Lewiston State Bank reported 5-7 percent growth in assets and deposits in 1988 and expected similar growth for this year.
At an annual meeting of shareholders, President and Chairman Rex G. Plowman said 1988 turned out better than expected with a 1.45 percent net return on assets and 11.42 percent on equity.Dividends paid increased 33 percent, and Plowman reported a 9.9 percent in capital. Loan loss reserves were also increased, although no dollar amount was disclosed.
He said operating efficiencies will continue to be a major contributor to improved future earnings as interest rates increase the cost of funds in 1989.
In other business, L.D. Bodily resigned from the bank's board after 22 years. He was replaced by Reed M. Merrill, a dentist from River Heights.