Dime Commercial Reports Record Q3 Revenue and Updates Profitability Targets
Dime Commercial Bancshares (DCOM) reported record third-quarter revenue of $135 million, driven by strong performance in business loans and higher net interest income. Adjusted earnings per share rose to $0.91 from $0.61 a year ago. The company updated its guidance for future profitability targets, including an expected net interest margin (NIM) above 3.60% by the end of 2027, up from previous projections. Dime Commercial also announced plans to acquire Empire State Bank in Staten Island with a $30 million cash outlay, aiming to expand its branch presence and add low-cost deposits. The company's loan pipeline reached $1.4 billion at an average rate of 6.5%, reflecting continued diversification away from multifamily lending. Management highlighted strong liquidity with over $2 billion in cash reserves. Despite positive financial results, the firm noted risks including rising non-performing assets and potential credit issues within its rent-regulated multifamily portfolio.
Tickers: $DCOM
Topics: Acquisition EPS Loan Growth Net Interest Margin Revenue
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