2023
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
2021
12/20/21 - Dimeco, Inc. Declares Cash Dividend
10/21/21 - Dimeco, Inc. Announces Earnings on September 30, 2021
09/24/21 - Dimeco, Inc. Declares Cash Dividend
09/13/21 - Dimeco, Inc. on OTCQX
07/23/21 - Dimeco, Inc. Announcing Earnings at June 30, 2021
06/18/21 - Dimeco, Inc. Declares Cash Dividend
04/26/21 - Dimeco, Inc. Announces First Quarter Earnings
04/23/21 - Dimeco, Inc. 2021 Annual Meeting of Stockholders
04/01/21 - Dimeco, Inc. Declares Cash Dividend
01/21/21 - Dimeco, Inc. Announces 2020 Earnings
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.”
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, 2021.
Total assets increased $75 million or 8.5% from the end of 2020 to $958 million on December 31, 2021. The loan portfolio ended the year at $657 million, an increase of over $12 million from the year prior. Deposit growth was strong with total deposits increasing 16.1% or $111 million, finishing the year at $797 million.
Dimeco’s 2021 net income of $12 million represented an increase of 35.0% over income reported for 2020. Net income at this level produced a return on average assets of 1.26% and a return on average equity of 12.08%, an increase over the same period last year of 16.7% and 25.1%, respectively.
Stockholders’ equity of $101 million on December 31, 2021 represented growth of 5.4% over a year earlier. The 2021 dividend payout ratio was 39.75%, with year-to-date dividends of $1.88 per share which included a special dividend of $.50, resulting in an overall increase of $0.55 or 41.4% greater than in 2020.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to report that Dimeco, Inc. fared very well from a financial standpoint in 2021. Our Board declared a special dividend honoring our commitment to reward our shareholders when possible for their continued dedication. The ongoing pandemic and the well-being of our communities, customers, and employees weighed heavily on our thoughts and actions, but through it all, we continued to provide the best service possible. Going forward we remain dedicated to our customers, staff, shareholders, and the community. Our focus is on the year ahead and the many exciting opportunities 2022 will bring.”
Honesdale, PA, December 20, 2021/ On December 16, 2021, the Board of Directors of Dimeco, Inc. (OTC Pink: DIMC) declared a dividend of $0.36 per share. This dividend is an increase of $0.02 from the dividend declared in September 2021, bringing the regular dividends to $1.38 per share, or $.05 greater than the total dividends declared in 2020. A dividend of $.36 per share produces a yield of 3.85% based on the December 16, 2021 market value of $35.87 per share.
Additionally, a special dividend has been declared in the amount of $0.50, bringing the total 2021 dividend to $1.88 per share, or $0.55 greater than the dividend declared in 2020. This total dividend provides an increase of 41.35% over the dividend declared in 2020.
Both dividends are payable to shareholders of record on December 31, 2021. The dividends will be paid on January 20, 2022, the anticipated date to release earnings for the year ended December 31, 2021.
President and Chief Executive Officer Peter Bochnovich commented, “I am very pleased our financial performance allows us to declare a special dividend to our shareholders. As always, we thank them for their continued support.”
Honesdale, PA, October 21, 2021 / Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces earnings for the period ending September 30, 2021.
Total assets of $969 million on September 30, 2021 show an increase of $95 million or 10.8% over balances on September 30, 2020. The loan portfolio increased .9% or $6 million, with a balance of $660 million on September 30, 2021. Total deposits of $801 million were 18.8% or $127 million greater than balances a year earlier. Stockholders’ equity increased 8.0% to $101 million over the past twelve months.
Net income of $8.9 million for the first nine months of 2021 reflects an increase of 39.9% or $2.5 million over net income reported for the first nine months of 2020. This resulted in a return on average assets of 1.25% and a return on average shareholders’ equity of 12.06% for the nine months ended September 30, 2021, an increase of 17.9% and 29.3%, respectively, from September 30, 2020.
The Board of Directors declared dividends totaling $1.02 per share during the past nine months, which produced a dividend yield of 3.73% on September 30, 2021. Dividends are up 3.0% over the amount paid in 2020.
President & Chief Executive Officer Peter Bochnovich stated, “I am pleased to report the financial results of Dimeco, Inc. as of September 30, 2021. Overall, there are many positive outcomes from this quarter including continued growth and profitability. Dimeco, Inc. began trading on the OTCQX in September, providing financial information that is easily accessible and understandable.”
Honesdale, PA, September 24, 2021/ The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend on September 23, 2021 of $0.34 per share to shareholders of record October 4, 2021. The dividend is payable on October 21, 2021, the anticipated date to release earnings for the third quarter of 2021. This dividend is an increase of $0.01 per share over the dividend declared in September 2020. This dividend of $0.34 per share produced a yield of 3.80% at the market value of $35.80 on September 23, 2021.
