The Dime Bank Holds 2024 Annual Meeting of Stockholders Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2024 Annual Meeting of Stockholders on April 25, 2024. The Company’s stock is traded on the OTCQX Marketplace under symbol DIMC, operated by OTC Markets Group. The meeting was brought to order by Todd Stephens, Vice Chairman of the Board of Directors of the Company, and Chairman of the Annual Meeting. At the meeting, Peter Bochnovich, Barbara J. Genzlinger, John S. Kiesendahl, and John F. Spall were re-elected as directors, each for a three-year term. Stockholders ratified the appointment of S.R. Snodgrass, P.C. as the Company’s independent public accountants for the fiscal year ending December 31, 2024. Chief Financial Officer Jeffrey J. Roche reviewed performance for 2023. Deposits ended the year at $826.5 million, with Certificates of Deposit as the main driver of growth. The loan portfolio increased $43.4 million across all categories from the year prior, to finish the year at $722.4 million. Total assets increased $20.4 million or 2.1% from the end of 2022 to $990 million on December 31, 2023. Net income was $10.8 million at December 31, 2023 and the Company was very well capitalized with stockholders equity of $98.6 million. The 2023 dividends totaled $1.54 per share with a dividend yield of 4.47% as of December 31, 2023. President and Chief Executive Officer Peter Bochnovich reviewed first quarter results, which were made public in a separate release on April 25, 2024. He then discussed Board of Directors’ changes: Thomas A. Peifer retired after 35 years of service and Henry M. Skier transitioned from Board Director to Director Emeritus after 42 years of service. He welcomed two new members, Aimee M. Skier and Lorraine D. Collins. Bochnovich concluded, “We are well positioned to serve our customers throughout their lifetimes, and we thank our shareholders, directors, staff, customers, and the community for their support of Dimeco, Inc. We are here for you today, tomorrow, and always.”
The Dime Bank Announces First Quarter 2024 Earnings Dimeco, Inc., the holding company for The Dime Bank, reported unaudited results for the first quarter of 2024. At March 31, 2024, total assets were $1 billion, an increase of $41 million over March 31, 2023. Fueling this growth was an increase in total loans of $73 million, bringing loans to $744 million compared to $671 million one year prior, a growth rate of 11%. Deposits were $845 million at March 31, 2024, compared to $788 million the same period 2023, or 7.2% higher. For the three months ended March 31, 2024, Dimeco recorded net income of $2.4 million, down $162 thousand from the same period last year. Net income at this level resulted in a return on average assets of .95% and a return on average equity of 9.56%. Maintaining a strong capital position, stockholders’ equity was $99 million at March 31, 2024, representing growth of 6.9% over balances a year earlier. Dividends remained solid, amounting to $.40 per share for the period ended March 31, 2024, producing a dividend yield of 4.60%. “I am pleased to announce that Dimeco attained a long-time goal of reaching $1 billion in total assets as of the first quarter of 2024. Surpassing this milestone was achieved through responsible growth and prudent banking management,” stated President and Chief Executive Officer Peter Bochnovich. “We will continue to navigate the economic challenges through 2024 including persistent inflation, margin compression, and an inverted yield curve. Additionally, fraud is increasing, and we encourage everyone to be wary of any text, e-mail, or phone call that is asking for account information or to send money. We look forward to continued growth through 2024 and in future years.”
