Lumbee Guaranty Bank Reports 1st Quarter 2023 Earnings
Company reports increased quarterly earnings, asset growth, and improving net interest margin.
$1.56 million in net income for the quarter-ended March 31, 2023.- Year-over year asset growth of
0.6% , driven by an5.8% increase in loans. - Net interest income up
25.2% from a year earlier.
PEMBROKE, NC / ACCESSWIRE / May 12, 2023 / For the quarter ended March 31, 2023, Lumbee Guaranty Bank ("Lumbee" or "Bank"), reported net income of
As of March 31, 2023, Lumbee reported assets of
Net interest income totaled
Nonperforming assets ("NPAs") at March 31, 2023, (including nonaccruing loans, loans more than 90 days past due and still accruing, and OREO) were
"I am pleased with our first quarter financial performance" said Kyle R. Chavis, Chief Executive Officer of Lumbee. "Achieving loan growth, coupled with our improved net interest margin, boosted our earnings nicely. We have continued to be able to control non-interest expenses and hold loan losses to an exceptionally low level, both of which have also bolstered the bottom line." Chavis continued, "With the unrest experienced in the banking industry during the last few months, our commitment to operating in a conservative and safe manner has remained steadfast. Our core principles of strong liquidity, ample capital, and asset quality have served us well for over a half century. We will continue to monitor the changing economic conditions and interest rate environment and employ strategies to keep our bank safe and sound while delivering consistent returns for our shareholders."
Lumbee Guaranty Bank is a community bank headquartered in Pembroke, NC and serves Robeson, Cumberland, and Hoke Counties. Established in 1971, the Bank offers a full array of financial services through its network of fourteen strategically located branch offices over the three-county area. The Bank's common stock is traded on the OTC-QX under the stock symbol LUMB.
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The information as of and for the quarter ended March 31, 2023, as presented is unaudited. This news release contains forward-looking statements. Actual results may differ materially from those projected, for various reasons, including our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market.
CONTACT:
Kyle R. Chavis, Chief Executive Officer
Lumbee Guaranty Bank
(910) 521-9707; kylechavis@lumbeeguarantybank.com; www.lumbeeguarantybank.com
LUMBEE GUARANTY BANK
Balance Sheets (unaudited) March 31,
| 2023 | 2022 | |||||||
| (Dollars in thousands) | ||||||||
Assets | ||||||||
Cash and due from banks | $ | 5,079 | $ | 6,031 | ||||
Interest-earning deposits with banks | 32,611 | 40,250 | ||||||
Total cash and cash equivalents | 37,690 | 46,281 | ||||||
Net Investments | 239,622 | 238,863 | ||||||
Loans receivable | 185,910 | 175,725 | ||||||
Allowance for loan losses | 1,712 | 1,964 | ||||||
Net loans receivable | 184,198 | 173,761 | ||||||
Bank premises & equipment, net | 8,494 | 8,420 | ||||||
Other assets | 19,479 | 19,025 | ||||||
Total assets | $ | 489,483 | $ | 486,351 | ||||
Liabilities and Shareholders' Equity | ||||||||
Deposits: | ||||||||
Demand deposits, Money market & NOW | $ | 311,364 | $ | 313,946 | ||||
Savings | 44,284 | 42,216 | ||||||
Time deposits | 85,077 | 82,392 | ||||||
Total deposits | 440,725 | 438,554 | ||||||
Securities Sold under Agreement to Repurchase | 5,748 | 2,751 | ||||||
Other borrowed money | 39 | 73 | ||||||
Accrued interest payable and other liabilities | 3,779 | 6,184 | ||||||
Total liabilities | 450,291 | 447,562 | ||||||
Total shareholders' equity | 39,192 | 38,789 | ||||||
Total liabilities and shareholders' equity | $ | 489,483 | $ | 486,351 | ||||
Book value per share | $ | 11.73 | $ | 11.59 | ||||
LUMBEE GUARANTY BANK
Statement of Operations (unaudited) Three Months Ended, March 31,
| 2023 | 2022 | |||||||
| (Dollars in thousands, except per share data) | ||||||||
Interest Income | 4,407 | 3,409 | ||||||
Interest Expense | 320 | 144 | ||||||
Net Interest Income | 4,087 | 3,265 | ||||||
Provision for loan losses | 24 | -88 | ||||||
Net Interest Income after provision | 4,063 | 3,353 | ||||||
Service charges on deposit accounts | 373 | 371 | ||||||
Other | 211 | 242 | ||||||
Total noninterest Income | 584 | 613 | ||||||
Personnel costs | 1,633 | 1,631 | ||||||
Occupancy and equipment | 343 | 375 | ||||||
Data processing fees | 304 | 297 | ||||||
Other | 550 | 479 | ||||||
Total noninterest expense | 2,830 | 2,782 | ||||||
Net Income before income taxes | 1,817 | 1,184 | ||||||
Income taxes | 262 | 127 | ||||||
Net Income | 1,555 | 1,057 | ||||||
Net income per common share | $ | 0.47 | $ | 0.32 | ||||
SOURCE: Lumbee Guaranty Bank
View source version on accesswire.com:
https://www.accesswire.com/754576/Lumbee-Guaranty-Bank-Reports-1st-Quarter-2023-Earnings
