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Dimeco, Inc. shares (DIMC) are not insured by the FDIC; are not deposits; and may lose value.
2024
12/20/24- Dimeco, Inc. Declares Increased Cash Dividend
10/24/24- Dimeco, Inc. Announces Earnings at September 30, 2024
9/27/24 - Dimeco, Inc. Declares Cash Dividend
08/27/24 - Henry Skier Transitioned to Director Emeritus on Dimeco, Inc. Board
07/31/24 The Dime Bank Selected to Receive Designation of Savings Excellence Award
07/25/24 - Dimeco, Inc. Announces Second Quarter 2024 Earnings
06/20/24 - Dimeco, Inc. Declares Cash Dividend
06/04/24 - Mike Peifer Named New Director at Dimeco, Inc.
05/02/24 - Dimeco, Inc. (DIMC) 2024 Annual Meeting of Stockholders
04/25/24 - Dimeco, Inc. (DIMC) Announces First Quarter 2024 Earnings
03/28/24 - Dimeco, Inc. Declares Cash Dividend
01/30/24 - Lorraine Collins Named New Director at Dimeco, Inc.
01/26/24 - Dimeco, Inc. Announces 2023 Earnings
2023
12/29/23 - Aimee M. Skier Named New Director at Dimeco, Inc.
12/22/23 - Dimeco, Inc. (DIMC) Declares Cash Dividend
12/05/23 - Thomas A. Peifer Announces Retirement from Dimeco, Inc. and The Dime Bank Board
10/27/23 - Dimeco, Inc. Announces Earnings at September 30, 2023
09/14/23 - Dimeco, Inc. Declares Cash Dividend
07/27/23 - Dimeco, Inc. Announces Second Quarter 2023 Earnings
06/23/23 - Dimeco, Inc. Declares Cash Dividend
05/04/23 - Dimeco, Inc. 2023 Annual Meeting of Stockholders
04/28/23 - Dimeco, Inc. Announces First Quarter 2023 Earnings
03/24/23 - Dimeco, Inc. Declares Cash Dividend
01/27/23 - Dimeco, Inc. Announces 2022 Earnings
2022
12/16/22 - Dimeco, Inc. Declares Cash Dividend
10/20/22 - Dimeco, Inc. Announces Earnings at September 30, 2022
09/21/22 - Dimeco, Inc. Declares Cash Dividend
07/22/22 - Dimeco, Inc. Announces Earnings at June 30, 2022
06/21/22 - Dimeco, Inc. Declares Cash Dividend
05/06/22 - Dimeco, Inc. 2022 Annual Meeting of Stockholders
04/28/22 - Dimeco, Inc. Announces First Quarter 2022 Earnings
03/28/22 - Dimeco, Inc. Declares Cash Dividend
01/21/22 - Dimeco, Inc. Announces 2021 Earnings
Dimeco, Inc. Declares Increased Cash Dividend
On December 19, 2024, the Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $0.42 per share. This dividend is an increase of $0.02 from the dividend declared in September 2024, bringing dividends to $1.62 per share, or $.08 greater than dividends declared in 2023.
A dividend of $.42 per share produces a yield of 4.05% based on the December 19, 2024 market value of $40.00 per share.
Dividends are payable to shareholders of record on December 31, 2024. The dividends will be paid on January 23, 2025, the anticipated date to release earnings for the year ended December 31, 2024.
President and Chief Executive Officer Peter Bochnovich commented, “At Dimeco, we deeply value our shareholders. Increasing our dividend reflects our commitment to maximizing shareholder value and rewarding their continued investment in our company. We extend our sincere gratitude to both our shareholders and customers for their unwavering support. We wish everyone a prosperous and successful 2025.”
Dimeco, Inc. reported third quarter 2024 assets of $1.069 billion, loans of $774 million and deposits of $882 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.