The Dime Bank’s Ferdinand Feola Appointed to ICBA Cyber and Data Security Committee Independent Community Bankers of America® (ICBA) announced that Senior Vice President Chief Technology Officer Ferdinand Feola of The Dime Bank, was elected to serve on ICBA’s Cyber and Data Security Committee. “What an honor to represent The Dime Bank and all community banks as part of the ICBA Cyber and Data Security Committee. I look forward to helping to create an environment where community banks, and the communities we serve, continue to flourish. Community banks, as relationship lenders, prioritize the needs of their customers and serve as trusted stewards of their financial future,” said Feola. “I’m proud to be a community banker and honored to be called upon to help ICBA safeguard our industry by underscoring the vital role community banks serve in our nation’s economy and working to ensure a strong, diversified financial sector that benefits every American.” In addition to helping shape and promote ICBA’s national policy positions and programs, Feola’s duties include engaging in grassroots activities in Pennsylvania to advocate pro-community bank policies and serving as a liaison between community banks and ICBA leadership in Washington, D.C. “Ferd is an esteemed civic leader and dedicated community banker, generously contributing his time to champion and advance the crucial role of community banks within our financial system,” said ICBA Chairman Lucas White, president of the Fountain Trust Co. in Covington, Ind. “We are honored to leverage Ferd’s talents and resources in support of ICBA’s efforts, and we extend our sincere gratitude for his unwavering commitment to securing a vibrant future for community banking.”
The Dime Bank Announces Cash Dividend On March 21, 2024, The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) and its subsidiary The Dime Bank declared a dividend of $.40 per share for the first quarter of 2024, which represents a dividend yield of 4.64% based on the closing stock price of $34.50. The dividend is payable on April 25, 2024, to shareholders of record on April 1, 2024. This dividend is an increase of $0.02 per share, or 5.26% over the dividend declared for the same period 2023. President and Chief Executive Officer Peter Bochnovich, stated, “Our shareholders play a crucial role in the success of Dimeco, Inc. Their investment empowers us to be innovative within our industry and bring the best financial services to our communities. This dividend shows our gratitude for their unwavering commitment and trust in our company.”
The Dime Bank Supports Lacawac Sanctuary The Dime Bank donated $13,500.00 to Lacawac Sanctuary to support their hands-on academic enrichment and innovative educational programs. The Lacawac Sanctuary is a non-profit conservation, research, and education center providing the community with a host of quality environmental, historical, and cultural programs. $7,500.00 was donated through the PA Department of Community and Economic Development’s Educational Improvement Tax Credit program to support Lacawac Sanctuary’s mission to educate students with important ecological and environmental science lessons, strengthening academic achievement in Science, Technology, Engineering, and Math. On-site visits to Lacawac, off-site teachings at schools, educational workshops, and curriculum for afterschool sessions are just some of Lacawac’s innovative and educational offerings. “The Dime Bank believes in supporting many different programs to elevate the quality of life in our region. Lacawac’s programs are multidisciplinary and geared towards a wide audience. We are happy to support efforts to preserve and protect this sanctuary for future generations and to foster a deep appreciation for the environment and all its inhabitants,” stated The Dime Bank President and Chief Executive Officer Peter Bochnovich. Additionally, The Dime Bank has pledged $20,000.00 to Lacawac’s Environmental Education Center over the course of four years, with $5,000.00 being paid this year. The Dime Bank also donated $1,000.00 as a corporate sponsor to help with the Sanctuary’s mission to help promote environmental understanding through education and conservation. Lacawac Sanctuary President Craig Lukatch stated, “Lacawac Sanctuary is very grateful to The Dime Bank for their support of our mission of Research, Education and Preservation. Their commitment to our work in the community allows us to serve and educate thousands of individuals each year and help us maintain and preserve the natural world for all to enjoy.”
The Dime Bank Donates to Local Wayne County Organization The Dime Bank donates $125,000.00 to the Wayne County YMCA Project through the Pennsylvania Department of Community and Economic Development under the Neighborhood Assistance Program Tax Credit Program (NAP). The Wayne County YMCA Project qualifies for the NAP grant under a Special Programs Priorities as this project is considered a rural initiative which encourages nonprofit organizations to develop projects that have a positive community and economic impact in rural areas. This is a multi-phase project to build a new state-of-the-art facility. Chief Financial Officer Jeffrey Roche stated, “At The Dime Bank, community involvement is not just a value – it’s a way of life. We understand the importance of supporting and nurturing the areas we serve. We are dedicated to making a positive impact on the lives of our customers and neighbors. At the YMCA, strengthening community is their cause, and we are happy to help them accomplish that goal.” “A community project of this size and scope would not be possible without the support of The Dime Bank. This donation will enable us to complete phase II of this project that includes the completion of final engineering / design which will position the Project for the construction phase. Thank you to The Dime Bank for their commitment and participation in this critical community project,” stated Paul Edwards, Co-Chairperson Wayne County YMCA Board of Trustees.
