975		(3,921)		(4,497)		2,366		(4,077)		6,016		1,364		3,303
Charge-offs		(20)		(391)		(3,406)		—		(3,817)		(4,984)		(777)		(9,578)
Recoveries		65		74		37		—		176		123		3		302
Ending balance as of December 31, 2021	$	5,932	$	7,816	$	29,166	$	4,857	$	47,771	$	35,331	$	751	$	83,853

Provision (credit) for credit losses		37		542		(1,891)		(3,134)		(4,446)		11,786		(430)		6,910
Charge-offs		—		—		—		—		—		(11,401)		(53)		(11,454)
Recoveries		—		2		54		—		56		4,137		5		4,198
Ending balance as of December 31, 2022	$	5,969	$	8,360	$	27,329	$	1,723	$	43,381	$	39,853	$	273	$	83,507

Provision (credit) for credit losses		858		(1,121)		(721)		266		(718)		3,464		129		2,875
Charge-offs		(14)		(2)		—		—		(16)		(15,364)		(300)		(15,680)
Recoveries		—		—		—		—		—		1,024		17		1,041
Ending balance as of December 31, 2023	$	6,813	$	7,237	$	26,608	$	1,989	$	42,647	$	28,977	$	119	$	71,743

Schedule of financing receivable, nonaccrual


	December 31, 2023
	Non-accrual with			Non-accrual with
(In thousands)	No Allowance		Allowance			Reserve
One-to-four family residential and cooperative/condominium apartment	$	—	$	3,248	$	133
CRE		2,298		8,229		832
ADC		—		657		305
C&I		1,482		13,185		12,932
Total	$	3,780	$	25,319	$	14,202


	December 31, 2022
	Non-accrual with			Non-accrual with
(In thousands)	No Allowance		Allowance			Reserve
One-to-four family residential and cooperative/condominium apartment	$	—	$	3,203	$	181
CRE		4,915		3,417		1,424
ADC		657		—		—
C&I		503		21,443		20,685
Other		—		99		99
Total	$	6,075	$	28,162	$	22,389

Schedule of past due financing receivables

December 31, 2023

Loans 90

Days or

Total

30 to 59

60 to 89

More Past Due

Past Due

Days

and Still

and

Total

(In thousands)

Past Due

Accruing Interest

Non-accrual

Current

Loans

Real estate:

One-to-four family residential, including condominium and cooperative apartment

4,071

—

3,248

7,392

880,163

887,555

Multifamily residential and residential mixed-use

—

4,017,176

CRE

3,160

208

—

10,527

13,895

4,607,005

4,620,900

ADC

430

—

657

1,087

167,426

168,513

Total real estate

7,661

281

—

14,432

22,374

9,671,770

9,694,144

C&I

4,316

1,009

—

14,667

19,992

1,046,946

1,066,938

Other

—

5,755

Total

11,977

1,290

—

29,099

42,366

10,724,471

10,766,837


	December 31, 2022
					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
Real estate:
One-to-four family residential, including condominium and cooperative apartment	$	686	$	—	$	—	$	3,203	$	3,889	$	769,432	$	773,321
Multifamily residential and residential mixed-use		4,817		—		—		—		4,817		4,022,009		4,026,826
CRE		14,189		—		—		8,332		22,521		4,435,109		4,457,630
ADC		—		—		—		657		657		229,006		229,663
Total real estate		19,692		—		—		12,192		31,884		9,455,556		9,487,440
C&I		3,561		741		—		21,946		26,248		1,045,464		1,071,712
Other		264		1		—		99		364		7,315		7,679
Total	$	23,517	$	742	$	—	$	34,237	$	58,496	$	10,508,335	$	10,566,831

Schedule of collateral dependent loans


	Year Ended December 31,
	2023				2022
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
CRE	$	8,903	$	621	$	7,391	$	1,297
ADC		657		305		657		—
C&I		1,444		—		949		—
Total	$	11,004	$	926	$	8,997	$	1,297

Schedule of Related Party Loans


	Year Ended
(In thousands)	December 31, 2023
Beginning balance	$	4,956
New loans		531
Repayments		(565)
Balance at end of period	$	4,922

Schedule of amortized cost basis of loans modified to borrowers


	For the Year Ended December 31, 2023
					Term		Significant				% of
			Significant		Extension and		Payment Delay				Total Class
	Term		Payment		Significant		and Interest				of Financing
(Dollars in thousands)	Extension		Delay		Payment Delay		Rate Reduction		Total		Receivable
One-to-four family residential and cooperative/condominium apartment	$	—	$	2,856	$	92	$	—	$	2,948	0.3	%
Multifamily residential and residential mixed-use		—		—		—		—		—	0.0
CRE		—		24,706		—		—		24,706	0.5
ADC		—		—		—		—		—	0.0
C&I		1,789		12,020		520		298		14,627	1.4
Other		—		—		—		—		—	0.0
Total	$	1,789	$	39,582	$	612	$	298	$	42,281	0.4	%

Schedule of financial effect of loans modified to borrowers


	For the Year Ended December 31, 2023
					Weighted Average
	Weighted Average		Weighted Average		Payment Delay
	Interest Rate		Months of		or Principal
(Dollars in thousands)	Reductions		Term Extensions		Forgiveness
One-to-four family residential and cooperative/condominium apartment	—	%		189	$	76
Multifamily residential and residential mixed-use	—			—		—
CRE	—			—		988
ADC	—			—		—
C&I	4.27			13		2,406
Other	—			—		—
Total	4.27	%		202	$	3,470

Schedule of performance of loans that have been modified


	December 31, 2023
			30-59		60-89		90+
(Dollars in thousands)	Current		Days Past Due		Days Past Due		Days Past Due		Non-Accrual		Total
One-to-four family residential and cooperative/condominium apartment	$	2,856	$	—	$	—	$	—	$	92	$	2,948
Multifamily residential and residential mixed-use		—		—		—		—				—
CRE		24,706		—		—		—		—		24,706
ADC		—		—		—		—		—		—
C&I		12,496		—		—		—		2,131		14,627
Other		—		—		—		—		—		—
Total	$	40,058	$	—	$	—	$	—	$	2,223	$	42,281

Schedule of loans by class modified as trouble debt restructurings


	Modifications During the Year Ended December 31,
	2022					2021
			Pre-		Post-			Pre-		Post-
			Modification		Modification			Modification		Modification
			Outstanding		Outstanding			Outstanding		Outstanding
	Number		Recorded		Recorded	Number		Recorded		Recorded
(Dollars in thousands)	of Loans		Investment		Investment	of Loans		Investment		Investment
One-to-four family residential and cooperative/condominium apartment	2	$	762	$	762	2	$	467	$	467
CRE	1		991		991	1		10,000		10,000
ADC	1		13,500		13,500	—		—		—
C&I	7		21,934		21,938	1		456		488
Other	1		276		276	—		—		—
Total	12	$	37,463	$	37,467	4	$	10,923	$	10,955

Schedule of Credit risk profile of the real estate loans


	December 31, 2023
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total
One-to-four family residential, and condominium/cooperative apartment:
Pass	$	170,601	$	213,479	$	102,684	$	69,524	$	62,356	$	213,131	$	31,205	$	12,493	$	875,473
Special mention		—		—		—		—		—		33		159		776		968
Substandard		—		—		—		1,005		337		8,711		—		1,061		11,114
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		170,601		213,479		102,684		70,529		62,693		221,875		31,364		14,330		887,555
YTD Gross Charge-Offs		—		—		—		—		—		—		—		14		14

Multifamily residential and residential mixed-use:
Pass		256,822		1,340,197		578,352		283,633		384,937		981,820		4,841		4,325		3,834,927
Special mention		—		—		9,334		3,880		3,886		64,273		—		—		81,373
Substandard		—		—		—		28,799		5,089		66,988		—		—		100,876
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		256,822		1,340,197		587,686		316,312		393,912		1,113,081		4,841		4,325		4,017,176
YTD Gross Charge-Offs		—		—		—		—		—		2		—		—		2

CRE:
Pass		417,973		990,748		817,171		566,427		484,930		1,025,160		24,839		11,538		4,338,786
Special mention		—		28,770		19,872		88,040		10,484		5,754		—		17,862		170,782
Substandard		—		—		151		61,424		7,289		42,468		—		—		111,332
Doubtful		—		—		—		—		—		—		—		—		—
Total CRE		417,973		1,019,518		837,194		715,891		502,703		1,073,382		24,839		29,400		4,620,900
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

ADC:
Pass		16,735		17,534		59,202		9,900		2,665		437		22,444		225		129,142
Special mention		—		11,500		14,961		—		12,253		—		—		—		38,714
Substandard		—		—		—		—		—		—		—		657		657
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		16,735		29,034		74,163		9,900		14,918		437		22,444		882		168,513
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

C&I:
Pass		60,771		138,145		24,865		25,371		25,142		37,019		620,799		31,467		963,579
Special mention		481		12,912		1,199		905		1,204		159		21,108		7,444		45,412
Substandard		—		1,857		2,045		5,577		1,768		11,936		15,567		18,449		57,199
Doubtful		—		—		—		—		—		748		—		—		748
Total C&I		61,252		152,914		28,109		31,853		28,114		49,862		657,474		57,360		1,066,938
YTD Gross Charge-Offs		—		—		77		38		4,166		2,229		5,464		3,390		15,364

