Dime Community Bancshares Inc Stock Price, News & Analysis

Dime Community Bancshares (NASDAQ: DCOM) has announced the pricing of a public offering of 3,906,250 shares of its common stock at $32.00 per share, targeting aggregate gross proceeds of $125 million. The company has granted underwriters a 30-day option to purchase up to an additional 585,937 shares. The offering is expected to close around November 13, 2024. The proceeds will support organic growth, working capital, investments in its bank subsidiary, and potential balance sheet optimization strategies. Raymond James & Associates and Keefe, Bruyette & Woods are acting as joint book-running managers for the offering.

Dime Community Bancshares (Nasdaq: DCOM) announced that its Board of Directors has declared a quarterly cash dividend of $0.34375 per share on the Company's 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable on November 15, 2024 to stockholders of record as of November 8, 2024.

Dime Community Bancshares, Inc. (NASDAQ: DCOM) reported net income of $11.5 million for Q3 2024, or $0.29 per diluted share. Key highlights include:

- Total deposits increased by $389 million compared to Q2 2024
- Core deposits grew by $505 million
- Net interest margin expanded to 2.50% from 2.41% in Q2
- Loan-to-deposit ratio improved to 95.4% from 98.2%
- Net charge-offs to average loans was 0.15%
- Allowance for credit losses to total loans increased to 0.78%
- Total risk-based capital ratio rose to 14.76%

The company experienced strong growth in low-cost core deposits and expects to benefit from recent Federal Reserve rate cuts. Business loan portfolio increased by over $120 million, with strong pipelines in Middle Market and Healthcare verticals.

Dime Community Bancshares, Inc. (NASDAQ: DCOM) has announced its plans to release earnings for the quarter ended September 30, 2024. The financial results will be made public before the U.S. equity markets open on Tuesday, October 22, 2024. Following the release, the company will host a conference call at 9:00 a.m. (ET) on the same day.

During the call, President and CEO Stuart Lubow will discuss the company's third quarter financial performance, followed by a question-and-answer session. Interested parties can access the conference call via a webcast or telephone registration. The company encourages participants to dial in 10 minutes before the start time. A replay of the conference call and webcast will be available on-demand for 12 months.

Dime Community Bancshares (Nasdaq: DCOM) has announced a quarterly cash dividend of $0.25 per share of Common Stock. The dividend is payable on October 24, 2024, to common stockholders of record as of October 17, 2024. This announcement continues the company's trend of uninterrupted dividends, demonstrating its commitment to providing consistent returns to shareholders. The decision was made by the company's Board of Directors, reflecting their confidence in Dime Community Bancshares' financial stability and ongoing ability to generate shareholder value.

Dime Community Bancshares (NASDAQ: DCOM) has appointed Jason Quinn as Senior Relationship Manager within its middle market commercial and industrial (C&I) lending operations. Quinn brings over 26 years of experience from Citibank, where he served as Senior Vice President, Relationship Manager. He will be based in Melville, focusing on expanding Dime's C&I business in Long Island.

Dime Community Bancshares (Nasdaq: DCOM) has announced a quarterly cash dividend for its Series A Preferred Stock. The Board of Directors declared a dividend of $0.34375 per share on the company's 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A. This dividend will be payable on August 15, 2024 to shareholders of record as of August 8, 2024. This announcement demonstrates Dime Community Bancshares' commitment to providing returns to its preferred stockholders and maintaining its dividend policy.

Dime Community Bancshares (NASDAQ: DCOM) reported strong Q2 2024 results, with earnings per share increasing 5% from the previous quarter. Key highlights include:

- Core deposits grew by $302.4 million
- Net interest margin expanded by 20 basis points to 2.41%
- Business loans increased by over $200 million
- Non-performing assets declined by 29%
- Total Risk Based Capital Ratio improved to 14.5% after a successful $65 million subordinated debt offering

The company's focus on core deposit growth and balance sheet diversification is yielding positive results. The Private and Commercial Bank's deposit-gathering groups have grown their portfolio to approximately $1 billion, while investments in Middle Market C&I lending are driving business loan growth.

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.