DIME COMMUNITY BANCSHARES, INC. (NASDAQ: DCOM) Investor Presentation July 2018 Forward-Looking Statements

This presentation 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 "anticipate," " become, " "believe," "continue," "could," "estimate," "expect," "intend," "increase, " "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 Dime Community Bancshares, Inc. (the "Holding Company," and together with its direct and indirect subsidiaries, 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 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 conditions or results to differ materially from those 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 reduce interest margins; • changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company and/or Dime Community Bank (the "Bank"); • unanticipated or significant increases in loan losses; • 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 business or financial condition or results of operations; • general economic conditions, 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; • legislation or regulatory changes may adversely affect the Company’s business; • technological changes may be more difficult or expensive than the Company anticipates; • our ability to successfully integrate acquired entities, if any; • failure or breaches of information technology systems or information technology security; • success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or • 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; • the risks referred to in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017 as updated by our Quarterly Reports on Form 10-Q.

The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document. 2 Dime’s Vision Statement

To evolve the business model from a “thrift” into a robust community commercial bank.

3 Leadership Team

Kenneth Mahon President & CEO Hired: July 1980

Robert Volino Stuart Lubow SEVP, COO SEVP, Chief Banking Officer Hired: October 1999 Hired: January 2017

Angela Blum-Finlay Avi Reddy Chris Porzelt Conrad Gunther Michael Perez Patricia Schaubeck Tim Lenhoff EVP, Chief Human Head of Corporate EVP, Chief EVP, Business EVP, Chief EVP, General EVP, Chief Technology Resources Officer Dev’t & Treasurer Risk Officer Banking Retail Officer Counsel Officer Hired: October 2016 Hired: April 2017 Hired: Nov. 2017 Hired: Dec. 2016 Hired: Sept. 2016 Hired: March 2018 Hired: October 2014

4 Key Highlights

1. Fully Committed to Business Model Transformation

2. Branch Franchise Has Significant Scarcity Value

3. Reduced CRE Concentration and Improved Liquidity

4. Focused on Preserving Best-In Class Credit Culture

5. Proven History of Growing Tangible Book Value

5 Rationale for Transformation: Significant “Runway” To Improve Margin

Dime is fully committed to its transformation towards a community commercial bank model. Our Business Banking initiative, which began in 2017, is relationship-based / generates self-funding deposits and provides us a pathway to close the gap to peers as it relates to loan yields and deposit costs.

Yield on Total Loans Multifamily Loans / Cost of Total Deposits Non Interest Bearing / Institution Name (%) Total Loans (%) Institution Name (%) Total Deposits % Sterling 4.98 24.5 OceanFirst 0.35 20.6 ConnectOne 4.67 34.0 Provident 0.37 21.3 OceanFirst 4.64 8.4 Bridge 0.52 36.8 Lakeland 4.50 12.3 Sterling 0.55 19.5 Bridge 4.46 18.8 First of LI 0.57 29.7 Flushing 4.31 43.2 Lakeland 0.58 22.0 Oritani 4.15 50.5 Peapack 0.77 15.1 - MEDIAN - 4.14 35.4 - MEDIAN - 0.79 17.3 Provident 4.14 19.5 Northfield 0.81 13.9 Northfield 3.98 61.7 Kearny 0.92 8.8 Peapack 3.78 36.8 ConnectOne 0.97 19.6 NYCB 3.77 73.7 Dime 1.09 8.2 Kearny 3.73 45.8 Oritani 1.17 5.7 Dime 3.67 76.0 NYCB 1.18 8.5 First of LI 3.51 22.8 Flushing 1.24 8.4

 Dime’s Business Banking division:  Dime’s Business Banking division ended Q2 Q2 2018 WAR on New Originations: 5.25% with $66M of checking and leasehold deposits at a cost of 0.02%.

Note: Dime data as of or for the quarter ended June 30th 2018. Peer data as of most recent quarter reported. Peer multifamily loans / total loans % from March 31st 2018 regulatory call reports.

6 Significant Number of Business Establishments in Our Geographic Area

Our branch footprint, which covers Brooklyn, Nassau, Queens, Bronx and Suffolk counties, is home to a significant number of business establishments. For our Business Banking division to be successful, we only need to capture a small share of the overall marketplace.