Total:
Pass		922,902		2,700,103		1,582,274		954,855		960,030		2,257,567		704,128		60,048		10,141,907
Special mention		481		53,182		45,366		92,825		27,827		70,219		21,267		26,082		337,249
Substandard		—		1,857		2,196		96,805		14,483		130,103		15,567		20,167		281,178
Doubtful		—		—		—		—		—		748		—		—		748
Total Loans	$	923,383	$	2,755,142	$	1,629,836	$	1,144,485	$	1,002,340	$	2,458,637	$	740,962	$	106,297	$	10,761,082
YTD Gross Charge-Offs	$	—	$	—	$	77	$	38	$	4,166	$	2,231	$	5,464	$	3,404	$	15,380


	December 31, 2022
(In thousands)	2022		2021		2020		2019		2018		2017 and Prior		Revolving		Revolving-Term		Total
One-to-four family residential, and condominium/cooperative apartment:
Pass	$	225,031	$	108,185	$	72,732	$	65,515	$	66,038	$	164,338	$	41,172	$	12,563	$	755,574
Special mention		—		—		—		—		735		1,175		579		726		3,215
Substandard		—		—		1,026		1,227		407		10,779		—		1,093		14,532
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		225,031		108,185		73,758		66,742		67,180		176,292		41,751		14,382		773,321
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

Multifamily residential and residential mixed-use:
Pass		1,386,549		582,393		316,424		395,933		127,074		1,107,281		12,584		—		3,928,238
Special mention		—		—		—		11,183		—		14,168		—		—		25,351
Substandard		—		—		12,294		7,001		20,311		33,631		—		—		73,237
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		1,386,549		582,393		328,718		414,117		147,385		1,155,080		12,584		—		4,026,826
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

CRE:
Pass		1,021,622		854,240		753,552		510,332		308,265		868,099		34,362		24,767		4,375,239
Special mention		2,864		—		19,655		4,653		14,372		15,478		—		—		57,022
Substandard		—		151		4,550		7,947		1,131		11,590		—		—		25,369
Doubtful		—		—		—		—		—		—		—		—		—
Total CRE		1,024,486		854,391		777,757		522,932		323,768		895,167		34,362		24,767		4,457,630
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

ADC:
Pass		36,877		152,543		11,242		15,943		—		2,087		10,033		281		229,006
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		657		—		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		36,877		153,200		11,242		15,943		—		2,087		10,033		281		229,663
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

C&I:
Pass		175,347		36,511		42,103		37,030		20,628		33,343		628,560		22,239		995,761
Special mention		3,770		—		894		1,529		1,521		843		9,062		478		18,097
Substandard		5,242		1,244		5,364		2,968		970		10,232		11,290		9,412		46,722
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total C&I		184,359		37,755		48,361		49,859		23,871		46,466		648,912		32,129		1,071,712
YTD Gross Charge-Offs		—		477		4,720		2,088		—		2,414		1,460		242		11,401

Total:
Pass		2,845,426		1,733,872		1,196,053		1,024,753		522,005		2,175,148		726,711		59,850		10,283,818
Special mention		6,634		—		20,549		17,365		16,628		31,664		9,641		1,204		103,685
Substandard		5,242		2,052		23,234		19,143		22,819		66,232		11,290		10,505		160,517
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total Loans	$	2,857,302	$	1,735,924	$	1,239,836	$	1,069,593	$	562,204	$	2,275,092	$	747,642	$	71,559	$	10,559,152
YTD Gross Charge-Offs	$	—	$	477	$	4,720	$	2,088	$	—	$	2,414	$	1,460	$	242	$	11,401


	Year Ended December 31,
(In thousands)	2023		2022
Performing	$	5,755	$	7,580
Non-accrual		—		99
Total	$	5,755	$	7,679

FHLBNY ADVANCES - Narrative (Details) - USD ($)	12 Months Ended
FHLBNY ADVANCES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Prepayments penalty expenses	$ 0	$ 0
FHLBNY advances with an overnight contractual maturity	0	0
Federal Home Loan Bank of New York
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Borrowings from the FHLBNY	1,310,000,000	1,130,000,000
Maximum borrowing amount from FHLBNY term advances	1,190,000,000
Borrowings	4,090,000,000.00	$ 4,130,000,000
Federal Home Loan Bank, Advances, Callable Option [Member] \| Federal Home Loan Bank of New York
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Borrowings total	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS - Individually evaluated loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans	$ 6,300
Individually evaluated loans outstanding balance, net of a valuation allowance	10,701,685	$ 10,483,324
Allowance for credit losses	71,743	83,507
Provision for credit losses	2,770	5,374	$ 6,212
Nonrecurring
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans outstanding balance, net of a valuation allowance	7,300	2,500
Allowance for credit losses	1,000	1,300
Provision for credit losses	371,000	700
Nonrecurring \| Level 3 Inputs
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans	6,336	1,179
Carrying Amount
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans	10,695,349	10,482,145
Carrying Amount \| Nonrecurring
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract]
Individually evaluated loans	$ 6,336	$ 1,179

SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Total	$ 0
Agency notes
Fair Value
12 Consecutive Months or Longer	9,371,000
Total	9,371,000
Unrealized Losses
12 Consecutive Months or Longer	629,000
Total	629,000
Treasury securities
Fair Value
12 Consecutive Months or Longer	234,190,000	$ 227,256,000
Total	234,190,000	227,256,000
Unrealized Losses
12 Consecutive Months or Longer	11,687,000	19,643,000
Total	11,687,000	19,643,000
Corporate securities
Fair Value
Less than 12 Consecutive Months	20,935,000	110,707,000
12 Consecutive Months or Longer	130,235,000	50,116,000
Total	151,170,000	160,823,000
Unrealized Losses
Less than 12 Consecutive Months	917,000	8,494,000
12 Consecutive Months or Longer	22,891,000	8,581,000
Total	23,808,000	17,075,000
Pass-through MBS issued by GSEs
Fair Value
Less than 12 Consecutive Months		50,813,000
12 Consecutive Months or Longer	203,469,000	190,427,000
Total	203,469,000	241,240,000
Unrealized Losses
Less than 12 Consecutive Months		2,010,000
12 Consecutive Months or Longer	24,978,000	29,524,000
Total	24,978,000	31,534,000
Agency CMOs
Fair Value
Less than 12 Consecutive Months		55,924,000
12 Consecutive Months or Longer	251,900,000	220,413,000
Total	251,900,000	276,337,000
Unrealized Losses
Less than 12 Consecutive Months		3,454,000
12 Consecutive Months or Longer	46,491,000	46,603,000
Total	46,491,000	50,057,000
State and municipal obligations.
Fair Value
Less than 12 Consecutive Months	1,796,000	10,848,000
12 Consecutive Months or Longer	21,513,000	22,681,000
Total	23,309,000	33,529,000
Unrealized Losses
Less than 12 Consecutive Months	54,000	174,000
12 Consecutive Months or Longer	1,878,000	2,847,000
Total	$ 1,932,000	$ 3,021,000

LOANS HELD FOR INVESTMENT, NET - Loans by Category Modified as TDRs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) contract	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) contract	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2020 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 83,507	$ 83,507	$ 83,507				$ 71,743
Number of loans \| loan							0
Number of Loans \| loan			12			4
Pre-Modification Outstanding Recorded Investment		37,463			$ 10,923
Post-Modification Outstanding Recorded Investment		37,467			10,955
TDRs
Financing Receivable, Allowance for Credit Loss [Line Items]
Modifications recorded investment	22,100	22,100	$ 22,100	$ 942	942	$ 942
Commitments to lend additional amounts		0			0
Allowance for credit losses	9,100	9,100	9,100	48	48	48
Charge offs relating to TDRs		0			0
Provision for Loan and Lease Losses					48
C&I
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	39,853	39,853	$ 39,853	35,331	35,331	$ 35,331	$ 28,977	$ 12,737
Number of Loans \| loan			7			1
Pre-Modification Outstanding Recorded Investment		21,934			456
Post-Modification Outstanding Recorded Investment		21,938			488
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	5,969	5,969	$ 5,969	5,932	5,932	$ 5,932	6,813	644
Number of Loans \| loan			2			2
Pre-Modification Outstanding Recorded Investment		762			467
Post-Modification Outstanding Recorded Investment		762			467
Multifamily residential and residential mixed-use
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	8,360	8,360	$ 8,360	7,816	7,816	$ 7,816	7,237	17,016
Commercial real estate ("CRE")
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 27,329	27,329	$ 27,329	$ 29,166	29,166	$ 29,166	26,608	9,059
Number of Loans	1		1	1		1
Pre-Modification Outstanding Recorded Investment		991			10,000
Post-Modification Outstanding Recorded Investment		991			10,000
Acquisition, development, and construction ("ADC")
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 1,723	1,723	$ 1,723	$ 4,857	4,857	$ 4,857	1,989	1,993
Number of Loans	1		1
Pre-Modification Outstanding Recorded Investment		13,500
Post-Modification Outstanding Recorded Investment		13,500
Other Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for credit losses	$ 273	273	$ 273	$ 751	$ 751	$ 751	$ 119	$ 12
Number of Loans \| loan			1
Pre-Modification Outstanding Recorded Investment		276
Post-Modification Outstanding Recorded Investment		$ 276

