Call Start: 08:30 January 1, 0000 9:08 AM ET

Dime Community Bancshares, Inc. (NASDAQ:DCOM)

Q2 2022 Earnings Conference Call

July 29, 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

Manuel Navas - D.A. Davidson

Matthew Breese - Stephens

Chris O'Connell - KBW

Operator

Hello, and welcome to today's Dime Community Bancshares Incorporated Second Quarter Earnings Call. My name is Bailey and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [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 would now like to pass the conference over to our host Kevin O'Connor, CEO of Dime Community Bank. Kevin, please go ahead.

Kevin O'Connor

Thank you, Bailey, and thank you all for joining us this morning for our second quarter earnings call. With me today are Stu Lubow, our President and COO; and Avi Reddy, our CFO.

I'm excited to discuss our second quarter results as they believe they provide a clear illustration of the earnings potential of Dime and the quality of our execution.

I'd like to give full credit to each of our 800 plus employees on delivering record growth in loans and earnings, which excluding one-time items were in excess of $1 per share.

Capitalizing on the strong loan pipelines we've discussed on prior calls, the loan growth was broad-based across all major categories. Especially pleasing was the growth in business loans, which were up 17% annualized versus the prior quarter to almost $2 billion. When we began the year, we expected net loan growth of 4% to 6% for 2022. In early June, we revised the guidance at the top end of this range. Given our continued strong pipelines and the traction of our recent hires, we are now comfortable increasing the loan growth guidance again to 6% to 8%. Stu I'm sure can divide more color on the current pipeline and the mix in our Q&A section.