News about DCOM

Dime Commercial reported record quarterly revenue of $135 million and adjusted EPS of $0.91, up from $0.61 a year earlier, driven by higher net interest income. Its net interest margin reached 3.35%, extending expansion to 10 consecutive quarters, and management raised its target to over 3.60% by the end of 2027 from 3.50% previously. The company announced the acquisition of Empire State Bank, a bank with $600 million in assets, with a $30 million cash component, to establish a presence in Staten Island. Non-performing assets rose to $99.5 million from $69.0 million, reflecting a $6 million specific reserve on one commercial relationship and multifamily charge-offs, while the company held $2.2 billion in cash.