LSB sees Q1 earnings climb
LSB Bancshares reported today that net income for the first quarter nearly reached $1.8 million - up 1.7 percent compared to the same period last year.
Earnings for Lexington State Bank rose as Lexington-based LSB saw lower expenses, higher non-interest income and a lower provision for loan losses compared to the first quarter of 2006.
Net interest income fell to $10.2 million, down 6 percent, while non-interest income rose 6 percent, to $3.4 million.
Most major areas of the bank's balance sheet remained unchanged, year-over-year. As of March 31, the bank held $985 million in assets, $763 million in loans and $850 million in deposits.
LSB Bancshares is in the process of merging with FNB Financial Services Corp., the parent of Greensboro's FNB Southeast, to create a major regional bank based in the Gate City.