LSB Bancshares Inc. in Lexington, N.C., reported Monday that its third-quarter earnings rose 40% from the same period last year, to $2.5 million.
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The $996 million-asset LSB said its earnings rose primarily because of higher net interest income and lower provisions for loan losses.
Net interest income rose 14%, to $11.2 million, and the net interest margin rose 16 basis points, to 4.92%. Average earning assets rose 8%, to $914 million.
Provisions for loan losses fell 35%, to $715,000. However, nonperforming assets increased 48%, to $8.4 million. Noninterest income fell 4%, to $3.3 million, in part because of a decline in fees from deposit service charges.
