HONESDALE, PA - Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2021 Annual Meeting of Stockholders on April 22, 2021. The Company's stock is traded on …
HONESDALE, PA - Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2021 Annual Meeting of Stockholders on April 22, 2021. The Company's stock is traded on the over-the-counter OTC Pink Marketplace under the symbol ‘DIMC', operated by OTC Markets Group.
The meeting was brought to order by Todd Stephens, Vice Chairman of the Board of Directors of the Company and Chairman of the meeting. At the meeting, Peter Bochnovich, Barbara J. Genzlinger, John S. Kiesendahl, and John F. Spall were re-elected as directors, each for a three-year term. Stockholders ratified the appointment of S.R. Snodgrass, P.C. as the Company's independent auditors for the fiscal year ending December 31.
Chief Financial Officer Jeffrey Roche began the presentation with a review of the components of the balance sheet. Total deposits ended 2020 at $686 million, an increase of $106 million, or 18.3% over total deposits a year earlier. This increase was driven mostly by effects of the COVID-19 pandemic, including multiple government stimulus programs that were released to bolster the economy. Total loans increased over $92 million or 16.7% to end the year at $645 million. $58 million of this increase stems from the federal Cares Act - Payroll Protection Program (PPP) which The Dime Bank was proud to participate in to facilitate financial help to local community businesses impacted by COVID-19. The remaining growth of $34 million came from other loan categories. Total assets increased by $150 million or 20.5% to $883 million at December 31.
Net income for 2020 was just under $8.9 million, which was an increase from the prior year of $122 thousand or 1.4%. Factors that contributed to the results included PPP fee income and a reduction to interest expense due to lowering interest rates. An added expense was the increase to the provision for loan losses. Stockholders' equity grew to over $95 million, an increase of 9.4% over 2019.
The floor was turned over to President and Chief Executive Officer, Peter Bochnovich, who discussed the relocation of the Greentown branch, expected to open later this year. The relocation of the Bank's Operations Center is expected to move next year to the former Rusty Palmer building, to be named The Dime Bank Operations Center. Bochnovich also discussed first quarter results, which are made public in a separate release.
Bochnovich concluded, “2020 was truly a challenging year, and I am proud to report your company weathered the storm. We thank our shareholders, directors, staff, customers and the community for their support of Dimeco, Inc.”