Dimeco, Inc. Announces Earnings at September 30, 2024
Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces earnings for the period ending September 30, 2024. Total assets of $1.069 billion on September 30, 2024, increased $82.8 million or 8.4% over balances on September 30, 2023. The loan portfolio at $774 million increased $64.3 million or 9.1% over balances a year earlier. Total deposits at $882 million increased $97.2 million or 12.4% from balances on September 30, 2023. Stockholders’ equity grew by $19.2 million or 21.6% to $108.1 million as of September 30, 2024.
Net income was $9.3 million for the first nine months of 2024, an increase of $2.1 million or 28.8% compared to the first nine months in 2023. This level of income resulted in a return on average assets of 1.21% and a return on average equity of 12.29% for the nine months ended September 30, 2024. The Board of Directors declared dividends totaling $1.20 per share during the first nine months of 2024, an increase of 5.3% over the amount paid for the same period in 2023.
President & Chief Executive Officer Pete Bochnovich stated, “I am excited to present the results for Dimeco through the first three quarters of 2024 and I look forward to the opportunities that lie ahead for us. As you read our financial highlights statement, you will see that loan demand has remained strong, deposits continue to grow, and net income increased. Management will continue to pursue actions that best align with our mission. We thank our customers, shareholders, staff, and the community for their continued commitment.”
DIMECO, INC. DECLARES CASH DIVIDEND
The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend on September 26, 2024, of $0.40 per share to shareholders of record October 7, 2024. The dividend is payable on October 24, 2024, the anticipated date to release earnings for the third quarter of 2024. This dividend is an increase of $0.02 per share over the dividend declared in September 2023 and produces a yield of 4.28% at the market value of $37.39 on September 26, 2024.
President and Chief Executive Officer Peter Bochnovich stated, “We remain dedicated to offering our customers and communities the highest quality banking services. This dividend is our way of expressing gratitude to our shareholders for their unwavering support of our mission and their loyalty to Dimeco, Inc.”
Henry Skier Transitioned to Director Emeritus on Dimeco, Inc. Board
Earlier this year, Henry Skier transitioned to Director Emeritus on the Dimeco, Inc. and The Dime Bank Board of Directors after serving faithfully for 42 years.
Henry Skier has been a steadfast member of the bank’s Board of Directors since 1982. His long tenure has been marked by active participation on various board committees, where he has contributed significantly to the bank's strategic direction and governance.
A lifelong resident of Honesdale, Pennsylvania, Skier is deeply rooted in the Wayne County community. His involvement extends well beyond The Dime Bank, encompassing a wide range of civic organizations and initiatives.
His particular passion for summer camping has led to significant involvement in various summer camp organizations, both locally and nationally. Skier's professional expertise lies in the insurance industry. His agency, A.M. Skier Agency, Inc., is a leading provider of insurance solutions for children's summer camps across the United States.
His deep understanding of the summer camp industry has been invaluable to The Dime Bank, given its significant loan portfolio in this sector. Skier has also promoted and developed many budding entrepreneurs and artists through his creations of In My Wildest Dreams, Harmony Talk, Harmony Presents, and his newest endeavor, Foundation for Dreamers.
Skier was recently celebrated at Harmony on the River. A short video of the evening can be viewed on The Dime Bank’s YouTube Page.
President and Chief Executive Officer Peter Bochnovich stated, “Please join me, along with our fellow board members and the management of The Dime Bank, in expressing our heartfelt gratitude to Henry for his extraordinary dedication, commitment, and invaluable contributions.
Henry's tenure on our Board of Directors has been a testament to his unwavering dedication to The Dime Bank. His insightful guidance, coupled with his extensive knowledge of the industry, has played a pivotal role in our growth and success.
Board service can be demanding, but Henry consistently approached his duties with steadfastness and thoughtfulness. We are deeply grateful for his active leadership as a judicious steward of our organization.
His commitment to our customers and his focus on enhancing shareholder value have been instrumental in shaping The Dime Bank into the thriving institution it is today. Beyond his professional accomplishments, Henry is admired by many for his personal qualities.
As a devoted husband, father, and grandfather, he embodies the values of family, integrity, and community. We are grateful that his invaluable experience continues to guide us as Director Emeritus.”
