From Local Sources
JASPER -- Springs Valley Bank’s parent company, SVB&T has announced record profits for 2018.
The company will transition from an annual to a quarterly dividend payout structure.
Using that structure, SVB&T will pay a cash dividend of $.25 per share to all shareholders of record as of March 15, 2019.
The payout will be made on or around April 15th.
The dividends reflect a 5.26% annualized increase over 2018’s payout.
The company saw a 20% increase in its net income to close out 2018.
SVB&T’s Total Interest Income for the year was also up 13.75% from 2017.
The fourth quarter alone saw an earnings increase of $1 million, that's up 22.04% from the last quarter of 2017.