Dime Community Bancshares, Inc. Authorizes New Stock Repurchase Program

Rhea-AI Summary

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.

Positive

• Authorization for repurchase of 2,043,968 shares, indicating confidence in company value.
• Repurchases may enhance shareholder value by reducing share supply.

Negative

• None.

HAUPPAUGE, N.Y., Aug. 26, 2021 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced today that its Board of Directors approved a new stock repurchase program, which authorizes the purchase of up to 2,043,968 shares, or 5% of its currently outstanding common stock, upon completion of its existing previously authorized stock repurchase program (49,230 shares remain eligible for repurchase under the existing stock repurchase plan).

Any shares repurchased will be held as treasury stock and will be available for general corporate purposes.

Such repurchases will be made from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission and applicable federal securities laws. Such repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses of capital, the Company’s liquidity and capital requirements, and the Company’s financial performance.

The stock repurchase program may be suspended, terminated or modified at any time for any reason. These factors may also affect the timing and amount of share repurchases. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

ABOUT DIME COMMUNITY BANCSHARES, INC.

Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $12.7 billion in assets and the number one deposit market share among community banks on Greater Long Island ⁽¹⁾.

Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email: avinash.reddy@dime.com

¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

FAQ

What is the new stock repurchase program for Dime Community Bancshares (DCOM)?

Dime Community Bancshares has approved a stock repurchase program allowing the purchase of up to 2,043,968 shares, or 5% of its outstanding common stock.

How many shares are currently eligible for repurchase under the existing program for DCOM?

There are 49,230 shares remaining eligible for repurchase under the existing stock repurchase plan.

What is the purpose of the share repurchase program by Dime Community Bancshares?

The repurchased shares will be held as treasury stock and will be available for general corporate purposes, which may enhance shareholder value.

Can Dime Community Bancshares terminate the stock repurchase program?

Yes, the stock repurchase program can be suspended, terminated, or modified at any time for any reason.

How will the stock repurchases be conducted for Dime Community Bancshares?

Repurchases may occur in the open market, in privately negotiated purchases, or following SEC Rule 10b5-1.