Gateway Bank’s Board of Directors have declared the 2023 cash dividend for shareholders. Read on for details.
At their November meeting, the Gateway Bank Board of Directors declared a cash dividend of $0.70 per share for the year ending December 31, 2023. The dividend will be paid toward the end of January to holders of record as of December 31, 2023.
The 2023 dividend represents the 10th consecutive annual dividend paid to GCB shareholders. Cumulative dividends paid over the last ten years total over $8 million. While this year’s dividend is slightly lower than last year’s due to record-high interest rates that impacted net interest margins industry-wide, Gateway Bank’s dividend remains higher than that of our peers.
In addition, we are returning more profits to shareholders this year than last year, with the 2023 dividend representing approximately 59% of the bank’s net income vs. 49% in 2022. We value our shareholders and are committed to delivering strong dividends, even in volatile years.