DIMC
Dimeco, Inc.

Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces earnings for the period ending September 30, 2024.

Total assets of $1.069 billion on September 30, 2024, increased $82.8 million or 8.4% over balances on September 30, 2023. The loan portfolio at $774 million increased $64.3 million or 9.1% over balances a year earlier. Total deposits at $882 million increased $97.2 million or 12.4% from balances on September 30, 2023. Stockholders’ equity grew by $19.2 million or 21.6% to $108.1 million as of September 30, 2024. 

Net income was $9.3 million for the first nine months of 2024, an increase of $2.1 million or 28.8% compared to the first nine months in 2023. This level of income resulted in a return on average assets of 1.21% and a return on average equity of 12.29% for the nine months ended September 30, 2024. The Board of Directors declared dividends totaling $1.20 per share during the first nine months of 2024, an increase of 5.3% over the amount paid for the same period in 2023.

President & Chief Executive Officer Pete Bochnovich stated, “I am excited to present the results for Dimeco through the first three quarters of 2024 and I look forward to the opportunities that lie ahead for us. As you read our financial highlights statement, you will see that loan demand has remained strong, deposits continue to grow, and net income increased. Management will continue to pursue actions that best align with our mission. We thank our customers, shareholders, staff, and the community for their continued commitment.”

About Dimeco, Inc.

Dimeco, Inc. is the parent holding company of The Dime Bank, a full-service financial institution serving Northeast Pennsylvania since 1905. The Bank trades on the OTCQX Marketplace under symbol DIMC, operated by OTC Markets Group. For more information on Dimeco, Inc. and The Dime Bank, visit www.thedime.bank.