Number of Business Establishments * by County 100,000

80,000

60,000

40,000 57,621 48,260 49,597 49,149 20,000 18,025 0 Brooklyn Nassau Queens Suffolk Bronx

Paid Employees 606,738 557,159 563,339 578,418 260,629 Annual Payroll ($B) $24.6 $29.8 $26.7 $31.1 $11.7

Source: United State Census Bureau. Data based on the 2016 County Business Patterns. (*) An establishment is a single physical location at which business is conducted or services or industrial operations are performed. It is not necessarily identical with a company or enterprise, which may consist of one or more establishments. When two or more activities are carried on at a single location under a single ownership, all activities generally are grouped together as a single establishment. 7 Business Banking: Progress To-Date

Since its inception in 2017, the Business Banking division has originated over $425M of relationship-based loans.

Commentary Business Banking Originations To-Date ($M)

 # of Commercial Banking Teams: 6 $150.0 $143 . Actively looking for additional teams

$125.0  Key Building Blocks in Place for Sustained Future Growth . Underwriters, Credit Administration, Risk Management, etc. $100.0 $86

 Core Conversion to DNA® Platform $75.0 completed in June 2018 $65 . Enhanced customer and channel management $52 $50.0 $46 . Improves fee income generation capabilities with $35 end-to-end ACH payment processing $25.0

 New Loan Origination System implemented – Sageworks . Cradle-to-grave loan origination system $0.0 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 . Allows for a total relationship view of customers WAR % 4.19% 4.73% 4.61% 4.87% 4.54% 5.25%

8 Business Banking: Loan Portfolio Overview (6/30/18)

Total Portfolio: $375 Million C&I Portfolio: $172 Million All Other Restaurant 11% 14%

Factoring C&I 20% 46% CRE 54% Real Estate Laundry Developer Services 36% 5% Nursing WAR: 4.97% Home WAR: 5.31% 13% Total Portfolio: Adjustable vs Fixed Rate CRE Portfolio: $203 Million

Construction 5%

Adjustable 39% Owner Occupied CRE 30%

Fixed 61% Non-Owner Occupied 65% WAR: 4.67%

9 Successfully Transforming Our Culture

A vital ingredient to our future success is the transformation we have made to our employee base and the advances we have made in our employee training, recruiting, and incentive compensation systems.

Management Team Has Been Revamped Attributes Retained from Legacy Model Position Hired  General Counsel March 2018  Cost Control  Chief Risk Officer November 2017  Chief Credit Officer October 2017 . Non-Interest Expenses / Average Assets ratio  Head of Corp. Development and Treasurer April 2017 continues to compare favorably vs. peers  Chief Banking Officer January 2017  EVP Business Banking December 2016  Chief Human Resources Officer October 2016  Conservative Credit Culture  Chief Retail Officer September 2016  Director of Financial Reporting June 2016 . Credit losses and NPAs continue to lag peers Employee Base – By Tenure (Years) . Added significant depth to credit administration team with hire of new Chief Credit Officer 40% Addition of many new bankers with commercial bank 30% experience as we transition our business  Community Centric 20% model . In-market lender, with no nationwide lending 10% 22% 20% 15% 15% businesses 11% 14% 0% 4% . Large proportion of community development loans 21+ 11-20 6-10 4-5 2-3 1 < 1

10 Branch Franchise Has Significant Scarcity Value

Dime is the only community bank with ~$1B of deposits in each of Brooklyn, Nassau and Queens. Our market area is coveted by many larger banks and there are very few entry vehicles of size …

Brooklyn Nassau Queens

(1) (1) (1) Rank Company Branches Deposits Rank Company Branches Deposits Rank Company Branches Deposits

1 Dime 13 $2,495 1 Flushing 4 $2,583 1 Ridgewood 12 $2,016

2 Ridgewood 6 378 2 First of Long Island 24 1,710 2 Flushing 8 1,091

3 Flushing 5 359 3 Dime 7 1,104 3 Maspeth FS&LA 5 1,084

4 Northfield 9 338 4 Ridgewood 7 974 4 Dime 7 974

5 First American* 2 225 5 Esquire 2 402 5 Alma Bank 4 605

Brooklyn is the 2nd most densely populated county nationwide and is one of the fastest growing population centers for millennials. Queens (#4 by population density) and Nassau (ranks #20 by population density) are also very attractive banking markets