The Dime Bank Selected to Receive Designation of Savings Excellence Award
The Dime Bank has been honored with the 2024 America Saves Designation of Savings Excellence award. This recognition is exclusively given to financial institutions that have made a measurable impact and demonstrated exceptional achievement during the annual America Saves Week campaign. America Saves Week is a national annual event coordinated by America Saves, designed to help individuals understand the importance of saving, set realistic financial goals, and develop strategies to reach those goals.
The Dime Bank is one of nine banks and eight credit unions honored with this distinction out of more than 4,600 participating organizations of America Saves Week, which took place April 8 – 12, 2024 as part of Financial Capability Month.
"Congratulations to the financial institutions awarded the 2024 Designation of Saving Excellence for their achievements during America Saves Week 2024! Their commitment to empowering customers and members to save money not only strengthens individual financial security but also contributes significantly to our nation's economic stability, commented Carolyn Pemberton, America Saves Program Manager. “Their leadership sets a commendable example for the financial industry, demonstrating how proactive investments in savings can foster a resilient and prosperous future for all."
The efforts of these 17 financial institutions resulted in a remarkable combined impact. Within the span of one week, these institutions facilitated the inflow of nearly $354 million in deposits into both new and established accounts. Moreover, 231,000 new accounts were established, and 64,000 individuals enhanced their automatic savings transfers or contributions to their current savings accounts.
The Dime Bank President and Chief Executive Officer Peter Bochnovich stated, “Receiving the America Saves Designation of Savings Excellence award is a testament to The Dime Bank's unwavering dedication to our customers' financial success. By providing accessible resources, educational events, and personalized financial coaching, The Dime Bank strives to create an environment where everyone can achieve their financial goals. We are inclusive, recognizing the diverse backgrounds and unique challenges faced by individuals. Through America Saves, we encourage these positive financial practices to support the well-being of our customers and community, regardless of where they are in their financial paths.”
About America Saves
America Saves is a campaign coordinated by the nonprofit Consumer Federation of America (CFA) and is dedicated to empowering all, particularly those who are financially vulnerable, to build financial confidence through effective saving, debt reduction, and wealth building strategies. Learn more at americasaves.org and americasavesweek.org.
America Saves is a campaign coordinated by the nonprofit Consumer Federation of America (CFA) and is dedicated to empowering all, particularly those who are financially vulnerable, to build financial confidence through effective saving, debt reduction, and wealth building strategies. Learn more at americasaves.org and americasavesweek.org.
Dimeco, Inc. Announces Second Quarter 2024 Earnings
Dimeco, Inc. (OTCQX: DIMC), the holding company for The Dime Bank reported total assets of $1.026 billion on June 30, 2024, an increase of $57 million or 5.9% from the second quarter of 2023. Total loans of $746 million reflect an increase of $59.9 million or 8.7% over last year. Total deposits were $874 million on June 30, 2024, an increase of $78.6 million or 9.9% over the previous year. Stockholder’s equity remains well-capitalized with an increase of 10.2% or $9.4 million from June 30, 2023, to $101.4 million on June 30, 2024.
Net income of $5.4 million for the first six months of 2024 was $444 thousand more than the same period last year, resulting in an annualized return on average assets of 1.08% and return on average equity of 10.96%.
Dimeco’s Board of Directors declared dividends of $.80 per share for the first half of 2024, a 5.3% rise over last year, resulting in an annualized dividend yield of 4.46%.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to present the second quarter results of Dimeco, Inc. The growth experienced since the beginning of the year continued and management is focused on positioning Dimeco for future growth and earnings. Additionally, we welcomed our newest director, Mike Peifer, and look forward to his contributions. As always, we are dedicated to serving our shareholders, customers, and communities.”
The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $0.40 per share, payable on July 25, 2024, to shareholders of record July 1, 2024. This dividend is a 5.3% increase, or $0.02, over the dividend declared in June 2023. Based on the closing stock price of $35.89, this represents a dividend yield of 4.46%.
