Dimeco, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
July 24, 2015
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Dimeco, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total interest income of $6,081,000 compared to $6,269,000 a year ago. Net interest income was $5,433,000 compared to $5,489,000 a year ago. Income before income taxes was $1,442,000 compared to $1,848,000 a year ago. Net income was $1,210,000 or $0.74 per diluted share compared to $1,485,000 or $0.91 per diluted share a year ago. Book value per share was $41.33 at June 30, 2015 compared to $39.78 at June 30, 2014.
For the six months, the company reported total interest income of $12,235,000 compared to $12,561,000 a year ago. Net interest income was $10,906,000 compared to $10,973,000 a year ago. Income before income taxes was $2,818,000 compared to $3,625,000 a year ago. Net income was $2,365,000 or $1.45 per diluted share compared to $2,922,000 or $1.79 per diluted share a year ago. Return on average assets was 0.78% compared to 0.97% a year ago. Return on average equity was 7.04% compared to 9.20% 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.