MIDDLEBURY — Crystal Valley Financial Corp. announced Thursday, Feb. 14, that its board approved a 9-cent dividend, the company had $3.13 million in net income for 2012 and will buy back some stock.

The board of the company, which is the holding company for First State Bank, approved the dividend, which was 28.6 percent higher than the dividend paid in the first quarter of 2012.

James Hiatt, president and CEO of the bank, reported the net income for 2012 was 24.1 percent higher than 2011, with roughly a third of the total coming in the fourth quarter.

The board also introduced a stock repurchase program, authorizing the company to buy shares on the open market or in private transactions. Hiatt said, “with the recent trading price of our shares at a discount to book value we believe this investment makes strategic sense.”