Dimeco Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012
October 19, 2012 at 04:09 pm EDT
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Dimeco Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, total interest income was $6,699,000 against $6,354,000 a year ago. Net interest income was $5,641,000 against $5,103,000 a year ago. Net interest income after provision for loan losses was $4,991,000 against $3,803,000 a year ago. Income before income taxes was $2,340,000 against $1,438,000 a year ago. Net income was $1,747,000 or $1.09 per basic and diluted share against $1,182,000 or $0.73 per basic and diluted share a year ago.
For the nine months, total interest income was $19,539,000 against $18,524,000 a year ago. Net interest income was $16,228,000 against $14,574,000 a year ago. Net interest income after provision for loan losses was $14,228,000 against $12,574,000 a year ago. Income before income taxes was $6,555,000 against $5,193,000 a year ago. Net income was $4,997,000 or $3.12 per basic and diluted share against $4,118,000 or $2.56 per basic and diluted share a year ago. Return on average stockholders' equity was 11.65% against 10.45% a year ago. Return on average assets was 1.12% against 1.00% a year ago. Book value per share was $36.30 against $33.96 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.