Dime Community Bancshares, Inc. Reports Strong Fourth Quarter Results with Earnings Per Share Increasing By 15% On a Linked Quarter Basis
Rhea-AI Summary
Dime Community Bancshares (NASDAQ: DCOM) reported record Q4 2025 revenue of $124.0M and full-year net income available to common stockholders of $103.4M (diluted EPS $2.36) versus $21.8M (EPS $0.55) in 2024. Q4 2025 net income was $30.0M (diluted EPS $0.68); adjusted diluted EPS was $0.79. Key quarterly metrics: net interest income $112.3M, NIM 3.11%, core deposits +$1.26B YoY, business loans +$514.0M YoY, loan-to-deposit ratio 83.8%, CET1 ratio 11.66%, consolidated CRE concentration 387%, and non-performing assets 0.34% of assets (down 27% QoQ).
Management highlights continued organic growth, deposit inflows, loan repricing opportunity through 2027, and liquidity of $2.35B in cash.
Positive
- Full-year net income of $103.4M (FY2025)
- Record quarterly revenue of $124.0M (Q4 2025)
- Core deposits increased $1.26B year-over-year
- Business loans increased $514.0M year-over-year
- Net interest income of $112.3M and NIM 3.11% (Q4 2025)
- Adjusted diluted EPS $0.79 for Q4 2025 (up 88% YoY)
Negative
- Consolidated CRE concentration remained elevated at 387%
- Common equity tier 1 ratio 11.66% (capital adequate but relatively modest buffer)
Key Figures
Market Reality Check
Peers on Argus
DCOM fell 2.56% with several regional bank peers also down (e.g., MBIN -1.12%, NBHC -1.19%, BY -0.56%), suggesting participation in a broader bank-sector softness rather than a purely idiosyncratic move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 13 | Earnings timing | Positive | +1.3% | Announced date and call details for upcoming Q4 2025 earnings. |
| Dec 23 | Community grant | Positive | -0.7% | Grant to Junior Achievement supporting financial literacy initiatives. |
| Dec 17 | Dividend declaration | Positive | +0.9% | Declared quarterly cash dividend of <b>$0.25</b> per common share. |
| Dec 16 | Community grant | Positive | +0.2% | Grant to Accompany Capital to support underserved entrepreneurs. |
| Dec 09 | Branch expansion | Positive | +3.4% | Regulatory approvals received to open new Locust Valley branch. |
Recent company updates, including dividends and expansion news, have usually led to modest positive price reactions, with only one small divergence on community grant news.
Over the last few months, Dime has focused on shareholder returns, community engagement, and expansion. A $0.25 quarterly dividend was declared with uninterrupted distributions maintained. The bank announced approvals to open a new Locust Valley branch and issued multiple community grants. An earnings-date notice on Jan 13, 2026 preceded today’s detailed Q4 results. Most of these events triggered small positive moves, indicating the market has generally responded constructively to operational and strategic updates.
Market Pulse Summary
This announcement details a strong quarter for Dime, with record Q4 revenue of $124M, full‑year net income of $103.4M, and adjusted diluted EPS of $0.79, up 88% year over year. Core deposits and business loans grew, the loan‑to‑deposit ratio improved to 83.8%, and non‑performing assets declined to 0.34% of total assets. Investors may focus on sustainability of net interest margin, ongoing credit loss provisions, efficiency trends, and management’s loan repricing opportunity through 2027 as key follow-up metrics.
Key Terms
net interest margin financial
loan to deposit ratio financial
non-performing assets financial
common equity tier 1 ratio regulatory
federal home loan bank advances financial
modified endowment contract tax regulatory
bank owned life insurance financial
credit loss provision financial
AI-generated analysis. Not financial advice.
Record Quarterly Revenue of
Organic Growth Strategy and The Hiring of Teams is Paying Dividends
With Linked Quarter Growth in Core Deposits of Approximately
HAUPPAUGE, N.Y., Jan. 21, 2026 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the "Company" or "Dime"), the parent company of Dime Community Bank (the "Bank"), today reported net income available to common stockholders of
For the quarter ended December 31, 2025, net income available to common stockholders was
Adjusted net income available to common stockholders (non-GAAP) was
Stuart H. Lubow, President and Chief Executive Officer ("CEO") of the Company, stated, "During the fourth quarter, we executed on all aspects of our strategic plan, including: substantial growth in core deposits and business loans, a reduction in the CRE concentration ratio, an improvement in return metrics and efficiency levels, and maintenance of solid asset quality levels. Total fourth quarter revenue of
Highlights for the Fourth Quarter of 2025 included:
- Adjusted diluted EPS of
$0.79 per share for the fourth quarter of 2025, compared to$0.61 per share for the third quarter of 2025; - Total deposits increased
$1.16 billion on a year-over-year basis; - Core deposits (excluding brokered and time deposits) increased
$1.26 billion on a year-over-year basis; - Average non-interest-bearing deposits to average total deposits for the fourth quarter increased to
30.5% compared to29.9% for the prior quarter; - The loan to deposit ratio declined to
83.8% at the end of the fourth quarter compared to88.9% for the prior quarter; - Business loans grew
$177.9 million on a linked quarter basis and$514.0 million on a year-over-year basis; - The net interest margin increased to
3.11% for the fourth quarter of 2025 compared to3.01% for the prior quarter; - The efficiency ratio decreased to
52.6% for the fourth quarter of 2025 compared to53.8% for the prior quarter; - The adjusted efficiency ratio decreased to
50.3% for the fourth quarter of 2025 compared to53.1% for the prior quarter; - The Company’s Common Equity Tier 1 Ratio increased to
11.66% at the end of the fourth quarter; - The Company’s Consolidated CRE Concentration ratio was proactively managed lower to
387% ; and - Non-performing assets declined by
27% on a linked quarter basis and represent0.34% of Total Assets.
