Dime Community reports Q2 EPS 43c, consensus 38c

The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of June 30, 2024. Book value per common share was $28.97 at June 30, 2024 compared to $28.84 at March 31, 2024. Stuart Lubow, President and Chief Executive Officer of the Company, stated, “We continue to execute on our growth plan, which prioritizes core deposit growth and diversifying our balance sheet. The deposit-gathering Groups in our Private and Commercial Bank have grown their portfolio to approximately $1 billion. The growth in low-cost core deposits drove a significant expansion in our Net Interest Margin for the second quarter. In addition, the investments and hires we have made over the last two years in our Middle Market C&I lending operations are beginning to pay dividends as evidenced by the strong growth in our Business Loan portfolio. Finally, with the successful completion of our Subordinated Debt offering, Dime’s Total Risk Based Capital Ratio is now best-in-class when compared to other community and regional banks in our footprint with over $10 billion of assets. With a Total Risk Based Capital Ratio of 14.5%, we are well positioned to take advantage of growth opportunities in the future.”