Stock Listing – DIMC
Dividend Reinvestment Plan
The Company offers a plan for stockholders to automatically reinvest their dividends in shares of common stock along with the opportunity to purchase additional stock. There are no brokerage commissions or fees imposed. For more information, contact the Transfer Agent listed above.
Dimeco, Inc. Stock Market Makers
Boenning & Scattergood, Inc.
FIG Partners, LLC
Raymond James & Associates
Stifel, Nicolaus & Company, Inc.
John S. Kiesendahl, Chairman
Todd J. Stephens, Vice Chairman
Gary C. Beilman, President
John F. Spall, Secretary
Gregory J. Frigolettop
Barbara J. Genzlinger
Brian T. Kelly
Thomas A. Peifer
David D. Reynolds, M.D.
Henry M. Skier
It is our pleasure to present this report of Dimeco, Inc. as of September 30, 2019. Not only do we have good financial news to share, but we also have exciting developments to relay.
A great deal of activity is occurring in our marketplace and we are proud to be capturing our share of it. When this quarter is compared to that of 2018, growth is certainly evident. Despite continued unexpected payoffs, loans grew to $544 million, an increase of almost 6%. In addition, the investment portfolio grew nearly 15%, resulting in total assets of $723 million, an increase of over 7%.
Deposits at $572 million are up over 11% from same period last year. One of the many ways that we gauge our success is by reviewing the annual FDIC’s Summary of Deposits Survey as of June 30th. This survey details the deposits of each branch of every bank in the country. Within the combined Wayne and Pike County markets, we hold over 25% market share of those deposits, which places us in the number one position. We held this spot each year since 2007 and our ranking speaks volumes as to the acceptance of The Dime Bank in our primary marketplace.
We also note good news from our performance perspective. Asset quality continues to show improvement, evidenced by the 17.6% reduction in nonperforming assets to total assets when compared to last year. During the past year, our efficiency ratio improved by almost 5% and we increased our net interest margin to 4.23% from the 4.17% in 2018. This is no small feat in this challenging interest rate environment.
Net income for nine months ended September 30, 2019 stands at $6.6 million, an increase of 14% above the earnings posted one year earlier. Per share book value grew by over 11% and the market value of Dimeco shares is up over 2%. Your board of directors increased dividends by 7% over 2018.
This performance translates into a return on average assets ratio of 1.27% and a return on average equity ratio of 10.64%, expansions of 6.7% and 3.8%, respectively, compared to the same period of 2018. We are certainly thrilled with these results and our quest is to continue this positive momentum into the final quarter of this year.
As announced during the quarter, Gary Beilman will be retiring at the end of the year. As part of our succession plan, Peter Bochnovich was named Chief Executive Officer. We are happy to report that the transition process is evolving very effectively with the goal of a seamless management change and continued positive results for shareholders.
We thank you for your loyalty and continued support. As opportunities arise, we encourage you to recommend us to others for investment in our stock and for use of our banking and wealth management services. Your comments and questions are always welcome.
Gary C. Beilman
Executive Vice President & Chief Executive Officer