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the fourth quarter of 2025 was
Mr. Lubow commented, "We continue to have a significant loan repricing opportunity that will continue through 2027. Additionally, growth in core deposits and business loans will benefit us over time as we continue to grow customers and hire productive bankers. Our substantial liquidity position, which includes
Loan Portfolio
The ending weighted average rate ("WAR") on the total loan portfolio was
Outlined below are loan balances and WARs for the quarter ended as indicated.
| December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||
| (Dollars in thousands) | Balance | WAR(1) | Balance | WAR(1) | Balance | WAR(1) | ||||||||||
| Loans held for investment balances at period end: | ||||||||||||||||
| Business loans(2) | $ | 3,240,600 | 6.32 | % | $ | 3,062,674 | 6.60 | % | $ | 2,726,602 | 6.56 | % | ||||
| One-to-four family residential and coop/condo apartment | 1,035,983 | 4.94 | 1,030,949 | 4.92 | 952,195 | 4.72 | ||||||||||
| Multifamily residential and residential mixed-use(3)(4) | 3,424,565 | 4.46 | 3,509,811 | 4.52 | 3,820,492 | 4.49 | ||||||||||
| Non-owner-occupied commercial real estate | 2,933,287 | 5.07 | 2,975,474 | 5.13 | 3,231,398 | 5.13 | ||||||||||
| Acquisition, development, and construction | 117,215 | 7.51 | 139,145 | 8.04 | 136,172 | 7.95 | ||||||||||
| Other loans | 6,558 | 11.09 | 7,621 | 11.14 | 5,084 | 10.51 | ||||||||||
| Loans held for investment | $ | 10,758,208 | 5.27 | % | $ | 10,725,674 | 5.37 | % | $ | 10,871,943 | 5.26 | % | ||||
(1) WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
(2) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program ("PPP") loans.
(3) Includes loans underlying multifamily cooperatives.
(4) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
Outlined below are the loan originations, for the quarter ended as indicated.
| (Dollars in millions) | Q4 2025 | Q3 2025 | Q4 2024 | ||||||
| Originations Excluding New Lines of Credit | $ | 225.3 | $ | 170.6 | $ | 187.5 | |||
| Originations Including New Lines of Credit | 467.2 | 535.6 | 361.2 | ||||||
Deposits and Borrowed Funds
Period end total deposits (including mortgage escrow deposits) at December 31, 2025 were
Mr. Lubow commented, "Deposit growth in the fourth quarter was broad based, across all of our channels, including contributions from the branch network, commercial banking, private banking and municipal banking."
Brokered deposits were
Non-Interest Income
Non-interest income was
Non-Interest Expense
Total non-interest expense was
The ratio of non-interest expense to average assets was
The efficiency ratio was
Income Tax Expense
Income tax expense was
Credit Quality
Non-performing loans were
A credit loss provision of
Capital Management
Stockholders’ equity increased
The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2025.
Dividends per common share were
Book value per common share was
Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was
Earnings Call Information
The Company will conduct a conference call at 8:30 a.m. (ET) on Wednesday, January 21, 2026, during which CEO Lubow will discuss the Company’s fourth quarter 2025 financial performance, with a question-and-answer session to follow.
Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/9ncxg8oo. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIddc983f5af2546dbb4f189945a63193d. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.
A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/9ncxg8oo.
ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with approximately
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than
This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as "annualized," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions.
Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, tariffs, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contact: Avinash Reddy
Senior Executive Vice President – Chief Operating Officer and Chief Financial Officer
718-782-6200 extension 5909
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES | |||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||
| (In thousands) | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2025 | 2025 | 2024 | |||||||||
| Assets: | |||||||||||
| Cash and due from banks | $ | 2,353,966 | $ | 1,715,044 | $ | 1,283,571 | |||||
| Securities available-for-sale, at fair value | 797,935 | 662,667 | 690,693 | ||||||||
| Securities held-to-maturity | 618,901 | 623,094 | 637,339 | ||||||||
| Loans held for sale | 1,989 | — | 22,625 | ||||||||
| Loans held for investment, net: | |||||||||||
| Business loans(1) | 3,240,600 | 3,062,674 | 2,726,602 | ||||||||
| One-to-four family residential and coop/condo apartment | 1,035,983 | 1,030,949 | 952,195 | ||||||||
| Multifamily residential and residential mixed-use(2)(3) | 3,424,565 | 3,509,811 | 3,820,492 | ||||||||
| Non-owner-occupied commercial real estate | 2,933,287 | 2,975,474 | 3,231,398 | ||||||||
| Acquisition, development and construction | 117,215 | 139,145 | 136,172 | ||||||||
| Other loans | 6,558 | 7,621 | 5,084 | ||||||||
| Allowance for credit losses | (97,372 | ) | (94,061 | ) | (88,751 | ) | |||||
| Total loans held for investment, net | 10,660,836 | 10,631,613 | 10,783,192 | ||||||||
| Premises and fixed assets, net | 31,255 | 32,525 | 34,858 | ||||||||
| Restricted stock | 67,197 | 66,989 | 69,106 | ||||||||
| BOLI | 401,163 | 396,904 | 290,665 | ||||||||
| Goodwill | 155,797 | 155,797 | 155,797 | ||||||||
| Other intangible assets | 2,938 | 3,173 | 3,896 | ||||||||
| Operating lease assets | 42,876 | 45,402 | 46,193 | ||||||||
| Derivative assets | 76,315 | 81,440 | 116,496 | ||||||||
| Accrued interest receivable | 55,572 | 57,048 | 55,970 | ||||||||
| Other assets | 74,891 | 67,247 | 162,857 | ||||||||
| Total assets | $ | 15,341,631 | $ | 14,538,943 | $ | 14,353,258 | |||||
| Liabilities: | |||||||||||
| Non-interest-bearing checking (excluding mortgage escrow deposits) | $ | 3,915,081 | $ | 3,597,682 | $ | 3,355,829 | |||||
| Interest-bearing checking | 1,178,281 | 1,094,995 | 1,079,823 | ||||||||
| Savings (excluding mortgage escrow deposits) | 1,777,143 | 1,721,670 | 1,927,903 | ||||||||
| Money market | 4,806,572 | 4,425,143 | 4,198,784 | ||||||||
| Certificates of deposit | 1,117,118 | 1,138,872 | 1,069,081 | ||||||||
| Deposits (excluding mortgage escrow deposits) | 12,794,195 | 11,978,362 | 11,631,420 | ||||||||
| Non-interest-bearing mortgage escrow deposits | 47,051 | 83,240 | 54,715 | ||||||||
| Interest-bearing mortgage escrow deposits | — | 5 | 6 | ||||||||
| Total mortgage escrow deposits | 47,051 | 83,245 | 54,721 | ||||||||
| Total deposits (including mortgage escrow deposits) | 12,841,246 | 12,061,607 | 11,686,141 | ||||||||
| FHLBNY advances | 508,000 | 508,000 | 608,000 | ||||||||
| Other short-term borrowings | — | — | 50,000 | ||||||||
| Subordinated debt, net | 272,503 | 272,459 | 272,325 | ||||||||
| Derivative cash collateral | 52,400 | 57,260 | 112,420 | ||||||||
| Operating lease liabilities | 45,729 | 48,138 | 48,993 | ||||||||
| Derivative liabilities | 73,573 | 77,637 | 108,347 | ||||||||
| Other liabilities | 72,411 | 61,500 | 70,515 | ||||||||
| Total liabilities | 13,865,862 | 13,086,601 | 12,956,741 | ||||||||
| Stockholders' equity: | |||||||||||
| Preferred stock, Series A | 116,569 | 116,569 | 116,569 | ||||||||
| Common stock | 462 | 461 | 461 | ||||||||
| Additional paid-in capital | 623,041 | 622,657 | 624,822 | ||||||||
| Retained earnings | 854,167 | 835,083 | 794,526 | ||||||||
| Accumulated other comprehensive loss ("AOCI"), net of deferred taxes | (31,468 | ) | (33,596 | ) | (45,018 | ) | |||||
| Unearned equity awards | (8,661 | ) | (11,332 | ) | (7,640 | ) | |||||
| Treasury stock, at cost | (78,341 | ) | (77,500 | ) | (87,203 | ) | |||||
| Total stockholders' equity | 1,475,769 | 1,452,342 | 1,396,517 | ||||||||
| Total liabilities and stockholders' equity | $ | 15,341,631 | $ | 14,538,943 | $ | 14,353,258 | |||||
(1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
(2) Includes loans underlying multifamily cooperatives.
