|
|
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
||
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
||
|
|
|
Item 8.01
|
Other Events
|
$ in millions
|
|
|
Bridge
|
|
Dime
|
|
Implied
Exchange Ratio
|
||||||||||||||
Total Assets
|
|
$
|
5,061
|
|
44.4
|
%
|
|
$
|
6,348
|
|
55.6
|
%
|
|
0.76
|
x
|
||||||
Gross Loans
|
|
$
|
3,762
|
|
41.9
|
%
|
|
$
|
5,207
|
|
58.1
|
%
|
|
0.84
|
x
|
||||||
Total Deposits
|
|
$
|
4,056
|
|
48.9
|
%
|
|
$
|
4,240
|
|
51.1
|
%
|
|
0.63
|
x
|
||||||
Non-interest Bearing Deposits
|
|
$
|
1,482
|
|
75.6
|
%
|
|
$
|
479
|
|
24.4
|
%
|
|
0.20
|
x
|
||||||
Tangible Common Equity
|
|
$
|
385
|
|
42.7
|
%
|
|
$
|
518
|
|
57.3
|
%
|
|
0.81
|
x
|
||||||
LTM Core Net Income
|
|
$
|
48.6
|
|
57.8
|
%
|
|
$
|
35.4
|
|
42.2
|
%
|
|
0.44
|
x
|
||||||
2020E Net Income
|
|
$
|
50.8
|
|
56.5
|
%
|
|
$
|
39.1
|
|
43.5
|
%
|
|
0.47
|
x
|
||||||
2021E Net Income
|
|
$
|
51.3
|
|
54.7
|
%
|
|
$
|
42.5
|
|
45.3
|
%
|
|
0.50
|
x
|
|
Price / TBV
|
|
|
Price / LTM Core
EPS
|
|
Price / Next FY
EPS
|
|||||||
NBT Bancorp Inc.
|
|
162
|
%
|
|
|
12.9
|
x
|
|
|
14.1
|
x
|
||
ConnectOne Bancorp, Inc.
|
|
101
|
%
|
7.3
|
x
|
8.7
|
x
|
||||||
Flushing Financial Corporation
|
|
61
|
%
|
9.9
|
x
|
7.3
|
x
|
||||||
Lakeland Bancorp, Inc.
|
100
|
%
|
8.5
|
x
|
9.8
|
x
|
|||||||
Kearny Financial Corp.
|
80
|
%
|
16.0
|
x
|
16.1
|
x
|
|||||||
Tompkins Financial Corporation
|
165
|
%
|
14.1
|
x
|
16.3
|
x
|
|||||||
Peapack-Gladstone Financial Corporation
|
78
|
%
|
9.5
|
x
|
10.1
|
x
|
|||||||
Amalgamated Bank
|
86
|
%
|
8.6
|
x
|
12.1
|
x
|
|||||||
TrustCo Bank Corp NY
|
111
|
%
|
11.0
|
x
|
11.5
|
x
|
|||||||
Northfield Bancorp, Inc.
|
86
|
%
|
15.9
|
x
|
14.2
|
x
|
|||||||
Financial Institutions, Inc.
|
86
|
%
|
8.1
|
x
|
9.0
|
x
|
|||||||
First of Long Island Corporation
|
103
|
%
|
10.0
|
x
|
10.7
|
x
|
|||||||
Metropolitan Bank Holding Corp.
