Dime Community Bancshares in Hauppauge, N.Y., has sold a block of Paycheck Protection Program loans to The Loan Source.
The $13 billion-asset company said in a press release Monday that it sold more than $585 million of 2021 PPP originations, adding that it expects to report a pretax gain of roughly $20.5 million in the second quarter.
Dime said its tangible common equity ratio should increase by about 45 basis points. Its tangible book value per share is expected to increase by about 34 cents.
“Now it is time to continue helping our clients by partnering with a well-respected firm, with deep expertise in the PPP space, to take over the ongoing servicing and forgiveness process,” Kevin O’Connor, Dime’s CEO, said in the release.
“We expect the sale to free up our staff to focus on more traditional lending efforts and continue our track record of providing exemplary service,” O’Connor added.