Kroll Bond Rating Agency Revises Dime Community Bancshares, Inc.’s Ratings Outlook from “Stable” to “Positive”
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced that Kroll Bond Rating Agency (KBRA) has revised its ratings outlook from "Stable" to "Positive" as of August 12, 2021. This change reflects the benefits from the company's merger-of-equals transaction, which has improved earnings potential and market share. KBRA highlights Dime's strong liquidity, diverse operating profile, and leading deposit market share in its region. The company's senior unsecured debt rating remains at BBB.
- Ratings outlook revised to Positive by KBRA.
- Effective integration from the merger-of-equals enhances earnings capacity.
- Leading deposit market share in Greater Long Island.
- Healthy liquidity position and strong core deposit franchise.
- None.
HAUPPAUGE, N.Y., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Kroll Bond Rating Agency (“KBRA”), in a report dated August 12, 2021, revised Dime’s ratings outlook from “Stable” to “Positive”. Kroll’s senior unsecured debt rating for Dime is BBB.
According to the KBRA report, the revision in the outlook to “Positive” stems, in part, from the effective integration to date of the Company’s merger-of-equals transaction, which has already demonstrated numerous benefits. KBRA believes the merger-of-equals transaction has helped facilitate enhanced earnings capacity, and allowed for increased scale in attractive operating markets, in which Dime controls the leading deposit market share. KBRA also noted Dime’s improved, more diverse operating profile supplements its favorable credit quality metrics over a long period of time. The ratings also recognize Dime’s healthy liquidity position and best-in-class core deposit franchise among local banks.
Kevin O’ Connor, Chief Executive Officer, stated, “KBRA has recognized the franchise value we have created as a result of our merger-of-equals transaction and we are pleased to see our ratings outlook revised to Positive.”
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
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks less than
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
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