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HAUPPAUGE, N.Y. - Dime Community Bancshares, Inc. (NASDAQ:DCOM), the parent company of Dime Community Bank, announced the appointment of Antonia "Toni" Badolato as Senior Vice President and Group Leader. Badolato, who previously served as Senior Vice President, Group Manager at M&T Bank, joins Dime with the aim of enhancing the bank’s business lending capabilities.
In her statement, Badolato emphasized Dime’s commitment to business lending growth and its agile response to customer needs as critical factors for her move. She highlighted the bank’s flat organizational structure and quick decision-making as strategic advantages in winning business and fostering growth.
Stuart H. Lubow, President and CEO of Dime, expressed confidence that Badolato’s hiring underscores the bank’s dedication to diversifying its balance sheet and increasing its market share. He described her addition to the team as a significant step towards achieving the bank’s objectives in the business lending sector.
Dime Community Bank, headquartered in New York, operates as a state-chartered trust company with assets exceeding $14 billion. It holds the leading deposit market share among community banks on Greater Long Island, serving Kings, Queens, Nassau, and Suffolk counties.
This move by Dime Community Bancshares is part of its broader strategy to expand its presence in the business lending market. The hiring of Toni Badolato is expected to contribute to the bank’s growth and competitive positioning in the financial services industry.
The information in this article is based on a press release statement.
In other recent news, Dime Community Bancshares reported its fourth-quarter 2024 earnings, revealing a significant revenue beat but a slight miss on earnings per share (EPS). The company achieved revenue of $99.48 million, surpassing the forecasted $67.92 million, while EPS came in at $0.42, falling short of the expected $0.44. The substantial revenue increase highlights Dime Community’s strong sales performance, although the EPS miss has raised some concerns among investors. The company also noted a 45% increase in adjusted EPS quarter-over-quarter and a 29 basis point expansion in net interest margin, alongside a $500 million growth in core deposits.
Looking ahead, Dime Community projects non-interest income between $40 million and $42 million for 2025, with expectations of low single-digit loan growth. The company aims to achieve a 3% net interest margin in 2025, with potential for further expansion in 2026. Analysts from Piper Sandler and Raymond James participated in the earnings call, inquiring about deposit rate strategies and loan repricing opportunities. CEO Stu Zulubo expressed confidence in the company’s financial strategy, while CFO Avi Reddy highlighted the benefits of gradual interest rate cuts for the banking environment. Dime Community’s robust performance and strategic initiatives underscore its competitive position in the banking sector.
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