Dimeco, Inc. Announces Earnings at September 30, 2023

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.”