President and Chief Executive Officer Peter Bochnovich commented, “We are dedicated to acknowledging our shareholders for their ongoing support and investment in Dimeco, Inc. This dividend serves as a testament to that commitment. Our objective is to sustain our growth and profitability trends, all while delivering top-notch financial products and services to our valued customers.”
The Board of Directors of Dimeco, Inc, (OTCQX: DIMC), the parent holding company of The Dime Bank, announced that Mike Peifer has joined the board of directors’ team.
Mike Peifer is a senior advisor with Novak Strategic Advisors, where he provides wide-ranging, strategic solutions to everyday business needs. Additionally, Peifer has represented the 139th district, encompassing parts of Pike and Wayne counties, in the Pennsylvania House of Representatives for eight terms.
Mike Peifer stated, “It is exciting to continue to serve our community as a member of Dimeco’s board of directors. The Dime Bank has a long history and deep roots in our region, and it is an honor to be joining the team. Together, we will strive to uphold the values and traditions that have made The Dime Bank a cornerstone in our region, while also embracing innovation and new opportunities to better serve our customers and shareholders.”
Known for his deep understanding of the state's intricate fiscal matters, Peifer played a significant role in the Commonwealth budget process and tax code revisions as a member of the House Appropriations Committee and Chairman of the House Finance Committee.
Peifer’s public service extends to local government, having previously held the position of Pike County Treasurer. Before entering politics, he practiced as a certified public accountant and served as a senior tax consultant at Price Waterhouse.
President and Chief Executive Officer Peter Bochnovich stated, “Mike's background in the private financial sector and as a small business owner, combined with his current advisory role and extensive understanding of state government, provide him with knowledge of various matters and a distinctive viewpoint to augment the breadth of board of directors. Mike's leadership abilities and talent for consensus-building will fit in nicely with our existing members. We are pleased he has joined our team as we continue to grow while serving our customers and shareholders.”
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.”
Dimeco, Inc. (OTCQX: DIMC), 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.”
On March 21, 2024, The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) 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 Board of Directors of Dimeco, Inc, (OTCQX: DIMC), the parent holding company of The Dime Bank, announced that Lorraine Collins has joined the board of directors’ team.
Lorraine Collins is president of Davis R. Chant Realtors, vice president, owner, and controller of Joybeck Custom Builders, and president of Lords Valley Association. She joins the Dimeco, Inc. Board of Directors with many years of varied executive experience along with a background in finance and real estate.
Lorraine Collins stated, “I am excited to be joining the Board of Directors at Dimeco, where I can lend my insights and expertise to this well-run financial institution. I deeply appreciate Dimeco's dedication to the communities it serves and am eager to collaborate with the management team and board members to make a meaningful impact.”
Collins’ journey into real estate began in 1981. She quickly gained experience at Chant Company as a secretary, licensed agent, and company controller, which shaped her vision for a career in the industry. Collins earned her broker's license in 2012, which led her to take the position of president at the Chant company in 2015. Her diverse background, coupled with her management and real estate experience, have enabled her to continue to apply her experience as controller and as one of the most experienced real estate professionals in the region. Today she is also part of a dynamic, individual sales team with Pete Helms, the highest sales volume team across the Pike/Wayne Association of Realtors for over a decade.
Peter Bochnovich stated, “Lorraine is undoubtedly a force to be reckoned with in the real estate industry and we are thrilled to add her to our Dimeco Board of Directors. Lorraine’s extensive experience and unparalleled management skills fit in perfectly with our existing members. Her commitment to giving her all to her communities is evident and I feel confident she will bring that same ambition and enthusiasm to Dimeco. We are excited to have Lorraine join us as we continue to build our institution and serve our communities.”
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 Board of Directors of Dimeco, Inc, (OTCQX: DIMC), the parent holding company of The Dime Bank, announced Aimee M. Skier has joined the board of directors’ team.
Aimee M. Skier comes to Dimeco, Inc. with a rich background in children’s camps and the insurance industry. As a member of the Skier family, Aimee is part of the third generation of family members now leading AMSkier. Aimee Skier is co-president, along with her brother, to the firm their grandfather founded in 1920. AMSkier, based in Hawley, Pennsylvania, specializes in insuring summer camps and children's programs across the country, as well as providing insurance for local and national businesses and personal lines.
