Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock trades on the NASDAQ® Stock Market under the symbol “DCOM”. Prior to the Merger, our common shares were traded under the symbol “BDGE”. At February 28, 2021, we had approximately 1,066 shareholders of record, not including the number of persons or entities holding stock in nominee or the street name through various banks and brokers.
DCOM Performance Graph
Pursuant to the regulations of the SEC, the graph below compares our performance with that of the total return for the NASDAQ® stock market and for certain bank stocks of financial institutions with an asset size of $5 billion to $10 billion, as reported by SNL Financial LC (“SNL”) from December 31, 2015 through December 31, 2020. The graph assumes the reinvestment of dividends in additional shares of the same class of equity securities as those listed below.
Period Ending
Index
12/31/15
12/31/16
12/31/17
12/31/18
12/31/19
12/31/20
Dime Community Bancshares, Inc.
100.00
128.58
121.98
91.29
123.90
92.39
NASDAQ Composite
100.00
108.87
141.13
137.12
187.44
271.64
SNL Bank $5B-$10B
100.00
143.27
142.73
129.17
160.06
145.37
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Issuer Purchases of Equity Securities
The following table presents information in connection with repurchases of our shares of common stock during the three months ended December 31, 2020:
Total Number of
Shares Purchased
Maximum Number
as Part of
of Shares That May
Total Number of
Publicly
Yet Be Purchased
Shares
Average Price
Announced Plans
Under the Plans or
Purchased (1)
Paid per Share
or Programs
Programs (2)
October 1, 2020 through October 31, 2020
39
$
19.54
—
797,780
November 1, 2020 through November 30, 2020
63
21.52
—
797,780
December 1, 2020 through December 31, 2020
62,468
24.16
—
797,780
Total
62,570
24.15
—
(1) Represents shares withheld by the Company to pay the taxes associated with the vesting of restricted stock awards.
(2) The Board of Directors approved a stock repurchase plan in March 2006 that authorized the repurchase of 309,000 shares. In February 2019, the Company announced the adoption of a new stock repurchase plan for up to 1,000,000 shares, replacing the previous plan. There is no expiration date for the stock repurchase plan. No shares were purchased under the repurchase program during the three months ended December 31, 2020.
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Item 6. Selected Financial Data
Five-Year Summary of Operations
(In thousands, except per share data and financial ratios)
Set forth below are our selected consolidated financial and other data. Our business is primarily the business of our Bank. This financial data is derived in part from, and should be read in conjunction with, our consolidated financial statements.
December 31,
Selected Financial Data:
2020
2019
2018
2017
2016
Securities available for sale, at fair value
$
450,360
$
638,291
$
680,886
$
759,916
$
819,722
Securities, restricted
23,362
32,879
24,028
35,349
34,743
Securities held to maturity
85,700
133,638
160,163
180,866
223,237
Loans held for sale
52,785
12,643
—
—
—
Loans held for investment
4,597,403
3,680,285
3,275,811
3,102,752
2,600,440
Total assets
6,434,296
4,921,520
4,700,744
4,430,002
4,054,570
Total deposits
5,489,253
3,814,647
3,886,393
3,334,543
2,926,009
Total stockholders’ equity
517,831
497,154
453,830
429,200
407,987
Year Ended December 31,
Selected Operating Data:
2020
2019
2018
2017
2016
Total interest income
$
184,232
$
181,541
$
168,984
$
149,849
$
137,716
Total interest expense
23,451
39,338
32,204
22,689
16,845
Net interest income
160,781
142,203
136,780
127,160
120,871
Provision for credit losses
11,500
5,700
1,800
14,050
5,550
Net interest income after provision for credit losses
149,281
136,503
134,980
113,110
115,321
Total non-interest income
19,703
25,387
11,568
18,102
16,046
Total non-interest expense
113,257
96,139
98,180
91,727
77,081
Income before income taxes
55,727
65,751
48,368
39,485
54,286
Income tax expense
13,685
14,060
9,141
18,946
18,795
Net income (1)(2)(3)(4)
$
42,042
$
51,691
$
39,227
$
20,539
$
35,491
Selected Financial Ratios and Other Data:
Return on average equity (1)(2)(3)(4)
8.26
%
10.84
%
8.66
%
4.64
%
9.82
%
Return on average assets (1)(2)(3)(4)
0.72
1.10
0.87
0.49
0.92
Average equity to average assets
8.67
10.11
10.08
10.53
9.38
Dividend payout ratio (1)(2)(3)(4)
45.66
35.63
46.76
88.80
45.48
Basic earnings per share (1)(2)(3)(4)
$
2.11
$
2.59
$
1.97
$
1.04
$
2.01
Diluted earnings per share (1)(2)(3)(4)
2.11
2.59
1.97
1.04
2.00
Cash dividends declared per common share
0.96
0.92
0.92
0.92
0.92
(1) 2020 amount includes $4.5 million of merger expenses and $4.2 million of stock acceleration expenses related to the Merger.
(2) 2018 amount includes $6.2 million of net securities losses, net of taxes, associated with the balance sheet restructure, $6.9 million of net fraud loss, net of taxes, related to fraudulent conduct of a business customer through its deposit accounts at BNB, and $0.6 million of office relocation costs, net of taxes.
(3) 2017 amount includes $5.2 million, net of taxes, associated with restructuring costs and a charge of $7.6 million associated with the write-down of deferred tax assets due to the enactment of the Tax Cuts and Jobs Act.
(4) 2016 amount includes reversal of $0.6 million of acquisition costs, net of taxes, associated with the CNB and FNBNY acquisitions .
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