2021 was a good year! Your dividend earnings representing $25 per share on stock owned by your institution as of December 31, 2021 will be electronically deposited on January 12, 2022. Excess capital was retained for growth, lending capacity and continued investment in new services.
Our net income numbers reflect the best year yet. At the bank-level, our unaudited net income is just over $2.4 million up from $1.87 million in 2020. Steady core earnings, PPP income and credit card growth are the main contributors. Bank Card issued a record number of consumer and commercial credit cards this year, fueled by more robust card rewards, a new online application and bank marketing incentives.
We have invested heavily in succession to ensure BBOK continues to meet the needs of Kansas bankers for years to come. Three management team members retired in 2021, another is slated to retire in 2022 and two more in 2023. BBOK has recruited a talented roster of bankers who are ready to step in and take BBOK to the next level. Craig Ellis’ replacement – and our last addition of 2021, Justin Sparks – has worked in banks in Kansas and Oklahoma for more than 20 years. His dedication to strengthening client relationships coupled with his commercial lending expertise will benefit all our BBOK partners. Like many of you, the excess liquidity in the market will make traditional loan growth a challenge in the coming year. Justin and the entire lending team are eager to talk with you about the needs of your institution in the coming year. They continue to seek out and assess the viability of new loan product offerings currently filled by non-traditional providers.
We are excited about the future of Bankers’ Bank of Kansas and thank you for your continued partnership.