DIME COMMUNITY BANCSHARES, INC. (NASDAQ: DCOM) Investor Presentation November 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.

Cost of Total Deposits Non Interest Bearing / Yield on Total Loans Multifamily Loans / Institution Name (%) Total Deposits % Institution Name (%) Total Loans (%) OceanFirst 0.40 20.4 Sterling 5.02 23.8 Provident 0.47 22.5 ConnectOne 4.73 33.9 Bridge 0.67 36.8 OceanFirst 4.65 8.2 Sterling 0.68 19.8 Bridge 4.55 17.9 Lakeland 0.73 21.5 Lakeland 4.54 12.4 First of LI 0.76 29.9 Flushing 4.52 42.3 Northfield 0.98 12.6 Provident 4.40 19.4 -MEDIAN - 1.03 16.4 -MEDIAN - 4.28 34.7 Peapack 1.07 13.8 Kearny 4.16 40.9 Kearny 1.08 7.8 Oritani 4.08 50.9 ConnectOne 1.09 19.0 Northfield 4.02 61.6 Dime 1.21 8.4 Peapack 3.99 35.4 Oritani 1.24 6.0 Dime 3.73 74.2 NYCB 1.38 8.3 NYCB 3.72 74.1 Flushing 1.50 8.5 First of LI 3.52 22.9
Dime’s Business Banking division ended Q3
Dime’s Business Banking division: with $66M of checking and leasehold deposits Q3 2018 WAR on New Originations: 5.20% with a WAR of 0.01% and total deposits of $110M with a WAR of 0.50%.

Note: Dime data as of or for the quarter ended September 30 th 2018. Peer data as of most recent quarter reported. Peer multifamily loans / total loans % from June 30 th 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 $570M of relationship-based loans.

Commentary Business Banking Originations To-Date ($M)

# of Commercial Banking Teams: 6 $146 $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 Q3 '18  Allows for a total relationship view of customers WAR % 4.19% 4.73% 4.61% 4.87% 4.54% 5.25% 5.20%

8 Business Banking: Loan Portfolio Overview (9/30/18)

Total Portfolio: $511 Million C&I Portfolio: $208 Million

Health Care & Related 11%

Real Estate Rental C&I Individuals & Leasing 41% 31% 13%

Food & Real Estate Accommodation 59% 13% Finance & Insurance 16% Other WAR: 5.09% 16% WAR: 5.55% Total Portfolio: Adjustable vs Fixed Rate Real Estate Portfolio: $303 Million

Construction All Other Real Estate 4% Adjustable 34% 35%

Owner Occupied CRE 62%

Fixed 65% WAR: 4.77%

9 Repricing Real Estate Loans

As outlined in the table below, Dime has a significant amount of real estate loans, on our balance sheet, that will reach contractual repricings (generally at 200-250 basis points over the then current 5-Year Federal Home Loan Bank advance rate) over the next 2 years

(As of September 30, 2018) FY 2019 FY 2020 Amount of Repricing Real Estate Loans $717 million $925 million Current Weighted Average Rate 3.25% 3.42%

The presence of these loans on our balance sheet significantly increases our asset sensitivity and provides us the opportunity to increase net interest margin (“NIM”) going forward.

Note, the WAR on our new Business Banking Originations was 5.25% in Q2 2018 and 5.20% in Q3 2018

10 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

11 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) Rank (1) Company Branches Deposits Rank Company Branches Deposits Rank Company Branches Deposits 1 Flushing 4 $ 2,403 1 Ridgewood 12 $ 2,076 1 Dime 13 $ 2,252 2 First of Long Island 24 2 Flushing 8 2 Flushing 5 614 1,906 1,271

3 Dime 7 3 Maspeth FS&LA 5 3 Ridgewood 6 404 1,135 1,097

4 Ridgewood 7 4 Dime 7 4 Northfield 9 370 982 1,009

5 Esquire 1 5 Alma Bank 4 5 RBB Bancorp 2 243 509 588

Brooklyn is the 2 nd 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

Note: Deposit market share analysis (as of June 30 th 2018) 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.

