Dimeco, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 29, 2017
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Dimeco, Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $6,561,000, net interest income of $5,870,000, income before income taxes of $2,295,000 and net income of $1,769,000 or $1.07 per diluted share.
For the year, the company reported total interest income of $25,755,000 against $24,701,000 a year ago. Net interest income was $23,005,000 against $22,094,000 a year ago. Income before income taxes was $8,081,000 against $4,080,000 a year ago. Net income was $6,350,000 or $3.84 per diluted share against $3,635,000 or $2.22 per diluted share a year ago. Book value per share was $43.41 against $41.42 a year ago. Return on average assets was 1.00% against 0.60% a year ago. Return on average equity was 8.99% against 5.35% a year ago.
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.