Dime Community Bancshares Inc Stock Price, News & Analysis

Dime Community Bancshares reported a net income of $11.8 million, or $0.35 per diluted share, for Q2 2020, up from $8.4 million in Q1 2020. Adjusted EPS excluding restructuring and merger expenses would be $0.39. The company benefitted from a 14 basis point increase in net interest margin (NIM) and 83% year-over-year growth in non-interest income, excluding securities gains. Capital ratios improved with a tangible equity to tangible assets ratio of 9.76%. Total loans under the Paycheck Protection Program reached $310.5 million. The firm announced a merger with Bridge Bancorp, aiming for over $11 billion in assets.

Dime Community Bancshares, Inc. (DCOM) declared its quarterly cash dividend of $0.34375 per share for Series A Preferred Stock, set for payment on August 15, 2020. Additionally, a dividend of $0.14 per share for Common Stock will be paid on August 13, 2020, to stockholders of record as of August 6, 2020. This marks the 93^rd consecutive dividend for Common Stock holders and the second for the Series A Preferred Stock. As of March 31, 2020, the company reported $6.35 billion in consolidated assets.

Dime Community Bancshares (Nasdaq: DCOM) will release its earnings for the quarter ending June 30, 2020, after U.S. markets close on July 28, 2020. A conference call featuring CEO Kenneth J. Mahon is scheduled for July 29, 2020, at 8:00 a.m. ET to discuss the financial performance. Investors can access the conference call using the domestic number 1-888-348-2672 or international number 1-412-902-4232. The company reported $6.35 billion in consolidated assets as of March 31, 2020, and has 28 retail branches across New York.

Dime Community Bancshares (NASDAQ: DCOM) announced that Fitch Ratings affirmed its investment grade ratings following the merger of equals transaction with Bridge Bancorp (NASDAQ: BDGE). The Fitch report highlighted that the strategic benefits from the merger, such as diversification and enhanced funding capabilities, outweigh customary integration risks. With a strong emphasis on relationship lending to small businesses, the merger aims to bolster Dime's balance sheet. As of March 31, 2020, Dime had $6.35 billion in consolidated assets.

Dime Community Bank, a subsidiary of Dime Community Bancshares (NASDAQ: DCOM), has launched a philanthropic community chest initiative to support local businesses and nonprofits in the New York metropolitan area. CEO Kenneth J. Mahon emphasized the need to aid long-standing business owners impacted by the pandemic. The bank has allocated $200,000 in grants, awarding 40 small business grants through a Federal Home Loan Bank partnership. Additional outreach includes food donations and employee volunteerism programs, enhancing community resilience amid economic challenges.

Dime Community Bancshares announced the closing of its underwritten public offering of 2,300,000 shares of 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, raising approximately $44.3 million net of expenses. The offering included an exercised option for 300,000 additional shares. The funds will be utilized for general corporate purposes, with dividends at a fixed rate payable quarterly. The Preferred Stock is perpetual with a redemption option starting June 2025, and it is fungible with previously issued shares.

Dime Community Bancshares, Inc. (DCOM) has announced a public offering of 2,000,000 shares of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, totaling $50 million. Expected net proceeds are approximately $38.5 million, intended for general corporate purposes. The offering is a reopening of the original issuance from February 2020, with an option for underwriters to purchase an additional 300,000 shares. The shares will pay quarterly dividends starting May 15, 2020, with the offering closing around June 10, 2020.

Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced the promotion of Stuart H. Lubow to President of the Company and Dime Community Bank. Previously Chief Banking Officer, Lubow will now oversee Retail Banking, IT, Operations, and Marketing. CEO Kenneth Mahon praised Lubow's leadership and the Business Banking division's strong performance, noting significant loan and deposit growth. The Company reported consolidated assets of $6.35 billion as of March 31, 2020, and continues its strategy to enhance its position as a premier business bank in New York.