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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.
Bridge Bancorp and Dime Community Bancshares have successfully completed their merger, converting Legacy Dime shares into Bridge shares at a ratio of 0.648. The merged company now operates under the ticker symbol DCOM and boasts over $12 billion in assets and 60 branches.
Customers will see no immediate changes to their banking relationships. Experts emphasize that the merger aims to enhance customer service and increase capital in the New York area.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) reported a positive trend in its loan portfolio as of December 31, 2020. Principal and Interest (P&I) deferrals decreased to $37.1 million, representing just 0.7% of the total loan portfolio. Additionally, 3.4% of the portfolio is now on a full interest payment plan, deferring only principal payments. CEO Kenneth J. Mahon expressed optimism regarding the ability to work with borrowers to facilitate reasonable resolutions.
Dime Community Bancshares reported a 29% increase in revenues and a 223% rise in earnings per share for Q3 2020, achieving net income of $14.0 million, or $0.42 per diluted share. Excluding merger expenses, EPS would be $0.44, a record for the company. The bank experienced non-performing assets decline by 19.2% and strong growth in checking account balances, up 61.1% year-over-year. The net interest margin expanded by 6 basis points, driven by reduced deposit costs. Management highlighted positive trends in loans exiting deferment, indicating robust recovery prospects.
Dime Community Bancshares, Inc. (Nasdaq: DCOM) has declared a quarterly cash dividend of $0.34375 per share for Series A Preferred Stock, payable on November 15, 2020, and $0.14 per share for Common Stock, payable on November 13, 2020. The record date for both dividends is November 6, 2020. This marks the third quarterly dividend for Series A Preferred Stock and the 94th consecutive dividend for Common Stock. As of June 30, 2020, the Company reported consolidated assets of $6.47 billion.
Dime Community Bancshares, Inc. (Nasdaq: DCOM) will release its earnings for Q3 2020 on October 27, 2020, after U.S. market close. CEO Kenneth J. Mahon will discuss the financial performance in a conference call on October 28, 2020, at 8:00 a.m. ET. The call will include a Q&A session and will be available via webcast. As of June 30, 2020, the Company's consolidated assets totaled $6.47 billion. Dime Community Bank operates 28 branches across New York City.
Dime Community Bancshares reported a net income of $11.8 million, or $0.35 per diluted share, for Q2 2020, up from $8.4 million in Q1 2020. Adjusted EPS excluding restructuring and merger expenses would be $0.39. The company benefitted from a 14 basis point increase in net interest margin (NIM) and 83% year-over-year growth in non-interest income, excluding securities gains. Capital ratios improved with a tangible equity to tangible assets ratio of 9.76%. Total loans under the Paycheck Protection Program reached $310.5 million. The firm announced a merger with Bridge Bancorp, aiming for over $11 billion in assets.
Dime Community Bancshares, Inc. (DCOM) declared its quarterly cash dividend of $0.34375 per share for Series A Preferred Stock, set for payment on August 15, 2020. Additionally, a dividend of $0.14 per share for Common Stock will be paid on August 13, 2020, to stockholders of record as of August 6, 2020. This marks the 93rd consecutive dividend for Common Stock holders and the second for the Series A Preferred Stock. As of March 31, 2020, the company reported $6.35 billion in consolidated assets.
Dime Community Bancshares (Nasdaq: DCOM) will release its earnings for the quarter ending June 30, 2020, after U.S. markets close on July 28, 2020. A conference call featuring CEO Kenneth J. Mahon is scheduled for July 29, 2020, at 8:00 a.m. ET to discuss the financial performance. Investors can access the conference call using the domestic number 1-888-348-2672 or international number 1-412-902-4232. The company reported $6.35 billion in consolidated assets as of March 31, 2020, and has 28 retail branches across New York.
Dime Community Bancshares (NASDAQ: DCOM) announced that Fitch Ratings affirmed its investment grade ratings following the merger of equals transaction with Bridge Bancorp (NASDAQ: BDGE). The Fitch report highlighted that the strategic benefits from the merger, such as diversification and enhanced funding capabilities, outweigh customary integration risks. With a strong emphasis on relationship lending to small businesses, the merger aims to bolster Dime's balance sheet. As of March 31, 2020, Dime had $6.35 billion in consolidated assets.
Dime Community Bank, a subsidiary of Dime Community Bancshares (NASDAQ: DCOM), has launched a philanthropic community chest initiative to support local businesses and nonprofits in the New York metropolitan area. CEO Kenneth J. Mahon emphasized the need to aid long-standing business owners impacted by the pandemic. The bank has allocated $200,000 in grants, awarding 40 small business grants through a Federal Home Loan Bank partnership. Additional outreach includes food donations and employee volunteerism programs, enhancing community resilience amid economic challenges.
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