|
91
|
%
|
10.1
|
x
|
7.7
|
x
|
|||||||
Arrow Financial Corporation
|
156
|
%
|
12.0
|
x
|
12.5
|
x
|
|||||||
BCB Bancorp, Inc
|
77
|
%
|
9.0
|
x
|
12.0
|
x
|
|||||||
First Bank
|
63
|
%
|
8.3
|
x
|
7.5
|
x
|
Financial Data as of March 31, 2020
|
Balance Sheet / Asset Quality
|
Capital Position
|
LTM Profitability
|
Valuation as of June 30, 2020
|
|||||||||||||||||||||||
Price /
|
|||||||||||||||||||||||||||
Total
|
CRE /
|
||||||||||||||||||||||||||
Loans/
|
NPAs /
|
TCE /
|
Leverage
|
RBC
|
Total
|
Efficiency
|
LTM
|
2020E
|
2021E
|
Dividend
|
Market
|
||||||||||||||||
Assets
|
Deposits
|
Assets
|
TA
|
Ratio
|
Ratio
|
RBC
|
ROAA
|
ROAE
|
NIM
|
Ratio
|
TBV
|
EPS
|
EPS
|
EPS
|
Yield
|
Cap
|
|||||||||||
Company
|
State
|
Ticker
|
|
|
($M)
|
(%)
|
(%)
|
|
|
(%)
|
(%)
|
(%)
|
(%)
|
|
|
(%)
|
(%)
|
(%)
|
(%)
|
|
|
(%)
|
(x)
|
(x)
|
(x)
|
(%)
|
($M)
|
NBT Bancorp Inc.
|
NY
|
NBTB
|
|
|
9,954
|
92.2
|
0.48
|
|
|
8.55
|
10.02
|
13.36
|
166.4
|
|
|
1.06
|
9.34
|
3.56
|
58.82
|
|
|
162
|
13.3
|
15.8
|
14.1
|
3.5
|
1,341
|
ConnectOne Bancorp, Inc.
|
NJ
|
CNOB
|
|
|
7,279
|
109.1
|
1.15
|
|
|
8.96
|
9.20
|
12.46
|
472.2
|
|
|
1.07
|
9.02
|
3.37
|
40.70
|
|
|
101
|
8.5
|
8.9
|
8.7
|
2.2
|
639
|
Flushing Financial Corporation
|
NY
|
FFIC
|
|
|
7,245
|
121.0
|
0.28
|
|
|
7.38
|
8.59
|
13.16
|
562.3
|
|
|
0.47
|
5.79
|
2.44
|
68.09
|
|
|
61
|
10.1
|
8.7
|
7.3
|
7.3
|
324
|
Lakeland Bancorp, Inc.
|
NJ
|
LBAI
|
|
|
7,014
|
97.7
|
0.53
|
|
|
8.41
|
9.38
|
13.04
|
420.5
|
|
|
1.05
|
9.46
|
3.30
|
54.55
|
|
|
100
|
8.7
|
9.8
|
9.8
|
4.4
|
577
|
Kearny Financial Corp.
|
NJ
|
KRNY
|
|
|
6,774
|
107.3
|
0.65
|
|
|
13.03
|
13.25
|
22.84
|
334.5
|
|
|
0.60
|
3.60
|
2.41
|
63.50
|
|
|
80
|
17.4
|
18.2
|
16.1
|
3.9
|
660
|
Tompkins Financial Corporation
|
NY
|
TMP
|
|
|
6,743
|
91.3
|
0.46
|
|
|
8.78
|
9.53
|
13.62
|
240.3
|
|
|
1.03
|
10.37
|
3.42
|
63.10
|
|
|
165
|
14.3
|
16.8
|
16.3
|
3.2
|
966
|
BUCK
|
NY
|
--
|
|
|
6,348
|
122.8
|
0.29
|
|
|
8.23
|
9.80
|
15.21
|
589.0
|
|
|
0.52
|
5.40
|
2.51
|
57.60
|
|
|
90
|
14.9
|
11.9
|
10.7
|
4.1
|
457
|
Peapack-Gladstone Financial Corporation
|
NJ
|
PGC
|
|
|
5,831
|
99.3
|
0.54
|
|
|
7.86
|
8.93
|
13.91
|
386.7
|
|
|
0.76
|
7.51
|
2.60
|
58.33
|
|
|
78
|
9.7
|
13.7
|
10.1
|
1.1
|
336
|
Amalgamated Bank
|
NY
|
AMAL
|
|
|
5,752
|
70.1
|
1.07
|
|
|
7.92
|
8.47
|
13.96
|
279.5
|
|
|
0.90
|
9.48
|
3.49
|
62.46
|
|
|
86
|
8.8
|
11.0
|
12.1
|
2.5
|
392
|
TrustCo Bank Corp NY
|
NY
|
TRST
|
|
|
5,257
|
91.5
|
0.62
|
|
|
10.42
|
10.32
|
20.20
|
19.6
|
|
|
1.09
|
10.77
|
3.06
|
56.25
|
|
|
111
|
10.8
|
12.4
|
11.5
|
4.3
|
610
|
Northfield Bancorp, Inc.
