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.”