Strong Growth in Deposits, Business Loans and Capital Ratios

Net Interest Margin Expands by 29 Basis Points

HAUPPAUGE, N.Y., Jan. 23, 2025 (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 $21.8 million for the year ended December 31, 2024, or $0.55 per diluted common share, compared to net income available to common stockholders of $88.8 million, or $2.29 per diluted common share, for the year ended December 31, 2023.

Over the past year, Dime Community Bancshares, Inc. has experienced strong growth in deposits, business loans, and capital ratios. This positive trend is reflected in the expansion of the net interest margin by 29 basis points on a linked quarter basis to 2.79%. This growth indicates a healthy and thriving financial institution that is successfully attracting deposits, extending loans to businesses, and maintaining strong capital reserves.

The increase in deposits signifies that customers trust Dime Community Bank with their funds, while the growth in business loans suggests that the bank is actively supporting and investing in the local economy. Additionally, the improvement in capital ratios demonstrates Dime’s ability to manage risk effectively while continuing to grow its business.

Effect on Me

The strong performance of Dime Community Bancshares, Inc. could have a positive impact on me as a customer or shareholder. As a customer, I may see improved services, better interest rates, and a stronger financial institution backing my deposits and loans. As a shareholder, I may benefit from the increase in net income available to common stockholders and potential growth in the value of my investment.

Effect on the World

The strong growth reported by Dime Community Bancshares, Inc. could have broader implications for the world economy. A thriving financial institution like Dime can contribute to economic stability and growth in its local community, leading to job creation, increased investment, and overall prosperity. Additionally, a strong and well-capitalized bank like Dime can help support the financial system and provide essential banking services to individuals and businesses.

Conclusion

In conclusion, the strong growth in deposits, business loans, and capital ratios reported by Dime Community Bancshares, Inc. is a positive sign of a healthy and successful financial institution. This growth not only benefits customers and shareholders but also has the potential to contribute to economic growth and stability in the local community and beyond.