Dime Community Bancshares, Inc. Authorizes New Stock Repurchase Program

Rhea-AI Summary

Dime Community Bancshares has announced a new stock repurchase program, allowing for the buyback of up to 1,948,314 shares, representing 5% of its outstanding stock as of May 25, 2022. This follows the completion of the existing repurchase program, which has 74,571 shares remaining. Repurchases will occur at management's discretion and may vary based on market conditions and the company’s financial performance. The repurchased shares will be held as treasury stock for corporate purposes.

Positive

• New stock repurchase program of 1,948,314 shares (5% of outstanding stock) enhances shareholder value.
• Repurchase allows flexibility in managing capital and returning value to investors.

Negative

• None.

HAUPPAUGE, N.Y., May 26, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced today that its Board of Directors approved a new stock repurchase program, which authorizes the purchase of up to 1,948,314 shares, or 5% of its outstanding common stock as of May 25, 2022, upon completion of its existing previously authorized stock repurchase program (74,571 shares remain eligible for repurchase under the existing stock repurchase plan).

Any shares repurchased will be held as treasury stock and will be available for general corporate purposes.

Such repurchases will be made from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission and applicable federal securities laws. Such repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses of capital, the Company’s liquidity and capital requirements, and the Company’s financial performance.

The stock repurchase program may be suspended, terminated or modified at any time for any reason. These factors may also affect the timing and amount of share repurchases. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

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 over $12.0 billion in assets and the number one deposit market share among community banks on Greater Long Island ⁽¹⁾.

Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email: avinash.reddy@dime.com

¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

FAQ

What is the new stock repurchase program amount for Dime Community Bancshares (DCOM)?

Dime Community Bancshares has approved a stock repurchase program for up to 1,948,314 shares, which is 5% of its outstanding stock.

When was the stock repurchase program announced by Dime Community Bancshares (DCOM)?

The stock repurchase program was announced on May 26, 2022.

What will Dime Community Bancshares do with the repurchased shares?

Any shares repurchased will be held as treasury stock and used for general corporate purposes.

How will Dime Community Bancshares determine the timing and amount of share repurchases?

Repurchases will be made at management's discretion, considering factors like stock prices, market conditions, liquidity, and financial performance.

What are the existing shares remaining under Dime Community Bancshares' previous repurchase program?

There are 74,571 shares remaining eligible for repurchase under the existing stock repurchase program.