Overview

* Dime Community Q3 net income falls from prior qtr but rises yr/yr

* Net interest margin surpasses 3% in Q3, anticipated to grow further

* Strong growth in core deposits and business loans reported in Q3

Outlook

* Company anticipates further NIM expansion in Q4 due to improved loan-deposit spreads

* Dime Community Bancshares ( DCOM ) focuses on core deposit and business loan growth to benefit NIM

* Company expects strategic hires and expansion to contribute to future revenue growth

Result Drivers

* CORE DEPOSIT GROWTH - Co reports strong growth in core deposits, increasing $971.9 mln year-over-year

* BUSINESS LOAN EXPANSION - Business loans grew $160.5 mln on a linked quarter basis, contributing to overall loan growth

* NIM IMPROVEMENT - Net interest margin increased to 3.01% in Q3, with further expansion expected due to improved loan-deposit rate spread

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.59

Q3 Net $27.67

Income mln

Q3 Net $103.4

Interest mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Dime Community Bancshares Inc ( DCOM ) is $37.00, about 21.9% above its October 21 closing price of $28.90

* The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)