12 Relative Deposit Premium Comparison

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

Deposit Premium (1) 12.0% 10.9%

10.0% 9.6%

8.0% 7.2% 6.7% 6.2% 6.0% 4.8%

4.0% 3.2% 3.0% 2.5%

2.0% 1.3%

0.0% Dime Provident OceanFirst Bridge Lakeland ConnectOne First of LI NYCB Peapack Flushing Cost of Deposits 1.21% 0.47% 0.40% 0.67% 0.73% 1.09% 0.76% 1.38% 1.07% 1.50%

Note: Financial data as of most recent quarter reported. Market data as of November 2 nd 2018 (1) Calculated as follows: (Market Capitalization less Tangible Common Equity) divided by Total Deposits

13 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% 9.5% 903% 9.2% 900% 848% 9.0% 800% 775% 8.0% 7.7% 706% 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 2018Q3 Peer 2015Q4 2016Q4 2017Q4 2018Q3 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 June 30 th 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

14 Additional Perspective on “CRE Concentration”

 Dime’s “CRE” portfolio primarily consists of multifamily loans (~$4.0B), 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% 306% 300% 267% 238% 250% 224% 202% 200% 200% 167% 147% 150% 125% 104% 100% 50% 0% ($ in millions) Dime Lakeland Provident ConnectOne Flushing OceanFirst Bridge Peapack NYCB First of LI Non-Owner CRE $849 $1,580 $2,171 $790 $1,449 $1,193 $798 $893 $6,846 $420 Construction $11 $299 $419 $644 $44 $280 $118 $3 $425 $12

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

15 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

16 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.

17 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

18 In March 2018, Fitch Ratings 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.”

19 Appendix

20 Historical Perspective: Prepayment Fees

Prepayment fees were a significant contributor to NIM from 2012-2016 (averaged $12.5M (1) per annum).

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 $1.3

$0.0 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Q1 2018 Q2 2018 Q3 2018

Reported NIM (1) 3.60% 2.92% 3.39% 3.03% 2.89% 2.68% 2.54% 2.47% 2.39% 2.33%

(1) Inclusive of loan prepayment and late payment fees

21 CORPORATE PROFILE

History Historical Financials For the Year Ended • Founded as The Dime Savings Bank of Williamsburgh in 1864; 2014 2015 2016 2017 Q2 2018 Q3 2018 converted to public ownership in 1996 Balance Sheet Items Total Assets $4,497 $5,033 $6,005 $6,403 $6,253 $6,294 Total Gross Loans 4,119 4,697 5,636 5,602 5,404 5,413 – Changed name to “Dime Community Bank”, effective Total Deposits 2,660 3,184 4,395 4,403 4,359 4,382 August 2016 Loans / Deposits 154.9 % 147.5 % 128.2 % 127.2 % 124.0 % 123.5 % Tangible Common Equity $404 $438 $510 $543 $560 $548 • 29 branches in Brooklyn, Queens, Nassau, Bronx and Suffolk Deposit Composition Non-Interest Bearing 7.1 % 8.1 % 6.8 % 7.0 % 8.2 % 8.4 % Savings, NOW and MMDA 58.1 64.9 69.3 68.2 63.1 61.1 • Historically, Dime specialized in lending against New York City Time Deposits 34.8 27.0 23.9 24.8 28.7 30.5 multifamily properties (mainly pre-WWII, rent-regulated Cost of Deposits 0.75 0.78 0.85 0.87 1.09 1.21 buildings) Loan Composition Multifamily 80.1 % 80.0 % 81.6 % 78.2 % 76.0 % 74.2 % CRE 18.1 18.4 17.0 18.0 19.5 20.4 – 2007-2017 annual avg. NCOs / loans of 0.09% Yield on Real Estate Loans 4.27 3.96 3.68 3.54 3.60 3.65 Profitability • Launched Business Banking division in Q1 2017 Reported Net Income $44.2 $44.8 $72.5 (1) $51.9 $12.3 $11.8 ROA 1.03 % 0.96 % 1.31 % 0.84 % 0.79 % 0.76 % ROATCE 11.2 10.6 14.9 9.9 8.9 8.5 • Nationwide brand recognition as a result of Dime’s iconic Reported NIM 3.03 2.89 2.68 2.54 2.39 2.33 logo, longevity and authenticity Core Efficiency Ratio 46.3 48.0 48.0 51.4 54.3 58.1 Core Expenses / Average Assets 1.42 1.41 1.31 1.32 1.33 1.39 • Headquartered in Brooklyn Heights Asset Quality and Capital Nonaccruals / Loans 0.15 % 0.03 % 0.08 % 0.01 % 0.03 % 0.06 % Reserves / Loans 0.45 0.39 0.36 0.38 0.39 0.39 • Market capitalization: $603 million (As of November 2, 2018) NCOs / Avg Loans (0.01) (0.03) 0.00 0.00 0.10 (2) 0.00 (2) Tangible Common Ratio 9.10 8.81 8.58 8.55 9.03 8.78