* On April 23, 2018 announced sale to RBB Bancorp. Note: Deposit market share analysis (as of June 30th 2017) by county from SNL Financial. Dime also has 1 branch in the Bronx and 1 branch in Suffolk. (1) Ranking amongst “Community Banks”. Community Banks defined as institutions with <$10B of total assets. 11 Relative Deposit Premium Comparison

… yet, Dime trades at a discount to peers from a “deposit premium” perspective.

Deposit Premium (1) 16.0%

14.0% 13.5% 12.9%

12.0% 11.3% 10.8% 10.0% 9.5%

8.0% 7.5% 6.5% 6.0% 4.7% 4.4% 4.0% 2.6% 2.0%

0.0% Dime OceanFirst Provident Lakeland Bridge ConnectOne First of LI Peapack NYCB Flushing Cost of Deposits 1.09% 0.35% 0.37% 0.58% 0.52% 0.97% 0.57% 0.77% 1.18% 1.24%

Note: Financial data as of most recent quarter reported. Market data as of July 27th 2018 (1) Calculated as follows: (Market Capitalization less Tangible Common Equity) divided by Total Deposits

12 Reduced CRE Concentration and Improved Liquidity

As Dime transitions its balance sheet towards a commercial bank like balance sheet, we have taken steps to reduce our CRE Concentration levels and improve our on balance sheet liquidity levels.

CRE Concentration (1) Cash and Unencumbered Securities / Total Assets (2)

1000% 10.0% 903% 8.8% 900% 848% 9.0% 8.5% 800% 775% 8.0% 7.7% 715% 700% 7.0% 600% 6.0% 500% 5.0% 412% 400% 4.0% 300% 3.0% 2.1% 200% 2.0% 1.5% 100% 1.0% 0% 0.0% 2015Q4 2016Q4 2017Q4 2018Q2 Peer 2015Q4 2016Q4 2017Q4 2018Q2 Peer Median Median Dime Peers Note: All data presented at the Consolidated Company level. (*) Peers include : Bridge, ConnectOne, First of Long Island, Flushing, Lakeland, New York Community, OceanFirst, Peapack, and Provident. Data in charts represent median values. Data as of March 31st 2018 (1) Calculated as follows: the sum of multifamily, non-owner occupied CRE, and construction and development loans, divided by total capital. Data from regulatory call reports (2) Calculated as follows: the sum of (cash and balances due, securities, fed funds and reverse repos) less pledged securities, divided by total assets. Data from regulatory call reports

13 Additional Perspective on “CRE Concentration”

. Dime’s “CRE” portfolio primarily consists of multifamily loans (~$4.1B), which are essentially residential housing loans  Dime has historically been one of the leading lenders in the small (10 – 75 unit) rent-regulated multifamily market in NYC. NYC rent regulations provide a level of stability to the marketplace, especially to conservative lenders such as Dime; loans are reliant almost solely upon occupancy for debt service

. Non-Owner Occupied CRE and Construction are generally considered the relatively “higher risk” sub-segments of CRE Lending  As a % of Total Capital, Dime’s (Non-Owner Occupied CRE + Construction) Concentration is towards the lower-end of peers

(Non-Owner Occupied CRE Loans + Construction Loans) / Total Capital 350% 305% 300% 265% 241% 250% 217% 198% 187% 200% 170% 151% 150% 129% 108% 100% 50% 0% ($ in millions) Dime Lakeland Provident ConnectOne Flushing Bridge OceanFirst Peapack NYCB First of LI Non-Owner CRE $892 $1,554 $2,166 $783 $1,404 $800 $1,166 $884 $6,957 $423 Construction $11 $285 $388 $626 $34 $105 $270 $2 $442 $10

Note: All data presented at the Consolidated Company level. Source: consolidated regulatory call reports for peers as of March 31st 2018. Dime data as of June 30th 2018.

