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Dime Community Bancshares, Inc. Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A - DCOMP STOCK NEWS

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Dime Community Bancshares, Inc. is the largest community bank headquartered in Brooklyn, New York, with a history dating back to 1864. The bank specializes in commercial mortgage finance in the NY metro area and operates 24 full-service branches across Brooklyn, Queens, Nassau, and the Bronx. Dime Community Bancshares Inc, as a holding company, gathers deposits from customers and invests them in various loan types, mortgage-backed securities, government obligations, and corporate securities. The recent news of Dime includes the addition of industry veteran Martin Ball to lead the National Deposits Group and the expansion of their Commercial Online Banking platform to facilitate international wires and real-time foreign currency rate requests.

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Dime Community Bancshares (Nasdaq: DCOM) has announced a quarterly cash dividend for its Series A Preferred Stock. The Board of Directors declared a dividend of $0.34375 per share on the company's 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A. This dividend will be payable on August 15, 2024 to shareholders of record as of August 8, 2024. This announcement demonstrates Dime Community Bancshares' commitment to providing returns to its preferred stockholders and maintaining its dividend policy.

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Dime Community Bancshares (NASDAQ: DCOM) reported strong Q2 2024 results, with earnings per share increasing 5% from the previous quarter. Key highlights include:

- Core deposits grew by $302.4 million
- Net interest margin expanded by 20 basis points to 2.41%
- Business loans increased by over $200 million
- Non-performing assets declined by 29%
- Total Risk Based Capital Ratio improved to 14.5% after a successful $65 million subordinated debt offering

The company's focus on core deposit growth and balance sheet diversification is yielding positive results. The Private and Commercial Bank's deposit-gathering groups have grown their portfolio to approximately $1 billion, while investments in Middle Market C&I lending are driving business loan growth.

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Dime Community Bancshares (NASDAQ: DCOM) has received regulatory approval to open a new branch in White Plains, Westchester County. This expansion marks an important step in the company's growth strategy, extending its services beyond its traditional Long Island and New York City markets. The new location at 55 Church Street will be led by Michael Maloney, focusing on business customers, and John Murphy, specializing in non-profit organizations. Both executives bring extensive experience in the Westchester market.

CEO Stuart H. Lubow emphasized that this move into Westchester County demonstrates Dime's strength and stability, built over its 160-year history. The expansion is seen as a logical progression in the bank's development, potentially opening up new opportunities for growth and customer acquisition in a affluent suburban market.

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Dime Community Bancshares (NASDAQ: DCOM) plans to release its earnings report for the quarter ending June 30, 2024, on July 23, 2024, before the U.S. equity markets open. The company will hold a conference call at 9:00 a.m. (ET) the same day, where CEO Stuart Lubow will discuss the financial performance for the second quarter. The call will include a question-and-answer session. Participants can access the call via a provided webcast link or by registering in advance for a telephone connection. Upon registration, participants will receive a confirmation email with details on how to join the call. It's recommended to dial in 10 minutes early. A replay of the conference call and webcast will be available for 12 months.

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Dime Community Bancshares (NASDAQ: DCOM) announced that underwriters of its recent public offering of 9.000% Fixed-to-Floating Rate Subordinated Notes due 2034 have exercised their overallotment option in full. This resulted in the purchase of an additional $9.75 million aggregate principal amount of Notes, increasing total gross proceeds from the offering to $74.75 million before discounts and expenses. The notes, trading under the symbol 'DCOMG' on NASDAQ, will help support the company's and its bank’s regulatory capital ratios and organic growth initiatives. The offering was managed by Raymond James & Associates and Keefe, Bruyette & Woods, with D.A. Davidson & Co. and Piper Sandler as co-managers.

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Dime Community Bancshares (NASDAQ: DCOM) has successfully completed its public offering, raising $65 million through the sale of 9.000% fixed-to-floating rate subordinated notes due 2034. Sold at par, the net proceeds after discounts and expenses are about $62.66 million. An additional 30-day option allows underwriters to purchase up to $9.75 million more, potentially increasing gross proceeds to $74.75 million and net proceeds to approximately $72.11 million. The notes will be listed on Nasdaq under the symbol 'DCOMG' within 30 days. Proceeds will support general corporate purposes and regulatory capital ratios. The offering was managed by Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, with legal counsel from Squire Patton Boggs and Luse Gorman PC.