Aimee Skier stated, “Joining the board of directors at Dimeco is a tremendous privilege, and I am thrilled to be a part of continuing the exceptional legacy of The Dime Bank, which spans nearly 120 years. I am eager to collaborate with the board members and management team, as their unwavering dedication to customers and tireless efforts to improve the communities they serve are values that I hold in high regard. It is an honor to play a role in guiding this well-managed financial institution and contribute to its growth and prosperity.”
Aimee Skier holds Property and Casualty Insurance and Excess and Surplus Lines Insurance agent licenses. She has a Bachelor of Science Degree in Retail Marketing from Syracuse University and a Master of Business Administration Degree from Philadelphia University.
Beyond AMSkier Insurance, Aimee Skier is involved in several charitable organizations. She served on the board of the Foundation for Jewish Camp, whose goal is to unify the field of Jewish overnight camp and significantly increase the number of children participating in transformative summers at Jewish camps. In addition, Aimee Skier served on the board of Experience Camps, which runs camps across the country for children that have lost a loved one. She is currently a board member for Temple Beth Israel in Honesdale, PA. Aimee also helps to raise money in the name of Cycle for Lanie, where hundreds of thousands of dollars have been raised over the years by doing the 42-mile New York bike tour. In 2011, she was an honoree at the Diabetes Research Institute’s Rod Gilbert Golf Classic. In addition, she has served on the event committee for the Brooke Jackman Foundation, a literacy program for underserved children in memory of Brooke Jackman who lost her life in 9/11.
Peter Bochnovich stated, “We are excited to add Aimee to our team at Dimeco. Her extensive background in insurance serving various industries makes her an excellent addition to our diverse directorship. Aimee's education and experience in volunteer positions further enhance her qualifications for our board. Her commitment to building long-term relationships with clients aligns well with Dimeco's and The Dime Bank's philosophy and direction. We are excited to have Aimee join us and contribute her expertise to our institution.”
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.”
Thomas A. Peifer Announces Retirement from Dimeco, Inc. and The Dime Bank Board
Dimeco, Inc. and The Dime Bank Board of Directors member Thomas A. Peifer announces his retirement from the board after serving for 35 years.
Thomas A. Peifer joined the Board of Directors in 1988 while holding the position of superintendent of the Wallenpaupack Area School District in Hawley, Pennsylvania. This provided him with numerous area resident personal relationships, who comprise a significant portion of The Dime Bank marketplace. Peifer was also the president of Metlag, Inc., a franchised retail Agway store, which he sold in 2014. As a local businessman and lifetime resident of Pike County, Peifer brought his expertise and knowledge of the Pike County market area to guide management decisions. Tom’s proficiency was further enhanced by his numerous community and civic affiliations.
Peifer was committed to oversight through active participation during monthly meetings and through the various committees he served on throughout the years. He enabled strong corporate governance with his high standards of integrity and candor.
President and Chief Executive Officer Peter Bochnovich stated, “Please join me, along with fellow board members and The Dime Bank management, in thanking Tom for his dedication, commitment, and knowledge that has helped The Dime Bank grow and prosper. Board service can be difficult at times, and Tom took on his duties with steadfastness and thoughtfulness. We are grateful for his active leadership as a judicious steward of our organization and express our sincere gratitude for his service to our customers and helping grow shareholder value. Those of us that know Tom personally admire him not only for his business efforts, but also for his personal lifetime values as a devoted husband, father, and grandfather. Tom’s presence will be missed, and we wish him well.”
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.”
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.”
Dimeco, Inc. (OTCQX: DIMC), the holding company for The Dime Bank reported total assets of $969 million on June 30, 2023. The most significant gain was in the loan portfolio; total loans of $686 million reflect an increase of $33.5 million or 5.1% over last year. Total deposits were $795 million on June 30, 2022.
