Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| That, coupled with our strong technology, makes us very attractive to new customers and new bankers |
| And so, we're pleased with all the changes we made and it just adds to the suite of products for our customers |
| Our results were marked by prudent non-interest expense management and stable asset quality |
| These facts, coupled with our rock solid bulletproof multi-family portfolio, which represents 38% of our overall loan portfolio, gives us confidence that we will outperform in any potential recessionary environment |
| Our online - our new escrow management system has been very successful and we're very happy with that |
| Growing our franchise value and delivering our shareholders strong returns |
| This marks the first increase since the current rate tightening cycle began, and portends well for our future earnings potential |
| The partnership is providing us tremendous visibility, and has been well received by our clients and employees across the board, and demonstrates that Dime can bank big brand name institutions |
| Our technology platform is better and more agile than many larger local banks, and our customer service is second to none |
| Overall, asset quality remains strong, with NPAs and 90 days past due declining to only 17 basis points |
| We are comfortable with the exposure and the operators of our office portfolio are very strong |
| And we've been able to do that while keeping our expenses below our guidance |
| We're rolling out the digital online for commercial as we speak, and we’re very happy with that |
| And then on the expense front here, good expense controls |
| And I think we've been able to do that |
| We get reports twice a week, and basically we're seeing steady growth every week |
| Look, when we do our medium to longer term projections, obviously with the long end being up, that's a good thing for us, right, because you're going to be repricing into a higher rate environment as your deposit costs have stabilized |
| Dime continues to perform well in a year marked by the failure of three regional banks and unprecedented inverted yield curve and significant interest rate increases by the Fed |
| Core cash operating expenses for the third quarter was approximately $51 million, and we are on track to beat our full year guidance for core cash operating expenses, even after absorbing the hires we made in the second and third quarters |
| We've been able to absorb the cost of these hires into our organization, along with the additions of various corporate staff to support them, by rationalizing expenses across the organization, using technology to automate manual processes, and promoting and filling open roles from our talented employee base |
| A big client win for our firm in the third quarter was New York Jets |
| We were able to recruit a high caliber banker to lead our healthcare vertical |
| And as I mentioned, and as Stu mentioned, having that 29% and north of that in terms of DDA is really going to be a key driver of NIM expansion in the future |
| So, I think getting back to that 3%, 3.25% era is the right medium to longer term opportunity for us |
| We grew core deposits by approximately $200 million on a spot basis, and importantly, non-interest-bearing deposits increased in the third quarter |
| We increased our already strong risk-based capital, and we reduced our non-performing assets by 16% |
| So, I think from our perspective, we still feel very comfortable |
| As I said on our last earnings call, my focus is on providing customers outstanding service that only locally managed community banks can provide |
| We want to play offense and take advantage of the opportunities that are out there |
| I think my comment was, we're just going to beat the full-year number |
| Statement |
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| The decline on a linked-quarter basis was due to an expected decline in swap revenue, and additionally, we had a BOLI debt claim in the second quarter |
| In the third quarter, we were down to only around $30 million |
| Just looks like you're running below that trend if we kind of hold flat into the fourth quarter |
| As expected, the pace of NIM compression continued to slow in the third quarter |
| Since my appointment as CEO, and in my day-to-day meetings with customers, it's apparent to me that Dime’s brand and reputation in the marketplace has never been stronger |
| Given the growth in core deposits, we reduced our wholesale funding position and our loan to deposit ratio ticked down to 102% |
| And the first half of the year, we were probably losing around $50 million to $100 million of consumer DDA |
| And that was when there was a banking crisis and deposits were in flux |
| I mean, just industry sources are starting to point to new transaction values down, showing valuations down 30% to 45% in this asset class, and it gets you close to kind of your average LTV of 58% |
| Core expenses, which included a full quarter’s impact of our private banking group hires were down on a linked-quarter basis |
| Yes, start off on the credit for this quarter, I noticed the reserve came down a little bit and net charge-offs sort of a bit higher, but MPAs came down |
| We reduced wholesale funding on our balance sheet |
| As we continue to focus our growth on business loans and building capital, we expect the CRE concentration to decline over time |
| Obviously, any particular quarter could go up or down, but I think we've seen the bulk of declines in DDA at this point |
| And at Dime, legacy Dime, we changed our underwriting guidance to take that into account |
| Obviously, if we keep loans flat and we grow deposits, it's going to continue to go further down |
| Part of the reason for the decline in non-interest-bearing deposits earlier in the year was really migration out of some consumer DDA |
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