14 Freddie Mac “Q-Deal” Securitization

. First Freddie Mac sponsored “Q-deal” multifamily loan securitization for a bank December 2017 headquartered in the metropolitan New York City marketplace

. Provides a template to manage balance sheet concentrations and create liquidity from the multifamily portfolio as Dime transitions to a community commercial bank

 Dime has developed a strong working relationship with Freddie Mac and the third-party affiliates who assisted on the transaction $280M Multifamily Securitization Via . Dime continues to maintain the borrower relationships as the sub-servicer of the underlying loans  Dime was approved by Freddie Mac as a Structured Transactions Program Seller/Servicer under the Small Balance Loans Offering program

. Freddie Mac’s due diligence on the portfolio confirms Dime’s strong underwriting practices and credit quality Sponsored “Q-Deal” . Dime recognized a $1.2M gain on the transaction in Q4 2017 and an additional $1.4M gain from the sale of a portion of the retained “Q-securities” in Q1 2018

15 Focused on Preserving Best in Class Credit Culture

Dime’s credit loss history has consistently been below peers over the past decade. Our credit administration team was significantly bolstered, in October 2017, by the addition of a seasoned Chief Credit Officer.

0.60% NCOs / Average Loans

0.52% 0.50%

0.42% 0.40% 0.40% 0.36% 0.33%

Dime 0.30% 0.27%

Peers

0.20% 0.17%

0.11% 0.10% 0.10% 0.09% 0.06% 0.05% 0.05% 0.04% 0.02% 0.02% 0.02% 0.00% 0.00% 0.00% 0.00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

-0.10%

Note: Peers include : Bridge, ConnectOne, First of Long Island, Flushing, Lakeland, New York Community, OceanFirst, Peapack, and Provident. Data in the charts represent median values.

16 Proven History of Growing Tangible Book Value

Dime ranks at the top end of peers in terms of growing TBV per share and paying dividends.

“Economic Value” Creation (1) by Dime (FY 2012 – FY 2017) “Economic Value” Creation (1) vs. Peers (FY 2012 – FY2017)

$20.00 Dime 84% Tangible Cumulative $17.31 Book Value Dividends ConnectOne 79% $16.00 $2.80 84% “Economic Lakeland 78% Value” (1) Creation NYCB 69% $12.00 First of LI 67%

Provident 60% $8.00 $14.51 Bridge 57%

$9.41 Peapack 57% $4.00 Flushing 53%

OceanFirst 32% $0.00 12/31/2012 12/31/2017 0% 25% 50% 75% 100%

(1) Calculated as follows: increase in tangible book value per share plus cumulative dividends, as a percentage of starting tangible book value per share

17 Fitch Ratings Recently Re-Affirmed Our Ratings and Outlook

“Fitch Ratings-New York- March 22, 2018: Fitch Ratings has affirmed the Long- and Short-Term Issuer Default Ratings (IDRs) for Dime Community Bancshares, Inc. (DCOM) and its principal banking subsidiary, Dime Community Bank at 'BBB/F2'. The Rating Outlook is Stable.”

“DCOM's strength is its ability to underwrite high quality loans to primarily multifamily borrowers as demonstrated by its outstanding asset quality track record. Pristine asset quality metrics are driven by DCOM's focus on primarily rent-stabilized multifamily properties within the New York City area. Given the high demand and low supply in this geography for affordable rentals, vacancy remains low through time, making cash flows consistent and predictable.”

“Under Kenneth Mahon's leadership, the DCOM strategy has begun to marginally shift towards making DCOM resemble a more full service commercial bank. Formerly the Chief Operating Officer of the bank, Mahon brings many years of experience and is looking to reposition the bank by diversifying its business model. Notwithstanding execution risk, diversification on the whole is viewed positively given DCOM's concentrated business model.”

“Fitch views management's efforts to improve its funding and liquidity profile by sourcing deposits through its Business Banking relationships positively. DCOM also recently securitized multifamily loans which bolstered liquidity, which offers the bank another source of liquidity.”

