Dime Community Bancshares Inc Stock Price, News & Analysis

Dime Community Bancshares (NASDAQ: DCOM) announced that Michael P. Devine will retire from the Board of Directors before the next annual shareholders meeting. Devine's career with Dime spans over 40 years, beginning in 1971 at The Dime Savings Bank of Williamsburgh. Throughout his tenure, he served as President, Chief Operating Officer, Director, and Vice Chairman.

Devine played a important role in the company's transition from a mutual to a stock-owned bank in 1996 and continued serving as director following the company's merger of equals transaction in 2021. Chairman Kenneth J. Mahon praised Devine's contributions, highlighting his progression from auditor to executive leadership and his valuable counsel to senior officers.

Dime Community Bancshares (Nasdaq: DCOM) has announced its Board of Directors' declaration of a quarterly cash dividend of $0.25 per share of Common Stock. The dividend will be paid on January 24, 2025 to stockholders of record as of January 17, 2025. The company maintains its track record of consistent dividend payments to shareholders.

Dime Community Bancshares (NASDAQ: DCOM) has completed a strategic repositioning of its available-for-sale investment securities portfolio in Q4 2024. The company sold $379 million of lower-yielding securities with a 1.20% weighted average yield and 3.3-year duration, replacing them with new securities offering a 5.08% weighted average yield and 4.2-year duration. This repositioning will result in a one-time pre-tax loss of approximately $43 million in Q4 2024.

Additionally, DCOM initiated the termination of a legacy pension plan, expecting a $1 million expense in Q4 2024 and an additional $2 million expense in Q1 2025 when remaining benefit obligations are distributed.

Dime Community Bancshares (Nasdaq: DCOM) has successfully closed its public offering of 4,492,187 shares of common stock at $32.00 per share, including 585,937 additional shares from the underwriters' fully exercised option. The offering generated gross proceeds of approximately $144 million, with net proceeds of $136 million after underwriting discounts. The company plans to use the proceeds for general corporate purposes, including working capital, investments in its bank subsidiary, and potential balance sheet optimization strategies. Raymond James & Associates and Keefe, Bruyette & Woods served as joint book-running managers for the offering.

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.