Note: $s in millions, except per share data Tangible Book Value Per Share $10.96 $11.73 $13.62 $14.51 $14.89 $14.97 (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. 22 NON-GAAP RECONCILIATION

$ in thousands, except per share amounts For the Year Ended December 31, Quarter Ended 2012 2013 2014 2015 2016 2017 2018 Q2 2018 Q3

Tangible Common Equity Total Equity $391,574 $435,506 $459,725 $493,947 $565,868 $598,567 $615,532 $603,577 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 $559,894 $547,939

Tangible Common Ratio Tangible Common Equity $335,936 $379,868 $404,087 $438,309 $510,230 $542,929 $559,894 $547,939

Total Assets $3,905,399 $4,028,190 $4,497,107 $5,032,872 $6,005,430 $6,403,460 $6,253,175 $6,294,193 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 $6,197,537 $6,238,555

Tangible Common Ratio 8.73 % 9.56 % 9.10 % 8.81 % 8.58 % 8.55 % 9.03 % 8.78 %

Tangible Book Value Per Share Tangible Common Equity $335,936 $379,868 $404,087 $438,309 $510,230 $542,929 $559,894 $547,939

Common Shares Outstanding 35,714,269 36,712,951 36,855,019 37,371,992 37,455,853 37,419,070 37,591,261 36,612,153

Tangible Book Value Per Share $9.41 $10.35 $10.96 $11.73 $13.62 $14.51 $14.89 $14.97

23 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 Q2 2018 Q3

Return on Average Tangible Common Equity Net Income $40,308 $43,548 $44,246 $44,772 $72,514 $51,882 $12,321 $11,782

Average Tangible Common Equity (1)(2) $319,873 $356,125 $394,252 $420,415 $485,609 $524,792 $551,879 $555,385

Return on Average Tangible Common Equity 12.5 % 12.2 % 11.2% 10.6% 14.9% 9.9% 8.9% 8.5%

Adjusted (Core) Efficiency Ratio Non-interest Expense $62,572 $62,692 $61,076 $62,493 $83,831 $84,986 $20,827 $21,585 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 $20,827 $21,585

Net Interest Income $109,842 $128,486 $124,536 $128,564 $143,486 $152,730 $36,134 $35,028 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 2,237 2,221 Less: Gains / (Losses) on Financial Instruments & Non-recurring items 14,686 354 1,600 1,273 68,306 14,627 0 117 Total Revenue $147,777 $135,595 $131,974 $137,269 $151,114 $159,617 $38,371 $37,132

Adjusted (Core) Efficiency Ratio 42.3 % 46.2 % 46.3 % 48.0 % 48.0 % 51.4 % 54.3 % 58.1 %

Adjusted (Core) Expense / Average Assets Non-interest Expense $62,572 $62,692 $61,076 $62,493 $83,831 $84,986 $20,827 $21,585 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 $20,827 $21,585

Average Assets (1)(2) $3,947,043 $3,983,310 $4,294,634 $4,660,476 $5,554,768 $6,211,645 $6,265,128 $6,231,801

Adjusted (Core) Expenses / Average Assets 1.59 % 1.57 % 1.42 % 1.41 % 1.31 % 1.32 % 1.33 % 1.39 %

(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

24