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HAUPPAUGE, N.Y. - Dime Community Bancshares, Inc. (NASDAQ: DCOM), a $1.13 billion market cap regional bank, has announced the appointment of Solomon Ponniah as Senior Vice President and Group Leader of its Commercial Lending division. Ponniah, with over 15 years of experience in the industry, joins Dime from Popular Bank where he served as Director of Business Banking.
The recruitment of Ponniah aligns with Dime’s strategic objective to expand its footprint in the New York City metropolitan area. "Hiring Solomon to our Commercial Lending division is consistent with our stated goal of growing our presence in the NYC metro area," said Stuart H. Lubow, President and Chief Executive Officer of Dime.
Ponniah expressed enthusiasm about his new role, citing Dime’s responsive customer service, streamlined organizational structure, and growth trajectory as key factors in his decision to join the team.
Dime Community Bank, a New York State-chartered trust company, boasts over $14 billion in assets. It holds the distinction of having the largest deposit market share among community banks on Greater Long Island, which encompasses Kings, Queens, Nassau, and Suffolk counties for banks with less than $20 billion in assets. According to InvestingPro data, the bank has maintained dividend payments for 29 consecutive years, currently offering a 3.83% yield. While the stock has seen recent price declines, InvestingPro analysis suggests the shares are currently undervalued.
This move is part of Dime’s ongoing efforts to strengthen its market position and enhance services in one of the country’s most competitive banking landscapes. The information regarding Solomon Ponniah’s appointment and Dime’s market share is based on a press release statement from the company. For deeper insights into DCOM’s financial health and growth prospects, including 8 additional key ProTips, visit InvestingPro for comprehensive analysis and the detailed Pro Research Report.
In other recent news, Dime Community Bancshares reported mixed results for Q1 2025, with earnings per share (EPS) at $0.57, missing the forecasted $0.60. Revenue also fell short, totaling $103.85 million against the expected $105.71 million. Despite these misses, the company showed strong operational performance, highlighted by an improved net interest margin of 2.9% and significant loan growth. Stephens analyst Matthew M. Breese revised the price target for Dime Community Bancshares to $32.50 from $36.00, maintaining an Overweight rating, citing a higher-than-anticipated net interest margin and reduced credit costs. However, Breese also noted a smaller-than-expected balance sheet size and revised the operating EPS predictions for 2025 and 2026 downward. In leadership news, Elizabeth DiGangi was promoted to Chief Accounting Officer, reflecting the bank’s ongoing management restructuring efforts. The company has not entered into any new compensatory arrangements with DiGangi in connection with her appointment. Dime Community Bancshares also revealed plans to expand into the Lakewood, New Jersey market, indicating strategic growth initiatives.
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