The Dime Bank Donates $25,000 to Community Organization The Dime Bank recently donated $25,000.00 to Scranton Lackawanna Resources Development Corp (SLRDC) via the Neighborhood Assistance Program. The SLRDC is a non-profit arm of the Agency for Community Empowerment (ACE) of NEPA that is focusing on providing quality affordable housing to low-to-moderate income families. Through the collaborative efforts of SLRDC and their community partners, these homes serve as a beacon of support and a symbol of unity within the neighborhood. “Families deserve a safe and comfortable place to call home. The dedication and passion poured into these projects create not only physical shelters but also a sense of belonging and empowerment for those who will inhabit them. Being a community bank, The Dime Bank takes pride in collaborating with the SLRDC and supporting their initiatives to rejuvenate neighborhoods and foster community bonds,” stated William Boyle, The Dime Bank Senior Vice President Chief Lending Officer.
The Dime Bank Promotes Stacy Gager The Dime Bank President and Chief Executive Officer Peter Bochnovich announced the promotion of Stacy Gager to Vice President, Deposit Operations Manager. Stacy Gager joined The Dime Bank in 2006. During her 18-year career at The Dime Bank, she advanced through the deposit operations department. She began her career as a customer information file clerk and progressed to deposit operations specialist and then to the supervisor of the department. In 2019, Gager was promoted to Assistant Vice President, Deposit Operations Supervisor. With this latest promotion to Vice President, Gager is responsible for managing the deposit operations department. Stacy Gager is a current board member of the Wayne County Public Library in Honesdale. Throughout her career, Gager has continued her education graduating with several banking diplomas and certificates in her field. Peter Bochnovich stated, “Please join me in congratulating Stacy on being promoted to Vice President of Deposit Operations. Stacy was a member of the first Emerging Leaders program here at The Dime Bank and is an honors graduate of the Pennsylvania Bankers’ School of Banking. She is known for her intelligence, dedication, and valuable contributions to The Dime Bank’s management team. As she takes on her new role, we are certain that we will see nothing but achievements and positive contributions to the bank in the days ahead.”
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 Promotes Valerie O’Hare President and Chief Executive Officer Peter Bochnovich announced the promotion of Valerie O’Hare to Assistant Vice President, Training Manager at The Dime Bank. O’Hare joined The Dime Bank in 2013 as an assistant branch manager. In 2015, she was appointed to the position of trainer. In 2022, O’Hare was promoted to training manager. With 26 years of banking experience, O’Hare oversees the training program for approximately 170 employees including new hire, compliance, and universal banker training. She provides operational and procedural support to the staff, writes standard operating procedures, manages the training budget, and provides additional training for staff as needed. O’Hare also visits the local schools to provide financial literacy to students and serves on multiple committees within the bank. O’Hare is a graduate of the Pennsylvania Bankers Association (PBA) School of Banking and Advanced School of Banking. O’Hare was recognized as the 2017 Emerging Leader. In 2020, O’Hare was presented with the PA Bankers H.Y.P.E. (Highlighting Young Professionals’ Excellence) “Developer” award. O’Hare recently committed her time as a volunteer for the United Way of Lackawanna/Wayne/ Pike. The Dime Bank President and Chief Executive Officer Peter Bochnovich stated, “Please join me in congratulating Val on her well-deserved promotion. Val is a dedicated professional who has consistently displayed a passion for the banking industry and a commitment to delivering exceptional training resources to our staff. I am confident that Val’s extensive banking knowledge, expertise, and leadership skills will be instrumental in driving growth and success to The Dime Bank. As Val takes on her new role, we look forward to seeing her achievements and contributions to the bank in the years to come.”
