Lyndonville Savings Bank Increases Dividend

Lyndonville Savings Bank Increases Dividend,
Achieves 26% Increase in Net Income in 2004
LYNDONVILLE, VT-- Lyndonville Savings Bank has announced that the Bank will pay a dividend of $0.14 per share on January 11, 2005 to stockholders of record December 22, 2004. This represents a 7.6% increase in the quarterly dividend reflecting continued strength in the banks earnings, and the sixth increase in the quarterly dividend in the past two years.
Net income for the full year ended December 31, 2004 was $1,372,599 (un-audited) compared to $1,085,335 for 2003, a 26% increase. The annualized return on average assets was 0.92 in 2004 compared to 0.76 in 2003.
Total assets were $154,176,429 as of December 31, 2004 compared to $146,981,491 as of December 31, 2003.
According to Bucknam, the significant year-to-year improvement in earnings is a direct result of the strength of the banks loan portfolio, a solid investment portfolio, higher levels of non-interest income and the bank employees commitment to success and exceptional customer service.
Lyndonville Savings Banks stock has recently traded in the $16.50 - $17.50 per share range. The current annual dividend yield is 3.3% based upon a $17.00 per share price.
Lyndonville Savings Bank services its customers from offices in Lyndonville, St. Johnsbury, Derby, Vergennes, and Enosburg Falls.
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