Lumbee Guaranty Bank’s first quarter report shows consistent earnings, asset growth, and continued improvement in asset quality.
Lumbee Guaranty reported a net income of $1,057,000 or earnings per share of $0.32 in 2022, compared to 2021 with a net income of $1,062,000, or earnings per share of $0.31.
The report also shows assets of $486.4 million, which is a 11.4 percent increase from 2021 with $436.4 million. Capital levels remained steady as shareholder’s equity totaled #38.8 million in 2022 compared to $42.7 million in 2021.
The decrease in the equity was due to unrealized losses.
"Our Bank had a solid performance the first quarter of 2022" said Kyle R. Chavis, Chief Executive Officer of Lumbee. "Core earnings beat projections, with pretax income (excluding non-recurring items) showing an 18% increase. We continue to benefit from the growth in our earning assets and improving asset quality." Chavis continued, "Management continues to monitor the rising interest rate environment, as well as inflationary pressures, and we will maintain our focus on meeting the financial needs of the markets we serve."
Lumbee Guaranty Bank was founded in 1971 and is headquartered in Pembroke, North Carolina and serves Robeson, Cumberland, and Hoke Counties. Across these counties there are 14 branches that offer an array of financial services.
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