18 2017 Rankings from S&P Global

DIME RANKED #8 Amongst the 50 Largest Publically Traded Thrifts in 2017

Median 3-Yr NCOs / NPLs / Rank Company Score (1) ROAA ROATCE Efficiency TBVPS Growth Loans Loans 1 Sterling Bancorp (SBT) 178.52 1.54 % 20.53 % 35.25 % 32.2 % -0.04 % 0.13 % 2 BofI Holding (BOFI) 164.07 1.63 16.67 37.73 22.4 0.05 0.38 3 Hingham Institution (HIFS) 144.83 1.21 14.73 30.08 15.6 0.00 0.19 4 Timberland Bancorp (TSBK) 112.94 1.56 14.38 57.28 9.5 -0.14 0.75 5 FS Bancorp (FSBW) 109.27 1.53 15.68 68.24 14.2 0.03 0.13 6 Greene County Bancorp (GCBC) 96.24 1.30 15.37 50.08 10.2 0.09 0.77 7 Triumph Bancorp (TBK) 61.08 1.27 13.95 63.78 15.6 0.28 1.33 8 Dime Community (DCOM) 57.36 0.84 9.86 51.65 7.0 0.00 0.15 9 Oritani Financial (ORIT) 57.22 1.05 7.71 34.66 0.7 -0.01 0.41 10 New York Community (NYCB) 44.05 0.96 11.63 51.96 4.3 0.16 0.22 11 BSB Bancorp (BLMT) 37.99 0.61 8.34 51.56 6.5 0.00 0.24 12 Provident Financial (PFS) 37.75 0.99 11.00 54.31 5.2 0.10 0.91 13 Meta Financial (CASH) 34.14 1.17 24.14 64.75 -0.2 0.64 0.13 14 Meridian Bancorp (EBSB) 32.38 0.89 NA 52.51 4.2 0.00 0.45 15 TrustCo Bank (TRST) 30.54 0.88 9.65 53.72 4.6 0.05 0.99 16 Riverview Bancorp (RVSB) 28.33 0.83 10.79 65.46 5.2 -0.08 1.04 17 Capitol Federal (CFFN) 25.14 0.86 6.93 41.00 -2.2 0.00 0.57 18 First Defiance (FDEF) 23.24 1.13 13.04 60.61 3.5 0.10 1.89 19 First Capital (FCAP) 22.40 0.99 10.53 61.03 5.5 0.17 0.82 20 Territorial Bancorp (TBNK) 15.35 0.77 6.33 58.68 3.3 0.00 0.34 21 Charter Financial (CHFN) 13.87 0.90 8.04 64.68 0.6 -0.07 0.51 22 United Financial (UBNK) 13.51 0.80 10.01 61.92 4.6 0.10 0.84 23 Waterstone Financial (WSBF) 6.39 1.43 6.33 74.74 1.9 0.06 0.63 24 WSFS Financial (WSFS) 2.10 0.74 9.73 60.19 6.5 0.22 1.19 25 First Connecticut (FBNK) -6.79 0.55 5.95 64.81 5.7 0.02 0.80 26 Wellesley Bancorp (WEBK) -8.56 0.43 5.47 69.66 5.8 0.00 0.11 27 Northfield Bancorp (NFBK) -11.93 0.63 4.18 56.36 0.4 -0.01 0.75 28 HMN Financial (HMNF) -14.51 0.63 5.69 75.22 6.5 0.01 0.72 29 Blue Hills Bancorp (BHBK) -15.82 0.65 4.38 67.49 2.9 0.00 0.55 30 Bay Bancorp (BYBK) -16.75 0.77 8.34 62.77 2.5 0.06 1.99 Source: S&P Global: “The best of the biggest public thrifts” (data complied April 12,, 2018). Table above only shows the top 30 companies in the rankings. (1) Score based on a scale of -200 to 200. Analysis limited to the 50 largest thrifts by total assets at December 31st 2017, trading on the Nasdaq, NYSE or NYSE MKT. Companies ranked according to six weighted metrics: ROAA (20%), ROATCE (20%), Efficiency Ratio (20%), TBV per share median 3-year growth (20%), NCOs / Average Loans (10%) and NPLs / Loans (10%). Each metric score calculated by measuring a company's standardized deviation from the top 50 mean. 19 Appendix

20 Repricing Real Estate Loans

21 Historical Perspective: Prepayment Fees

Prepayment fees were a significant contributor to NIM from 2012-2016 (averaged $12.5M (1) per annum). The level of future prepayment fees is inherently uncertain. That said, the specter of rising rates may result in borrowers deciding to prepay and lock-in rates. This could result in higher prepayment fees going forward.