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Dime Community Bancshares announced the pricing of a $65 million offering of 9% fixed-to-floating rate subordinated notes due 2034. The company granted underwriters a 30-day option to purchase an additional $9.75 million to cover over-allotments. These notes, bearing a fixed interest rate of 9% per annum until July 15, 2029, will then shift to a floating rate based on the Three-Month Term SOFR plus 495.1 basis points. The company may redeem the notes starting July 15, 2029, and they mature on July 15, 2034. The transaction is expected to close around June 28, 2024. The notes are intended to qualify as Tier 2 capital for regulatory purposes and will be listed on Nasdaq under the symbol 'DCOMG' within 30 days of the issuance date. The proceeds will support general corporate purposes and regulatory capital ratios. Joint book-running managers for the offering are Raymond James & Associates and Keefe, Bruyette & Woods, with D.A. Davidson & Co. and Piper Sandler as co-managers.

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Dime Community Bancshares, parent of Dime Community Bank, announced the hiring of a deposit-focused group to expand its presence in Manhattan. The group, led by Avi Azuolay, brings experience from Signature Bank and Flagstar Bank. Dime's CEO, Stuart H. Lubow, highlighted the team's success in Manhattan and commitment to growth. Avi Azuolay praised Dime's client-centric approach and technology. The move aligns with Dime's growth strategy, aiming to leverage the new team's track record in increasing deposits.

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Dime Community Bancshares (Nasdaq: DCOM) has declared a quarterly cash dividend of $0.25 per share of common stock. The dividend will be paid on July 24, 2024, to shareholders of record as of July 17, 2024.

This announcement continues the company's trend of consistent dividend payments, reflecting its commitment to returning value to shareholders.

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Dime Community Bancshares (NASDAQ: DCOM) announced that Kroll Bond Rating Agency (KBRA) has affirmed all its ratings, maintaining a 'Stable' outlook. The Bank's senior unsecured debt rating is 'BBB+', and the Company's senior unsecured debt rating is 'BBB'. KBRA supports these ratings due to Dime's consistent credit quality and conservative underwriting. Furthermore, Dime's funding base, driven by a growth in core deposits, is expected to expand, enhancing its funding and liquidity profile. The integration with Bridge Bancorp has reduced operating expenses, positioning Dime for stronger earnings in a normalized interest rate environment. The CET1 ratio has increased by 80 basis points since the end of 2022 and is projected to continue growing. Regulatory capital measures are not significantly impacted by negative AOCI due to a smaller, shorter-duration securities portfolio.

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FAQ

What is the current stock price of Dime Community Bancshares Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A (DCOMP)?

The current stock price of Dime Community Bancshares Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A (DCOMP) is $19.42 as of December 24, 2024.

What is Dime Community Bancshares, Inc. known for?

Dime is known for being the largest community bank headquartered in Brooklyn, New York, and specializing in commercial mortgage finance.

Where does Dime Community Bancshares, Inc. operate its full-service branches?

Dime operates full-service branches throughout Brooklyn, Queens, Nassau, and the Bronx.

What types of loans does Dime Community Bancshares Inc invest in?

Dime invests in multifamily residential, commercial real estate, commercial and industrial (C&I) loans, and one-to-four family residential real estate loans.

What recent enhancements did Dime make to its Commercial Online Banking platform?

Dime expanded its Commercial Online Banking platform to allow clients to initiate international wires in USD and foreign currency, offer real-time foreign currency rate requests, and become an active member of the SWIFT Network.

Who recently joined Dime to lead the National Deposits Group?

Industry veteran Martin Ball recently joined Dime to lead the National Deposits Group.

What growth plan is Dime Community Bancshares, Inc. focused on executing?

Dime is focused on executing its growth plan by providing business customers with effective tools to run their businesses and continuing to expand its market presence.

What sets Dime apart in the Brooklyn market according to McDonough and Diconimakis?

According to McDonough and Diconimakis, Dime's single point of contact approach, best-in-class technology, and flat organizational structure set it apart in the Brooklyn market.

Dime Community Bancshares, Inc. Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A

Nasdaq:DCOMP

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