RETIREMENT AND POSTRETIREMENT PLANS - Benefit payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Employee Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
2024	$ 1,526
2025	1,518
2026	1,475
2027	1,447
2028	1,401
2029 to 2033	6,621
BNB Bank Pension Plan
Defined Benefit Plan Disclosure [Line Items]
2024	1,298
2025	1,379
2026	1,501
2027	1,477
2028	1,529
2029 to 2033	$ 9,075

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Adjustments to reconcile net income to net cash provided by operating activities:
Net gain on marketable equity securities	$ 758		$ (131)
Loss on extinguishment of debt		$ 740	1,751
(Increase) decrease in other assets	10,332	(35,170)	125,486
(Decrease) increase in other liabilities	(45,957)	145,425	(118,333)
Net cash provided by operating activities	90,874	295,172	146,327
Cash flows from Investing Activities:
Proceeds from sales of marketable equity securities			6,101
Purchases of securities available-for-sale	(86,084)	(39,232)	(1,095,028)
Net cash received in business combination			715,988
Net cash used in investing activities	(214,046)	(1,332,191)	1,102,821
Cash flows from Financing Activities:
Proceeds from subordinated debentures issuance, net		157,559
Redemption of subordinated debentures		(155,000)
Proceeds from exercise of stock options			431
Release of stock for benefit plan awards	1,164	1,167	1,153
Payments related to tax withholding for equity awards	(1,258)	(1,558)	(111)
BMP ESOP shares received to satisfy distribution of retirement benefits			(993)
Treasury shares repurchased	(947)	(46,762)	(59,280)
Cash dividends paid to preferred stockholders	(7,286)	(7,286)	(7,286)
Cash dividends paid to common stockholders	(37,302)	(36,791)	(39,351)
Net cash provided by financing activities	411,422	812,594	(1,099,029)
Increase (decrease) in cash and cash equivalents	288,250	(224,425)	150,119
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	169,297	393,722	243,603
CASH AND CASH EQUIVALENTS, END OF PERIOD	457,547	169,297	393,722
Parent Company
Cash flows from operating activities:
Net income	96,094	152,556	103,996
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(39,280)	(65,669)	(92,597)
Net gain on marketable equity securities			(131)
Net accretion	(87)	(111)	(157)
Loss on extinguishment of debt		740
(Increase) decrease in other assets	(62)	(104)	761
(Decrease) increase in other liabilities	(931)	(1,096)	269
Net cash provided by operating activities	55,734	86,316	12,141
Cash flows from Investing Activities:
Proceeds from sales of marketable equity securities			6,101
Purchases of securities available-for-sale			(3,000)
Net cash received in business combination			11,545
Net cash used in investing activities			14,646
Cash flows from Financing Activities:
Proceeds from subordinated debentures issuance, net		157,559
Redemption of subordinated debentures		(155,000)
Proceeds from exercise of stock options			431
Release of stock for benefit plan awards	1,164	1,167	1,153
Payments related to tax withholding for equity awards	(1,258)	(1,558)	(111)
BMP ESOP shares received to satisfy distribution of retirement benefits			(993)
Treasury shares repurchased	(947)	(46,762)	(59,280)
Cash dividends paid to preferred stockholders	(7,286)	(7,286)	(7,286)
Cash dividends paid to common stockholders	(37,302)	(36,791)	(39,351)
Net cash provided by financing activities	(45,629)	(88,671)	(105,437)
Increase (decrease) in cash and cash equivalents	10,105	(2,355)	(78,650)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	25,009	27,364	106,014
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 35,114	$ 25,009	$ 27,364

Document Information	12 Months Ended
Document Information	Dec. 31, 2023
Document Information:
Document Type	10-K
Amendment	false
CIK	0000846617
Registrant Name	Dime Community Bancshares, Inc.
Period End Date	Dec. 31, 2023

SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands				1 Months Ended	12 Months Ended
SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	May 06, 2022	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 15, 2022
Debt Instrument [Line Items]
Subordinated notes payable, net					$ 200,200	$ 200,300
Interest expense related to the subordinated debt					$ 10,200	$ 10,600	$ 8,500
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes)
Debt Instrument [Line Items]
Aggregate principal amount issued		$ 160,000
Date after debt becomes callable		May 15, 2027
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes) \| Prior to May 15, 2027/ September 21, 2015
Debt Instrument [Line Items]
Fixed annual interest rate		5.00%
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes) \| On or after August 15, 2027/ September 21, 2015 \| SOFR
Debt Instrument [Line Items]
Basis points added to benchmark rate		2.18%
Fixed to Floating Rate Subordinated Notes Due 2027 (4.50%)
Debt Instrument [Line Items]
Fixed annual interest rate								4.50%
Net proceeds of the offering for the repayment								$ 115,000
Write-off of debt issuance costs	$ 740
Fixed to Floating Rate Subordinated Notes Due 2025 (5.25%)
Debt Instrument [Line Items]
Fixed annual interest rate	5.25%
Net proceeds of the offering for the repayment	$ 40,000
Fixed to Floating Rate Subordinated Notes Due 2030 (5.75%)
Debt Instrument [Line Items]
Aggregate principal amount issued			$ 40,000	$ 40,000
Date after debt becomes callable				Sep. 30, 2030
Fixed to Floating Rate Subordinated Notes Due 2030 (5.75%) \| Prior to May 15, 2027/ September 21, 2015
Debt Instrument [Line Items]
Fixed annual interest rate			5.75%	5.75%
Fixed annual rate, first period duration			5 years
Fixed to Floating Rate Subordinated Notes Due 2030 (5.75%) \| On or after August 15, 2027/ September 21, 2015 \| SOFR
Debt Instrument [Line Items]
Basis points added to benchmark rate				3.72%

MERGER - Other intangible assets (Details) - Merger Agreement - USD ($) $ in Thousands	Dec. 31, 2023	Feb. 01, 2021
Core Deposit Intangibles
MERGER
Other intangible assets		$ 10,200
Weighted average life	10 years
Non-compete Agreement
MERGER
Other intangible assets		$ 780
Weighted average life	13 months

LOANS HELD FOR INVESTMENT, NET

12 Months Ended

Dec. 31, 2023

LOANS HELD FOR INVESTMENT, NET

LOANS HELD FOR INVESTMENT, NET

5. LOANS HELD FOR INVESTMENT, NET

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


	December 31,
(In thousands)	2023		2022
One-to-four family residential and cooperative/condominium apartment	$	887,555	$	773,321
Multifamily residential and residential mixed-use		4,017,176		4,026,826
CRE		4,620,900		4,457,630
ADC		168,513		229,663
Total real estate loans		9,694,144		9,487,440
C&I		1,066,938		1,071,712
Other loans		5,755		7,679
Total		10,766,837		10,566,831
Fair value hedge basis point adjustments ⁽¹⁾		6,591		—
Total loans, net of fair value hedge basis point adjustments		10,773,428		10,566,831
Allowance for credit losses		(71,743)		(83,507)
Loans held for investment, net	$	10,701,685	$	10,483,324

(1)	At December 31, 2023, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged one-to-four family residential mortgage loans, multifamily residential mortgage loans and CRE loans.

C&I loans included SBA PPP loans totaling $1.1 million and $5.8 million at December 31, 2023 and 2022, respectively. In June 2021, the Company sold $596.2 million of SBA PPP loans and recorded a gain of $20.7 million in gain on sale of SBA loans in the consolidated statements of operations.

The following tables present data regarding the allowance for credit losses activity for the periods indicated:


	Real Estate Loans
	One-to-Four
	Family		Multifamily
	Residential and		Residential
	Cooperative/		and
	Condominium		Residential						Total Real				Other
(In thousands)	Apartment		Mixed-Use		CRE		ADC		Estate		C&I		Loans		Total
Ending balance as of December 31, 2020	$	644	$	17,016	$	9,059	$	1,993	$	28,712	$	12,737	$	12	$	41,461
Impact of adopting CECL as of January 1, 2021		1,048		(8,254)		4,849		381		(1,976)		(1,935)		(8)		(3,919)
Beginning balance as of January 1, 2021		1,692		8,762		13,908		2,374		26,736		10,802		4		37,542
Day 1 acquired PCD loans		2,220		3,292		23,124		117		28,753		23,374		157		52,284
Provision for credit losses		1,975		(3,921)		(4,497)		2,366		(4,077)		6,016		1,364		3,303
Charge-offs		(20)		(391)		(3,406)		—		(3,817)		(4,984)		(777)		(9,578)
Recoveries		65		74		37		—		176		123		3		302
Ending balance as of December 31, 2021	$	5,932	$	7,816	$	29,166	$	4,857	$	47,771	$	35,331	$	751	$	83,853

Provision (credit) for credit losses		37		542		(1,891)		(3,134)		(4,446)		11,786		(430)		6,910
Charge-offs		—		—		—		—		—		(11,401)		(53)		(11,454)
Recoveries		—		2		54		—		56		4,137		5		4,198
Ending balance as of December 31, 2022	$	5,969	$	8,360	$	27,329	$	1,723	$	43,381	$	39,853	$	273	$	83,507

Provision (credit) for credit losses		858		(1,121)		(721)		266		(718)		3,464		129		2,875
Charge-offs		(14)		(2)		—		—		(16)		(15,364)		(300)		(15,680)
Recoveries		—		—		—		—		—		1,024		17		1,041
Ending balance as of December 31, 2023	$	6,813	$	7,237	$	26,608	$	1,989	$	42,647	$	28,977	$	119	$	71,743

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


	December 31, 2023
	Non-accrual with			Non-accrual with
(In thousands)	No Allowance		Allowance			Reserve
One-to-four family residential and cooperative/condominium apartment	$	—	$	3,248	$	133
CRE		2,298		8,229		832
ADC		—		657		305
C&I		1,482		13,185		12,932
Total	$	3,780	$	25,319	$	14,202


	December 31, 2022
	Non-accrual with			Non-accrual with
(In thousands)	No Allowance		Allowance			Reserve
One-to-four family residential and cooperative/condominium apartment	$	—	$	3,203	$	181
CRE		4,915		3,417		1,424
ADC		657		—		—
C&I		503		21,443		20,685
Other		—		99		99
Total	$	6,075	$	28,162	$	22,389

The Company did not recognize interest income on non-accrual loans held for investment during the years ended December 31, 2023 or 2022.

