The Dime Bank Announces 2023 Earnings

Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces unaudited financial results for the quarter and fiscal year ending December 31, 2023. 

Total assets increased $20 million or 2.1% from the end of 2022 to $989 million as of December 31, 2023. The loan portfolio ended the year at $722 million, an increase of $43.4 million or 6.4% from the year prior. Deposits also increased year-over-year to $827 million, a gain of $39 million or 4.9%.

Dimeco’s 2023 net income of $10.8 million was $1.5 million less than 2022, including a reduction of $1.1 million in fees from the Small Business Administration Paycheck Protection Program. Net income at this level produced a return on average assets of 1.11% and a return on average equity of 11.84%.

The 2023 dividend payout ratio was 36.07% providing a yield of 4.47%, with year-to-date dividends totaling $1.54 per share.

President and Chief Executive Officer Peter Bochnovich stated, “I am excited to report the financial results of Dimeco, Inc. for the fourth quarter and year ended December 31, 2023. While there were challenges in 2023, there were also many successes. Dimeco, Inc. fared well, especially within the loan portfolio. We look forward to the opportunities Dimeco will have in 2024.  We are thankful to our customers and shareholders for their commitment to us.”

The Dime Bank Declares Cash Dividend

On December 21, 2023, the Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $0.40 per share. This dividend is an increase of $0.02 from the dividend declared in September 2023, bringing dividends to $1.54 per share, or $.08 greater than dividends declared in 2022.

A dividend of $.40 per share produces a yield of 4.60% based on the December 21, 2023 market value of $33.50 per share.

Dividends are payable to shareholders of record on January 2, 2024. The dividends will be paid on January 25, 2024, the anticipated date to release earnings for the year ended December 31, 2023.

President and Chief Executive Officer Peter Bochnovich commented, “At Dimeco, we hold our shareholders in high regard and increasing the dividend is a way to show our appreciation. We thank our shareholders and customers for their continued support, and we wish everyone a prosperous 2024.”

Dimeco, Inc. reported third quarter 2023 assets of $986 million, loans of $710 million and deposits of $785 million. Dimeco, Inc. is the holding company of The Dime Bank, a full-service financial institution serving Northeast Pennsylvania. Dimeco, Inc. trades on the OTCQX Marketplace under symbol DIMC, operated by OTC Markets Group. For more information on Dimeco, Inc. and The Dime Bank, visit www.thedimebank.com.

Dimeco, Inc. Announces Earnings at September 30, 2023

Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces earnings for the period ending September 30, 2023.

Total assets of $986 million on September 30, 2023 increased $24.5 million or 2.6% over balances on September 30, 2022. The loan portfolio increased $42 million or 6.3% over balances a year earlier. Total deposits decreased 5.2% or $43 million from balances on September 30, 2022.

Net income was $7.2 million for the first nine months of 2023, resulting in a return on average assets of 1.00% and a return on average shareholders’ equity of 10.47% for the nine months ended September 30, 2023.

The Board of Directors declared dividends totaling $1.14 per share during the past nine months, which produced a dividend yield of 4.52% on September 30, 2023. Dividends are up 5.6% over the amount paid in 2022.

President & Chief Executive Officer Pete Bochnovich stated, “I am pleased to present the results for Dimeco, Inc. through the first three quarters of 2023. As the current economic scenario continues, management looks for opportunities to grow and position Dimeco for future success. We thank our customers, shareholders, staff, and the community for their continued commitment.”

Dimeco, Inc. Declares Cash Dividend

Honesdale, PA, September 14, 2023 / The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend on September 13, 2023, of $0.38 per share to shareholders of record September 29, 2023. The dividend is payable on October 26, 2023, the anticipated date to release earnings for the third quarter of 2023. This dividend is an increase of $0.02 per share over the dividend declared in September 2022. This dividend of $0.38 per share produced a yield of 4.53% at the market value of $33.52 on September 13, 2023. 

President and Chief Executive Officer Peter Bochnovich stated, “We continue our commitment to provide the ultimate banking experience to our customers and our communities. This dividend is one way to thank our shareholders for their continued investment in and loyalty to Dimeco, Inc.”

About Dimeco, Inc.

Dimeco, Inc. is the parent holding company of The Dime Bank, a full-service financial institution serving Northeast Pennsylvania since 1905. Dimeco, Inc. reported balances on June 30, 2023, of $969 million in total assets, loans of $686 million, and deposits of $795 million. Dimeco, Inc. trades on the OTCQX Marketplace under symbol ‘DIMC’, operated by OTC Markets Group. For more information on Dimeco, Inc. and The Dime Bank, visit www.thedimebank.com.

DIMECO, INC. Declares Cash Dividend

On March 23, 2023, The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $.38 per share for the first quarter of 2023, which represents a dividend yield of 4.05% based on the closing stock price of $37.50. The dividend is payable on April 27, 2023, to shareholders of record on April 6, 2023. This dividend is an increase of $0.02 per share, or 5.56% over the dividend declared for the same period 2022. 

President and Chief Executive Officer Peter Bochnovich, stated, “Our shareholders’ investment is the foundation for the sustained growth of Dimeco, Inc. The increased dividend is our way to show that we value their continued support and commitment.”