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Lumbee Guaranty Bank (OTCQX:LUMB) reported a net income of $1.4 million for Q3 2022, up from $1 million in Q3 2021, translating to earnings per share (EPS) of $0.42. Total assets grew by 4.1% year-over-year, reaching $501 million, bolstered by a 6.6% increase in deposits to $458.5 million. Net interest income increased 12.8% to $3.85 million, driven by improved interest margins. However, loans decreased by 0.8% to $186.3 million, and shareholders' equity fell to $33.7 million due to unrealized losses in the securities portfolio.
Lumbee Guaranty Bank reported strong financial results for Q2 2022, achieving $1.24 million in net income, or $0.37 earnings per share, up from $1.03 million last year. Total assets increased by 6.0% to $481.9 million, driven by an 8.5% growth in deposits. Noninterest income rose 58.7% due to deposit service charges and a Bank Enterprise Award grant. However, loans decreased 8.0% to $180.1 million. Nonperforming assets fell 66% to $1.4 million, maintaining capital levels at 7.3% of assets.
Lumbee Guaranty Bank reported a net income of $1.06 million for the quarter ended March 31, 2022, with earnings per share of $0.32, slightly up from $1.06 million or $0.31 per share in Q1 2021. The bank experienced an asset growth of 11.4%, totaling $486.4 million, driven by a 13.4% increase in deposits to $438.6 million. Net interest income remained stable at $3.35 million, with significant improvement in asset quality, resulting in a credit for loan losses of $88,000.
Lumbee Guaranty Bank reported strong quarterly earnings of $925,000 and record annual earnings of $4.023 million for the year ended December 31, 2021. This represents an increase in earnings per share from $0.25 to $0.28 quarter-over-quarter and $0.73 to $1.20 year-over-year. Key growth drivers included a 16.4% increase in deposits and improved asset quality, leading to a credit for loan losses. Net interest income rose 13.25% to $3.62 million, while noninterest income grew by 22.11%. However, total loans decreased by 15.10% due to Paycheck Protection Program loan forgiveness.
Lumbee Guaranty Bank (OTCQX:LUMB) reported a net income of $1.027 million for Q2 2021, significantly up from $345,000 in Q2 2020, resulting in earnings per share of $0.30 compared to $0.10 a year prior. Year-to-date net income reached $2.089 million, with a substantial increase in assets to $454.6 million, a 20% rise from the previous year. Noninterest income grew 13% to $509,000. Nonperforming assets decreased to $4.2 million, or 0.93% of total assets. CEO Kyle R. Chavis highlighted ongoing community-focused lending initiatives.
Lumbee Guaranty Bank (OTCQX:LUMB) reported a net income of $2.5 million for 2020, down 17.84% from 2019's $3.0 million. The decrease was attributed to lower net interest income and a loan loss provision of $300,000. However, the bank's 4th quarter net income rose to $853,000, surpassing $726,000 from the previous year. Total assets grew by 21.36% to $417.2 million, with loans increasing by 11.10% to $212.9 million and deposits up 22.29% to $362.1 million. Noninterest expenses were reduced by 2.54%, reflecting effective cost-containment measures.
Lumbee Guaranty Bank reported a net income of $345,000 for Q2 2020, down from $654,000 year-over-year. This resulted in earnings per share of $0.10 compared to $0.19 in Q2 2019. The decline is attributed to a loan loss provision of $175,000 due to COVID-19 impacts. Nevertheless, the bank achieved over 15% loan growth and almost 14% deposit growth year-over-year, with total assets rising to $380.1 million. Net interest income decreased by 10% to $2.86 million, driven by lower interest margins.