Fitch Revises Dime Community Bancshares Outlook to Negative; Affirms IDR at 'BBB'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed the long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and the Short-term Issuer Ratings of Dime Community Bancshares, Inc. (DCOM (Distributed Component Object Model) Formerly Network OLE, it is Microsoft's technology for distributed objects. DCOM is based on COM, Microsoft's component software architecture, which defines the object interfaces. ) and its subsidiary Dime Savings Bank of Williamsburgh at 'BBB' and 'F2' respectively. The Rating Outlook is revised to Negative from Stable. A complete list of all ratings is provided at the end of this release. The affirmation is based on the company's strong asset quality, efficient operations, and sound capital position. The rating also reflects the company's limited geographic diversity and product mix. The Negative Outlook reflects DCOM's profitability pressure, largely a result of net interest margin (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ) compression brought on by the inhospitable interest rate environment, and rising funding costs as the company renewed its deposit gathering efforts. Further deterioration in profitability could result in a ratings downgrade. However, if profitability stabilizes, Fitch expects to revise the Outlook to Stable. DCOM's profile remains that of a specialized multi-family mortgage lender that focuses on cash-flow lending to mainly rent-stabilized buildings throughout Brooklyn, Queens, the Bronx, and Nassau County, New York
Nassau County is a suburban county in the New York Metropolitan Area east of New York City in the U.S. state of New York. As of the 2000 census, the population was 1,334,544. . Because of its focus on multi-family real estate lending and its limited geographic diversity, DCOM is particularly exposed to the local real estate market which continues to exhibit strong characteristics, a significant driver in the company's strong asset quality indicators. Solid capital levels give DCOM additional financial flexibility and cushion against a downturn in the local real estate market. Fitch affirms the following ratings and revises the Outlook to Negative: Dime Community Bancshares, Inc. --Long-term IDR 'BBB'; --Subordinated debt 'BBB-'; --Short-term issuer 'F2'; --Short-term deposits 'F2'; --Individual 'B/C'; --Support '5'. Dime Savings Bank of Williamsburgh --Long-term IDR 'BBB'; --Long-term deposit 'BBB+'; --Short-term issuer 'F2'; --Short-term deposits 'F2'; --Individual 'B/C'; --Support '5'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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