Welcome to our dedicated page for Dime Community Bancshares news (Ticker: DCOM), a resource for investors and traders seeking the latest updates and insights on Dime Community Bancshares stock.
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, Inc. (DCOM) has announced a new stock repurchase program, allowing the purchase of up to 2,043,968 shares, representing 5% of its outstanding common stock. This follows the completion of its existing plan, which has 49,230 shares remaining eligible for repurchase. The program aims to enhance shareholder value and can be executed through various market strategies at management's discretion. The repurchased shares will be held as treasury stock for general corporate purposes, contingent upon market conditions and financial performance.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced that Kroll Bond Rating Agency (KBRA) has revised its ratings outlook from "Stable" to "Positive" as of August 12, 2021. This change reflects the benefits from the company's merger-of-equals transaction, which has improved earnings potential and market share. KBRA highlights Dime's strong liquidity, diverse operating profile, and leading deposit market share in its region. The company's senior unsecured debt rating remains at BBB.
Dime Community Bancshares (NASDAQ: DCOM) reported a net income of $49.5 million for Q2 2021, up from a loss of $22.9 million in Q1 2021. The adjusted net income was $39.1 million, boosted by a $20.7 million gain from the sale of PPP loans. Non-interest-bearing deposits increased to 33.3% of total deposits, and the cost of deposits fell to 0.17%. Capital ratios improved, with the tangible equity ratio rising to 8.29%. Non-performing assets decreased by 20% to just 0.22% of total assets. The company continues to manage its expenses effectively, achieving a core efficiency ratio averaging 48%.
Dime Community Bancshares has declared a quarterly cash dividend of $0.34375 per share on its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A. The dividend is payable on August 15, 2021, to shareholders of record as of August 6, 2021. With approximately $13 billion in assets, Dime Community Bancshares leads with the highest deposit market share among community banks in Greater Long Island.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced its upcoming earnings release for Q2 2021, scheduled for July 30, 2021, before U.S. markets open. CEO Kevin O’Connor will discuss the financial performance in a conference call at 8:30 a.m. ET, followed by a Q&A session. The call will be webcast and available for a year. Dime Community Bancshares holds over $13 billion in assets and leads in deposit market share among community banks in Greater Long Island.
Dime Community Bank, a subsidiary of Dime Community Bancshares, Inc. (NASDAQ: DCOM), announced the consolidation of five branch locations into existing branches, effective October 2021. The closures include: 149 Kent Avenue with 281 Broadway, 1600 Avenue M with 1902 Kings Highway, 6324 Route 25A with 75 Route 25A, and 150 Hampton Road with 243 Windmill Lane. CEO Kevin O’Connor stated this initiative aims to enhance branch network efficiency while minimizing customer disruption.
Dime Community Bancshares, Inc. holds over $13 billion in assets, leading in deposit market share among community banks on Greater Long Island.
Dime Community Bank, a subsidiary of Dime Community Bancshares, Inc. (NASDAQ: DCOM), announced the sale of over $585 million in Paycheck Protection Program (PPP) loans it originated in 2021 to The Loan Source, Inc. This transaction is expected to yield a pre-tax gain of approximately $20.5 million in Q2 2021, increase the Tangible Common Equity ratio by 45 basis points, and raise Tangible Book Value per share by about $0.34. CEO Kevin O’Connor emphasized that this sale will allow the bank to focus on traditional lending while a specialized firm handles the PPP servicing process.
Dime Community Bancshares, Inc. (Nasdaq: DCOM) has declared a quarterly cash dividend of $0.24 per share, payable on July 26, 2021, to stockholders of record as of July 19, 2021. This consistent dividend payment highlights the Company’s commitment to returning value to its investors and marks another uninterrupted dividend payment period. With over $13 billion in assets, Dime Community Bancshares remains a leading community bank in Greater Long Island, boasting the highest deposit market share among local banks.
Dime Community Bank has partnered with the New York Islanders and UBS Arena, becoming the exclusive retail and commercial bank for the venue. This agreement enhances Dime's visibility and customer engagement in the New York area. UBS Arena, a $1.1 billion project, is set to host over 150 events annually, creating significant local economic activity. The partnership provides Dime customers with exclusive access and benefits, solidifying its community focus and service excellence.
Dime Community Bancshares (NASDAQ: DCOM) reported a net loss of $22.9 million or $0.66 per share for Q1 2021, a sharp decline from a profit of $3.3 million in Q4 2020. Adjusted net income was $32.4 million, reflecting significant merger-related costs of $37.9 million. Total deposits surged by over $800 million since the February merger, with $573.3 million in PPP loans originated. The Board has approved a resumption of the share repurchase program. Despite the net loss, management expressed confidence in future growth opportunities and strong capital levels, with a tangible equity ratio of 7.83% as of March 31, 2021.
FAQ
What is the current stock price of Dime Community Bancshares (DCOM)?
What is the market cap of Dime Community Bancshares (DCOM)?
What is Dime Community Bancshares, Inc.?
Where are Dime Community Bancshares' branches located?
What types of loans does Dime Community Bancshares offer?
What recent technology has Dime Community Bancshares launched?
What is the financial standing of Dime Community Bancshares?
What are Dime Community Bancshares' future plans for its online banking platform?
Who can benefit from Dime Community Bancshares' ZSuite platform?
What makes Dime Community Bancshares a leading bank in its area?
How does Dime Community Bancshares gather its deposits?
What investments does Dime Community Bancshares make with its deposits?
