Dimeco Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 23, 2013 at 03:24 am IST
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Dimeco Inc. announced consolidated unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported interest income of $5,951,000 against $5,754,000 a year ago. Total interest income was $6,518.000 against $6,398,000 a year ago. Net interest income was $5,497,000 against $5,196,000 a year ago. Net interest income after provision for loan losses was $4,247,000 against $4,321,000 a year ago. Net income was $1,617,000 or $1.00 per basic and diluted share against $1,218,000 or $0.76 per basic and diluted share a year ago.
For the year, the company reported interest income of $23,616,000 against $22,435,000 a year ago. Total interest income was $26,057,000 against $24,922,000 a year ago. Net interest income was $21,725,000 against $19,770,000 a year ago. Net interest income after provision for loan losses was $18,475,000 against $16,895,000 a year ago. Net income was $6,614,000 or $4.12 per basic and diluted share against $5,336,000 or $3.31 per basic and diluted share a year ago. Net income was increased by $1,278,000 or 24.0% over income reported for the year 2011. The major contributor to this growth was net interest income of $21,725,000, which was $1,955,000 or 9.9% greater than the previous year. At this level of income, the company reported a return on average assets of 1.10% and a return on average equity of 11.42% for 2012, representing an increase of 14.6% and 13.7%, respectively, over 2011.
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.