(3) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES | |||||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (Dollars in thousands except share and per share amounts) | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Interest income: | |||||||||||||||||||
| Loans | $ | 147,143 | $ | 147,756 | $ | 148,000 | $ | 583,052 | $ | 590,492 | |||||||||
| Securities | 11,354 | 11,338 | 10,010 | 45,368 | 33,563 | ||||||||||||||
| Other short-term investments | 21,987 | 16,449 | 7,473 | 57,022 | 26,094 | ||||||||||||||
| Total interest income | 180,484 | 175,543 | 165,483 | 685,442 | 650,149 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Deposits and escrow | 58,926 | 62,950 | 64,773 | 240,131 | 284,745 | ||||||||||||||
| Borrowed funds | 8,718 | 8,406 | 8,542 | 33,859 | 41,036 | ||||||||||||||
| Derivative cash collateral | 551 | 788 | 1,070 | 3,454 | 6,314 | ||||||||||||||
| Total interest expense | 68,195 | 72,144 | 74,385 | 277,444 | 332,095 | ||||||||||||||
| Net interest income | 112,289 | 103,399 | 91,098 | 407,998 | 318,054 | ||||||||||||||
| Provision for credit losses | 10,889 | 13,294 | 13,715 | 43,030 | 36,113 | ||||||||||||||
| Net interest income after provision | 101,400 | 90,105 | 77,383 | 364,968 | 281,941 | ||||||||||||||
| Non-interest income: | |||||||||||||||||||
| Service charges and other fees | 5,413 | 5,209 | 3,942 | 19,907 | 16,725 | ||||||||||||||
| Title fees | 317 | 126 | 226 | 659 | 843 | ||||||||||||||
| Loan level derivative income | 285 | 650 | 491 | 1,938 | 2,114 | ||||||||||||||
| BOLI income | 4,259 | 4,956 | 2,825 | 17,394 | 10,376 | ||||||||||||||
| Gain on sale of Small Business Administration ("SBA") loans | 487 | 38 | 22 | 994 | 407 | ||||||||||||||
| Gain on sale of residential loans | 75 | 37 | 83 | 194 | 225 | ||||||||||||||
| Fair value change in equity securities and loans held for sale | 48 | 51 | 15 | 200 | (1,204 | ) | |||||||||||||
| Net gain (loss) on securities | — | 14 | (42,810 | ) | 163 | (42,810 | ) | ||||||||||||
| (Loss) gain on sale of other assets | (111 | ) | (1,117 | ) | 554 | (1,228 | ) | 7,219 | |||||||||||
| Other | 721 | 2,247 | 791 | 4,712 | 2,150 | ||||||||||||||
| Total non-interest income (loss) | 11,494 | 12,211 | (33,861 | ) | 44,933 | (3,955 | ) | ||||||||||||
| Non-interest expense: | |||||||||||||||||||
| Salaries and employee benefits | 40,769 | 38,344 | 35,761 | 150,982 | 136,114 | ||||||||||||||
| Severance | 2,493 | 6 | 1,254 | 2,711 | 1,296 | ||||||||||||||
| Occupancy and equipment | 8,059 | 8,107 | 7,569 | 31,897 | 29,794 | ||||||||||||||
| Data processing costs | 4,868 | 4,798 | 4,483 | 19,363 | 17,745 | ||||||||||||||
| Marketing | 2,038 | 1,961 | 1,897 | 7,421 | 6,660 | ||||||||||||||
| Professional services | 1,381 | 2,228 | 2,345 | 7,822 | 8,614 | ||||||||||||||
| Federal deposit insurance premiums | 1,791 | 1,799 | 2,116 | 7,329 | 8,710 | ||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | 454 | ||||||||||||||
| Loss due to pension settlement | — | — | 1,215 | 7,231 | 1,215 | ||||||||||||||
| Amortization of other intangible assets | 235 | 236 | 285 | 958 | 1,163 | ||||||||||||||
| Other | 3,434 | 4,745 | 3,688 | 17,388 | 14,782 | ||||||||||||||
| Total non-interest expense | 65,068 | 62,224 | 60,613 | 253,102 | 226,547 | ||||||||||||||
| Income (loss) before taxes | 47,826 | 40,092 | (17,091 | ) | 156,799 | 51,439 | |||||||||||||
| Income tax expense | 15,970 | 12,421 | 3,322 | 46,117 | 22,355 | ||||||||||||||
| Net income (loss) | 31,856 | 27,671 | (20,413 | ) | 110,682 | 29,084 | |||||||||||||
| Preferred stock dividends | 1,821 | 1,822 | 1,821 | 7,286 | 7,286 | ||||||||||||||
| Net income (loss) available to common stockholders | $ | 30,035 | $ | 25,849 | $ | (22,234 | ) | $ | 103,396 | $ | 21,798 | ||||||||
| Earnings per common share ("EPS"): | |||||||||||||||||||
| Basic | $ | 0.68 | $ | 0.59 | $ | (0.54 | ) | $ | 2.36 | $ | 0.55 | ||||||||
| Diluted | $ | 0.68 | $ | 0.59 | $ | (0.54 | ) | $ | 2.36 | $ | 0.55 | ||||||||
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES | ||||||||||||||||
| UNAUDITED SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||
| (Dollars in thousands except per share amounts) | ||||||||||||||||
| At or For the Three Months Ended | At or For the Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Per Share Data: | ||||||||||||||||
