Dimeco, Inc. Announces Second Quarter 2024 Earings

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.”