|
NJ
|
NFBK
|
|
|
4,997
|
100.7
|
0.46
|
|
|
13.38
|
13.22
|
-- ¹
|
-- ¹
|
|
|
0.75
|
5.21
|
2.54
|
55.97
|
|
|
86
|
15.2
|
17.9
|
14.2
|
3.8
|
568
|
Financial Institutions, Inc.
|
NY
|
FISI
|
|
|
4,472
|
85.5
|
0.26
|
|
|
7.90
|
8.78
|
12.54
|
198.3
|
|
|
0.89
|
8.93
|
3.30
|
60.63
|
|
|
86
|
8.1
|
13.7
|
9.0
|
5.6
|
295
|
First of Long Island Corporation
|
NY
|
FLIC
|
|
|
4,094
|
98.4
|
0.14
|
|
|
9.18
|
9.48
|
-- ¹
|
-- ¹
|
|
|
0.96
|
10.16
|
2.58
|
53.31
|
|
|
103
|
10.0
|
10.4
|
10.7
|
4.4
|
390
|
Metropolitan Bank Holding Corp.
|
NY
|
MCB
|
|
|
3,612
|
91.5
|
0.21
|
|
|
8.14
|
9.10
|
12.10
|
412.7²
|
|
|
0.88
|
9.49
|
3.41
|
56.82
|
|
|
91
|
9.8
|
9.6
|
7.7
|
0.0
|
266
|
Arrow Financial Corporation
|
NY
|
AROW
|
|
|
3,291
|
85.8
|
0.18
|
|
|
8.76
|
9.87
|
-- ¹
|
-- ¹
|
|
|
1.20
|
12.58
|
3.11
|
56.55
|
|
|
156
|
12.1
|
12.9
|
12.5
|
3.5
|
445
|
BCB Bancorp, Inc.
|
NJ
|
BCBP
|
|
|
2,942
|
92.2
|
0.76
|
|
|
7.16
|
9.22²
|
-- ¹
|
-- ¹
|
|
|
0.64
|
8.02
|
2.90
|
65.75
|
|
|
77
|
9.2
|
16.1
|
12.0
|
6.0
|
160
|
Financial Data as of March 31, 2020
|
Balance Sheet / Asset Quality
|
Capital Position
|
LTM Profitability
|
Valuation as of June 30, 2020
|
|||||||||||||||||||||||
Price /
|
|||||||||||||||||||||||||||
Total
|
CRE /
|
||||||||||||||||||||||||||
Loans/
|
NPAs /
|
TCE /
|
Leverage
|
RBC
|
Total
|
Efficiency
|
LTM
|
2020E
|
2021E
|
Dividend
|
Market
|
||||||||||||||||
Assets
|
Deposits
|
Assets
|
TA
|
Ratio
|
Ratio
|
RBC
|
ROAA
|
ROAE
|
NIM
|
Ratio
|
TBV
|
EPS
|
EPS
|
EPS
|
Yield
|
Cap
|
|||||||||||
Company
|
State
|
Ticker
|
|
|
($M)
|
(%)
|
(%)
|
|
|
(%)
|
(%)
|
(%)
|
(%)
|
|
|
(%)
|
(%)
|
(%)
|
(%)
|
|
|
(%)
|
(x)
|
(x)
|
(x)
|
(%)
|
($M)
|
NBT Bancorp Inc.
