Friday, 24 January 2014 12:32

The Adirondack Trust Company Announces A Dividend Increase Based On Year-End Financial Performance

By Staff Report | News
SARATOGA SPRINGS — The Adirondack Trust Company today announced an increase in its dividend of 50 cents per share, from $25.00 per share to $25.50, due to overall business performance, including record levels of deposits (excluding assets held in trust), commercial loans, consumer loans and residential mortgages in 2013. As of December 31, 2013, The Adirondack Trust Company’s total loan balances increased 12.7% to a record $568 million due to record levels of new mortgages, consumer loans and commercial loans. Credit quality improved as measured by both net charge-offs and delinquent loans. Deposits, excluding assets held in trust, grew 1.34% to a record of $785 million. Net income for the year was $7.4 million. The Adirondack Trust Company is an independent, employee and locally owned and operated community bank offering a wide variety of business and personal services. The bank has $1 billion in assets and twelve branches. The Adirondack Trust Company is rated by Bauer Financial as a 5-Star bank for the period ending December 31, 2013. The bank offers trust, insurance and investment services and originates real estate mortgages, both residential and commercial, and commercial business loans throughout its market area. The bank’s website is www.adirondacktrust.com.
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