Business
Lewis & Clark Bancorp Announces 2022 First Quarter Results
Lewis & Clark Bancorp Announces 2022 First Quarter Results.
About this update from Lewis & Clark Bancorp
[{"type":"text","content":"\nLewis & Clark Bancorp (OTC Pink: LWCL) announces 2022 first quarter consolidated results. Quarter to date net income totaled $384,000 for the three months ended March 31, 2022, a decrease of $526,000 compared to $910,000 for the same period last year. Earnings per share were $0.36 for the current year quarter, compared to $0.81 for the prior year quarter.\n\nThe decreased earnings in the current year quarter were due to a decrease in net interest income and an increase in noninterest expense, partially offset by an increase in noninterest income and a decrease in the provision for income taxes compared to the same period one year ago. The decrease in net interest income was due to a decrease in interest and fees on loans, primarily due to a decline in interest and fees earned on the Paycheck Protection Program (PPP) loans in the prior year period, partially offset by an increase in interest on investment securities, and a decrease in interest expense due to lower rates paid on deposits, consistent with market conditions. The net interest margin was 2.58% for the current year quarter compared to 3.43% for the same period one year ago. The decrease in the net interest margin was primarily due to a decrease in interest and fees earned from the PPP loans, as well as the reinvestment of cash received upon forgiveness of the related loans into lower yielding investment securities. The increase in noninterest expense was due to increases in salaries and employee benefits, professional fees, software license and maintenance, and bank service charges, partially offset by a decrease in intangible amortization. The increase in noninterest income was due to increases in interchange fees, earnings from cash surrender value of life insurance and realized gains on equity securities. The decrease in the provision for income taxes was due to a decrease in pre-tax earnings compared to the prior year period.\n\nJeffrey Sumpter, President and CEO, commented, “Our earnings are in-line with expectations given the many and previously announced strategic investment and growth initiatives we are working on for 2022.” Sumpter added, “These initiatives—ranging from process improvement and automation to banking-as-a-service and channel partnerships to building expanded operations and compliance capacity—will position Lew...