The Board of Directors of Great State Bank has declared a special cash dividend of seven cents per share on the company’s common stock. The cash dividend is payable on April 15 to shareholders of record as of March 4. This is the bank’s fourth consecutive annual dividend and represents a 16 percent increase over the special dividend paid last year.
Greg Edwards, president of Great State Bank, stated the dividend was based on the company’s current operating results, its strong financial condition and a commitment to delivering shareholder value.
Also, Great State Bank reported net income before taxes of $1,372,000 and net income after taxes of $891,000 for the year ended Dec. 31, 2016. This represented basic earnings per share of $1.44 before tax and $.93 after tax, respectively. Assets for the year were $118 million up 12% from 2015. Loans increased 14% to $82 million while deposits increased 12% to $103.7 million. Book value of the Bank’s common stock increased 7% to $12.38 per share at Dec. 31, 2016.
Bauer Financial has again recognized the bank by awarding it a five-star rating for superior performance and strength. Bauer is an independent bank research firm that uses federal regulatory guidelines and data to rate the financial stability of banks nationwide.
Edwards commented, “2016 represented a milestone for our bank as we had record earnings represented by the pre-tax earnings of $1.3 million and after tax earnings of $891,000. We have experienced double digit growth in loans and deposits each of the past two years. This was accomplished while continuing to take a conservative approach to credit quality as indicated by our low level of problem assets. We are building on this positive momentum by generating solid core earnings and are optimistic about the future.”
Great State Bank is a full service state chartered Federal Reserve member bank that was formed in 2008 in response to the area’s need for a locally owned and operated community bank. Great State Bank is located at 1422 U.S. Highway 421 A in Wilkesboro. The bank operates three full service branch offices at 1422 U.S. Highway 421A in Wilkesboro, 189 Boone Heights Drive in Boone and the recently opened office at 516 Hawthorne Drive in Yadkinville. The bank also has two loan production offices located at 809 N. Lafayette St. in Shelby and at 545 Harper Ave. in Lenoir.
Great State Bank can be found online at www.greatstatebank.com.