Dime Community Bancshares, Inc. has announced its intention to redeem all of its outstanding $40,000,000 principal amount of fixed/floating subordinated debentures due 2030 on March 30, 2026. This redemption is part of the company's ongoing capital management strategy and is expected to be funded with cash on hand.
The company's board of directors has also reauthorized its share repurchase program, allowing the repurchase of up to 1,566,947 of its outstanding common shares that remain under its existing repurchase plan. The timing and amount of any repurchases will depend on market conditions, regulatory approvals, and other factors.
Stuart H. Lubow, CEO and President of Dime Community Bancshares, Inc., stated that these actions underscore the company's confidence in its financial strength and long-term prospects, highlighting a total capital ratio in excess of 16% and the ability to efficiently manage capital while supporting organic growth.
In terms of financial position, Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, with approximately $15 billion in assets and the number one deposit market share among community banks on Greater Long Island.
These strategic moves reflect the company's commitment to managing its capital effectively, supporting growth, and maximizing shareholder value. The market has reacted to these announcements by moving the company's shares 0.1% to a price of $30.91. For the full picture, make sure to review Dime Community Bancshares's 8-K report.
