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Middlebury $SUBT_ON$Crystal Valley 1Q profit is record $1.07 million$SUBT_OFF$

The parent of First State Bank reported a record first quarter and a dividend coming for shareholders.

Posted on April 17, 2013 at 1:00 a.m. | Updated on April 17, 2013 at 5:08 p.m.

MIDDLEBURY — Crystal Valley Financial Corp., the holding company of First State Bank, had a record first quarter, with net income of nearly $1.07 million.

Total assets were $391 million, up 3.6 percent from the same point in 2012, and book value per share was $25.94, up 7.23 percent from the same period of 2012.

Deposits were up 4 percent to $320 million, reflecting recovery in the local economy. The board of directors approved a second-quarter dividend of 10 cents per share, up from a 7-cent dividend a year earlier. Jim Hiatt, president and CEO, said operational changes set the stage for continued growth and profitability.


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