Dime Commercial Bancshares, Inc. Reports 53% Year-Over-Year Increase in EPS

Stuart H. Lubow, President and Chief Executive Officer of Dime Commercial Bancshares, Inc.

“Dime continues to execute on our growth plan and delivered another quarter of record revenue. Third quarter results were marked by strong growth in core deposits and business loans and continued NIM expansion. Our return metrics continue to improve, and the Return on Average Assets improved to 1.10%. Our balance sheet, with $2.2 billion of cash and an 83% loan-to-deposit ratio, was intentionally constructed keeping in mind the potential for an elevated interest rate environment. We believe this highly liquid balance sheet uniquely positions Dime versus our local peers. Finally, we anticipate continued expansion in NIM and growth in Net Interest Income in the quarters ahead as we take advantage of growth opportunities and benefit from a significant loan repricing opportunity that we anticipate will continue through 2027.”

Stuart H. Lubow, President and Chief Executive Officer of Dime Commercial Bancshares, Inc.

“As outlined in a separate press release, this morning we announced our intention to acquire ES Bancshares, Inc., the parent company of Empire State Bank (headquartered in Staten Island). This transaction represents another logical step in Dime's growth strategy.”

Stuart H. Lubow, President and Chief Executive Officer of Dime Commercial Bancshares, Inc.

“Our organic growth strategy is paying dividends as evidenced by a decline in the core efficiency ratio to below 48% for the third quarter. Growth in revenues is anticipated to continue to drive the efficiency ratio lower in the years ahead.”