Viking Bank achieved record earnings for the first quarter of 2004, according to Patrick Redmond, the bank’s president and CEO.

This continues a trend of growth which has realized a 158 percent increase in total assets in the last five years. At Dec. 31, 2003, net income had grown 46 percent, from $2,320,000 at year end in 2002 to $3,379, 000 in 2003.

Compared to the first quarter of last year, Viking’s total assets increased 21 percent to $279 million, net loans increased 19 percent to $208 million and deposits increased 24 percent to $233 million in the quarter ending March 31, 2004. “Our focus on exceeding customer expectations, combined with our investments in new branches, has produced excellent results,” said Redmond.

Net interest income increased 11 percent and net income increased 28 percent to $888,000 in the first quarter compared to the same period last year. Fully diluted earnings per share increased 27 percent to $.80 per share. Return on assets increased to 1.41 percent. Return on average equity increased from 17.4 percent to 18.3 percent. “We are proud of our accomplishments in the first quarter and we remain optimistic about the future of our company,” said Redmond.