Loan Prepayment and Late Payment Fees ($M)

$16.0 $14.6 $14.0 $14.0 $13.4

$12.0 $11.3

$10.0 $9.0 $7.7 $8.0

$6.0 $5.0

$4.0 $2.3 $2.0 $1.6

$0.0 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Q1 2018 Q2 2018

Reported NIM (1) 3.60% 2.92% 3.39% 3.03% 2.89% 2.68% 2.54% 2.47% 2.39%

(1) Inclusive of loan prepayment and late payment fees

22 CORPORATE PROFILE

History Historical Financials For the Year Ended • Founded as The Dime Savings Bank of Williamsburgh in 2014 2015 2016 2017 Q1 2018 Q2 2018 1864; converted to public ownership in 1996 Balance Sheet Items Total Assets $4,497 $5,033 $6,005 $6,403 $6,326 $6,253 Total Gross Loans 4,119 4,697 5,636 5,602 5,507 5,404 – Changed name to “Dime Community Bank”, effective Total Deposits 2,660 3,184 4,395 4,403 4,430 4,359 August 2016 Loans / Deposits 154.9 % 147.5 % 128.2 % 127.2 % 124.3 % 124.0 % Tangible Common Equity $404 $438 $510 $543 $552 $560 • 29 branches in Brooklyn, Queens, Nassau, Bronx and Deposit Composition Non-Interest Bearing 7.1 % 8.1 % 6.8 % 7.0 % 7.3 % 8.2 % Suffolk Savings, NOW and MMDA 58.1 64.9 69.3 68.2 65.0 63.1 Time Deposits 34.8 27.0 23.9 24.8 27.7 28.7 • Historically, Dime specialized in lending against New York Cost of Deposits 0.75 0.78 0.85 0.87 1.00 1.09 City multifamily properties (mainly pre-WWII, rent- Loan Composition Multifamily 80.1 % 80.0 % 81.6 % 78.2 % 77.7 % 76.0 % regulated buildings) CRE 18.1 18.4 17.0 18.0 18.3 19.5 Yield on Real Estate Loans 4.27 3.96 3.68 3.54 3.65 3.60 – 2007-2017 annual avg. NCOs / loans of 0.09% Profitability Reported Net Income $44.2 $44.8 $72.5 (1) $51.9 $14.7 $12.3 • Launched Business Banking division in Q1 2017 ROA 1.03 % 0.96 % 1.31 % 0.84 % 0.93 % 0.79 % ROATCE 11.2 10.6 14.9 9.9 10.8 8.9 Reported NIM 3.03 2.89 2.68 2.54 2.47 2.39 • Nationwide brand recognition as a result of Dime’s iconic Core Efficiency Ratio 46.3 48.0 48.0 51.4 54.5 54.3 logo, longevity and authenticity Core Expenses / Average Assets 1.42 1.41 1.31 1.32 1.36 1.33 Asset Quality and Capital Nonaccruals / Loans 0.15 % 0.03 % 0.08 % 0.01 % 0.03 % 0.03 % • Headquartered in Brooklyn Heights Reserves / Loans 0.45 0.39 0.36 0.38 0.39 0.39 NCOs / Avg Loans (0.01) (0.03) 0.00 0.00 0.00 (2) 0.10 (2) • Market capitalization: $673 million (As of July 27, 2018) Tangible Common Ratio 9.10 8.81 8.58 8.55 8.81 9.03 Note: $s in millions, except per share data Tangible Book Value Per Share $10.96 $11.73 $13.62 $14.51 $14.73 $14.89 (1) Includes $37M gain from real estate sale and $11M expense associated with ESOP loan Dividends Per Share 0.56 0.56 0.56 0.56 0.14 0.14 prepayment. (2) Presented on an annualized basis. 23 NON-GAAP RECONCILIATION

$ in thousands, except per share amounts For the Year Ended December 31, Quarter Ended 2012 2013 2014 2015 2016 2017 2018 Q1 2018 Q2