| Reported EPS (Diluted) | $ | 0.68 | $ | 0.59 | $ | (0.54 | ) | $ | 2.36 | $ | 0.55 | |||||
| Cash dividends paid per common share | 0.25 | 0.25 | 0.25 | 1.00 | 1.00 | |||||||||||
| Book value per common share | 30.99 | 30.44 | 29.34 | 30.99 | 29.34 | |||||||||||
| Tangible common book value per share(1) | 27.37 | 26.81 | 25.68 | 27.37 | 25.68 | |||||||||||
| Common shares outstanding | 43,862 | 43,889 | 43,622 | 43,862 | 43,622 | |||||||||||
| Dividend payout ratio | 36.76 | % | 42.37 | % | (46.30 | ) | % | 42.37 | % | 181.82 | % | |||||
| Performance Ratios (Based upon Reported Net Income): | ||||||||||||||||
| Return on average assets | 0.84 | % | 0.77 | % | (0.59 | ) | % | 0.77 | % | 0.21 | % | |||||
| Return on average equity | 8.60 | 7.59 | (6.02 | ) | 7.64 | 2.27 | ||||||||||
| Return on average tangible common equity(1) | 10.01 | 8.80 | (8.16 | ) | 8.87 | 2.24 | ||||||||||
| Net interest margin | 3.11 | 3.01 | 2.79 | 3.01 | 2.48 | |||||||||||
| Non-interest expense to average assets | 1.72 | 1.73 | 1.76 | 1.77 | 1.66 | |||||||||||
| Efficiency ratio | 52.6 | 53.8 | 105.9 | 55.9 | 72.1 | |||||||||||
| Effective tax rate | 33.39 | 30.98 | (19.44 | ) | 29.41 | 43.46 | ||||||||||
| Balance Sheet Data: | ||||||||||||||||
| Average assets | $ | 15,106,328 | $ | 14,426,002 | $ | 13,759,002 | $ | 14,334,798 | $ | 13,618,789 | ||||||
| Average interest-earning assets | 14,325,493 | 13,638,036 | 12,974,958 | 13,534,518 | 12,837,416 | |||||||||||
| Average tangible common equity(1) | 1,206,522 | 1,182,158 | 1,080,177 | 1,173,523 | 1,006,390 | |||||||||||
| Loan-to-deposit ratio at end of period(2) | 83.8 | % | 88.9 | % | 93.0 | % | 83.8 | % | 93.0 | % | ||||||
| Capital Ratios and Reserves - Consolidated: | ||||||||||||||||
| Tangible common equity to tangible assets(1) (3) | 7.91 | % | 8.18 | % | 7.89 | % | ||||||||||
| Tangible equity to tangible assets(1) (3) | 8.67 | 8.99 | 8.71 | |||||||||||||
| Tier 1 common equity ratio(3) | 11.66 | 11.53 | 11.07 | |||||||||||||
| Tier 1 risk-based capital ratio(3) | 12.76 | 12.64 | 12.17 | |||||||||||||
| Total risk-based capital ratio(3) | 16.23 | 16.18 | 15.65 | |||||||||||||
| Tier 1 leverage ratio(3) | 9.01 | 9.29 | 9.39 | |||||||||||||
| Consolidated CRE concentration ratio(3)(4) | 387 | 401 | 447 | |||||||||||||
| Allowance for credit losses/ Total loans | 0.91 | 0.88 | 0.82 | |||||||||||||
| Allowance for credit losses/ Non-performing loans | 186.14 | 130.54 | 179.37 | |||||||||||||
(1) See "Non-GAAP Reconciliation" tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
(2) Total deposits include mortgage escrow deposits, which fluctuate seasonally.
(3) December 31, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports.
(4) The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The December 31, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
| UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME | ||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||
| December 31,2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Average | Average | Average | ||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||
| Balance | Interest | Cost | Balance | Interest | Cost | Balance | Interest | Cost | ||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Business loans | $ | 3,150,711 | $ | 53,339 | 6.72 | % | $ | 2,957,434 | $ | 50,271 | 6.74 | % | $ | 2,681,953 | $ | 46,791 | 6.94 | % | ||||||
| One-to-four family residential and coop/condo apartment | 1,038,020 | 12,381 | 4.73 | 1,023,844 | 12,120 | 4.70 | 943,319 | 11,061 | 4.66 | |||||||||||||||
| Multifamily residential and residential mixed-use | 3,459,918 | 39,459 | 4.52 | 3,591,822 | 41,712 | 4.61 | 3,848,579 | 44,152 | 4.56 | |||||||||||||||
| Non-owner-occupied commercial real estate | 2,959,801 | 39,153 | 5.25 | 3,067,598 | 40,439 | 5.23 | 3,265,906 | 42,865 | 5.22 | |||||||||||||||
| Acquisition, development, and construction | 130,805 | 2,783 | 8.44 | 145,902 | 3,184 | 8.66 | 139,440 | 3,101 | 8.85 | |||||||||||||||
| Other loans | 6,939 | 28 | 1.60 | 7,515 | 30 | 1.58 | 4,781 | 30 | 2.50 | |||||||||||||||
| Total loans | 10,746,194 | 147,143 | 5.43 | 10,794,115 | 147,756 | 5.43 | 10,883,978 | 148,000 | 5.41 | |||||||||||||||
| Securities | 1,351,926 | 11,354 | 3.33 | 1,340,223 | 11,338 | 3.36 | 1,455,449 | 10,010 | 2.74 | |||||||||||||||
