Dimeco, Inc. Announces Earnings at June 30, 2022Press Release | 07/22/2022
Dimeco, Inc. (OTCQX: DIMC), the holding company for The Dime Bank, reported total assets of $974 million at June 30, 2022, a slight retraction of $13 million or 1.3%, from one year earlier. Total loans of $652 million reflect a decrease of $15 million or 2.2% over last year as expected due to the SBA Paycheck Protection Program (PPP) forgiveness of over $81 million. Total deposits of $854 million were 6.4% greater, or $51 million, than balances at June 30, 2021.
Net income increased $696 thousand or 12.8% over the same period in 2021 to end the first six months of 2022 at $6.1 million. At this income level, return on average assets was 1.27% and return on average shareholders equity was 12.86%, an increase of 9.5% and 14.7%, respectively.
On a per share basis, the market value of Dimeco grew by 22.4% when compared 2021, closing at $44.05 on June 30, 2022. Earnings per share was $2.42, representing an increase of 12.0% from the same period last year. Dimecos Board of Directors declared dividends of $.72 per share for the first half of 2022, a 5.9% uptick over last year.
President and Chief Executive Officer Peter Bochnovich stated, I am pleased to report Dimeco, Inc.s financial results for the first six months of 2022. As we continue to operate in these uncertain times, we will continue to be true to our mission statement and strategic goals.
About Dimeco, Inc.
Dimeco, Inc. is the parent holding company of The Dime Bank, a full-service financial institution serving Northeast Pennsylvania since 1905. Dimeco, Inc. 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.thedimebank.com.
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Dimeco Inc. published this content on 22 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2022 17:23:02 UTC.
Dimeco, Inc. is a bank holding company of The Dime Bank (the Bank). The Bank is a state-chartered bank and operates from approximately seven locations in northeastern Pennsylvania. It offers banking and bank-related services, including residential real estate, commercial mortgage, commercial and consumer financing, as well as interest earnings on investment securities. The Company, through its subsidiary, provides deposit services including checking, savings and certificate of deposit accounts and investment services. It offers a range of loans, such as consumer loans, home equity loans, mortgage loans, construction loans, and student loans. It provides business line of credit, business term loan, business vehicle loan, business equipment loan, capital improvement loan, and commercial real estate loan. Its online and mobile banking features include bill pay, voice bill pay, mobile wallet, external transfers, mobile deposit, e-statements and debit cards. It also offers merchant service.
DIMECO, INC. 
