The following is a summary of the Dime Community Bancshares, Inc. (DCOM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Dime Community Bancshares reported Q1 2024 EPS of $0.41, meeting expectations.

• The company reported a decrease in core cash operating expenses to $51.7 million, down 3% from the previous quarter.

• Brain forecasted a low single-digit increase in gross loans year-over-year.

• Net Interest Margin expanded to 2.23%, and the company expects an upward trend in margins in the future.

• The company's common equity tier 1 ratio improved to 10%, and the total capital ratio was 13.8%.

• Non-interest income was reported at $10.5 million for the first quarter.

• Provisions for loan losses stood at $5 million this quarter, and the allowance to loans increased to 71 basis points.

Business Progress:

• The company reported a 19% annual increase in core deposits and an expansion in its deposit portfolios to $600 million.

• The company hired over 30 revenue-producing bankers and continues to focus on further recruitment.

• Dime expanded into Brooklyn and Westchester county and entered a new healthcare vertical with a pipeline estimated at $150 million.

• Dime aims to grow its business lending portfolio to offset declines in multifamily and Commercial Real Estate (CRE) lending.

• The company expects a positive impact on margins from paydowns of borrowings and broker deposits.

• With a customer-centric approach, Dime has maintained credit quality, with zero multifamily non-performing assets and zero loans 90+ days past due. It expects this approach to continue to succeed in Q2.

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