Welcome to our dedicated page for Dime Community Bancshares news (Ticker: DCOMP), a resource for investors and traders seeking the latest updates and insights on Dime Community Bancshares stock.
Dime Community Bancshares Inc (DCOMP) provides essential financial services through its network of 24 branches across New York's metropolitan area, specializing in commercial mortgage finance and community-focused deposit solutions. This news hub offers investors and stakeholders timely updates about the company’s strategic developments and market activities.
Access authoritative information on DCOMP’s earnings reports, regulatory filings, and leadership announcements. Our curated collection includes press releases about multifamily loan portfolios, commercial real estate transactions, and technology-driven banking initiatives – all critical for understanding this Brooklyn-based institution’s operations.
Key updates cover dividend declarations, balance sheet developments, and regulatory compliance milestones specific to New York’s banking landscape. Bookmark this page for streamlined access to DCOMP’s latest financial disclosures and operational updates, ensuring you stay informed about one of Brooklyn’s oldest community banking institutions.
Kroll Bond Rating Agency (KBRA) has affirmed all ratings for Dime Community Bancshares, Inc. (NASDAQ: DCOM) and its subsidiary, Dime Community Bank. The Bank's senior unsecured debt rating remains at BBB+ and the Company's at BBB, with a stable outlook for all long-term ratings. This affirmation reflects Dime's successful merger integration, leading market share in Long Island, and a low expense base with noninterest expenses at 1.40% of average assets as of Q1 2023. KBRA noted Dime's minimal negative impact from AOCI on capital ratios, conservative underwriting in its investor CRE portfolio, and low historical credit losses. Additionally, Dime has shown strong performance in a volatile liquidity environment, with core deposits growing and uninsured deposit balances at 28% of total. The company has also added seven new deposit-focused groups in Q2 2023, indicating potential tailwinds for core deposit levels.
On June 1, 2023, Dime Community Bancshares (NASDAQ: DCOM), the parent company of Dime Community Bank, announced that Moody’s Investors Service affirmed all of its ratings. The Bank’s long-term deposit rating remains at A3, and the Company's long-term issuer rating is affirmed at Baa3. Moody’s report highlighted several positive factors: Dime’s efficient operating platform, a significant portion of noninterest-bearing deposits (30% of total), no large unrealized securities losses, increased cash balances (5% of total assets as of March 31, 2023), and strong liquidity. Additionally, Dime’s CRE loan underwriting is robust, with a favorable maturity profile, and its capital profile is stable with a TCE/risk-weighted asset ratio of 9.4% as of March 31, 2023, up from 9.2% at year-end 2022.
Dime Community Bancshares (NASDAQ: DCOM) announced significant upgrades to its technology platform, including a new escrow management platform and enhanced digital banking capabilities. The rollout is expected to begin in early June. The company has also added several deposit gathering Groups over the past month, capitalizing on recent market disruption.
CEO Kevin O'Connor stated that these upgrades will enhance their ability to attract new commercial customers and drive long-term deposit base growth. The improvements coincide with the buildout of their Private Banking Groups and are expected to accelerate their suite of offerings. Dime reported a low level of non-insured deposits at 28.6% as of April 30th, 2023, and anticipates onboarding more deposit-focused Groups in the coming months.
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