Dime Community Bancshares, Inc. (NASDAQ:DCOM) Q3 2022 Earnings Conference Call October 28, 2022 8:30 AM ET

Company Participants

Kevin O’Connor - CEO

Stu Lubow - President & COO

Avi Reddy - CFO

Conference Call Participants

Mark Fitzgibbon - Piper Sandler

Chris O'Connell - KBW

Manuel Navas - D.A. Davidson

Operator

Hello everyone. Welcome to the Dime Community Bancshares Incorporated Third Quarter Earnings Call. My name is Charlie and I will be your coordinator for the call today. [Operator Instructions]

Before we begin, the company would like to remind you that discussions during this call contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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 and set forth in today’s press release and the company filings with the U.S. Securities and Exchange Commission to which we’ll 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. The information about these non-GAAP measures and for reconciliation to GAAP, please refer today’s earnings release.

I will now hand over to your host Kevin O’Connor, Chief Executive Officer to begin. Kevin, please go ahead.

Kevin O’Connor

Good morning. Thank you, Charlie, and thank you all for joining us this morning on our third quarter earnings call. With me again are Stu Lubow, our President and COO; and Avi Reddy, our CFO.

We’re proud to report this was another strong quarter for Dime Community Bank. We generated net income of almost $38 million, or EPS at $0.98 a share an increase on both a link quarter basis and year-over-year. This success was the result of another impressive quarter of strong net loan growth, expanding margins and prudent cost control. Our results further illustrate our execution capabilities and the quality and structure of our balance sheet in a rising rate environment. I have to again give full credit to each of our 800 plus employees on delivering record loan growth and 10% year-over-year EPS growth.

Capitalizing on the strong wide long pipelines we’ve discussed on prior calls we grew net loans in excess of $450 million. Loan growth this quarter was weighted towards multifamily and asset class that has performed extremely well for us over many credit cycles. The quality of origination remains strong. [Indiscernible] in the face of an uncertain economic environment.