Business
Lewis & Clark Bancorp Announces 2021 Third Quarter and Year to Date Results
Lewis & Clark Bancorp Announces 2021 Third Quarter and Year to Date Results.
About this update from Lewis & Clark Bancorp
[{"type":"text","content":"\nLewis & Clark Bancorp (OTC Pink: LWCL) announces 2021 third quarter and year to date consolidated results. Quarter to date net income totaled $1,299,000 for the three months ended September 30, 2021, an increase of $980,000 compared to $319,000 for the same period last year. Earnings per share were $1.21 for the current year quarter, compared to $0.28 for the prior year quarter. Year to date net income totaled $3,243,000 an increase of $2,181,000 compared to $1,062,000 for the same period last year. Earnings per share were $2.94 for the current year period, compared to $0.94 for the prior year period.\n\nThe increased earnings in the current year quarter were due to an increase in both net interest income and noninterest income, and a decrease in the provision for loan losses, partially offset by increases in both noninterest expense and the provision for income taxes compared to the same period one year ago. The increase in net interest income is due to an increase in interest and fees on loans primarily related to increased interest and fees earned from the SBA Paycheck Protection Program (PPP) loans and a decrease in interest expense on deposits due to lower cost of funds. These favorable variances were partially offset by an increase in interest expense on borrowings due to the subordinated debt issued in the prior year. The increase in noninterest income was due to an increase in both interchange fees and earnings from bank owned life insurance. The decrease in the provision for loan losses was due to Management’s assessment of risk factors related to the ongoing COVID-19 pandemic and improved qualitative risk factors compared to the prior year. The increase in noninterest expense was due to increases in salaries and employee benefits, data processing, FDIC assessment fees, business related travel expenses, and bank service charges, partially offset by declines in both professional fees and intangible amortization. The increase in the provision for income taxes was due to increased pre-tax earnings compared to the prior year period.\n\nThe increased earnings in the current year period were due to an increase in net interest income and a decrease in the provision for loan losses, partially offset by a decrease in noninterest income and increases in both noninterest expense and the provision for income taxes compa...