The Dime Bank Declares Cash Dividend The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) declared a dividend of $0.40 per share, payable on July 25, 2024, to shareholders of record July 1, 2024. This dividend is a 5.3% increase, or $0.02, over the dividend declared in June 2023. Based on the closing stock price of $35.89, this represents a dividend yield of 4.46%. President and Chief Executive Officer Peter Bochnovich commented, “We are dedicated to acknowledging our shareholders for their ongoing support and investment in Dimeco, Inc. This dividend serves as a testament to that commitment. Our objective is to sustain our growth and profitability trends, all while delivering top-notch financial products and services to our valued customers.” Dimeco, Inc. is the holding company of The Dime Bank, a full-service financial institution serving Northeast Pennsylvania. Dimeco, Inc. reported first quarter 2024 assets of $1 billion, loans of $744 million, and deposits of $845 million. Dimeco, Inc. trades on the OTCQX Marketplace under symbol DIMC, operated by OTC Markets Group. For more information on The Dime Bank and Dimeco, Inc., visit www.thedime.bank.
The Dime Bank Holds 2024 Annual Meeting of Stockholders Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2024 Annual Meeting of Stockholders on April 25, 2024. 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 Todd Stephens, Vice Chairman of the Board of Directors of the Company, and Chairman of the Annual 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 public accountants for the fiscal year ending December 31, 2024. Chief Financial Officer Jeffrey J. Roche reviewed performance for 2023. Deposits ended the year at $826.5 million, with Certificates of Deposit as the main driver of growth. The loan portfolio increased $43.4 million across all categories from the year prior, to finish the year at $722.4 million. Total assets increased $20.4 million or 2.1% from the end of 2022 to $990 million on December 31, 2023. Net income was $10.8 million at December 31, 2023 and the Company was very well capitalized with stockholders equity of $98.6 million. The 2023 dividends totaled $1.54 per share with a dividend yield of 4.47% as of December 31, 2023. President and Chief Executive Officer Peter Bochnovich reviewed first quarter results, which were made public in a separate release on April 25, 2024. He then discussed Board of Directors’ changes: Thomas A. Peifer retired after 35 years of service and Henry M. Skier transitioned from Board Director to Director Emeritus after 42 years of service. He welcomed two new members, Aimee M. Skier and Lorraine D. Collins. Bochnovich concluded, “We are well positioned to serve our customers throughout their lifetimes, and we thank our shareholders, directors, staff, customers, and the community for their support of Dimeco, Inc. We are here for you today, tomorrow, and always.”
The Dime Bank Announces First Quarter 2024 Earnings Dimeco, Inc., the holding company for The Dime Bank, reported unaudited results for the first quarter of 2024. At March 31, 2024, total assets were $1 billion, an increase of $41 million over March 31, 2023. Fueling this growth was an increase in total loans of $73 million, bringing loans to $744 million compared to $671 million one year prior, a growth rate of 11%. Deposits were $845 million at March 31, 2024, compared to $788 million the same period 2023, or 7.2% higher. For the three months ended March 31, 2024, Dimeco recorded net income of $2.4 million, down $162 thousand from the same period last year. Net income at this level resulted in a return on average assets of .95% and a return on average equity of 9.56%. Maintaining a strong capital position, stockholders’ equity was $99 million at March 31, 2024, representing growth of 6.9% over balances a year earlier. Dividends remained solid, amounting to $.40 per share for the period ended March 31, 2024, producing a dividend yield of 4.60%. “I am pleased to announce that Dimeco attained a long-time goal of reaching $1 billion in total assets as of the first quarter of 2024. Surpassing this milestone was achieved through responsible growth and prudent banking management,” stated President and Chief Executive Officer Peter Bochnovich. “We will continue to navigate the economic challenges through 2024 including persistent inflation, margin compression, and an inverted yield curve. Additionally, fraud is increasing, and we encourage everyone to be wary of any text, e-mail, or phone call that is asking for account information or to send money. We look forward to continued growth through 2024 and in future years.”
The Dime Bank Announces Cash Dividend On March 21, 2024, The Board of Directors of Dimeco, Inc. (OTCQX: DIMC) and its subsidiary The Dime Bank declared a dividend of $.40 per share for the first quarter of 2024, which represents a dividend yield of 4.64% based on the closing stock price of $34.50. The dividend is payable on April 25, 2024, to shareholders of record on April 1, 2024. This dividend is an increase of $0.02 per share, or 5.26% over the dividend declared for the same period 2023. President and Chief Executive Officer Peter Bochnovich, stated, “Our shareholders play a crucial role in the success of Dimeco, Inc. Their investment empowers us to be innovative within our industry and bring the best financial services to our communities. This dividend shows our gratitude for their unwavering commitment and trust in our company.”
Dimeco, INC. on OTCQX Investment Market 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. 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.
