LBC Bancshares, parent company of Calumet Bank, announced the unaudited financial results for the second quarter of 2018. The company reported net income of $585 thousand, or $0.37 thousand per diluted share, for the second quarter of 2018, compared with $309 thousand, or $0.19 per diluted share for the second quarter 2017.   Return on average assets was 1.18% for the second quarter of 2018 as compared to .73% for the second quarter of 2017.

“I am pleased to report year over year quarterly earnings growth of greater than 85% for this year,” said Leonard H. Bateman, Jr., LBC Bancshares president and chief executive officer.  “It is very exciting to have this level of improvement in our operating results while reaching a milestone of $200 million in total assets during the quarter.”

Highlights from the Company’s performance and results for the second quarter 2018 include the following:

• Growth of 6.3% on total assets to $209 million over first quarter 2018

• Return on Average Assets of 1.18%

• Return on Average Equity of 12.89%

• Efficiency ratio of 61.51%

• Net Income of $585 thousand for the second quarter 2018

• Regulatory approval to open a Metro Atlanta Loan Production Office in Peachtree Corners, GA

Operating Highlights:

Interest income on loans improved to $1.727 million in the second quarter 2018, a $178 thousand improvement over second quarter 2017.  Net interest income improved to $1.85 million in the second quarter 2018, a $269 thousand increase over second quarter 2017.

Noninterest income was $169 thousand in the second quarter 2018, a $32 thousand decrease over second quarter 2017.  This was primarily attributed to decreases in deposit fee income from second quarter 2017 as seen throughout the banking industry. 

Noninterest expense decreased $30 thousand in the second quarter 2018 to $1.24 million from $1.27 million in second quarter 2017.  This was attributed to decreases in data processing costs from 2018.

Financial Condition:

The company finished the quarter with total assets of $209 million, a $12 million increase first quarter of 2018.  Total loans increased $3.8 million to $132 million at second quarter 2018.

Investment securities at the end of the second quarter of 2018 were $44 million or approximately 23% of earning assets of the company, compared to $43 million or 25% of earning assets in the first quarter of 2018.

Total deposits at June 30, 2018 were $186 million, up $11.6 million over first quarter of 2018.  Noninterest-bearing demand deposits increased 5.7% to $30 million in the second quarter of 2018.

Shareholders’ equity at June 30, 2018 totaled $18.5 million, compared to $17.9 million at March 31, 2018.    LBC Bancshares continues to be well capitalized with a leverage ratio of 9.76% and a Tier 1 risk-based capital ratio of 12.56% as of June 30, 2018.