Dogwood State Bank reaches $1B in assets in three years

By Staff Report, posted Jul 25, 2022 on BizFayetteville.com

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The Dogwood State Bank recently released its second quarter results for the last three years and six months as of June 30, 2022. 

For the second quarter the company has seen total assets cross the $1 billion mark with a net income of $2.3 million. This is an increase compared to $1.6 million from the second quarter in 2021. 

Diluted earnings per share improved $0.16 per share in 2022, compared to $0.12 per share in 2021. Dogwood State Bank also experienced an increase in deposits of $22.6 million from quarter one in 2022 and increased by $184.7 million from the second quarter of 2021. 

“The mix of non-interest deposits to total deposits improved to 39 percent, compared to 33 percent in March 2022 and June 2021,” stated the press release.

In February 2022, the Bank closed a $12.0 million private placement offering of common stock at $18 per share. 

“I am proud to share that in just three years following the recapitalization, Dogwood State Bank has grown past the $1 billion total asset threshold,” said Steve Jones, Chief Executive Officer. “This significant milestone represents the tremendous dedication and hard work of all our teammates and reflects the many customer relationships we have built across our North Carolina markets.” 

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