CORPORATE & STOCKHOLDER INFORMATION
Dimeco, Inc. is a bank holding company incorporated October 29, 1992. On June 1, 1993 the company acquired 100% of the stock of The Dime Bank. The main office of Dimeco, Inc. is located within the main office of The Dime Bank at 820 Church Street, Honesdale, Pennsylvania. The Bank operates four additional offices located at 309 Main Avenue, Hawley, Pennsylvania, 1679 Cochecton Turnpike, Damascus, Pennsylvania, Route 507, Greentown, Pennsylvania and 1824 Route 739, Dingmans Ferry, Pennsylvania. To contact Dimeco, Inc. please email dimeco@thedimebank.com. A total of 126 people are employed by The Dime Bank, 97 full-time and 29 part-time.
The
mission of the Bank is to provide to the public
traditional banking and related services with sound, prudent
banking principles while fulfilling the social, economic, moral
and political
considerations ordinarily associated with a responsible, well-run
banking corporation.
QUARTERLY STOCKHOLDER LETTER
Insiders'
Section 16 forms filed with
the Securities and Exchange Commission
FINANCIAL HIGHLIGHTS
CONSOLIDATED FINANCIAL
HIGHLIGHTS
(amounts in thousands, except per share)
|
| Performance for the three months ended March 31, |
|
|
2008 |
2007 |
% increase
(decrease) |
Performance |
Interest income |
$7,371 |
$6,987 |
5.5% |
Interest expense |
$3,029 |
$2,976 |
1.8% |
Net interest income |
$4,342 |
$4,011 |
8.3% |
| Net income |
$1,665 |
$1,497 |
11.2% |
Shareholders'
Value (per share) |
Net income - basic |
$1.09 |
$.98 |
11.2% |
| Net income - diluted |
$1.06 |
$.95 |
11.6% |
Dividends |
$.32 |
$.29 |
10.3% |
Book value |
$26.68 |
$23.89 |
11.7% |
Market value |
$43.01
|
$43.00 |
- |
Market value/book value ratio |
161.2%
|
180.0% |
(10.4%) |
*Price/earnings multiple |
9.9 x |
11.0x |
(10.0%) |
*Dividend yield |
2.98%
|
2.70%
|
10.4% |
Financial
Ratios |
*Return on average assets |
1.54%
|
1.50% |
2.7% |
*Return on average equity |
16.54% |
16.62% |
(.5%) |
Shareholders' equity/asset ratio |
9.28% |
9.02% |
2.9% |
Dividend payout ratio |
29.36% |
29.59% |
(.8%) |
Nonperforming assets/total assets |
0.41% |
0.10% |
310.0% |
Allowance for loan loss as a % of loans |
1.57% |
1.47% |
6.8% |
*Net charge-offs/average loans |
0.14%
|
0.20% |
(30.0%) |
| Allowance for loan loss/nonaccrual loans |
413.9% |
1,164.6% |
(64.5%) |
| Allowance for loan loss/non-performing
loans |
300.7% |
1,121.5% |
(73.2%) |
*Annualized |
Financial
Position |
| at March 31, |
|
| |
2008 |
2007 |
% increase
(decrease) |
Assets |
$437,920 |
$404,992 |
8.1% |
Loans |
$345,590 |
$308,875 |
11.9% |
Deposits |
$362,131 |
$338,922 |
6.9% |
Stockholders' equity |
$40,633 |
$36,526 |
11.2% |
STOCK INFORMATION
| Stock Listing |
|
| |
The stock is listed on the OTC Bulletin Board under the symbol DIMC
|
| Transfer Agent |
|
| |
Registrar and Transfer Company
10 Commerce Drive
Cranford, NJ 07016-3572
(800) 368-5948 or
(908) 497-2300
|
Dividend
Reinvestment
Plan |
|
| |
The Company offers a plan for stockholders to automatically
reinvest their dividends in shares of common stock. There are
no brokerage commissions or fees imposed. For more information
contact the Transfer Agent listed above.
|
Firms Known to Handle
Dimeco, Inc. Stock Transactions |
| |
Ferris, Baker Watts, Inc.*
410- 659-4616
800-638-7411
Howe Barnes Hoefer & Arnett, Inc.*
21B South Main Street
Cohasset, MA 02025
781-383-3350
RBC Dain Rauscher
717-291-1600
Ryan, Beck & Company*
800-793-7226
Legg Mason Wood Walker, Inc.
570-346-9300
800-346-4346
F. J. Morrissey & Co., Inc.*
610-862-5360
800-842-8928
Monroe Securities, Inc.*
585-546-5560
800-766-5560
Arthurs, Lestrange & Co.*
877-282-1941
* Denotes Market Makers
|
BOARD OF DIRECTORS
 |
|
 |
William E. Schwarz
President, Edward J. Schwarz, Inc. |
 |
Robert E. Genirs
Retired Chief Administrative Officer,
Lehman Brothers |
 |
Gary C. Beilman
President and
Chief Executive Officer,
Dimeco, Inc. and
The Dime
Bank |
 |
John F. Spall
Attorney-at-Law |
 |
Barbara J. Genzlinger
Treasurer, The Settlers Inn, Ltd. |
 |
Henry M. Skier
President,
A.M.Skier Agency, Inc. |
 |
John S. Kiesendahl
President and
Chief Executive Officer,
Woodloch Pines, Inc.
|
|
Thomas A. Peifer
Retired Superintendent,
Wallenpaupack Area
School District |
A strong board of directors leads our management team
in meeting strategic objectives. Our qualified Board is fully seasoned
and in its entirety has over a century of directional experience
and almost half a millennium of leadership in the business community.
Through involvement in their personal area of expertise
and with a wide array of charitable and civic organizations, the
Board maintains community connections and utilizes well-rounded experience
to assist in decision making for Dimeco. They are actiely involved
with the American Red Cross, Wayne County Community Foundation, Morry's
Camp, Communities that Care, Wayne Memorial Hospital, Dorflinger-Suydam
Wildlife Sactuary, Lacawac Sanctuary, Mountain Laurel Center for
the Performing Arts, Upper Delaware Visioning Committee, various
youth activities, as well as many others!
Here for you - stronger than ever...
Dimeco's Board actively participates on several committees
of the Company and Bank including Audit, Trust, Technology, Executive
Compensation, Community Reinvestment Act and 401(k).
Dimeco's skilled Directors help transform business
issues into sound financial success for the shareholder, the customer,
the employee and the community.
|