Stockholder’s equity increased 4.9% from June 30, 2022, to $92 million on June 30, 2023, and remains well-capitalized. Dimeco’s Board of Directors declared dividends of $.76 per share for the first half of 2023, a 5.6% rise over last year, resulting in an annualized dividend yield of 4.66%.
Net income of $5 million for the first six months was $1.1 million less than the same period last year. Loan fees declined $1 million due to less income from PPP loans. While interest income grew 20.2% over last year, surging interest expense in the current interest rate environment and increases in non-interest expense contribute to the reduction in income.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to present this report of Dimeco, Inc.’s financial results. We are dedicated to serving our shareholders, customers, and communities.”
The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $0.38 per share, payable on July 27, 2023, to shareholders of record July 3, 2023. This dividend is a 5.6% increase, or $0.02, over the dividend declared in June 2022. Based on the closing stock price of $33.75 on June 22, 2023, this represents a dividend yield of 4.50%.
President and Chief Executive Officer Peter Bochnovich commented, “We remain committed to rewarding our shareholders for their continued support and investment in Dimeco, Inc. This dividend is a demonstration of that dedication. Our goal is to continue our growth and profit trends while bringing the best financial products and service to our customers.”
Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2023 Annual Meeting of Stockholders on April 27, 2023. 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 John Kiesendahl, Chairman of the Board of Directors of the Company and Chairman of the Annual Meeting. At the meeting, Gary C. Beilman, Brian T. Kelly, Thomas A. Peifer, and David D. Reynolds 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, 2023. The amendment to the Company’s Article of Incorporation to increase the authorized shares of Common Stock from 5,000,000 shares to 7,500,000 shares was approved by the stockholders of the Company.
Chief Financial Officer Jeffrey J. Roche reviewed performance for 2022. Deposits ended the year at $788 million. The loan portfolio increased $22 million or 3.3% from the year prior, to finish the year at $679 million. Total assets increased $11.3 million or 1.2% from the end of 2021 to $970 million on December 31, 2022. Net income of $12.3 million for 2022 represented an increase of 3.3% over income reported for 2021. The 2022 dividends totaled $1.46 per share. Dimeco maintained a strong capital position throughout 2022.
The presentation also included photos and discussion points on The Dime Bank’s relocated Greentown branch, new Scranton branch in the Marketplace at Steamtown, and the new Indian Orchard branch, Support Center, and Entrepreneurial Center in Honesdale.
President and Chief Executive Officer Peter Bochnovich discussed first quarter results, which were made public in a separate release on April 28, 2023, and concluded, “When you remove the impact of loan fees received due to the pandemic stimulus programs of the last couple years, 2023 continues to reflect upward trending net income. We are well positioned to serve our growing communities and we thank our shareholders, directors, staff, and customers for their support of Dimeco, Inc.”
Dimeco, Inc. (OTCQX: DIMC), the holding company for The Dime Bank, reported unaudited results for the first quarter of 2023.
For the three months ended March 31, 2023, Dimeco recorded net income of $2.5 million, down $670 thousand from the same period last year. The decline was mainly due to a reduction in Small Business Administration Paycheck Protection Program loan fee income of $800 thousand. Net income at this level resulted in a return on average assets of 1.05% and a return on average equity of 11.12%.
At March 31, 2023, total assets were $963 million, an increase of $2.6 million over March 31, 2022. Total loans were $671 million compared to $645 million one-year prior, a growth rate of 4%. Deposits were $788 million on March 31, 2023.
At March 31, 2023, total assets were $963 million, an increase of $2.6 million over March 31, 2022. Total loans were $671 million compared to $645 million one-year prior, a growth rate of 4%. Deposits were $788 million on March 31, 2023.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to present the financial position of Dimeco, Inc. for the first quarter of 2023. We continue to operate under safe banking principles, and we are dedicated to serving our customers and communities.”
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.”
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, 2022.
Total assets increased $11.3 million or 1.2% from the end of 2021 to $970 million on December 31, 2022. The loan portfolio ended the year at $679 million, an increase of $22 million or 3.3% from the year prior. Deposits finished the year at $788 million.
