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.