Moody’s Assigns First-Time “A3” Deposit Ratings to Dime Community Bank
April 21 2022 - 4:15PM
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”), in a report
dated April 21, 2022, has assigned first time ratings to Dime and
the Bank. Moody’s assigned the Bank a long-and-term deposit rating
of “A3”. In addition, Moody’s assigned the Company a long-term
issuer rating of “Baa3”. The ratings outlook is “Stable”.
According to the Moody’s report, the ratings
reflect Dime’s excellent credit quality track record, strong
operating efficiency, low-cost locally-sourced deposit base, good
liquidity and clear strategy. Moody’s also noted that with respect
to its long-run performance, Dime has routinely reported annual net
charge-offs to average loans that were consistently better than
average for all FDIC-insured banks. Moody’s believes that Dime’s
underwriting standards are strong and that it will remain a
disciplined lender, with a focus on directly-originated loans
serving clients within its core market in Greater Long Island.
Kevin O’ Connor, Chief Executive Officer,
stated, “Moody’s has recognized our long-term track record,
financial performance and franchise value. We are pleased to
receive an investment grade rating with a Stable Outlook.”
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 $12.0 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.
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