|
NY
|
NBTB
|
|
|
9,954
|
92.2
|
0.48
|
|
|
8.55
|
10.02
|
13.36
|
166.4
|
|
|
1.06
|
9.34
|
3.56
|
58.82
|
|
|
162
|
13.3
|
15.8
|
14.1
|
3.5
|
1,341
|
ConnectOne Bancorp, Inc.
|
NJ
|
CNOB
|
|
|
7,279
|
109.1
|
1.15
|
|
|
8.96
|
9.20
|
12.46
|
472.2
|
|
|
1.07
|
9.02
|
3.37
|
40.70
|
|
|
101
|
8.5
|
8.9
|
8.7
|
2.2
|
639
|
Flushing Financial Corporation
|
NY
|
FFIC
|
|
|
7,245
|
121.0
|
0.28
|
|
|
7.38
|
8.59
|
13.16
|
562.3
|
|
|
0.47
|
5.79
|
2.44
|
68.09
|
|
|
61
|
10.1
|
8.7
|
7.3
|
7.3
|
324
|
Lakeland Bancorp, Inc.
|
NJ
|
LBAI
|
|
|
7,014
|
97.7
|
0.53
|
|
|
8.41
|
9.38
|
13.04
|
420.5
|
|
|
1.05
|
9.46
|
3.30
|
54.55
|
|
|
100
|
8.7
|
9.8
|
9.8
|
4.4
|
577
|
Kearny Financial Corp.
|
NJ
|
KRNY
|
|
|
6,774
|
107.3
|
0.65
|
|
|
13.03
|
13.25
|
22.84
|
334.5
|
|
|
0.60
|
3.60
|
2.41
|
63.50
|
|
|
80
|
17.4
|
18.2
|
16.1
|
3.9
|
660
|
Tompkins Financial Corporation
|
NY
|
TMP
|
|
|
6,743
|
91.3
|
0.46
|
|
|
8.78
|
9.53
|
13.62
|
240.3
|
|
|
1.03
|
10.37
|
3.42
|
63.10
|
|
|
165
|
14.3
|
16.8
|
16.3
|
3.2
|
966
|
Peapack-Gladstone Financial Corporation
|
NJ
|
PGC
|
|
|
5,831
|
99.3
|
0.54
|
|
|
7.86
|
8.93
|
13.91
|
386.7
|
|
|
0.76
|
7.51
|
2.60
|
58.33
|
|
|
78
|
9.7
|
13.7
|
10.1
|
1.1
|
336
|
Amalgamated Bank
|
NY
|
AMAL
|
|
|
5,752
|
70.1
|
1.07
|
|
|
7.92
|
8.47
|
13.96
|
279.5
|
|
|
0.90
|
9.48
|
3.49
|
62.46
|
|
|
86
|
8.8
|
11.0
|
12.1
|
2.5
|
392
|
TrustCo Bank Corp NY
|
NY
|
TRST
|
|
|
5,257
|
91.5
|
0.62
|
|
|
10.42
|
10.32
|
20.20
|
19.6
|
|
|
1.09
|
10.77
|
3.06
|
56.25
|
|
|
111
|
10.8
|
12.4
|
11.5
|
4.3
|
610
|
MOSES
|
NY
|
--
|
|
|
5,061
|
92.8
|
0.62
|
|
|
7.78
|
8.19
|
12.91
|
382.6
|
|
|
1.00
|
9.87
|
3.29
|
57.39
|
|
|
117
|
9.5
|
8.9
|
8.8
|
4.2
|
444
|
Northfield Bancorp, Inc.
