HONESDALE, PA - Dimeco, Inc. (OTCQX: DIMC), the parent holding company of The Dime Bank, announces unaudited financial results for the quarter and fiscal year ending December 31, 2021.

Total assets increased $75 million or 8.5% from the end of 2020 to $958 million on December 31, 2021. The loan portfolio ended the year at $657 million, an increase of over $12 million from the year prior. Deposit growth was strong with total deposits increasing 16.1% or $111 million, finishing the year at $797 million.

Dimeco’s 2021 net income of $12 million represented an increase of 35.0% over income reported for 2020. Net income at this level produced a return on average assets of 1.26% and a return on average equity of 12.08%, an increase over the same period last year of 16.7% and 25.1%, respectively.

Stockholders’ equity of $101 million on December 31, 2021 represented growth of 5.4% over a year earlier. The 2021 dividend payout ratio was 39.75%, with year-to-date dividends of $1.88 per share which included a special dividend of $.50, resulting in an overall increase of $0.55 or 41.4% greater than in 2020.

President and Chief Executive Officer Peter Bochnovich stated, “I am pleased to report that Dimeco, Inc. fared very well from a financial standpoint in 2021. Our Board declared a special dividend honoring our commitment to reward our shareholders when possible for their continued dedication. The ongoing pandemic and the well-being of our communities, customers, and employees weighed heavily on our thoughts and actions, but through it all, we continued to provide the best service possible. Going forward we remain dedicated to our customers, staff, shareholders, and the community. Our focus is on the year ahead and the many exciting opportunities 2022 will bring.”