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Dime Community Bancshares, Inc. (NASDAQ: DCOM) is a prominent community bank headquartered in Brooklyn, New York, with a rich history dating back to its charter in 1864. The bank specializes in commercial mortgage finance in the NY metro area, and it serves depositors through 24 full-service branches located in Brooklyn, Queens, Nassau, and the Bronx. Dime Community Bancshares operates as a holding company, accumulating deposits from its local market and via the internet. These deposits are then invested in multifamily residential, commercial real estate, commercial and industrial (C&I) loans, and one-to-four family residential real estate loans. Additionally, the company also invests in mortgage-backed securities, obligations of the U.S. government and government-sponsored enterprises (GSEs), and corporate debt and equity securities.
Recently, Dime Community Bancshares has made significant strides in its digital transformation journey. The launch of ZSuite for Commercial Escrow Management marks a major advancement in their technology stack. This all-digital platform streamlines the commercial escrow and subaccounting processes, providing a seamless experience for property managers, law firms, municipalities, title companies, and other industries reliant on escrow and subaccounts. Michael Fegan, the Chief Technology and Operations Officer at Dime, expressed enthusiasm about this launch, emphasizing its alignment with Dime’s commitment to delivering top-tier digital experiences to its customers.
Dime Community Bancshares is the parent company of Dime Community Bank, which boasts assets exceeding $13.8 billion. It holds the number one deposit market share among community banks in the Greater Long Island area for banks with assets under $20 billion. The company continues to focus on customer service and technological advancements to enhance its offerings. With plans to expand its Commercial Online Banking platform to include international wire transfers and real-time foreign currency rate requests by the end of the second quarter of 2024, Dime remains dedicated to executing its growth strategy and providing its business clients with the necessary tools to succeed.
Dime Community Bancshares (NASDAQ: DCOM) has successfully completed a public offering of $160 million in subordinated notes with a fixed-to-floating rate due in 2032. The offering was sold at par, yielding approximately $158 million in net proceeds post-expenses. Funds will be allocated for general corporate purposes, including repaying existing subordinated debt. The notes qualify as Tier 2 capital, strengthening the company's financial position.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) has priced $160 million in 5.000% fixed-to-floating rate subordinated notes due 2032. Initially, the notes will bear a fixed interest of 5.000% per annum, transitioning to a floating rate after May 15, 2027. The net proceeds will be used for general corporate purposes, including repaying outstanding subordinated notes. Piper Sandler & Co. is the lead manager of the offering, which is expected to close on May 6, 2022. The notes are intended to qualify as Tier 2 capital for regulatory requirements.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) has announced plans to offer $160 million in subordinated notes due 2032, which will qualify as Tier 2 capital for regulatory purposes. The net proceeds will be utilized for general corporate purposes, including repayment of existing subordinated notes. Piper Sandler & Co. is the active book-running manager, while Keefe, Bruyette, & Woods and Raymond James Financial are passive managers. This announcement is not an offer to sell securities and the securities are not insured by the FDIC.
Dime Community Bancshares, Inc. (DCOM) reported a net income of $32.7 million for Q1 2022, a significant increase from a net loss of $22.9 million in Q1 2021. The non-interest-bearing deposits rose to 37.9% of total deposits, supporting their strategy in a rising interest rate environment. The net interest margin expanded by 5 basis points to 3.19%. However, non-interest expenses decreased, totaling $49.9 million, with the efficiency ratio at 51.8%. The company's credit quality improved, with non-performing loans at 0.39% of total loans.
Dime Community Bancshares, Inc. (Nasdaq: DCOM, DCOMP) has declared a quarterly cash dividend of $0.34375 per share on its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A. This dividend is payable on May 15, 2022, to shareholders on record as of May 9, 2022. Dime Community Bancshares operates Dime Community Bank, which boasts over $12.0 billion in assets and holds the top deposit market share among community banks in Greater Long Island.
Dime Community Bancshares (NASDAQ: DCOM) has received its first ratings from Moody’s Investors Service. The Bank received a long-term deposit rating of A3, while the Company earned a long-term issuer rating of Baa3. Both ratings carry a Stable outlook. Moody's praised Dime's strong credit quality, operating efficiency, and disciplined lending practices. CEO Kevin O'Connor expressed pride in the investment-grade rating, emphasizing the Company's solid financial performance and franchise value. Dime Community Bank holds over $12 billion in assets.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) has appointed David “Dave” DeVito as Senior Vice President, Group Leader. Previously, DeVito held a similar position at People’s United Bank and was a senior lender at Suffolk County National Bank, where he managed significant commercial lending relationships. Conrad Gunther, Chief Lending Officer, emphasized DeVito's client-centric approach and strong community ties as key attributes for the company's growth amidst competitive market disruptions. Dime Community Bank boasts over $12.0 billion in assets, leading in deposit market share among community banks in Greater Long Island.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) has appointed Jim Cloudman as First Vice President, Relationship Manager, responsible for business development in Nassau and Suffolk counties. Previously, Cloudman served as a Senior Portfolio Manager at People's United Bank and held various roles at State Bank of Long Island, Astoria Federal Savings, and JP Morgan Chase. Dime Community Bancshares oversees over $12.0 billion in assets and leads community banks in deposit market share on Greater Long Island.
Dime Community Bancshares announces the appointment of Robert Maichin as Head of Middle Market Lending, effective April 7, 2022. Maichin brings 30 years of commercial banking experience, previously serving as Market President at Bank Leumi and Market Executive at JP Morgan Chase. His role will focus on enhancing Dime's commercial lending operations and developing specialized lending niches. CEO Kevin O’Connor highlighted Maichin's expertise as critical to Dime's strategy to grow as a premier business bank in Greater Long Island.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) will release its earnings for Q1 2022 on April 29, 2022, before U.S. markets open. A conference call with CEO Kevin O’Connor is scheduled for 8:30 a.m. ET the same day, allowing for a Q&A session afterward. This event will be webcast and archived for one year. Dime Community Bancshares holds over $12 billion in assets, ranking first in deposit market share among community banks on Greater Long Island.
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