Dimeco, Inc. (OTCQX: DIMC), is the parent holding company of The Dime Bank, a full-service financial institution that has been serving Northeast Pennsylvania since 1905 and headquartered in Honesdale, Pennsylvania announced its financial results for its third quarter ending September 30, 2024, has showcased robust growth across key metrics.
For the quarter Dimeco, Inc. reported total assets of $1.069 billion, reflecting an increase of $82.8 million or 8.4% compared to the same date last year. The company’s loan portfolio reached $774 million, marking a 9.1% rise, equivalent to $64.3 million over the previous year. Additionally, total deposits surged to $882 million, a significant increase of 12.4% or $97.2 million from September 30, 2023. Stockholders’ equity also saw substantial growth, rising by $19.2 million or 21.6% to reach $108.1 million at the end of September 2024. Dimeco’s net income for the first nine months of 2024 was $9.3 million, an impressive increase of $2.1 million or 28.8% compared to the same period in 2023. This growth translated into a return on average assets of 1.21% and a return on average equity of 12.29% for the nine-month period ending September 30, 2024. The Board of Directors declared dividends totaling $1.20 per share during this timeframe, reflecting a 5.3% increase over the amount distributed in the same period last year.
President and Chief Executive Officer Pete Bochnovich expressed his enthusiasm regarding the company’s performance: “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.” Bochnovich further emphasized that management will continue to pursue strategies that align with their mission while expressing gratitude to customers, shareholders, staff, and the community for their ongoing support.
As Dimeco continues to build on its momentum from the first three quarters of 2024, it remains focused on strategic growth initiatives that will enhance its service offerings and strengthen its position in the market. With a solid foundation and a commitment to excellence, Dimeco is well-positioned for future success in an evolving financial landscape.