President and Chief Executive Officer Peter Bochnovich stated, “We thank our shareholders for their investment and continued loyalty to Dimeco and we remain committed to supporting our investors, customers, and our communities.”
Honesdale, PA, September 13, 2021/ The Board of Directors of Dimeco, Inc. is pleased to announce that Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, a Pennsylvania state-chartered bank that serves Northeast Pennsylvania, has qualified to trade on the OTCQX® Best Market. Dimeco, Inc. upgraded to OTCQX from the Pink® market.
Dimeco, Inc. begins trading today on OTCQX under the symbol “DIMC.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com/stock/DIMC.
Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
President and Chief Executive Officer of Dimeco, Inc. and The Dime Bank, Peter Bochnovich stated, “At The Dime Bank, we believe in creating amazing customer experiences and that intention encompasses our shareholders, too. Since 1905, we have been making a difference in the lives of those we touch by helping generations of customers realize their goals and dreams. We want our Dimeco investors and potential investors to have access to financial information that is easy to understand and helpful in making their investment decisions. We aim to generate broader recognition by investors, enhance shareholder value, and emphasize The Dime Bank’s commitment to the communities we serve.”
Boenning & Scattergood, Inc. acted as the company’s OTCQX sponsor.
About OTC Markets Group Inc.
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Honesdale, PA, July 23, 2021 / Dimeco, Inc., parent company of The Dime Bank, reported total assets of $987 million at June 30, 2021, an increase of $139 million or 16.4%, from one year earlier. Total loans of $667 million reflect an increase of $28 million or 4.4% over last year. Total deposits of $803 million were 19.8% greater than balances at June 30, 2020.
Net income increased $1.7 million or 46.6% over the same period in 2020 to end the first six months of 2021 at $5.4 million. At this income level, return on average assets was 1.16% and return on average shareholders’ equity was 11.21%, an increase of 20.8% and 35.2%, respectively.
Stockholder’s equity increased $6.8 million or 7.4% from June 30, 2020 to $98 million at June 30, 2021. On a per share basis, the book value of Dimeco grew by 6.0% when compared 2020. Earnings per share was $2.16 as of June 30, 2021, representing an increase of 45.9% from the same period last year. Dimeco’s Board of Directors declared dividends of $.68 per share for the first half of 2021, a 3% uptick over last year, resulting in an annualized dividend yield of 3.78%.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to report Dimeco, Inc.’s financial results for the first six months of 2021. Dimeco recognized significant balance sheet and income growth for the first half of the year. We continually seek opportunities to grow and to provide excellent customer experiences.”
Honesdale, PA, June 18, 2021/ The Board of Directors of Dimeco, Inc. (DIMC) declared a dividend of $0.34 per share, payable on July 23, 2021, to shareholders of record June 30, 2021. This dividend is a 3.0% increase over the dividend declared in June 2020. Based on the closing stock price of $36.25 on June 17, 2021, this represents a dividend yield of 3.75%.
President and Chief Executive Officer Peter Bochnovich commented, “We thank our shareholders for their commitment and investment in Dimeco, Inc. We continue to bring trusted, dependable financial solutions to our customers and the communities we serve.”
Dimeco, Inc. (DIMC), the holding company for The Dime Bank, reported unaudited results for the first quarter of 2021.
At March 31, 2021, total assets were $935 million, an increase of $177 million or 23.3% from the $759 million reported on March 31, 2020. Total loans, the largest component of assets, were $683 million at March 31, 2021, up 21.4% over one year prior. Payroll Protection Program (PPP) loans and commercial loan demand were large drivers in the loan growth. The investment portfolio grew 23.0% as part of management’s strategy to manage excess liquidity and bolster interest income. On the liability side, deposit balances also grew from one year earlier to $742 million, up $167 million or 29.1%, mainly due to government stimulus programs. The deposit growth was reflected in all categories except certificates of deposits as customers are opting to move their money into checking and savings accounts or the stock market.
Net income of $2.6 million was $786 thousand or 42.7% greater than the comparative period in 2020. The increase was due to PPP loan fee income, greater net interest income, and increased non-interest income. The provision for loan loss was also $300 thousand lower than the same period in the prior year. Net income at this level resulted in a return on average assets of 1.15% and a return on average equity of 10.88%, up 15.0% and 31.2%, respectively.