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

December 31, 2023

Loans 90

Days or

Total

30 to 59

60 to 89

More Past Due

Past Due

Days

and Still

and

Total

(In thousands)

Past Due

Accruing Interest

Non-accrual

Current

Loans

Real estate:

One-to-four family residential, including condominium and cooperative apartment

4,071

—

3,248

7,392

880,163

887,555

Multifamily residential and residential mixed-use

—

4,017,176

CRE

3,160

208

—

10,527

13,895

4,607,005

4,620,900

ADC

430

—

657

1,087

167,426

168,513

Total real estate

7,661

281

—

14,432

22,374

9,671,770

9,694,144

C&I

4,316

1,009

—

14,667

19,992

1,046,946

1,066,938

Other

—

5,755

Total

11,977

1,290

—

29,099

42,366

10,724,471

10,766,837


	December 31, 2022
					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
Real estate:
One-to-four family residential, including condominium and cooperative apartment	$	686	$	—	$	—	$	3,203	$	3,889	$	769,432	$	773,321
Multifamily residential and residential mixed-use		4,817		—		—		—		4,817		4,022,009		4,026,826
CRE		14,189		—		—		8,332		22,521		4,435,109		4,457,630
ADC		—		—		—		657		657		229,006		229,663
Total real estate		19,692		—		—		12,192		31,884		9,455,556		9,487,440
C&I		3,561		741		—		21,946		26,248		1,045,464		1,071,712
Other		264		1		—		99		364		7,315		7,679
Total	$	23,517	$	742	$	—	$	34,237	$	58,496	$	10,508,335	$	10,566,831

Accruing Loans 90 Days or More Past Due:

At December 31, 2023 and 2022, there were no accruing loans 90 days or more past due.

Collateral Dependent Loans:

The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as follows:


	Year Ended December 31,
	2023				2022
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
CRE	$	8,903	$	621	$	7,391	$	1,297
ADC		657		305		657		—
C&I		1,444		—		949		—
Total	$	11,004	$	926	$	8,997	$	1,297

Related Party Loans

Certain directors, executive officers, and their related parties, including their immediate families and companies in which they are principal owners, were loan customers of the Bank during 2023.

The following table sets forth selected information about related party loans:


	Year Ended
(In thousands)	December 31, 2023
Beginning balance	$	4,956
New loans		531
Repayments		(565)
Balance at end of period	$	4,922

Loan Restructurings

The Company adopted ASU No. 2022-02 on January 1, 2023, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company applies the loan refinancing and restructuring guidance to determine whether a modification or other forms of restructuring result 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 combinations of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows.

The following table shows the amortized cost basis as of December 31, 2023 of the loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted:


	For the Year Ended December 31, 2023
					Term		Significant				% of
			Significant		Extension and		Payment Delay				Total Class
	Term		Payment		Significant		and Interest				of Financing
(Dollars in thousands)	Extension		Delay		Payment Delay		Rate Reduction		Total		Receivable
One-to-four family residential and cooperative/condominium apartment	$	—	$	2,856	$	92	$	—	$	2,948	0.3	%
Multifamily residential and residential mixed-use		—		—		—		—		—	0.0
CRE		—		24,706		—		—		24,706	0.5
ADC		—		—		—		—		—	0.0
C&I		1,789		12,020		520		298		14,627	1.4
Other		—		—		—		—		—	0.0
Total	$	1,789	$	39,582	$	612	$	298	$	42,281	0.4	%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:


	For the Year Ended December 31, 2023
					Weighted Average
	Weighted Average		Weighted Average		Payment Delay
	Interest Rate		Months of		or Principal
(Dollars in thousands)	Reductions		Term Extensions		Forgiveness
One-to-four family residential and cooperative/condominium apartment	—	%		189	$	76
Multifamily residential and residential mixed-use	—			—		—
CRE	—			—		988
ADC	—			—		—
C&I	4.27			13		2,406
Other	—			—		—
Total	4.27	%		202	$	3,470

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified during the year ended December 31, 2023.


	December 31, 2023
			30-59		60-89		90+
(Dollars in thousands)	Current		Days Past Due		Days Past Due		Days Past Due		Non-Accrual		Total
One-to-four family residential and cooperative/condominium apartment	$	2,856	$	—	$	—	$	—	$	92	$	2,948
Multifamily residential and residential mixed-use		—		—		—		—				—
CRE		24,706		—		—		—		—		24,706
ADC		—		—		—		—		—		—
C&I		12,496		—		—		—		2,131		14,627
Other		—		—		—		—		—		—
Total	$	40,058	$	—	$	—	$	—	$	2,223	$	42,281

There were no loans made to borrowers experiencing financial difficulty that were modified during the year ended December 31, 2023, that subsequently defaulted. For the purposes of this disclosure, a payment default is defined as 90 or more days past due and still accruing. 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.

Prior to our adoption of ASU 2022-02, as of December 31, 2022, the Company had TDRs totaling $22.1 million. The Company had allocated $9.1 million of allowance for those loans at December 31, 2022, with no commitments to lend additional amounts. As of December 31, 2021, the Company had TDRs totaling $942 thousand. The Company had allocated $483 thousand of allowance for those loans at December 31, 2021, with no commitments to lend additional amounts.

During the year ended December 31, 2022, TDR modifications included reduction of outstanding principal, extensions of maturity dates, or favorable interest rates and loan terms than the prevailing market interest rates and loan terms.

During the year ended December 31, 2022, the Company modified one CRE loan as a TDR, and one Acquisition, Development, and Construction loan, which subsequently paid off during the year. During the year ended December 31, 2021, the Company modified one CRE loan as a TDR, which subsequently paid off during the year.

The following table presents the loans by category modified as TDRs that occurred during the year ended December 31, 2022:


	Modifications During the Year Ended December 31,
	2022					2021
			Pre-		Post-			Pre-		Post-
			Modification		Modification			Modification		Modification
			Outstanding		Outstanding			Outstanding		Outstanding
	Number		Recorded		Recorded	Number		Recorded		Recorded
(Dollars in thousands)	of Loans		Investment		Investment	of Loans		Investment		Investment
One-to-four family residential and cooperative/condominium apartment	2	$	762	$	762	2	$	467	$	467
CRE	1		991		991	1		10,000		10,000
ADC	1		13,500		13,500	—		—		—
C&I	7		21,934		21,938	1		456		488
Other	1		276		276	—		—		—
Total	12	$	37,463	$	37,467	4	$	10,923	$	10,955

There were no TDR charge-offs during the years ended December 31, 2022 and 2021.

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 as to 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.

