Dime Community Bancshares, Inc. Reports Strong Third Quarter 2022 Results

Robust Quarterly Loan Originations and Net Interest Margin Expansion Drive Net Interest Income Growth

HAUPPAUGE, N.Y., Oct. 28, 2022 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $10.4 million for the quarter ended September 30, 2022, or $0.29 per diluted share, compared with $10.9 million, or $0.31 per diluted share, for the quarter ended June 30, 2022, and $4.4 million, or $0.13 per diluted share, for the quarter ended September 30, 2021.

The Company reported net income available to common stockholders of $31.2 million for the nine months ended September 30, 2022, or $0.87 per diluted share, compared with $8.8 million, or $0.25 per diluted share, for the nine months ended September 30, 2021.

Deposit Costs Remain Well Controlled

During the third quarter of 2022, total loan originations were $242 million, a decrease of $131 million, or 35%, from the prior quarter, but an increase of $89 million, or 58%, from the third quarter of 2021. Refinancing activity remained strong during the third quarter as economic conditions continued to support low interest rates.

The net interest margin was 3.09% for the third quarter of 2022, compared with 2.90% for the second quarter of 2022 and 2.82% for the third quarter of 2021. The increase in the net interest margin from the prior quarter and prior year quarter was primarily due to higher loan yields, increased prepayment fee income, and lower funding costs.

Deposit costs remained well controlled at 9 basis points for the third quarter of 2022, compared with 9 basis points for the prior quarter and 12 basis points for the third quarter of 2021.

The allowance for credit losses was $56.7 million, or 1.25% of total loans at September 30, 2022, compared with $56.9 million, or 1.17% of total loans, at June 30, 2022, and $60.1 million, or 1.38% of total loans, at December 31, 2021.

Nonperforming loans were $29.1 million, or 0.62% of total loans, at September 30, 2022, compared with $30.2 million, or 0.64% of total loans, at June 30, 2022, and $32.8 million, or 0.74% of total loans, at December 31, 2021.

Effects on Individuals:

Individuals may benefit from Dime Community Bancshares, Inc.’s strong third quarter 2022 results as it could lead to potential growth opportunities, increased stability, and potentially higher returns for shareholders. This could also reflect positively on the overall banking sector, indicating a healthier economy.

Effects on the World:

Dime Community Bancshares, Inc.’s strong third quarter 2022 results can have a ripple effect on the world economy, signaling potential economic growth and stability. This could lead to increased investor confidence, improved market conditions, and overall positive impacts on global financial markets.

Conclusion:

In conclusion, Dime Community Bancshares, Inc.’s strong third quarter 2022 results demonstrate the Company’s robust performance and growth potential. With strong loan originations, net interest margin expansion, and well-controlled deposit costs, the Company is well-positioned for continued success. The effects of these results on individuals and the world at large are indicative of potential positive outcomes for stakeholders and the global economy as a whole.