Tangible Common Equity Total Equity $391,574 $435,506 $459,725 $493,947 $565,868 $598,567 $607,957 $615,532 Less: Goodwill 55,638 55,638 55,638 55,638 55,638 55,638 55,638 55,638 Tangible Common Equity $335,936 $379,868 $404,087 $438,309 $510,230 $542,929 $552,319 $559,894

Tangible Common Ratio Tangible Common Equity $335,936 $379,868 $404,087 $438,309 $510,230 $542,929 $552,319 $559,894

Total Assets $3,905,399 $4,028,190 $4,497,107 $5,032,872 $6,005,430 $6,403,460 $6,325,917 $6,253,175 Less: Goodwill 55,638 55,638 55,638 55,638 55,638 55,638 55,638 55,638 Tangible Assets $3,849,761 $3,972,552 $4,441,469 $4,977,234 $5,949,792 $6,347,822 $6,270,279 $6,197,537

Tangible Common Ratio 8.73 % 9.56 % 9.10 % 8.81 % 8.58 % 8.55 % 8.81 % 9.03 %

Tangible Book Value Per Share Tangible Common Equity $335,936 $379,868 $404,087 $438,309 $510,230 $542,929 $552,319 $559,894

Common Shares Outstanding 35,714,269 36,712,951 36,855,019 37,371,992 37,455,853 37,419,070 37,484,720 37,591,261

Tangible Book Value Per Share $9.41 $10.35 $10.96 $11.73 $13.62 $14.51 $14.73 $14.89

24 NON-GAAP RECONCILIATION (CONTINUED)

$ in thousands, except per share amounts For the Year Ended December 31, Quarter Ended 2012 2013 2014 2015 2016 2017 2018 Q1 2018 Q2

Return on Average Tangible Common Equity Net Income $40,308 $43,548 $44,246 $44,772 $72,514 $51,882 $14,745 $12,321

Average Tangible Common Equity(1)(2) $319,873 $356,125 $394,252 $420,415 $485,609 $524,792 $547,917 $551,879

Return on Average Tangible Common Equity 12.5 % 12.2 % 11.2 % 10.6 % 14.9 % 9.9 % 10.8 % 8.9 %

Adjusted (Core) Efficiency Ratio Non-interest Expense $62,572 $62,692 $61,076 $62,493 $83,831 $84,986 $21,734 $20,827 Less: Non-recurring items 0 0 0 (3,394) 11,319 2,997 0 0 Adjusted (Core) Expense $62,572 $62,692 $61,076 $65,887 $72,512 $81,989 $21,734 $20,827

Net Interest Income $109,842 $128,486 $124,536 $128,564 $143,486 $152,730 $38,015 $36,134 Borrowing Prepayment Expense 28,772 0 0 1,362 0 0 0 0 Non-interest Income 23,849 7,463 9,038 8,616 75,934 21,514 3,244 2,237 Less: Gains / (Losses) on Financial Instruments & Non-recurring items 14,686 354 1,600 1,273 68,306 14,627 1,370 0 Total Revenue $147,777 $135,595 $131,974 $137,269 $151,114 $159,617 $39,889 $38,371

Adjusted (Core) Efficiency Ratio 42.3 % 46.2 % 46.3 % 48.0 % 48.0 % 51.4 % 54.5 % 54.3 %

Adjusted (Core) Expense / Average Assets Non-interest Expense $62,572 $62,692 $61,076 $62,493 $83,831 $84,986 $21,734 $20,827 Less: Non-recurring items 0 0 0 (3,394) 11,319 2,997 0 0 Adjusted (Core) Expense $62,572 $62,692 $61,076 $65,887 $72,512 $81,989 $21,734 $20,827

Average Assets(1)(2) $3,947,043 $3,983,310 $4,294,634 $4,660,476 $5,554,768 $6,211,645 $6,369,310 $6,265,128

Adjusted (Core) Expenses / Average Assets 1.59 % 1.57 % 1.42 % 1.41 % 1.31 % 1.32 % 1.36 % 1.33 %

(1) Year-to-date average is a quarterly average taken over the trailing 4 quarters (2) Quarter-to-date average is a monthly average taken over the trailing 4 months

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