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

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