The Dime Bank Announces 2023 Earnings

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, 2023. 

Total assets increased $20 million or 2.1% from the end of 2022 to $989 million as of December 31, 2023. The loan portfolio ended the year at $722 million, an increase of $43.4 million or 6.4% from the year prior. Deposits also increased year-over-year to $827 million, a gain of $39 million or 4.9%.

Dimeco’s 2023 net income of $10.8 million was $1.5 million less than 2022, including a reduction of $1.1 million in fees from the Small Business Administration Paycheck Protection Program. Net income at this level produced a return on average assets of 1.11% and a return on average equity of 11.84%.

The 2023 dividend payout ratio was 36.07% providing a yield of 4.47%, with year-to-date dividends totaling $1.54 per share.

President and Chief Executive Officer Peter Bochnovich stated, “I am excited to report the financial results of Dimeco, Inc. for the fourth quarter and year ended December 31, 2023. While there were challenges in 2023, there were also many successes. Dimeco, Inc. fared well, especially within the loan portfolio. We look forward to the opportunities Dimeco will have in 2024.  We are thankful to our customers and shareholders for their commitment to us.”