Dime Community Bancshares, Inc. (NASDAQ:DCOM) Q2 2023 Earnings Conference Call July 28, 2023 8:30 AM ET
Company Participants
Kevin O'Connor - Chief Executive Officer
Stu Lubow - President and COO
Avi Reddy - Senior Executive Vice President and CFO
Conference Call Participants
Mark Fitzgibbon - Piper Sandler
Steve Moss - Raymond James
Manuel Navas - D.A. Davidson
Operator
[Started Abruptly]
Apologies, everyone. We are having technically difficulties with the lines.
Unidentified Company Representative
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Operator
Such statements are subject -- thank you. Such statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those contained in any such statements, including as set forth in today’s press release and the company’s filings with the U.S. Securities and Exchange Commission to which we refer you.
During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the U.S. GAAP. For information about these non-GAAP measures and for reconciliation to GAAP, please refer to today’s earnings release.
I will now hand over to your host, Kevin O'Connor, CEO, to begin. Please go ahead.
Kevin O'Connor
Good morning. Thank you, Carla, and thank you all for joining us this morning. As usual, with me are Stu Lubow and Avi Reddy. I will first comment on Dime’s second quarter earnings and then touch upon the succession announcement we outlined in our press release.
I’ll begin by saying Dime has done an admirable job weathering unique macro challenges posed by the failures of three regional banks, along with an unprecedented movement in rates and an inverted yield curve.
In the second quarter, we grew average deposits by $150 million and supported our customers by growing loans 6% on an annualized basis. We grew our capital ratios and our balance sheet continues to remain solid with non-performing loans declining by 12%.
As we have mentioned previously, we do not have any of the loan or deposit concentrations that got the failed banks and others in trouble. These facts, coupled with our rock-solid bulletproof multifamily portfolio, representing nearly 40% of loans provides us with confidence we will outperform in any potential recessionary environment. For the record, we have no multifamily loans greater than 60 days past due and the LTV in this portfolio is in the mid-50% area.