HAUPPAUGE, New York, June 28, 2021 (GLOBE NEWSWIRE) – Dime Community Bank, a subsidiary of Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), announced the sale of Paycheck. Protection Program Credits (“PPPs”) issued in 2021 to The Loan Source, Inc.
Kevin M. O’Connor, CEO of the company, said: “Dime was the leading public-sector bank providing PPP loans in our service area. Our employees have worked tirelessly to ensure that our customers receive the means to navigate COVID-19 and have demonstrated our commitment to operating a highly responsive, customer-centric platform. It’s time to continue helping our clients by partnering with a reputable firm with deep PPP expertise to take on the ongoing process of service and forgiveness for our 2021 projects. We expect the sale to free up our employees to focus on more traditional lending operations and continue our track record of providing exemplary services. ”
Mr. O’Connor continued: “As a result of the sale of 2021 PPP projects, which exceeded USD 585 million, we expect to generate a pre-tax profit of approximately USD 20.5 million in the second quarter of 2021. The common equity ratio is expected to increase by about 45 basis points and our material book value per share is expected to rise by about $ 0.34. “
Loan Source, Inc. and its servicing partner, ACAP SME, LLC, have invested heavily in technology and staff to help PPP borrowers through the forgiveness process through an online portal.
ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company of Dime Community Bank, a New York State trust company with over $ 13 billion in assets and the # 1 local deposit market on Greater Long Island. (one)…
(one) Cumulative deposit market share in Kings, Queens, Nassau and Suffolk counties for local banks with assets less than $ 20 billion.
This press release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act, 1933, as amended, and Section 21E of the Stock Exchange Act, 1934, as amended (the “Exchanges Act”). These statements can be identified using words such as “foresee,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “predict, ”“ Plan ”,“ potential ”,“ forecast ”,“ project ”,“ should ”,“ will ”,“ will ”and similar terms and phrases, including references to assumptions.
Forward-looking statements are based on various assumptions and analyzes made by the Company in the light of management’s experience and perception of historical trends, current conditions and expected future events, and other factors that, in its opinion, are appropriate in the circumstances. These statements are not guarantees of future results and are subject to risks, uncertainties and other factors (many of which are beyond the control of the Company) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that may affect our results include, but is not limited to: the timing and occurrence or non-occurrence of events may depend on circumstances beyond the control of the Company; competitive pressures between financial institutions or non-financial institutions may increase; changes in the environment of interest rates can reduce the interest margin; changes in deposit flows, demand for loans or real estate values could adversely affect the business of the Company and / or the Bank; an unexpected or significant increase in loan losses may adversely affect the financial condition or results of the Company’s operations; changes in principles, policies or accounting instructions may lead to a different perception of the financial condition of the Company; changes in the legislation on corporate and / or individual income tax may negatively affect the financial condition or results of the Company; general economic conditions at the national or local level in some or all of the areas in which the Company does business, or conditions in the securities markets or in the banking sector may be less favorable than the Company currently expects; legislative or regulatory changes may adversely affect the business of the Company; technological changes may be more complex or costly than the Company expects; possible failures or violations of information technology security systems; the success or implementation of new business initiatives may be more difficult or costly than the Company expects; current or future litigation or other regulatory issues may delay the occurrence or non-occurrence of events for a longer period than the Company expects; In addition, given its persistent and dynamic nature, it is difficult to predict what impact the COVID-19 pandemic will have on our business and performance. The pandemic and the associated local and national economic problems may, among other things, reduce the demand for our products and services; an increase in the level of loan delinquencies, problem assets and foreclosures; branch closures, business interruptions and lack of staff; and increased cybersecurity risks as employees increasingly work remotely.
Dime Community Bancshares, Inc.
Investor Relations Contact:
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200. Ext. 5909