Welcome to our dedicated page for DIME COMMERCIAL BANCSHARES news (Ticker: DCOM), a resource for investors and traders seeking the latest updates and insights on DIME COMMERCIAL BANCSHARES stock.
Dime Community Bancshares, Inc. operates a community banking business that gathers deposits and deploys them into multifamily, commercial real estate, C&I, residential mortgage and securities portfolios.
Recurring news covers operating results, net interest income and margin trends, loan repricing, core deposit and business-loan growth, dividends on Series A preferred stock, and specialized commercial banking initiatives such as equipment and franchise finance. Company announcements also include market expansion, banker hiring, financial wellness partnerships and local community sponsorships in New York.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced the appointment of Paul M. Aguggia to its Board of Directors effective September 21, 2022. Aguggia fills the role previously held by Vincent F. Palagiano, who has retired. His extensive experience as a director and corporate attorney is expected to enhance the bank's governance and strategy. Aguggia has previously served as Chairman and CEO of Clifton Bancorp Inc. and held board positions at Square 1 Bank. Dime Community Bancshares has over $12.3 billion in assets and leads deposit market share among community banks in Greater Long Island.
On September 21, 2022, Dime Community Bancshares (NASDAQ: DCOM) announced the retirement of Vincent F. Palagiano from its Board of Directors. Palagiano has had a notable 52-year career with Dime, including serving as Chief Executive Officer and Chairman of Dime Savings Bank. His leadership was instrumental during significant transitions, including a successful mutual-to-public conversion in 1996 and a merger in 2021. Executive Chairman Kenneth Mahon praised his contributions, citing Dime's growth into a leading community commercial bank with over $12.3 billion in assets.
Dime Community Bancshares reported a net income of $36.7 million for Q2 2022, equating to $0.94 per diluted share, a rise from $32.7 million in Q1 2022. Loan originations surged to $902 million, highlighting 18% annualized growth in loans held for investment, excluding PPP loans. The net interest margin expanded by 10 basis points to 3.29%. The Company maintained a low cost of deposits and strong credit quality, with non-performing assets at 0.30% of total assets. Dime repurchased shares worth $22.9 million during the period.
Dime Community Bancshares, Inc. (Nasdaq: DCOM, DCOMP) announced a quarterly cash dividend of $0.34375 per share on its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A. The dividend is payable on August 15, 2022 to shareholders of record as of August 8, 2022. The Company, with over $12.0 billion in assets, holds the top deposit market share among community banks on Greater Long Island, emphasizing its strong position in the market.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced it will release its earnings for Q2 2022 on July 29, 2022, prior to market opening. CEO Kevin O’Connor will discuss the financial performance in a conference call scheduled for 8:30 a.m. ET, which will be webcast and available for one year. Dime Community Bank, the holding company, possesses over $12 billion in assets and leads in deposit market share among community banks in Greater Long Island.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) announced that Dime Community Bank has received an overall “Outstanding” rating from the Federal Reserve Bank of New York under the Community Reinvestment Act (CRA) for its January 2022 evaluation. The CRA evaluates banks on their efforts to meet credit needs in Low-to-Moderate Income neighborhoods. The FRBNY highlighted Dime's significant achievements in community development loans and innovative lending practices, especially during the COVID-19 pandemic, including the origin of Paycheck Protection Program loans to support affected small businesses.
Dime Community Bancshares, Inc. (Nasdaq: DCOM) has declared a quarterly cash dividend of $0.24 per share, scheduled for July 25, 2022, to shareholders of record as of July 18, 2022. This reflects the Company's ongoing commitment to providing uninterrupted dividends. Dime Community Bancshares is the holding company for Dime Community Bank, boasting over $12.0 billion in assets and leading deposit market share among community banks on Greater Long Island.
Dime Community Bancshares has announced a new stock repurchase program, allowing for the buyback of up to 1,948,314 shares, representing 5% of its outstanding stock as of May 25, 2022. This follows the completion of the existing repurchase program, which has 74,571 shares remaining. Repurchases will occur at management's discretion and may vary based on market conditions and the company’s financial performance. The repurchased shares will be held as treasury stock for corporate purposes.
Dime Community Bancshares (NASDAQ: DCOM) has successfully completed a public offering of $160 million in subordinated notes with a fixed-to-floating rate due in 2032. The offering was sold at par, yielding approximately $158 million in net proceeds post-expenses. Funds will be allocated for general corporate purposes, including repaying existing subordinated debt. The notes qualify as Tier 2 capital, strengthening the company's financial position.
Dime Community Bancshares, Inc. (NASDAQ: DCOM) has priced $160 million in 5.000% fixed-to-floating rate subordinated notes due 2032. Initially, the notes will bear a fixed interest of 5.000% per annum, transitioning to a floating rate after May 15, 2027. The net proceeds will be used for general corporate purposes, including repaying outstanding subordinated notes. Piper Sandler & Co. is the lead manager of the offering, which is expected to close on May 6, 2022. The notes are intended to qualify as Tier 2 capital for regulatory requirements.