| Other short-term investments | 2,227,373 | 21,987 | 3.92 | 1,503,698 | 16,449 | 4.34 | 635,531 | 7,473 | 4.68 | |||||||||||||||
| Total interest-earning assets | 14,325,493 | 180,484 | 5.00 | % | 13,638,036 | 175,543 | 5.11 | % | 12,974,958 | 165,483 | 5.07 | % | ||||||||||||
| Non-interest-earning assets | 780,835 | 787,966 | 784,044 | |||||||||||||||||||||
| Total assets | $ | 15,106,328 | $ | 14,426,002 | $ | 13,759,002 | ||||||||||||||||||
| Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing checking(1) | $ | 1,237,657 | $ | 6,377 | 2.04 | % | $ | 1,069,761 | $ | 5,306 | 1.97 | % | $ | 912,645 | $ | 5,115 | 2.23 | % | ||||||
| Money market | 4,640,344 | 31,752 | 2.71 | 4,359,512 | 34,877 | 3.17 | 3,968,793 | 33,695 | 3.38 | |||||||||||||||
| Savings(1) | 1,766,787 | 11,387 | 2.56 | 1,821,289 | 13,273 | 2.89 | 1,905,866 | 14,828 | 3.10 | |||||||||||||||
| Certificates of deposit | 1,123,240 | 9,410 | 3.32 | 1,116,152 | 9,494 | 3.37 | 1,126,859 | 11,135 | 3.93 | |||||||||||||||
| Total interest-bearing deposits | 8,768,028 | 58,926 | 2.67 | 8,366,714 | 62,950 | 2.99 | 7,914,163 | 64,773 | 3.26 | |||||||||||||||
| FHLBNY advances | 508,000 | 4,194 | 3.28 | 508,000 | 4,104 | 3.21 | 509,630 | 4,241 | 3.31 | |||||||||||||||
| Subordinated debt, net | 272,474 | 4,523 | 6.59 | 272,429 | 4,301 | 6.26 | 272,311 | 4,301 | 6.28 | |||||||||||||||
| Other short-term borrowings | 130 | 1 | 3.05 | 76 | 1 | 5.22 | 543 | — | — | |||||||||||||||
| Total borrowings | 780,604 | 8,718 | 4.43 | 780,505 | 8,406 | 4.27 | 782,484 | 8,542 | 4.34 | |||||||||||||||
| Derivative cash collateral | 52,982 | 551 | 4.13 | 63,856 | 788 | 4.90 | 99,560 | 1,070 | 4.28 | |||||||||||||||
| Total interest-bearing liabilities | 9,601,614 | 68,195 | 2.82 | % | 9,211,075 | 72,144 | 3.11 | % | 8,796,207 | 74,385 | 3.36 | % | ||||||||||||
| Non-interest-bearing checking(1) | 3,839,434 | 3,573,448 | 3,396,457 | |||||||||||||||||||||
| Other non-interest-bearing liabilities | 183,300 | 183,627 | 209,712 | |||||||||||||||||||||
| Total liabilities | 13,624,348 | 12,968,150 | 12,402,376 | |||||||||||||||||||||
| Stockholders' equity | 1,481,980 | 1,457,852 | 1,356,626 | |||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 15,106,328 | $ | 14,426,002 | $ | 13,759,002 | ||||||||||||||||||
| Net interest income | $ | 112,289 | $ | 103,399 | $ | 91,098 | ||||||||||||||||||
| Net interest rate spread | 2.18 | % | 2.00 | % | 1.71 | % | ||||||||||||||||||
| Net interest margin | 3.11 | % | 3.01 | % | 2.79 | % | ||||||||||||||||||
| Deposits (including non-interest-bearing checking accounts)(1) | $ | 12,607,462 | $ | 58,926 | 1.85 | % | $ | 11,940,162 | $ | 62,950 | 2.09 | % | $ | 11,310,620 | $ | 64,773 | 2.28 | % | ||||||
(1) Includes mortgage escrow deposits.
| DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES | ||||||||||||
| UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| At or For the Three Months Ended | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| Asset Quality Detail | 2025 | 2025 | 2024 | |||||||||
| Non-performing loans ("NPLs") | ||||||||||||
| Business loans | $ | 22,606 | $ | 21,005 | $ | 22,624 | ||||||
| One-to-four family residential and coop/condo apartment | 3,623 | 2,440 | 3,213 | |||||||||
| Multifamily residential and residential mixed-use | — | — | — | |||||||||
| Non-owner-occupied commercial real estate | 25,671 | 47,952 | 22,960 | |||||||||
| Acquisition, development, and construction | 412 | 657 | 657 | |||||||||
| Other loans | — | — | 25 | |||||||||
| Total Non-accrual loans | $ | 52,312 | $ | 72,054 | $ | 49,479 | ||||||
| Total Non-performing assets ("NPAs")(1) | $ | 52,762 | $ | 72,054 | $ | 49,479 | ||||||
| Total loans 90 days delinquent and accruing ("90+ Delinquent") | $ | — | $ | — | $ | — | ||||||
| NPAs and 90+ Delinquent | $ | 52,762 | $ | 72,054 | $ | 49,479 | ||||||
| NPAs and 90+ Delinquent / Total assets | 0.34 | % | 0.50 | % | 0.34 | % | ||||||
| Net loan charge-offs ("NCOs") | $ | 7,271 | $ | 12,586 | $ | 10,611 | ||||||
| NCOs / Average loans(2) | 0.27 | % | 0.47 | % | 0.39 | % | ||||||
(1) December 31, 2025 balances include one non-performing available-for-sale security in the amount of
(2) Calculated based on annualized NCOs to average loans, excluding loans held for sale.
DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)
The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.
The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets.
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders | |||||||||||||||||||||
| Reported net income available to common stockholders | $ | 30,035 | $ | 25,849 | $ | (22,234 | ) | $ | 103,396 | $ | 21,798 | ||||||||||
| Adjustments to net income(1): | |||||||||||||||||||||
| Fair value change in equity securities and loans held for sale | (48 | ) | (51 | ) | (15 | ) | (200 | ) | 1,204 | ||||||||||||
| Loss on sale of securities and other assets | 111 | 1,112 | 42,256 | 1,151 | 35,591 | ||||||||||||||||
| Severance | 2,493 | 6 | 1,254 | 2,711 | 1,296 | ||||||||||||||||
| FDIC special assessment | — | — | 126 | — | 126 | ||||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | 454 | ||||||||||||||||
| Loss due to pension settlement | — | — | 1,215 | 7,231 | 1,215 | ||||||||||||||||
| Income tax effect of adjustments noted above(1) | (784 | ) | (328 | ) | (14,258 | ) | (3,343 | ) | (12,684 | ) | |||||||||||
| BOLI tax adjustment(2): | — | — | 9,073 | — | 9,073 | ||||||||||||||||
| Other discrete tax items | 2,688 | — | — | 2,688 | — | ||||||||||||||||
| Adjusted net income available to common stockholders (non-GAAP) | $ | 34,495 | $ | 26,588 | $ | 17,417 | $ | 113,634 | $ | 58,073 | |||||||||||
| Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above) | |||||||||||||||||||||
| Adjusted EPS (Diluted) | $ | 0.79 | $ | 0.61 | $ | 0.42 | $ | 2.59 | $ | 1.46 | |||||||||||
| Adjusted return on average assets | 0.96 | % | 0.79 | % | 0.56 | % | 0.84 | % | 0.48 | % | |||||||||||
| Adjusted return on average equity | 9.80 | 7.80 | 5.67 | 8.34 | 5.09 | ||||||||||||||||
| Adjusted return on average tangible common equity | 11.49 | 9.05 | 6.52 | 9.74 | 5.85 | ||||||||||||||||
| Adjusted non-interest expense to average assets | 1.65 | 1.72 | 1.68 | 1.69 | 1.63 | ||||||||||||||||
| Adjusted efficiency ratio | 50.3 | 53.1 | 58.0 | 53.4 | 63.4 | ||||||||||||||||
(1) Adjustments to net income (loss) are taxed at the Company's approximate statutory tax rate.
(2) Reflects income tax expense related to the taxable gain and MEC Tax on surrender of legacy BOLI assets.
The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):
| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Operating expense as a % of average assets - as reported | 1.72 | % | 1.73 | % | 1.76 | % | 1.77 | % | 1.66 | % | |||||||||
| Severance | (0.07 | ) | — | (0.04 | ) | (0.02 | ) | (0.01 | ) | ||||||||||
| Loss due to pension settlement | — | — | (0.04 | ) | (0.05 | ) | (0.01 | ) | |||||||||||
| Amortization of other intangible assets | — | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | |||||||||||
| Adjusted operating expense as a % of average assets (non-GAAP) | 1.65 | % | 1.72 | % | 1.68 | % | 1.69 | % | 1.63 | % | |||||||||
The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Efficiency ratio - as reported (non-GAAP)(1) | 52.6 | % | 53.8 | % | 105.9 | % | 55.9 | % | 72.1 | % | ||||||||||
| Non-interest expense - as reported | $ | 65,068 | $ | 62,224 | $ | 60,613 | $ | 253,102 | $ | 226,547 | ||||||||||
| Severance | (2,493 | ) | (6 | ) | (1,254 | ) | (2,711 | ) | (1,296 | ) | ||||||||||
| FDIC special assessment | — | — | (126 | ) | — | (126 | ) | |||||||||||||
| Loss on extinguishment of debt | — | — | — | — | (454 | ) | ||||||||||||||
| Loss due to pension settlement | — | — | (1,215 | ) | (7,231 | ) | (1,215 | ) | ||||||||||||
| Amortization of other intangible assets | (235 | ) | (236 | ) | (285 | ) | (958 | ) | (1,163 | ) | ||||||||||
| Adjusted non-interest expense (non-GAAP) | $ | 62,340 | $ | 61,982 | $ | 57,733 | $ | 242,202 | $ | 222,293 | ||||||||||
| Net interest income - as reported | $ | 112,289 | $ | 103,399 | $ | 91,098 | $ | 407,998 | $ | 318,054 | ||||||||||
| Non-interest income - as reported | $ | 11,494 | $ | 12,211 | $ | (33,861 | ) | $ | 44,933 | $ | (3,955 | ) | ||||||||
| Fair value change in equity securities and loans held for sale | (48 | ) | (51 | ) | (15 | ) | (200 | ) | 1,204 | |||||||||||
| Loss on sale of securities and other assets | 111 | 1,112 | 42,256 | 1,151 | 35,591 | |||||||||||||||
| Adjusted non-interest income (non-GAAP) | $ | 11,557 | $ | 13,272 | $ | 8,380 | $ | 45,884 | $ | 32,840 | ||||||||||
| Adjusted total revenues for adjusted efficiency ratio (non-GAAP) | $ | 123,846 | $ | 116,671 | $ | 99,478 | $ | 453,882 | $ | 350,894 | ||||||||||
| Adjusted efficiency ratio (non-GAAP)(2) | 50.3 | % | 53.1 | % | 58.0 | % | 53.4 | % | 63.4 | % | ||||||||||
(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
(2) The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.