Dimeco’s 2022 net income of $12.3 million represented an increase of 3.3% over income reported for 2021. Net income at this level produced a return on average assets of 1.28% and a return on average equity of 13.51%, an increase over the same period last year of 1.6% and 11.8%, respectively.
The 2022 dividend payout ratio was 30.04% providing a yield of 3.32%, with year-to-date dividends totaling $1.46 per share.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to report the financial results of Dimeco, Inc. for the fourth quarter and year ended December 31, 2022. Despite the economic challenges, including several rate hikes, Dimeco, Inc. showed continued growth with increases to net income and total assets. We are thankful to our customers and shareholders for their commitment to us.”
On December 15, 2022, the Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $0.38 per share. This dividend is an increase of $0.02 from the dividend declared in September 2022, bringing dividends to $1.46 per share, or $.08 greater than the regular dividends declared in 2022.
A dividend of $.38 per share produces a yield of 3.40% based on the December 15, 2022 market value of $43.00 per share.
Dividends are payable to shareholders of record on December 30, 2022. The dividends will be paid on January 26, 2023, the anticipated date to release earnings for the year ended December 31, 2022.
President and Chief Executive Officer Peter Bochnovich commented, “As always, we thank our shareholders for their continued support. This increased dividend is one way to show our appreciation for their loyalty to our company.”
Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces earnings for the period ending September 30, 2022.
Total assets of $961 million on September 30, 2022 show a slight decrease of $7.4 million or .8% over balances on September 30, 2021. The loan portfolio increased 1.2% or $7.6 million, with a balance of $668 million on September 30, 2022. Total deposits of $828 million were 3.4% or $27.1 million greater than balances a year earlier.
Net income of $9.5 million for the first nine months of 2022 reflects an increase of 6.4% over net income reported for the first nine months of 2021. This resulted in a return on average assets of 1.31% and a return on average shareholders’ equity of 13.48% for the nine months ended September 30, 2022, an increase of 4.8% and 11.8%, respectively, from September 30, 2021.
The Board of Directors declared dividends totaling $1.08 per share during the past nine months, which produced a dividend yield of 3.18% on September 30, 2022. Dividends are up almost 6% over the amount paid in 2021.
President & Chief Executive Officer Pete Bochnovich stated, “I am happy to present the financial results of Dimeco, Inc as of September 30, 2022. The results are solid, and performance is in line with management’s expectations. I am excited to report that The Dime Bank opened two new branches in the third quarter, one in Scranton and one in Honesdale. Both locations have been well received and are designed to provide better service to our customers through our universal banker model with enhanced technology. We are eager to assist new and existing customers and thank all for their continued support.”
The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend on September 15, 2022, of $0.36 per share to shareholders of record September 30, 2022. The dividend is payable on October 20, 2022, the anticipated date to release earnings for the third quarter of 2022. This dividend is an increase of $0.02 per share over the dividend declared in September 2021. This dividend of $0.36 per share produced a yield of 3.13% at the market value of $46.00 on September 15, 2022.
President and Chief Executive Officer Peter Bochnovich stated, “We remain committed to supporting our investors, customers, and our communities and this dividend is one way to thank our shareholders for their investment and continued loyalty to Dimeco, Inc.”
Dimeco, Inc. (OTCQX: DIMC), the holding company for The Dime Bank, reported total assets of $974 million at June 30, 2022, a slight retraction of $13 million or 1.3%, from one year earlier. Total loans of $652 million reflect a decrease of $15 million or 2.2% over last year as expected due to the SBA Paycheck Protection Program (PPP) forgiveness of over $81 million. Total deposits of $854 million were 6.4% greater, or $51 million, than balances at June 30, 2021.
Net income increased $696 thousand or 12.8% over the same period in 2021 to end the first six months of 2022 at $6.1 million. At this income level, return on average assets was 1.27% and return on average shareholders’ equity was 12.86%, an increase of 9.5% and 14.7%, respectively.
On a per share basis, the market value of Dimeco grew by 22.4% when compared 2021, closing at $44.05 on June 30, 2022. Earnings per share was $2.42, representing an increase of 12.0% from the same period last year. Dimeco’s Board of Directors declared dividends of $.72 per share for the first half of 2022, a 5.9% uptick over last year.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to report Dimeco, Inc.’s financial results for the first six months of 2022. As we continue to operate in these uncertain times, we will continue to be true to our mission statement and strategic goals.”
The Board of Directors of Dimeco, Inc. (DIMC) declared a dividend of $0.36 per share, payable on July 21, 2022, to shareholders of record June 30, 2022. This dividend is a 5.9% increase over the dividend declared in June 2021. Based on the closing stock price of $44.50 on June 16, 2022, this represents a dividend yield of 3.24%.
President and Chief Executive Officer Peter Bochnovich commented, “As always, we thank our shareholders for their trust, commitment, and investment in Dimeco, Inc.”
Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2022 Annual Meeting of Stockholders on April 28, 2022. 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 John Kiesendahl, Chairman of the Board of Directors of the Company and Chairman of the Annual Meeting. At the meeting, Gregory J. Frigoletto, Henry M. Skier, and Todd J. Stephens 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, 2022.
Total assets increased by $75.4 million to $958 million. Total loans increased over $12.5 million to end the year at $657 million. Total deposits were $797 million, an increase of $110 million, or 16.1% over total deposits a year earlier. Net income for 2021 was $11.9 million, which was a $3.1 million increase from the prior year. The Company continues to have a strong capital position. Stockholders’ Equity, at over $100 million, increased 5.4% over 2020. A special dividend, in addition to its regular dividend, was granted in the fourth quarter of 2021 of $0.50 per share to reward shareholders for their investment in Dimeco, Inc.
President and Chief Executive Officer Peter Bochnovich discussed first quarter results, which were made public in a separate release on April 28, 2022 and concluded, “2022 is off to a good start and we are cautiously optimistic but excited about the remainder of the year. A lot of good things are happening, and we are well positioned as shown in our financial results. We thank our shareholders, directors, staff, customers, and the community for their support of Dimeco, Inc.”
Dimeco, Inc. (OTCQX: DIMC), the holding company for The Dime Bank, reported unaudited results for the first quarter of 2022.
For the three months ended March 31, 2022, Dimeco recorded net income of $3.2 million which was $563 thousand or 21.4% greater than the comparative period in 2021. The increase was mainly due to greater fee income from loans, including SBA Paycheck Protection Program (PPP) fees and investment income. In addition, the provision for loan losses decreased by $165 thousand. Net income at this level resulted in a return on average assets of 1.33% and a return on average equity of 12.75%, up 15.7% and 17.2%, respectively.
At March 31, 2022, total assets were $961 million, an increase of $25.4 million or 2.7% over last year. Cash balances increased $12.4 million and investment securities grew $41.8 million. Total loans, the largest component of assets, were $645 million compared to $683 million one-year prior as PPP loans continue to be forgiven. Several categories of loans experienced growth year over year including non-residential construction, residential mortgages, multi-family as well as commercial mortgages. On the liability side, deposit balances grew from one year earlier to $820 million, up $77.3 million or 10.4%. The growth was reflected in all deposit types except certificates of deposits.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to present the financial position of Dimeco, Inc. for the first quarter of 2022. The year is off to a good start and we hope the momentum of the first quarter carries through the remainder of the year. However, we remain cautiously optimistic as economic and world events continue to develop.”
On March 24, 2022, The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $.36 per share for the first quarter of 2022, which represents a dividend yield of 3.27% based on the closing stock price of $44.00. The dividend is payable on April 28, 2022, to shareholders of record on April 4, 2022. This dividend is an increase of $0.02, or 5.88% over the dividend declared for the same period 2021.
President and Chief Executive Officer Peter Bochnovich, stated, “Our shareholder investment in Dimeco allows us to present the ultimate banking experience to our customers. We value our shareholder loyalty, and this increased dividend is one way of showing appreciation.”