LSB Bancshares Inc. in Lexington, N.C., said Friday that second-quarter earnings had risen 8.7% from the same period last year, to $2.4 million.
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The $989 million-asset company attributed the increase to a 15% jump in net interest income, which totaled $11 million on June 30.
Return on equity increased 47 basis points, to 10.27%, though return on assets dropped 2 basis points, to 0.99%.
Nonperforming assets shot up 28%, to $7.7 million, and provisions for loan losses jumped 35%, to $1 million. The company said one loan secured by a condominium project on the coast defaulted in the quarter; LSB foreclosed on the property and now owns it but has since discovered significant water damage to many of the units.