The following table presents a reconciliation of pre-tax pre provision net revenue (non-GAAP) and adjusted pre-tax pre-provision net revenue (non-GAAP):
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
| 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Financial Data: | ||||||||||||||||
| Net interest income | $ | 112,289 | $ | 103,399 | $ | 91,098 | $ | 407,998 | $ | 318,054 | ||||||
| Non-interest income (loss) | 11,494 | 12,211 | (33,861 | ) | 44,933 | (3,955 | ) | |||||||||
| Total revenue | 123,783 | 115,610 | 57,237 | 452,931 | 314,099 | |||||||||||
| Non-interest expense | 65,068 | 62,224 | 60,613 | 253,102 | 226,547 | |||||||||||
| Pre-tax pre-provision net revenue (non-GAAP)(1) | $ | 58,715 | $ | 53,386 | $ | (3,376 | ) | $ | 199,829 | $ | 87,552 | |||||
| Adjusted pre-tax pre-provision net revenue (non-GAAP)(2) | $ | 61,506 | $ | 54,689 | $ | 41,745 | $ | 211,680 | $ | 128,601 | ||||||
(1) The reported pre-tax pre-provision net revenue is a non-GAAP measure calculated by adding GAAP net interest income and GAAP non-interest income less GAAP non-interest expense.
(2) The adjusted pre-tax pre-provision net revenue is a non-GAAP measure calculated by adding GAAP net interest income and the adjusted non-interest income less the adjusted non-interest expense as shown in the reconciliation of efficiency ratio table above.
The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):
| December 31, | September 30, | December 31, | ||||||||||
| 2025 | 2025 | 2024 | ||||||||||
| Reconciliation of Tangible Assets: | ||||||||||||
| Total assets | $ | 15,341,631 | $ | 14,538,943 | $ | 14,353,258 | ||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | ||||||
| Other intangible assets | (2,938 | ) | (3,173 | ) | (3,896 | ) | ||||||
| Tangible assets (non-GAAP) | $ | 15,182,896 | $ | 14,379,973 | $ | 14,193,565 | ||||||
| Reconciliation of Tangible Common Equity - Consolidated: | ||||||||||||
| Total stockholders' equity | $ | 1,475,769 | $ | 1,452,342 | $ | 1,396,517 | ||||||
| Goodwill | (155,797 | ) | (155,797 | ) | (155,797 | ) | ||||||
| Other intangible assets | (2,938 | ) | (3,173 | ) | (3,896 | ) | ||||||
| Tangible equity (non-GAAP) | 1,317,034 | 1,293,372 | 1,236,824 | |||||||||
| Preferred stock, net | (116,569 | ) | (116,569 | ) | (116,569 | ) | ||||||
| Tangible common equity (non-GAAP) | $ | 1,200,465 | $ | 1,176,803 | $ | 1,120,255 | ||||||
| Common shares outstanding | 43,862 | 43,889 | 43,622 | |||||||||
| Tangible common equity to tangible assets (non-GAAP) | 7.91 | % | 8.18 | % | 7.89 | % | ||||||
| Tangible equity to tangible assets (non-GAAP) | 8.67 | 8.99 | 8.71 | |||||||||
| Book value per common share | $ | 30.99 | $ | 30.44 | $ | 29.34 | ||||||
| Tangible common book value per share (non-GAAP) | 27.37 | 26.81 | 25.68 | |||||||||
FAQ
What did Dime Community Bancshares (DCOM) report for full-year 2025 net income and EPS?
How large were DCOM's core deposit and business loan increases in Q4 2025?
What was DCOM's net interest margin and net interest income in Q4 2025?
What capital and asset-quality metrics did DCOM report for Q4 2025?
Does DCOM expect continued revenue and loan repricing benefits after Q4 2025?
Where can investors listen to DCOM's Q4 2025 earnings call on January 21, 2026?
