The Dime Bank is a member of PACB.
Honesdale, Pennsylvania — Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces unaudited financial results for the quarter and fiscal year ending Dec. 31, 2022.
Total assets increased $11.3 million or 1.2% from the end of 2021 to $970 million on Dec. 31, 2022. The loan portfolio ended the year at $679 million, an increase of $22 million or 3.3% from the year prior. Deposits finished the year at $788 million.
Dimeco’s 2022 net income of $12.3 million represented an increase of 3.3% over income reported for 2021. Net income at this level produced a return on average assets of 1.28% and a return on average equity of 13.51%, an increase over the same period last year of 1.6% and 11.8%, respectively.
The 2022 dividend payout ratio was 30.04% providing a yield of 3.32%, with year-to-date dividends totaling $1.46 per share.
President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to report the financial results of Dimeco, Inc. for the fourth quarter and year ended Dec. 31, 2022. Despite the economic challenges, including several rate hikes, Dimeco, Inc. showed continued growth with increases to net income and total assets. We are thankful to our customers and shareholders for their commitment to us.”
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.thedimebank.com.