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Dime Community Bancshares, Inc. - DCOM STOCK NEWS

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.

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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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Dime Community Bancshares (NASDAQ: DCOM) has appointed John Murphy as the Group Head of its newly formed Not-For-Profit vertical. Murphy, who previously held senior roles at Webster Bank and Hudson Valley Bank, brings extensive experience in not-for-profit banking. He will focus on expanding Dime's commercial banking services to not-for-profit organizations from the new office in White Plains, Westchester. CEO Stuart H. Lubow emphasized that this move aligns with Dime's long-term strategy to lead in community commercial banking and highlights the bank's 160-year history of community support and its Outstanding CRA rating.

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Dime Community Bancshares has appointed Judy Wu as Executive Vice President, General Counsel, and Corporate Secretary. Wu brings extensive experience from her previous roles at Flagstar Bank and Signature Bank, where she specialized in regulatory compliance and privacy. Dime's President and CEO, Stuart H. Lubow, expressed confidence in Wu's ability to contribute to the company's growth strategy. Wu holds a bachelor's degree in finance and accounting from NYU and a law degree from Fordham University School of Law.

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FAQ

What is Dime Community Bancshares, Inc.?

Dime Community Bancshares, Inc. is a community bank headquartered in Brooklyn, NY, specializing in commercial mortgage finance and other loans.

Where are Dime Community Bancshares' branches located?

The bank serves depositors through 24 full-service branches in Brooklyn, Queens, Nassau, and the Bronx.

What types of loans does Dime Community Bancshares offer?

The bank offers multifamily residential, commercial real estate, commercial and industrial (C&I) loans, and one-to-four family residential real estate loans.

What recent technology has Dime Community Bancshares launched?

Dime recently launched ZSuite, a digital platform for commercial escrow management, enhancing the customer experience for various industries.

What is the financial standing of Dime Community Bancshares?

Dime Community Bancshares has over $13.8 billion in assets and holds the number one deposit market share among community banks in the Greater Long Island area for banks with assets under $20 billion.

What are Dime Community Bancshares' future plans for its online banking platform?

By the end of the second quarter of 2024, Dime plans to expand its Commercial Online Banking platform to support international wire transfers and real-time foreign currency rate requests.

Who can benefit from Dime Community Bancshares' ZSuite platform?

Property managers, law firms, municipalities, title companies, and other industries that utilize escrow and subaccounts can benefit from the ZSuite platform.

What makes Dime Community Bancshares a leading bank in its area?

Dime's long history, significant deposit market share, commitment to customer service, and continuous technological advancements contribute to its leading position.

How does Dime Community Bancshares gather its deposits?

Dime gathers deposits from customers within its market area and via the internet.

What investments does Dime Community Bancshares make with its deposits?

Dime invests its deposits in multifamily residential, commercial real estate, C&I loans, mortgage-backed securities, obligations of the U.S. government and GSEs, and corporate debt and equity securities.

Dime Community Bancshares, Inc.

Nasdaq:DCOM

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930.60M
38.97M
7.18%
77.84%
5.42%
Commercial Banking
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