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:


	December 31, 2023
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total
One-to-four family residential, and condominium/cooperative apartment:
Pass	$	170,601	$	213,479	$	102,684	$	69,524	$	62,356	$	213,131	$	31,205	$	12,493	$	875,473
Special mention		—		—		—		—		—		33		159		776		968
Substandard		—		—		—		1,005		337		8,711		—		1,061		11,114
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		170,601		213,479		102,684		70,529		62,693		221,875		31,364		14,330		887,555
YTD Gross Charge-Offs		—		—		—		—		—		—		—		14		14

Multifamily residential and residential mixed-use:
Pass		256,822		1,340,197		578,352		283,633		384,937		981,820		4,841		4,325		3,834,927
Special mention		—		—		9,334		3,880		3,886		64,273		—		—		81,373
Substandard		—		—		—		28,799		5,089		66,988		—		—		100,876
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		256,822		1,340,197		587,686		316,312		393,912		1,113,081		4,841		4,325		4,017,176
YTD Gross Charge-Offs		—		—		—		—		—		2		—		—		2

CRE:
Pass		417,973		990,748		817,171		566,427		484,930		1,025,160		24,839		11,538		4,338,786
Special mention		—		28,770		19,872		88,040		10,484		5,754		—		17,862		170,782
Substandard		—		—		151		61,424		7,289		42,468		—		—		111,332
Doubtful		—		—		—		—		—		—		—		—		—
Total CRE		417,973		1,019,518		837,194		715,891		502,703		1,073,382		24,839		29,400		4,620,900
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

ADC:
Pass		16,735		17,534		59,202		9,900		2,665		437		22,444		225		129,142
Special mention		—		11,500		14,961		—		12,253		—		—		—		38,714
Substandard		—		—		—		—		—		—		—		657		657
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		16,735		29,034		74,163		9,900		14,918		437		22,444		882		168,513
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

C&I:
Pass		60,771		138,145		24,865		25,371		25,142		37,019		620,799		31,467		963,579
Special mention		481		12,912		1,199		905		1,204		159		21,108		7,444		45,412
Substandard		—		1,857		2,045		5,577		1,768		11,936		15,567		18,449		57,199
Doubtful		—		—		—		—		—		748		—		—		748
Total C&I		61,252		152,914		28,109		31,853		28,114		49,862		657,474		57,360		1,066,938
YTD Gross Charge-Offs		—		—		77		38		4,166		2,229		5,464		3,390		15,364

Total:
Pass		922,902		2,700,103		1,582,274		954,855		960,030		2,257,567		704,128		60,048		10,141,907
Special mention		481		53,182		45,366		92,825		27,827		70,219		21,267		26,082		337,249
Substandard		—		1,857		2,196		96,805		14,483		130,103		15,567		20,167		281,178
Doubtful		—		—		—		—		—		748		—		—		748
Total Loans	$	923,383	$	2,755,142	$	1,629,836	$	1,144,485	$	1,002,340	$	2,458,637	$	740,962	$	106,297	$	10,761,082
YTD Gross Charge-Offs	$	—	$	—	$	77	$	38	$	4,166	$	2,231	$	5,464	$	3,404	$	15,380


	December 31, 2022
(In thousands)	2022		2021		2020		2019		2018		2017 and Prior		Revolving		Revolving-Term		Total
One-to-four family residential, and condominium/cooperative apartment:
Pass	$	225,031	$	108,185	$	72,732	$	65,515	$	66,038	$	164,338	$	41,172	$	12,563	$	755,574
Special mention		—		—		—		—		735		1,175		579		726		3,215
Substandard		—		—		1,026		1,227		407		10,779		—		1,093		14,532
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		225,031		108,185		73,758		66,742		67,180		176,292		41,751		14,382		773,321
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

Multifamily residential and residential mixed-use:
Pass		1,386,549		582,393		316,424		395,933		127,074		1,107,281		12,584		—		3,928,238
Special mention		—		—		—		11,183		—		14,168		—		—		25,351
Substandard		—		—		12,294		7,001		20,311		33,631		—		—		73,237
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		1,386,549		582,393		328,718		414,117		147,385		1,155,080		12,584		—		4,026,826
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

CRE:
Pass		1,021,622		854,240		753,552		510,332		308,265		868,099		34,362		24,767		4,375,239
Special mention		2,864		—		19,655		4,653		14,372		15,478		—		—		57,022
Substandard		—		151		4,550		7,947		1,131		11,590		—		—		25,369
Doubtful		—		—		—		—		—		—		—		—		—
Total CRE		1,024,486		854,391		777,757		522,932		323,768		895,167		34,362		24,767		4,457,630
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

ADC:
Pass		36,877		152,543		11,242		15,943		—		2,087		10,033		281		229,006
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		657		—		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		36,877		153,200		11,242		15,943		—		2,087		10,033		281		229,663
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—

C&I:
Pass		175,347		36,511		42,103		37,030		20,628		33,343		628,560		22,239		995,761
Special mention		3,770		—		894		1,529		1,521		843		9,062		478		18,097
Substandard		5,242		1,244		5,364		2,968		970		10,232		11,290		9,412		46,722
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total C&I		184,359		37,755		48,361		49,859		23,871		46,466		648,912		32,129		1,071,712
YTD Gross Charge-Offs		—		477		4,720		2,088		—		2,414		1,460		242		11,401

Total:
Pass		2,845,426		1,733,872		1,196,053		1,024,753		522,005		2,175,148		726,711		59,850		10,283,818
Special mention		6,634		—		20,549		17,365		16,628		31,664		9,641		1,204		103,685
Substandard		5,242		2,052		23,234		19,143		22,819		66,232		11,290		10,505		160,517
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total Loans	$	2,857,302	$	1,735,924	$	1,239,836	$	1,069,593	$	562,204	$	2,275,092	$	747,642	$	71,559	$	10,559,152
YTD Gross Charge-Offs	$	—	$	477	$	4,720	$	2,088	$	—	$	2,414	$	1,460	$	242	$	11,401

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:


	Year Ended December 31,
(In thousands)	2023		2022
Performing	$	5,755	$	7,580
Non-accrual		—		99
Total	$	5,755	$	7,679

DEPOSITS - Scheduled maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Deposits [Abstract]
2024	$ 1,489,735
2025	81,297
2026	25,742
2027	7,527
2028	3,382
Total	$ 1,607,683
2024	4.60%
2025	2.52%
2026	2.26%
2027	0.18%
2028	0.05%
Weighted Average Interest Rate, Total	4.43%

LEASES - Maturities of the Company's operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Rent to be Capitalized
2024	$ 13,009
2025	12,833
2026	12,173
2027	10,322
2028	4,297
Thereafter	6,260
Total undiscounted lease payments	58,894
Less amounts representing interest	(3,440)
Operating lease liabilities	$ 55,454	$ 60,340

FHLBNY ADVANCES

12 Months Ended

Dec. 31, 2023

FHLBNY ADVANCES

FHLBNY ADVANCES

13. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $1.31 billion and $1.13 billion at December 31, 2023 and 2022, respectively, all of which were fixed rate. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow or secure municipal letters of credit up to $4.09 billion as of December 31, 2023 and $4.13 billion as of December 31, 2022, and maintained sufficient qualifying collateral, as defined by the FHLBNY. We pledge real estate loans including Residential, Multifamily and CRE. At December 31, 2023 there were no callable Advances and the Bank had $1.19 billion of remaining borrowing capacity through the FHLBNY.

During the years ended December 31, 2023 and 2022, the Company did not have any prepayment penalty expense recognized as a loss on extinguishment of debt. During the year ended December 31, 2021, the Company’s prepayment penalty expense was recognized as a loss on extinguishment of debt.

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


	Year Ended December 31,
(Dollars in thousands)		2023			2022			2021
FHLBNY advances extinguished	$	-		$	-		$	209,010
Weighted average rate		-	%		-	%		1.31	%
Loss on extinguishment of debt	$	-		$	-		$	1,751

The following table presents the contractual maturities of FHLBNY advances for each of the next five years. There were no FHLBNY advances with an overnight contractual maturity at December 31, 2023 or 2022.


	December 31,
(Dollars in thousands)	2023		2022
2023, fixed rate at rates from 3.85% to 5.65%		—		1,095,000
2024, fixed rate at rates from 4.85% to 5.67%		1,265,000		—
2027, fixed rate at 4.25%		36,000		36,000
2028, fixed rate at 4.04%		12,000		—
Total FHLBNY advances	$	1,313,000	$	1,131,000

Total FHLBNY advances had a weighted average interest rate of 5.23% and 4.55% at December 31, 2023 and December 31, 2022, respectively.

MERGER RELATED EXPENSES (Details) - Bridge shareholders - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Costs associated with employee severance and other merger-related compensation expense			$ 15.9
Merger expenses	$ 0.0	$ 0.0	$ 28.9

STOCK-BASED COMPENSATION (Details)	Dec. 31, 2023 shares
2021 Equity Incentive Plan
STOCK-BASED COMPENSATION
Shares reserved for issuance	638,799

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

DERIVATIVES AND HEDGING ACTIVITIES - Effect of fair value and cash flow hedge accounting on the consolidated statements of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest Income
DERIVATIVES AND HEDGING ACTIVITIES
Effects of fair value or cash flow hedges are recorded	$ 561
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Dividend Income, Operating
Interest Expense
DERIVATIVES AND HEDGING ACTIVITIES
Effects of fair value or cash flow hedges are recorded	$ 2,275
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense.
Interest Rate Products \| Interest Income
DERIVATIVES AND HEDGING ACTIVITIES
Change in unrealized gain (loss) on hedged item	$ 6,591
Interest Rate Products \| Designated as Hedging Instrument \| Fair value hedges
DERIVATIVES AND HEDGING ACTIVITIES
Effects of fair value or cash flow hedges are recorded	$ (6,030)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Dividend Income, Operating
Interest Rate Products \| Designated as Hedging Instrument \| Cash flow hedges
DERIVATIVES AND HEDGING ACTIVITIES
Cash flow hedging relationships gain (loss) reclassified from AOCI into income	$ 2,275	$ 1,134
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense.	Interest Expense.

OTHER SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2023

OTHER SHORT-TERM BORROWINGS

OTHER SHORT-TERM BORROWINGS

15. OTHER SHORT-TERM BORROWINGS

The following is a summary of other short-term borrowings:


	December 31,
(In thousands)	2023		2022
Repurchase agreements	$	—	$	1,360
Other short-term borrowings	$	—	$	1,360

Repurchase Agreements

The Bank utilizes securities sold under agreements to repurchase (“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, of which 100% were pass-through MBS issued by GSEs. There were no repurchase agreements at December 31, 2023.

