DCOMP - Moody's Affirms Dime Community Bank's A3 Deposit Rating
HAUPPAUGE, N.Y., June 01, 2023 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Moody’s Investors Service (“Moody’s”), has affirmed all ratings of Dime Community Bancshares, Inc. and Dime Community Bank.
Moody’s affirmed the Bank’s long- term deposit rating of “A3”. In addition, Moody’s affirmed the Company’s long-term issuer rating of “Baa3.”
According to the Moody’s report:
- Dime’s efficient operating platform will continue to support overall earnings and noninterest-bearing deposits, which account for roughly 30% of total deposits, will limit growth of its funding costs
- Dime does not have large unrealized securities losses, unlike many of its peers
- Dime boosted its cash balances to nearly 5% of total assets at March 31, 2023 and has sufficient liquidity, both on-balance sheet and from readily available sources, to cover its uninsured deposits, after adjusting for collateralized deposits and deposits with pass-through insurance
- Dime is a strong CRE loan underwriter and Moody’s believes the maturity profile of its CRE is spread out over multiple years, a credit positive from an asset risk standpoint
- Dime’s capital profile has been stable. At March 31, 2023, Dime’s TCE / risk-weighted asset ratio was 9.4%, up from 9.2% at year-end 2022
Kevin O’ Connor, Chief Executive Officer, stated, “We are pleased to receive an affirmation of our investment grade rating from Moody’s.”
ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.8 billion in assets and the number one deposit market share among community banks on Greater Long Island (1) .
Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email: avinash.reddy@dime.com
(1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets