Dimeco Inc (DIMC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Dimeco Inc

CIK: 898037 Ticker: DIMC






Honesdale, Pennsylvania/ January 22, 2013/ Dimeco, Inc. (OTCBB: DIMC), the holding company for The Dime Bank, released unaudited financial results for the year 2012.


Dimeco, Inc., the “Company”, continued sound, planned growth to end the year with $603,605,000 in total assets, an increase of $21,711,000 or 3.7% over balances one year earlier, with the loan portfolio ending the year at $474,762,000 or 6.2% over balances at December 31, 2011. During 2012 deposits increased $16,301,000 or 3.4% to end the year at $500,585,000. Stockholders’ equity of $59,937,000 at December 31, 2012 represented an increase of 8.8% over a year earlier.


Net income for 2012 was $6,614,000, an increase of $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. As a measure of asset quality, the ratio of nonperforming assets to total assets decreased by 14.1% to 3.29% at December 31, 2012, and the allowance to loan loss as a percentage of total loans increased by 3.8% to end 2012 at 1.93%.


Earnings per share for the year ended 2012 were $4.12, an increase of 23.4% over earnings for 2011. Dividends remained solid, amounting to $1.46 per share in 2012, an increase of 1.4% over 2011, producing a dividend yield of 4.03%.


Gary C. Beilman, president and chief executive officer, stated “I am pleased to present our fourth quarter report; 2012 was a year of many positive results beginning with continued growth in assets, loans, and deposits as noted above. Secondly, our significant net income increase of 24% over last year resulted in double digit increases in both our return on average assets and return on average equity ratios. Furthermore, the shareholders equity to assets ratio increased by nearly 5% and book value per share is up 7%. The market value per share has expanded by more than 8% to $36.25. In addition to these highlights, our Board approved an increase in dividends, from $.36 to $.38 per share for the fourth quarter, representing annualized growth of 6% in dividends over that of the previous quarter.


Management is currently taking several steps to improve asset quality; we expect that these efforts will continue for some time before our desired quality goals are achieved.


With our application to the Securities and Exchange Commission to allow the Company to de-register our shares, our intention is to expand upon the information provided in quarterly reports. We are appreciative of continued loyalty and investment in Dimeco and we welcome comments or questions from the community and our shareholders.”


Dimeco, Inc. is the holding company of The Dime Bank, a full service financial institution serving northeastern Pennsylvania and Sullivan County New York. For more information on Dimeco, Inc. and The Dime Bank, visit


Source: Dimeco, Inc. / January 22, 2013 / Deborah Unflat


The following information was filed by Dimeco Inc (DIMC) on Tuesday, January 22, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statement Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
A Summary Of Company's Stock Award Activity (detail)
Aging Analysis Of Recorded Investment Of Past Due Loans (detail)
Allowance For Loan Losses
Allowance For Loan Losses (tables)
Allowance For Loan Losses - Additional Information (detail)
Allowance For Loan Losses By Portfolio Segment (detail)
Amortized Cost And Estimated Fair Value Of Investment Securities (detail)
Amortized Cost And Fair Value Of Debt Securities By Contractual Maturity (detail)
Amounts Paid For Interest And Income Taxes And Noncash Activities (detail)
Assets Measured On Nonrecurring Basis By Level Within Fair Value Hierarchy (detail)
Assets Reported At Fair Value By Level Within Fair Value Hierarchy (detail)
Board Of Directors Granted Compensation To Officers And Directors (detail)
Capital Position Of Bank Does Not Differ Significantly From Company's (detail)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (tables)
Commitments And Contingent Liabilities Additional Information (details)
Compensation Expense Relating To Share-based Compensation (detail)
Components Of Net Deferred Tax Assets And Liabilities (detail)
Condensed Financial Statements For Parent Company (detail)
Condensed Statement Of Cash Flows (detail)
Condensed Statement Of Income (detail)
Credit Exposures By Assigned Grades (detail)
Deposits (detail)
Deposits (tables)
Deposits - Additional Information (detail)
Dividend Reinvestment And Stock Purchase Plan
Dividend Reinvestment And Stock Purchase Plan (tables)
Earnings Per Share
Earnings Per Share (detail)
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Employee Benefits
Employee Benefits (tables)
Employee Benefits - Additional Information (detail)
Estimated Fair Value Of Stock Options Granted (detail)
Estimated Fair Values Of Financial Instruments (detail)
Fair Value And Gross Unrealized Losses Aggregated By Investment Category And Length Of Time That Individual Securities Have Been In Continuous Unrealized Loss Position (detail)
Fair Value Disclosure
Fair Value Disclosure (tables)
Fair Value Measurements
Fair Value Measurements (tables)
Fhlb Advances Consist Of Separate Fixed Rate And Convertible Select-fixed To Float Rate Loans (detail)
Financial Instruments Contractual Amounts Represent Credit Risk (detail)
Income Tax Expense (detail)
Income Taxes
Income Taxes (tables)
Investment Securities
Investment Securities (tables)
Investment Securities Pledged To Secure Deposits Short-term Borrowing (detail)
Loan Modifications That Are Considered Troubled Debt Restructurings (detail)
Loans (tables)
Loans - Additional Information (detail)
Loans Presented By Class On Nonaccrual Status (detail)
Major Classifications Of Loans (detail)
Maturities/repayments And Weighted Average Rates Of Remaining Fhlb Advances (detail)
Minimum Rental Commitments For All Non-cancelable Leases (detail)
Number Of Shares Purchased By Stockholders Through Drp Plan (detail)
Other Borrowed Funds
Other Borrowed Funds (tables)
Parent Company
Parent Company (tables)
Premises And Equipment
Premises And Equipment (detail)
Premises And Equipment (tables)
Premises And Equipment - Additional Information (detail)
Proceeds Received Gross Gains And Gross Losses Realized On Sale Call Or Merger Of Investment Securities (detail)
Quarterly Data
Quarterly Data (detail)
Quarterly Data (tables)
Reconciliation Between Expected Statutory Income Tax Rate And Effective Income Tax Rate (detail)
Recorded Investment And Unpaid Principal Balances For Impaired Loans With Associated Allowance Amount (detail)
Regulatory Capital Requirements
Regulatory Capital Requirements (tables)
Regulatory Restrictions
Regulatory Restrictions Additional Information (details)
Short-term Borrowings
Short-term Borrowings (detail)
Short-term Borrowings (tables)
Summarizes Characteristic Of Stock Options Outstanding (detail)
Summarizes Maturity Distribution Of Time Deposits (detail)
Summarizes Of Maturity Distribution Of Certificates Of Deposit (detail)
Summary Of Loan Activity For Those Officers And Directors With Aggregate Loan Balances (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Unrecognized Compensation Expense (detail)
Valuation Processes Used To Determine Nonrecurring Fair Value Measurements Categorized Within Level Iii Of Fair Value Hierarchy (detail)
Ticker: DIMC
CIK: 898037
Form Type: 10-K Annual Report
Accession Number: 0001144204-13-017777
Submitted to the SEC: Wed Mar 27 2013 12:50:16 PM EST
Accepted by the SEC: Wed Mar 27 2013
Period: Monday, December 31, 2012
Industry: State Commercial Banks

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