Repurchase agreements are financing arrangements that at maturity, the securities underlying the agreements are returned to the Bank. The primary risk associated with these secured borrowings is the requirement to pledge a market value-based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with the Bank’s policies, eligible counterparties are defined and monitored to minimize exposure.

There was no interest expense on repurchase agreements for the year ended December 31, 2023. Interest expense on repurchase agreements for the years ended December 31, 2022 and 2021 was $1 thousand, respectively.

AFX

The Bank is a member of 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. Interest expense on AFX borrowings for the years ended December 31, 2023, 2022 and 2021 was $101 thousand, $1.4 million, and $1 thousand, respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Impairment of goodwill	$ 0	$ 0	$ 0
Amortization expense recognized on intangible assets	$ 1,425,000	$ 1,878,000	$ 2,622,000

SECURITIES - Amortized Cost and Fair Value By Contractual Maturity, Available-for-sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale, Amortized Cost
Within one year	$ 88,498
One to five years	198,552
Five to ten years	172,546
Pass-through MBS issued by GSEs and Agency CMO	536,113
Amortized Cost	995,709	$ 1,071,858
Available for sale, Fair Value
Within one year	86,233
One to five years	186,041
Five to ten years	149,266
Pass-through MBS issued by GSEs and Agency CMO	464,700
Total Fair Value	$ 886,240	$ 950,587

LOANS HELD FOR INVESTMENT, NET - Past Due Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	$ 10,773,428	$ 10,566,831
Total	10,766,837	10,566,831
Non-accrual	29,099	34,237
Accruing Loans 90 Days or More Past Due	0	0
Non-accrual	29,099	34,237
Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total	42,366	58,496
30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total	11,977	23,517
60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total	1,290	742
Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total	10,724,471	10,508,335
Total real estate loans
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	9,694,144	9,487,440
Non-accrual	14,432	12,192
Non-accrual	14,432	12,192
Total real estate loans \| Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	22,374	31,884
Total real estate loans \| 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	7,661	19,692
Total real estate loans \| 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	281
Total real estate loans \| Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	9,671,770	9,455,556
One-to-four family residential and cooperative/condominium apartment
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	887,555	773,321
Non-accrual	3,248	3,203
Non-accrual	3,248	3,203
One-to-four family residential and cooperative/condominium apartment \| Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	7,392	3,889
One-to-four family residential and cooperative/condominium apartment \| 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	4,071	686
One-to-four family residential and cooperative/condominium apartment \| 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	73
One-to-four family residential and cooperative/condominium apartment \| Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	880,163	769,432
Multifamily residential and residential mixed-use
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	4,017,176	4,026,826
Multifamily residential and residential mixed-use \| Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments		4,817
Multifamily residential and residential mixed-use \| 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments		4,817
Multifamily residential and residential mixed-use \| Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	4,017,176	4,022,009
Commercial real estate ("CRE")
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	4,620,900	4,457,630
Non-accrual	10,527	8,332
Non-accrual	10,527	8,332
Commercial real estate ("CRE") \| Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	13,895	22,521
Commercial real estate ("CRE") \| 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	3,160	14,189
Commercial real estate ("CRE") \| 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	208
Commercial real estate ("CRE") \| Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	4,607,005	4,435,109
Acquisition, development, and construction ("ADC")
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	168,513	229,663
Non-accrual	657	657
Non-accrual	657	657
Acquisition, development, and construction ("ADC") \| Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	1,087	657
Acquisition, development, and construction ("ADC") \| 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	430
Acquisition, development, and construction ("ADC") \| Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	167,426	229,006
Commercial and Industrial ("C&I") Loans
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	1,066,938	1,071,712
Non-accrual	14,667	21,946
Non-accrual	14,667	21,946
Commercial and Industrial ("C&I") Loans \| Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	19,992	26,248
Commercial and Industrial ("C&I") Loans \| 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	4,316	3,561
Commercial and Industrial ("C&I") Loans \| 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	1,009	741
Commercial and Industrial ("C&I") Loans \| Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	1,046,946	1,045,464
Other Loans
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	5,755	7,679
Non-accrual		99
Non-accrual		99
Other Loans \| Total Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments		364
Other Loans \| 30 to 59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments		264
Other Loans \| 60 to 89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments		1
Other Loans \| Current
Financing Receivable, Recorded Investment, Aging [Abstract]
Total loans, net of fair value hedge basis point adjustments	$ 5,755	$ 7,315

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in Goodwill

The following table presents the change in Goodwill for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(In thousands)		2023		2022		2021
Beginning of year	$	155,797	$	155,797	$	55,638
Acquired goodwill ⁽¹⁾		-		-		100,159
End of year	$	155,797	$	155,797	$	155,797

(1)	See Note 2. Merger for additional information regarding the acquired goodwill

Schedule of carrying amount and accumulated amortization of intangible assets


	Year Ended December 31,
(In thousands)	2023		2022
Gross carrying value	$	10,204	$	10,204
Accumulated amortization		(5,145)		(3,720)
Net carrying amount	$	5,059	$	6,484

Schedule of estimated amortization expense


(In thousands)
2024	$	1,164
2025		958
2026		795
2027		664
2028		560
Thereafter		918
Total	$	5,059

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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


							Total
							Accumulated
	Securities		Defined				Other
	Available-		Benefit				Comprehensive
(In thousands)	for-Sale		Plans		Derivatives		Loss
Balance as of January 1, 2022	$	(7,864)	$	(1,306)	$	2,989	$	(6,181)
Other comprehensive (loss) income before reclassifications		(95,030)		(1,413)		9,879		(86,564)
Amounts reclassified from accumulated other comprehensive income (loss)		2,024		(2,547)		(1,111)		(1,634)
Net other comprehensive (loss) income during the period		(93,006)		(3,960)		8,768		(88,198)
Balance as of December 31, 2022	$	(100,870)	$	(5,266)	$	11,757	$	(94,379)
Other comprehensive income (loss) before reclassifications		7,498		(109)		(8,091)		(702)
Amounts reclassified from accumulated other comprehensive income (loss)		3,130		(1,055)		1,427		3,502
Net other comprehensive income (loss) during the period		10,628		(1,164)		(6,664)		2,800
Balance as of December 31, 2023	$	(90,242)	$	(6,430)	$	5,093	$	(91,579)

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.


	Year Ended December 31,
(In thousands)	2023		2022		2021
Change in unrealized gain (loss) on securities:
Change in net unrealized gain (loss) during the period	$	10,355	$	(138,630)	$	(28,865)
Reclassification adjustment for net losses (gains) included in net (loss) gain on sale of securities and other assets		1,447		—		(1,207)
Accretion of net unrealized loss on securities transferred to held-to-maturity		3,142		2,953		—
Net change		14,944		(135,677)		(30,072)
Tax expense (benefit)		4,316		(42,671)		(9,514)
Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax		10,628		(93,006)		(20,558)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense		(1,547)		(3,715)		(1,092)
Reclassification adjustment for curtailment loss		—		—		1,543
Change in the net actuarial (loss) gain		(190)		(2,062)		6,563
Net change		(1,737)		(5,777)		7,014
Tax (benefit) expense		(573)		(1,817)		2,234
Net change in pension and other postretirement obligations		(1,164)		(3,960)		4,780
Change in unrealized gain (loss) on derivatives:
Change in net unrealized (loss) gain during the period		(11,782)		14,412		5,277
Reclassification adjustment for loss included in loss on termination of derivatives		—		—		16,505
Reclassification adjustment for expense included in interest expense		2,092		(1,621)		940
Net change		(9,690)		12,791		22,722
Tax expense (benefit)		(3,026)		4,023		7,201
Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax		(6,664)		8,768		15,521
Other comprehensive income (loss), net of tax	$	2,800	$	(88,198)	$	(257)

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF FINANCIAL CONDITION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS:
Cash and due from banks	$ 457,547	$ 169,297
Securities available-for-sale, at fair value	886,240	950,587
Other assets	100,013	108,945
Total assets	13,636,005	13,189,921
LIABILITIES AND STOCKHOLDERS' EQUITY:
Subordinated debt, net	200,196	200,283
Other liabilities	81,110	82,573
Stockholders' equity	1,226,225	1,169,583	$ 1,192,620	$ 701,096
Total liabilities and stockholders' equity	13,636,005	13,189,921
Parent Company
ASSETS:
Cash and due from banks	35,114	25,009
Securities available-for-sale, at fair value	2,693	2,489
Investment in subsidiaries	1,395,526	1,348,962
Other assets	4,401	4,389
Total assets	1,437,734	1,380,849
LIABILITIES AND STOCKHOLDERS' EQUITY:
Subordinated debt, net	200,196	200,283
Other liabilities	11,313	10,983
Stockholders' equity	1,226,225	1,169,583
Total liabilities and stockholders' equity	$ 1,437,734	$ 1,380,849

EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2023

EARNINGS PER COMMON SHARE

Schedule of reconciliation of numerators and denominators of basic and diluted EPS

