Dime Community Bancshares launches $125M common stock offering; targets balance sheet repositioning and growth

Dime Community Bancshares, Inc. /NY/

Offering of $125M primary common stock with 15% over-allotment; bookrunners Raymond James and KBW.
Proceeds to finance potential sale of ~$400M low-yielding AFS securities (1.25%) and ~$100M BOLI policies.
Capital also supports organic growth initiatives: new Middle Market C&I, Healthcare, and Not-for-Profit lending teams.
Dime has added 61 deposit bankers since March 2023, citing market disruption from M&A and bank failures.
Pro forma CET1 ratio rises ~70bp to 10.9% and TCE ratio to 8.0% after raise and planned optimization.

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