Stockholders’ equity of $96 million represented growth of 9.4% over balances a year earlier, reinforcing a strong capital position. Dividends declared of $.34 per share is an increase of 3.0% over that of the first quarter 2020. This produced a dividend yield of 3.78% or 2.4% higher than the year prior.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to present the financial position of Dimeco, Inc. for the first quarter of 2021. As we continue to operate through the pandemic, our primary goal remains the health and safety of our staff and customers. As situations present themselves, decisions need to be made quickly, and I am happy to report the entire Dime Bank staff adapted and handled these circumstances efficiently. As 2021 progresses, and more people get vaccinated, we hope for a return to a sense of normalcy. We are excited about the upcoming construction of our new Greentown branch and look forward to servicing customers in this new location. We welcome all in the community to consider investment in Dimeco, Inc. and we thank our customers, shareholders, and staff for their patience and continued support during these uncertain times."
Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2021 Annual Meeting of Stockholders on April 22, 2021. The Company’s stock is traded on the over-the-counter OTC Pink Marketplace under the 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 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 auditors for the fiscal year ending December 31, 2021.
Chief Financial Officer Jeffrey Roche began the presentation with a review of the components of the balance sheet. Total deposits ended 2020 at $686 million, an increase of $106 million, or 18.3% over total deposits a year earlier. This increase was driven mostly by effects of the COVID-19 pandemic, including multiple government stimulus programs that were released to bolster the economy. Total loans increased over $92 million or 16.7% to end the year at $645 million. $58 million of this increase stems from the federal Cares Act – Payroll Protection Program (PPP) which The Dime Bank was proud to participate in to facilitate financial help to local community businesses impacted by COVID-19. The remaining growth of $34 million came from other loan categories. Total assets increased by $150 million or 20.5% to $883 million at December 31, 2021.
Net income for 2020 was just under $8.9 million, which was an increase from the prior year of $122 thousand or 1.4%. Factors that contributed to the results included PPP fee income and a reduction to interest expense due to lowering interest rates. An added expense was the increase to the provision for loan losses. Stockholders’ equity grew to over $95 million, an increase of 9.4% over 2019.
The floor was turned over to President and Chief Executive Officer Peter Bochnovich who discussed the relocation of the Greentown branch, expected to open later this year. The relocation of the Bank’s Operations Center is expected to move next year to the former Rusty Palmer building, to be named The Dime Bank Operations Center. Bochnovich also discussed first quarter results, which are made public in a separate release.
Bochnovich concluded, “2020 was truly a challenging year and I am proud to report your company weathered the storm. We thank our shareholders, directors, staff, customers, and the community for their support of Dimeco, Inc.”
On March 25, 2021, The Board of Directors of Dimeco, Inc. (OTC Pink: DIMC) declared a dividend of $.34 per share for the first quarter of 2021, which represents a dividend yield of 3.86% based on the closing stock price of $35.26. The dividend is payable on April 22, 2021, to shareholders of record on April 5, 2021. This dividend is an increase of $0.01, or 3% over the dividend declared for the same period 2020.
President and Chief Executive Officer Peter Bochnovich, stated, “We remain committed to our shareholders and reward them for their loyalty with this increased dividend. We pledge to continue to support our shareholders and customers during these challenging times. Our shareholder investment allows us to bring the best financial solutions to our communities.”
Dimeco, Inc. (OTC Pink: DIMC), the holding company for The Dime Bank, released unaudited financial results for the quarter and fiscal year ending December 31, 2020.
Total assets increased $150 million or 20.5% from the end of 2019 to $883 million on December 31, 2020. The loan portfolio increased $92 million or 16.7% from the year prior, ending the year at $645 million. The loan balances are inclusive of Paycheck Protection Program loans which totaled $58 million. Deposit growth was also strong with total deposits increasing 18.3% or $106 million, finishing the year at $686 million.
Dimeco’s 2020 net income of $8.9 million represented an increase of 1.4% over income reported for 2019. The increase is partly attributed to a 7% rise in net interest income, gains of sale of residential mortgages, and decreased expenses in several areas. Additionally, given the ongoing pandemic and the current economic conditions, management prudently increased the provision for loan losses expense, to $3.5 million or 366.7% greater than 2019. Net income at this level produced a return on average assets of 1.08% and a return on average equity of 9.66%.
Stockholders’ equity of $96 million at December 31, 2020 represented growth of 9.4% over a year earlier. The 2020 dividend payout ratio was 37.6%, with year to date dividends of $1.33 per share which is $0.10 or 8.1% greater than in 2019.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to present Dimeco’s financial position for the year ended 2020. While the year produced many challenges for all, there were many bright spots along the way. As shown in our numbers, we had a strong year and remained committed to our customers, staff, shareholders, and the community. Our focus will remain on supporting our customers through these trying times.”