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Sep 30, 2022
Dime Q3 2022 Earnings Report
Reported strong Q3 2022 results with earnings per share increasing by 10% year-over-year.
Key Takeaways
Dime Community Bancshares reported a net income available to common stockholders of $37.7 million, or $0.98 per diluted common share, for the quarter ended September 30, 2022. The company experienced robust loan originations and net interest margin expansion, driving net interest income growth. Deposit costs were well-controlled.
Total loans held for investment, net, excluding PPP loans, increased by 19% on an annualized basis versus the linked quarter.
The net interest margin expanded by 9 basis points versus the linked quarter.
The cost of deposits remained well-controlled, increasing by only 23 basis points compared to the 150 basis points change in the Federal Funds rate between July and September.
Credit quality continues to be strong with non-performing assets and loans 90 days past due and accruing remaining stable and representing only 0.34% of total assets as of September 30, 2022.