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2024-08-30 19:41 Lewis & Clark Bancorp Announces 2021 Second Quarter and Year to Date Results LEWIS & CLARK BANK Lewis & Clark Bancorp Announces 2021 Second Quarter and Year to Date Results Company Release - 9/15/2021 OREGON CITY , Ore .-- ( BUSINESS WIRE ) -- Lewis & Clark Bancorp ( OTC Pink : LWCL ) announces 2021 second quarter and year to date consoli result of the Lewis & Clark Bancorp holding company reorganization and merger , effective as of July 31 , 2020 , the current period financial Lewis & Clark Bancorp consolidated summary balance sheet for both periods presented . The current year summary income statements in Lewis & Clark Bancorp consolidated , while the comparative prior year period is Lewis & Clark Bank only . As the results presented are sub performance of Lewis & Clark Bank , management believes there is not a material difference related to disclosing the current and compara presented . Quarter to date net income totaled $ 1,034,000 for the three months ended June 30 , 2021 , an increase of $ 417,000 compared to $ 617,000 1 year . Earnings per share were $ 0.94 for the current year quarter , compared to $ 0.54 for the prior year quarter . The increased earnings in the current year quarter were due to an increase in net interest income and a decrease in the provision for loan by a decrease in noninterest income and increases in both noninterest expense and the provision for income taxes compared to the same The increase in net interest income is due to an increase in interest and fees on loans primarily related to increased interest and fees earr Paycheck Protection Program ( PPP ) loans and a decrease in interest expense on deposits due to Management's decision to lower the cost market conditions . These favorable variances were partially offset by an increase in interest expense on borrowings due to the subordinat prior year , and a decline in interest earned on investments due to liquidating the investment portfolio in the prior year . The decrease in the losses was due to Management's assessment of risk factors related to the ongoing COVID - 19 pandemic and improved qualitative risk fact prior year . The decrease in noninterest income was due to a realized gain on the liquidation of the investment portfolio in the prior year qu increases in interchange fees due to an increase in debit cards , earnings from bank owned life insurance and unrealized gains on equity s in noninterest expense was due to an increase in salaries and employee benefits and bank service charges , partially offset by declines in I and intangible amortization . The increase in the provision for income taxes was due to increased pre - tax earnings compared to the prior y Year to date net income totaled $ 1,944,000 , or $ 1.74 per share , compared to $ 743,000 , or $ 0.66 per share for the same period last year . TI in the current year period were due to an increase in net interest income and a decrease in both the provision for loan losses and noninter offset by a decrease in noninterest income and an increase in the provision for income taxes compared to the same period one year ago . W noninterest expense , the increased earnings for the year - to - date period are substantially the same as those for the current year quarter a The decrease in noninterest expense was due to decreases in data processing related to the core conversion in the prior year , professiona expenses incurred in the prior year to form the parent holding company , and intangible amortization . These decreases were partially offse salaries and employee benefits due to an increase in wages and a decrease in deferred origination fees related to the PPP loans and an in expense related to our new loan production office in Vancouver . Jeffrey Sumpter , President and CEO , commented , " We are pleased to report increased earnings during the current year period and continu sheet growth primarily as a result of increased deposits . We are also pleased to report that we have paid 21 consecutive quarters of share Sumpter continued , " Although we have experienced an increase in earnings during the current year , we expect that the additional interest the PPP loans will be exhausted by the end of the year , and despite our ongoing efforts to lower our overall cost of funds and control expe extended low interest rate environment , continued economic headwinds , and soft loan demand will create earnings challenges as we mov As of June 30 , 2021 , total consolidated assets were $ 437.2 million , an increase of $ 90.9 million , or 26.3 % , compared to December 31 , 2020 primarily due to increases in cash , and total deposits , partially offset by a decline in gross loans and borrowings compared to the balance : 31 , 2020. Cash increased by $ 106.0 million , primarily due to an increase in total deposits and a decrease in gross loans , partially offset by borrowings . Total deposits increased $ 96.6 million primarily due to increases in noninterest - bearing and interest - bearing demand deposit loans , as well as money market and savings deposits , partially offset by a decline in time deposits . The decrease in time deposits is due to to hold their balances in liquid accounts as well as adjusting deposit rates to reflect current market conditions and allowing higher rate de Total gross loans decreased $ 19.3 million substantially due to $ 60.1 million in forgiveness related to the PPP loans and principal reduction partially offset by originating $ 44.7 million in new PPP loans . Borrowings decreased $ 5.9 million due to the repayment of funding provided Reserve's Paycheck Protection Program Liquidity Facility . Shareholders ' equity totaled $ 36.9 million at June 30 , 2021 , an increase of $ 19,0 December 31 , 2020. The increase was due to earnings of $ 1,944,000 , substantially offset by the Company repurchasing $ 1,771,000 of stoc year related to the Company's share repurchase program , and shareholder dividends totaling $ 168,000 . About Lewis & Clark Bancorp Headquartered in Oregon City , Oregon , Lewis & Clark Bancorp is the holding company for Lewis & Clark Bank , a state - chartered full - servic Partnering with people and businesses throughout Oregon and SW Washington , the Bank believes that being an integral part of the commi promote both growth and success . For more information about Lewis & Clark Bank , visit www.lewisandclarkbank.com . Summary Balance Sheet ( dollars in thousands ) ASSETS June 30 , 2021 December 31 , 2020 $ Change % Change Cash $ 179,126 $ 73,171 $ 105,955 144.8 % Equity Securities 1,962 702 1,260 179.5 % https://lewisandclarkinvestors.q4ir.com/press-releases/news-details/2021/Lewis--Clark-Bancorp-Announces-2021-Second-Quarter-and-Year-to-Date-Results/default.aspx 1/3