|
NJ
|
NFBK
|
|
|
4,997
|
100.7
|
0.46
|
|
|
13.38
|
13.22
|
-- ¹
|
-- ¹
|
|
|
0.75
|
5.21
|
2.54
|
55.97
|
|
|
86
|
15.2
|
17.9
|
14.2
|
3.8
|
568
|
Financial Institutions, Inc.
|
NY
|
FISI
|
|
|
4,472
|
85.5
|
0.26
|
|
|
7.90
|
8.78
|
12.54
|
198.3
|
|
|
0.89
|
8.93
|
3.30
|
60.63
|
|
|
86
|
8.1
|
13.7
|
9.0
|
5.6
|
295
|
First of Long Island Corporation
|
NY
|
FLIC
|
|
|
4,094
|
98.4
|
0.14
|
|
|
9.18
|
9.48
|
-- ¹
|
-- ¹
|
|
|
0.96
|
10.16
|
2.58
|
53.31
|
|
|
103
|
10.0
|
10.4
|
10.7
|
4.4
|
390
|
Metropolitan Bank Holding Corp.
|
NY
|
MCB
|
|
|
3,612
|
91.5
|
0.21
|
|
|
8.14
|
9.10
|
12.10
|
412.7²
|
|
|
0.88
|
9.49
|
3.41
|
56.82
|
|
|
91
|
9.8
|
9.6
|
7.7
|
0.0
|
266
|
Arrow Financial Corporation
|
NY
|
AROW
|
|
|
3,291
|
85.8
|
0.18
|
|
|
8.76
|
9.87
|
-- ¹
|
-- ¹
|
|
|
1.20
|
12.58
|
3.11
|
56.55
|
|
|
156
|
12.1
|
12.9
|
12.5
|
3.5
|
445
|
BCB Bancorp, Inc.
|
NJ
|
BCBP
|
|
|
2,942
|
92.2
|
0.76
|
|
|
7.16
|
9.22²
|
-- ¹
|
-- ¹
|
|
|
0.64
|
8.02
|
2.90
|
65.75
|
|
|
77
|
9.2
|
16.1
|
12.0
|
6.0
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Free Rate
|
0.66%
|
Per Duff & Phelps Normalized Rate
|
2 Year Beta of Stock
|
102.1%
|
Bloomberg
|
Equity Risk Premium
|
7.15%
|
Per Duff & Phelps Cost of Capital Navigator
|
Size Premium
|
3.16%
|
Per Duff & Phelps Cost of Capital Navigator
|
Discount Rate
|
11.12%
|
Risk Free Rate
|
0.66%
|
Per Duff & Phelps Normalized Rate
|
2 Year Beta of Stock
|
115.8%
|
Bloomberg
|
Equity Risk Premium
|
7.15%
|
Per Duff & Phelps Cost of Capital Navigator
|
Size Premium
|
3.16%
|
Per Duff & Phelps Cost of Capital Navigator
|
Discount Rate
|
12.10%
|
(in millions, except per share data)
|
At or for the 12 Months Ended December 31,
|
|||||||||||||||||||||||
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
|||||||||||||||||||
Total Assets
|
$
|
6,355
|
$
|
6,444
|
$
|
6,640
|
$
|
6,844
|
$
|
7,056
|
||||||||||||||
Tangible Common Equity
|
$
|
522
|
$
|
546
|
$
|
580
|
$
|
618
|
$
|
659
|
||||||||||||||
Loans / Deposits
|
121
|
%
|
119
|
%
|
119
|
%
|
119
|
%
|
119
|
%
|
||||||||||||||
Net Income
|
$
|
39.1
|
$
|
42.5
|
$
|
53.0
|
$
|
56.2
|
$
|
59.5
|
$
|
63.1
|
||||||||||||
Return on Average Assets
|
0.69
|
%
|
0.78
|
%
|
0.92
|
%
|
0.94
|
%
|
0.96
|
%
|
||||||||||||||
Earnings per Share
|
$
|
1.15
|
$
|
1.28
|
$
|
1.60
|
$
|
1.69
|
$
|
1.79
|
