Strategic planning efforts started several years ago by Bank of Utah officials are paying dividends because 1997 was a record year for the community bank, according to Roy C. Nelson, president.

"Although higher levels of profits and returns to stockholders have been achieved, the most important achievements have been in the growth and stability of the bank," Nelson said in releasing the figures for last year.He said assets grew by 13.6 percent to $276 million; capital grew by 21.6 percent to $23.6 million; the bank had net income of $5 million; the return on average assets was 1.81 percent; the return on average equity was 23.2 percent; the bank's efficiency rating was 47.8 percent; loans grew by 11.6 percent' and deposits grew by 13 percent.