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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.
On June 1, 2023, Dime Community Bancshares (NASDAQ: DCOM), the parent company of Dime Community Bank, announced that Moody’s Investors Service affirmed all of its ratings. The Bank’s long-term deposit rating remains at A3, and the Company's long-term issuer rating is affirmed at Baa3. Moody’s report highlighted several positive factors: Dime’s efficient operating platform, a significant portion of noninterest-bearing deposits (30% of total), no large unrealized securities losses, increased cash balances (5% of total assets as of March 31, 2023), and strong liquidity. Additionally, Dime’s CRE loan underwriting is robust, with a favorable maturity profile, and its capital profile is stable with a TCE/risk-weighted asset ratio of 9.4% as of March 31, 2023, up from 9.2% at year-end 2022.
Dime Community Bancshares (NASDAQ: DCOM) announced significant upgrades to its technology platform, including a new escrow management platform and enhanced digital banking capabilities. The rollout is expected to begin in early June. The company has also added several deposit gathering Groups over the past month, capitalizing on recent market disruption.
CEO Kevin O'Connor stated that these upgrades will enhance their ability to attract new commercial customers and drive long-term deposit base growth. The improvements coincide with the buildout of their Private Banking Groups and are expected to accelerate their suite of offerings. Dime reported a low level of non-insured deposits at 28.6% as of April 30th, 2023, and anticipates onboarding more deposit-focused Groups in the coming months.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced the appointment of Ravi Persaud as First Vice President, Associate Group Director. He will lead a team in Astoria, bringing expertise from his previous role at Signature Bank, where he worked since 2011. Dime Community Bancshares holds over $13.1 billion in assets and boasts the largest deposit market share among community banks in Greater Long Island.
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