Q2 2024 Dime Community Bancshares Inc Earnings Call Transcript
Key Points
- Dime Community Bancshares Inc (DCOM) reported a 5% increase in EPS to $0.43 per share over the linked quarter.
- The company achieved a 20 basis point expansion in net interest margin (NIM) due to growth in core deposits and business loans.
- Core deposits grew by over $300 million, and business loans increased by over $200 million in the second quarter.
- Asset quality remains strong with non-performing assets down 29% on a linked quarter basis.
- Dime Community Bancshares Inc (DCOM) successfully raised $75 million in subordinate debt, enhancing its capital position to a total capital ratio of 14.5%.
- The sub-debt offering is expected to have a three basis point downward impact on NIM going forward.
- The company had a $5.6 million loan loss provision, indicating potential concerns about future loan performance.
- Operating expenses are expected to increase to approximately $57 million in the third quarter, with nominal growth anticipated in 2025.
- The company still has $750 million in brokered deposits, which are more costly compared to core deposits.
- The impact of potential rate cuts on the company's financial performance remains uncertain and could affect future NIM expansion.
Thank you for standing by, and welcome to Dime Community Bancshares, Inc. second quarter earnings conference.
Before we begin, the Company would like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.
Such statements are subject to risks, uncertainties and factors that may cause actual results to differ materially from those contained in any such statements, including as set forth in today's press release and the Company's filings with the US Security and Exchange Commissions to which we refer to use.
During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the U.S. GAAP. For information about non-GAAP measures and full reconciliation to GAAP, please refer to today's our earnings release.
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