LSB jumps past $1 billion in assets
LSB Bancshares Inc., the parent company of Lexington State Bank, reported net income for the second quarter of more than $1.7 million, up from $1.5 million during the same period last year.
The Lexington-based bank had surpassed $1 billion in assets as of June 30, with total assets of $1.02 - up from $986 a year before. The bank's net loans were $784 million (up 5 percent over the past year). Total deposits were $853 million (up 3 percent).
The Lexington-based bank helped its bottom line through cost-cutting efforts and a $1-million writedown on a residential condo development on the South Carolina coast during the second quarter of last year. Noninterest expenses for the second quarter of this year fell from $11.7 million to $10 million during the past 12 months.
The bank's net interest income fell 6 percent, while noninterest income fell 4 percent.