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


	Year Ended December 31,
(In thousands except share and per share amounts)	2023		2022		2021
Net income available to common stockholders	$	88,808	$	145,270	$	96,710
Less: Dividends paid and earnings allocated to participating securities		(1,240)		(1,688)		(1,215)
Income attributable to common stock	$	87,568	$	143,582	$	95,495
Weighted-average common shares outstanding, including participating securities		38,754,346		38,985,314		39,327,959
Less: weighted-average participating securities		(566,869)		(446,480)		(425,533)
Weighted-average common shares outstanding		38,187,477		38,538,834		38,902,426
Basic EPS	$	2.29	$	3.73	$	2.45

Income attributable to common stock	$	87,568	$	143,582	$	95,495
Weighted-average common shares outstanding		38,187,477		38,538,834		38,902,426
Weighted-average common equivalent shares outstanding		—		—		611
Weighted-average common and equivalent shares outstanding		38,187,477		38,538,834		38,903,037
Diluted EPS	$	2.29	$	3.73	$	2.45

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

26. CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

The following statements of financial condition as of December 31, 2023 and 2022, and the related statements of operations and cash flows for the years ended December 31, 2023, 2022 and 2021, reflect the Holding Company’s investment in its wholly-owned subsidiary, the Bank, using, as deemed appropriate, the equity method of accounting:

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF FINANCIAL CONDITION


	December 31,
(In thousands)	2023		2022
ASSETS:
Cash and due from banks	$	35,114	$	25,009
Securities available-for-sale, at fair value		2,693		2,489
Investment in subsidiaries		1,395,526		1,348,962
Other assets		4,401		4,389
Total assets	$	1,437,734	$	1,380,849

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Subordinated debt, net	$	200,196	$	200,283
Other liabilities		11,313		10,983
Stockholders’ equity		1,226,225		1,169,583
Total liabilities and stockholders’ equity	$	1,437,734	$	1,380,849

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME⁽¹⁾


	Year Ended December 31,
(In thousands)	2023		2022		2021
Net interest loss	$	(9,942)	$	(10,394)	$	(8,427)
Dividends received from Bank		60,000		95,000		20,000
Non-interest income		—		—		136
Non-interest expense		(1,066)		(1,720)		(4,361)
Income before income taxes and equity in undistributed earnings of direct subsidiaries		48,992		82,886		7,348
Income tax credit		7,822		4,001		4,051
Income before equity in undistributed earnings of direct subsidiaries		56,814		86,887		11,399
Equity in undistributed earnings of subsidiaries		39,280		65,669		92,597
Net income	$	96,094	$	152,556	$	103,996

(1)	Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2023, 2022 and 2021.

DIME COMMUNITY BANCSHARES, INC.

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
(In thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	96,094	$	152,556	$	103,996
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of direct subsidiaries		(39,280)		(65,669)		(92,597)
Net gain on marketable equity securities		—		—		(131)
Net accretion		(87)		(111)		(157)
Loss on extinguishment of debt		—		740		—
(Increase) decrease in other assets		(62)		(104)		761
(Decrease) increase in other liabilities		(931)		(1,096)		269
Net cash provided by operating activities		55,734		86,316		12,141

Cash flows from investing activities:
Proceeds sales of marketable equity securities		—		—		6,101
Purchases of securities available-for-sale		—		—		(3,000)
Net cash received in business combination		—		—		11,545
Net cash provided by investing activities		—		—		14,646

Cash flows from financing activities:
Proceeds from subordinated debentures issuance, net		—		157,559		—
Redemption of subordinated debentures		—		(155,000)		—
Proceeds from exercise of stock options		—		—		431
Release of stock for benefit plan awards		1,164		1,167		1,153
Payments related to tax withholding for equity awards		(1,258)		(1,558)		(111)
BMP ESOP shares received to satisfy distribution of retirement benefits		—		—		(993)
Treasury shares repurchased		(947)		(46,762)		(59,280)
Cash dividends paid to preferred stockholders		(7,286)		(7,286)		(7,286)
Cash dividends paid to common stockholders		(37,302)		(36,791)		(39,351)
Net cash used in financing activities		(45,629)		(88,671)		(105,437)

Net increase (decrease) in cash and due from banks		10,105		(2,355)		(78,650)
Cash and due from banks, beginning of period		25,009		27,364		106,014
Cash and due from banks, end of period	$	35,114	$	25,009	$	27,364

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed financial information
Net interest loss	$ 316,571	$ 379,863	$ 357,609
Non-interest income	36,206	38,156	42,068
Non-interest expense	(213,128)	(200,730)	(245,299)
Income tax credit	(40,785)	(59,359)	(44,170)
Net income	96,094	152,556	103,996
Parent Company
Condensed financial information
Net interest loss	(9,942)	(10,394)	(8,427)
Dividends received from Bank	60,000	95,000	20,000
Non-interest income			136
Non-interest expense	(1,066)	(1,720)	(4,361)
Income before income taxes and equity in undistributed earnings of direct subsidiaries	48,992	82,886	7,348
Income tax credit	7,822	4,001	4,051
Income before equity in undistributed earnings of direct subsidiaries	56,814	86,887	11,399
Equity in undistributed earnings of subsidiaries	39,280	65,669	92,597
Net income	$ 96,094	$ 152,556	$ 103,996

MERGER - Hypothetical Legacy Dime Ownership (Details) - Merger Agreement shares in Thousands	1 Months Ended
	Jan. 31, 2021 shares
MERGER
Number of Legacy Dime Outstanding Shares	63,620
Percentage Ownership	100.00%
Bridge shareholders
MERGER
Number of Legacy Dime Outstanding Shares	30,853
Percentage Ownership	48.50%
Legacy Dime shareholders
MERGER
Number of Legacy Dime Outstanding Shares	32,767
Percentage Ownership	51.50%

INCOME TAXES - Federal statutory rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Tax at Federal statutory rate	$ 28,745	$ 44,502	$ 31,115
State and local taxes, net of federal income tax benefit	12,237	13,699	11,601
Benefit plan differences	(127)	(127)	(107)
Investment in BOLI	2,047	2,173	1,485
Equity based compensation	79	(141)	(301)
Salaries deduction limitation	2,381	2,054	3,419
Transaction costs			181
Other, net	(483)	1,545	(253)
Total	$ 40,785	$ 59,359	$ 44,170
Effective tax rate	29.80%	28.01%	29.81%

LOAN SERVICING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LOAN SERVICING ACTIVITIES
Bank held borrowers' escrow balances	$ 1,300	$ 1,300
Fair value of SRAs	$ 3,400	$ 3,500
Weighted average default rate	0.67	0.67
Total loans, net of fair value hedge basis point adjustments	$ 10,773,428	$ 10,566,831
Real estate and C&I loans
LOAN SERVICING ACTIVITIES
Total loans, net of fair value hedge basis point adjustments	$ 346,100	$ 347,900
Minimum
LOAN SERVICING ACTIVITIES
Discount rates	10.00%	9.50%
Prepayment speeds	6.50%	6.70%
Maximum
LOAN SERVICING ACTIVITIES
Discount rates	14.50%	12.00%
Prepayment speeds	12.20%	16.00%

DERIVATIVES AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2023

DERIVATIVES AND HEDGING ACTIVITIES

DERIVATIVES AND HEDGING ACTIVITIES

12. 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 exposures 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 far value hedges, cash flow hedges and freestanding derivatives.

Fair Values of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Financial Condition

The tables below present the fair value of the Company’s derivative assets and liabilities as well as their classification on the consolidated statements of financial condition as of December 31, 2023 and December 31, 2022.

December 31, 2023

December 31, 2022

Notional

Fair Value

Notional

Fair Value

(Dollars in thousands)

Amount

Assets

Amount

Assets

Derivatives designated as hedging instruments

Cash flow hedges - interest rate products

150,000

12,492

150,000

17,874

Derivatives not designated as hedging instruments

Interest rate products

1,682,961

114,671

1,594,356

137,335

December 31, 2023

December 31, 2022

Notional

Fair Value

Notional

Fair Value

(Dollars in thousands)

Amount

Liabilities

Amount

Liabilities

Derivatives designated as hedging instruments

Fair value hedges - interest rate products

500,000

6,594

—

Cash flow hedges - interest rate products

200,000

5,031

—

Derivatives not designated as hedging instruments

Interest rate products

1,682,961

114,671

1,594,356

137,335

Other contracts

93,891

71,103

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 as of December 31, 2023 and December 31, 2022.

December 31, 2023

December 31, 2022

Interest

Income

Expense

Income

Expense

Effects of fair value or cash flow hedges are recorded

561

2,275

—

The effects of fair value and cash flow hedging:

Gain or (loss) on fair value hedging relationships

Interest contracts

Hedged items

6,591

—

Derivatives designated as hedging instruments

(6,030)

—

Gain or (loss) on cash flow hedging relationships

Interest contracts

Gain (loss) reclassified from AOCI into income

—

2,275

—

1,134

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.

In October 2023, the Company entered into interest rate swaps with a notional amount totaling $500.0 million which was designated as a fair value hedge on a closed pool of certain fixed rate loans that are settled daily to market. As of December 31, 2023, the Company posted $6.5 million 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. For derivatives that are designated as fair value hedges, the gain or loss on the derivatives as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings.

