Dimeco, Inc. (NASDAQ DIMC), parent company of The Dime Bank, reported 2010 second quarter earnings of $1,185,000, an increase of $124,000 or 11.7% over the previous year. Net interest income of $4,107,000 was 4.7% greater than that reported for the second quarter of 2009, and noninterest income for the quarter was $1,093,000, an increase of $62,000 or 6.0% greater than one year earlier. Noninterest expense was $3,259,000, a decline of $26,000 from that of the same period last year as cost containment efforts and reduced FDIC deposit premiums took effect.
Year to date net income for 2010 was $2,287,000 or 7.0% greater than the income earned for the first half of 2009. Net interest income as of June 30, 2010 of $8,074,000 increased $170,000 or 2.2% compared to that of the same period in 2009. Dimeco’s Board of Directors declared a dividend of $.36 per share for the second quarter, producing a handsome yield of 3.79% at the current market price.
The Company continued to grow, with total assets of $560,261,000 at June 30, 2010, an increase of $67,990,000 or 13.8% from one year earlier. During the period deposits grew by $68,977,000 or 17.5%, and loans expanded by $16,723,000 or 4.3%, over the same timeframe in 2009.
Gary C. Beilman, president and chief executive officer of The Dime Bank, commented, “In this economy we continue to work closely with depositors and borrowers alike. These efforts include finding the right deposit products for customers as well as providing guidance and counseling to our borrowers. Working closely with customers on both sides of the balance sheet will ultimately benefit all concerned”
The Dime Bank, a wholly owned subsidiary of Dimeco, Inc., serves Wayne County and Pike County in Pennsylvania and Sullivan County in New York. The Bank offers a full array of financial services ranging from traditional products to electronic banking and trust and investment services. For more information on The Dime Bank, visit www.thedimebank.com.
Source: Dimeco, Inc. July 21, 2010/ Contact: Deborah L. Unflat
