Moody’s Affirms Dime Community Bank’s “A3” Deposit Rating
June 01 2023 - 8:10PM
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 ReddySenior Executive Vice President –
Chief Financial OfficerPhone: 718-782-6200; Ext.
5909Email: 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
Dime Community Bancshares (NASDAQ:DCOM)
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