||||||||||||||
Dividends per Share
|
$
|
0.56
|
$
|
0.56
|
$
|
0.56
|
$
|
0.56
|
$
|
0.56
|
||||||||||||||
Tangible Book Value per Share
|
$
|
15.71
|
$
|
16.43
|
$
|
17.46
|
$
|
18.60
|
$
|
19.83
|
Nine
Months
Ended
|
At or for the 12 Months Ended December 31,
|
|||||||||||||||||||||||
3/31/2020
|
12/31/20
|
2021
|
2022
|
2023
|
2024
|
|||||||||||||||||||
Excess Cash Flows (undiscounted)
|
$
|
15.7
|
$
|
31.3
|
$
|
36.1
|
$
|
37.7
|
$
|
39.8
|
$
|
42.1
|
(1)
|
(in millions, except per share data)
|
At or for the 12 Months Ended December 31,
|
|||||||||||||||||||||||
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
|||||||||||||||||||
Total Assets
|
$
|
5,274
|
$
|
5,524
|
$
|
5,783
|
$
|
6,057
|
$
|
6,347
|
||||||||||||||
Tangible Common Equity
|
$
|
413
|
$
|
446
|
$
|
485
|
$
|
526
|
$
|
571
|
||||||||||||||
Loans / Deposits
|
92
|
%
|
91
|
%
|
91
|
%
|
91
|
%
|
91
|
%
|
||||||||||||||
Net Income
|
$
|
50.8
|
$
|
51.3
|
$
|
56.8
|
$
|
60.2
|
$
|
63.9
|
$
|
67.7
|
||||||||||||
Return on Average Assets
|
0.99
|
%
|
0.95
|
%
|
1.00
|
%
|
1.02
|
%
|
1.03
|
%
|
||||||||||||||
Earnings per Share
|
$
|
2.58
|
$
|
2.60
|
$
|
2.88
|
$
|
3.05
|
$
|
3.24
|
||||||||||||||
Dividends per Share
|
$
|
0.96
|
$
|
0.96
|
$
|
0.96
|
$
|
0.96
|
$
|
0.96
|
||||||||||||||
Tangible Book Value per Share
|
$
|
20.93
|
$
|
22.61
|
$
|
24.56
|
$
|
26.65
|
$
|
28.93
|
||||||||||||||
Nine
Months
Ended
|
At or for the 12 Months Ended December 31,
|
|||||||||||||||||||||||
3/31/2020
|
12/31/20
|
2021
|
2022
|
2023
|
2024
|
|||||||||||||||||||
Excess Cash Flows (undiscounted)
|
$
|
(12.1
|
)
|
$
|
26.0
|
$
|
32.8
|
$
|
37.4
|
$
|
38.6
|
$
|
40.6
|
(1)
|
(in millions, except per share data)
|
At or for the 12 Months Ended December 31,
|
|||||||||||||||||||
2021
|
2022
|
2023
|
2024
|
2025
|
||||||||||||||||
Net Income
|
$
|
115.3
|
$
|
130.7
|
$
|
131.1
|
$
|
137.0
|
$
|
149.2
|
||||||||||
At or for the 12 Months Ended December 31,
|
||||||||||||||||||||
12/31/20
|
2021
|
2022
|
2023
|
2024
|
||||||||||||||||
Excess Cash Flows (undiscounted)
|
$
|
(48.1
|
)
|
$
|
107.1
|
$
|
97.2
|
$
|
94.0
|
$
|
97.1
|
(1)
|
DIME COMMUNITY BANCSHARES, INC.
|
||
By:
|
/s/ Avinash Reddy | |
Avinash Reddy
|
||
Senior Executive Vice President & Chief Financial Officer
|
||
(Principal Financial Officer)
|
||
Dated: November 16, 2020
|