The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on December 31, 2023 totaled $729.5 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 $6.6 million asset as of December 31, 2023, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship.

During the year ended December 31, 2023, the Company recorded a $561 thousand credit from the swap transaction as a component of interest income in the consolidated statements of operations.

As of December 31, 2023, the following amounts were recorded on the consolidated statements of financial condition related to cumulative basis adjustment for fair value hedges:

Year Ended December 31,

2023

2022

(Dollars 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

506,591

6,591

—

Cash Flow Hedges

The Company uses cash flow hedges to protect against variability in cash flows associated with existing or forecasted issuances of short-term borrowing. Cash flow hedges on liabilities 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.

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 (loss) 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 $6.4 million will be reclassified as a decrease to interest expense.

During the years ended December 31, 2023 and 2022, the Company did not terminate any derivatives. During the year ended December 31, 2021, the Company terminated 34 derivatives with notional values totaling $785.0 million, resulting in a termination value of $16.5 million which was recognized in loss on termination of derivatives in non-interest income.

The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of December 31, 2023, 2022 and 2021.


	Year Ended December 31,
(In thousands)	2023		2022		2021
(Loss) gain recognized in other comprehensive income (loss)	$	(11,782)	$	14,412	$	5,277
Gain recognized on termination of derivatives		—		—		16,505
(Loss) gain reclassified from other comprehensive income into interest expense		(2,092)		1,621		(940)

All cash flow hedges are recorded gross on the statement of financial condition.

Certain cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Bank to post cash collateral if the derivative exposure exceeds a threshold amount. As of December 31, 2023 and 2022, the Company received $13.5 million and $17.8 million, respectively, in collateral from its third-party counterparties under

the agreements in a net asset position. Additionally, the Bank entered certain cash flow hedges that are CME exchanged and settled daily to market. As of December 31, 2023, the Company posted $4.9 million to the CME clearing house that are accounted for as settlements of the derivative liabilities.

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 ASC 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:


	December 31, 2023
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	49	$	491,394	$	10,985	$	—
Loan level interest rate swaps with borrower	178		1,121,085		—		103,570
Loan level interest rate floors with borrower	2		29,721		—		—
Loan level interest rate floors with borrower	7		40,761		—		116
Loan level interest rate swaps with third-party counterparties	49		491,394		—		10,985
Loan level interest rate swaps with third-party counterparties	178		1,121,085		103,570		—
Loan level interest rate floors with third-party counterparties	2		29,721		—		—
Loan level interest rate floors with third-party counterparties	7		40,761		116		—


	December 31, 2022
		Notional		Fair Value		Fair Value
(In thousands)	Count	Amount		Assets		Liabilities
Included in derivative assets/(liabilities):
Loan level interest rate swaps with borrower	3	$	53,311	$	1,524	$	—
Loan level interest rate swaps with borrower	185		1,214,736		—		126,751
Loan level interest rate floors with borrower	40		326,309		—		9,060
Loan level interest rate swaps with third-party counterparties	3		53,311		—		1,524
Loan level interest rate swaps with third-party counterparties	185		1,214,736		126,751		—
Loan level interest rate floors with third-party counterparties	40		326,309		9,060		—

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:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Loan level derivative income	$	7,081	$	3,637	$	2,909

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 December 31, 2023 and December 31, 2022, the Company did not post collateral to its third-party counterparties. As of December 31, 2021, posted collateral was $14.0 million. As of December 31, 2023, the Company received $94.7 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2022, the Company received $135.3 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 December 31, 2023 and December 31, 2022, the notional amounts of risk participation agreements for derivative liabilities were $93.9 million and $71.1 million, respectively. The related fair values of the Company’s risk participation agreements were immaterial as of December 31, 2023 and December 31, 2022

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 December 31, 2023, there were no derivatives in a net liability position, and therefore the termination value was zero. There were no provisions breached for the year ended December 31, 2023.

RETIREMENT AND POSTRETIREMENT PLANS - Change in Accumulated Other Comprehensive Loss from Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Gain (loss) recognized during the year	$ 190	$ 2,062	$ (6,563)
Curtailment credit			(1,543)
Accumulated other comprehensive loss, net of deferred taxes	(91,579)	(94,379)
Employee Retirement Plan
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Balance at beginning of period	(5,323)	(4,097)
Amortization of unrealized loss	572	261
Gain (loss) recognized during the year	(1,612)	(1,487)
Balance at the end of the period	(6,363)	(5,323)	(4,097)
Accumulated other comprehensive loss, net of deferred taxes	4,343	3,649
BNB Bank Pension Plan
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Balance at beginning of period	(2,358)	2,193
Gain (loss) recognized during the year	(698)	(4,551)
Balance at the end of the period	(3,056)	(2,358)	2,193
Accumulated other comprehensive loss, net of deferred taxes	$ 2,087	$ 1,617
Retirement Plans \| BMP and Outside Director Retirement Plan
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Balance at beginning of period			(1,820)
Gain (loss) recognized during the year			277
Curtailment credit			$ 1,543

OTHER SHORT-TERM BORROWINGS - Summary of other short-term borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Other short-term borrowings		$ 1,360
Repurchase agreements
Short-term Debt [Line Items]
Other short-term borrowings	$ 0	$ 1,360

REGULATORY CAPITAL MATTERS

12 Months Ended

Dec. 31, 2023

REGULATORY CAPITAL MATTERS

REGULATORY CAPITAL MATTERS

25. REGULATORY CAPITAL MATTERS

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital requirements that involve quantitative measures of the Company’s and Bank’s assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications also are subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total, tier 1, and common equity tier 1 capital to risk-weighted assets and of tier 1 capital to average assets. Tier 1 capital, risk-weighted assets and average assets are as defined by regulation. The required

minimums for the Company and Bank are set forth in the tables that follow. The Company and the Bank met all capital adequacy requirements at December 31, 2023 and 2022.

Under the Basel III Capital Rules the Company and the Bank are subject to the following minimum capital to risk-weighted assets ratios: a) 4.5% based on common equity tier 1 capital ("CET1"); b) 6.0% based on tier 1 capital; and c) 8.0% based on total regulatory capital. A minimum leverage ratio (tier 1 capital as a percentage of total average assets) of 4.0% is also required under the Basel III Capital Rules. The Basel III Capital Rules additionally require institutions to retain a capital conservation buffer, composed of CET1, of 2.5% above these required minimum capital ratio levels. Including the capital conservation buffer, the Company and the Bank effectively have the following minimum capital to risk-weighted assets ratios: a) 7.0% based on CET1; b) 8.5% based on tier 1 capital; and c) 10.5% based on total regulatory capital.

The Company and the Bank made the one-time, permanent election to continue to exclude the effects of accumulated other comprehensive income or loss items included in stockholders’ equity for the purposes of determining the regulatory capital ratios.

As of December 31, 2023, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk-based, and tier 1 leverage ratios as set forth in the tables below. Since that notification, there are no conditions or events that management believes have changed the institution’s category.

The following tables present actual capital levels and minimum required levels for the Company and the Bank under Basel III rules at December 31, 2023 and 2022:

At December 31, 2023

For Capital

To Be Categorized

Actual

Adequacy Purposes⁽¹⁾

as “Well Capitalized”⁽¹⁾

Minimum

(Dollars in thousands)

Amount

Ratio

Amount

Ratio

Amount

Ratio

Tier 1 capital / % of average total assets

Bank

1,331,676

9.8

544,254

4.0

680,318

5.0

Consolidated Company

1,158,455

8.5

544,529

4.0

N/A

Common equity Tier 1 capital / % of risk-weighted assets

Bank

1,331,676

12.6

476,168

4.5

687,798

6.5

Consolidated Company

1,041,886

9.8

476,341

4.5

N/A

Tier 1 capital / % of risk-weighted assets

Bank

1,331,676

12.6

634,890

6.0

846,520

8.0

Consolidated Company

1,158,455

10.9

635,122

6.0

N/A

Total capital / % of risk-weighted assets

Bank

1,406,581

13.3

846,520

8.0

1,058,151

10.0

Consolidated Company

1,433,361

13.5

846,829

8.0

N/A

(1)	In accordance with the Basel III rules.


	At December 31, 2022
					For Capital				To Be Categorized
	Actual				Adequacy Purposes⁽¹⁾				as “Well Capitalized”⁽¹⁾
							Minimum				Minimum
(Dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
Tier 1 capital / % of average total assets
Bank	$	1,286,656	10.0	%	$	517,606	4.0	%	$	647,008	5.0	%
Consolidated Company		1,103,498	8.5			517,914	4.0			N/A	N/A
Common equity Tier 1 capital / % of risk-weighted assets
Bank		1,286,656	11.9			485,062	4.5			700,645	6.5
Consolidated Company		986,928	9.2			485,243	4.5			N/A	N/A
Tier 1 capital / % of risk-weighted assets
Bank		1,286,656	11.9			646,749	6.0			862,332	8.0
Consolidated Company		1,103,498	10.2			646,990	6.0			N/A	N/A
Total capital / % of risk-weighted assets
Bank		1,373,431	12.7			862,332	8.0			1,077,915	10.0
Consolidated Company		1,390,272	12.9			862,654	8.0			N/A	N/A

(1)	In accordance with the Basel III rules.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details