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Lumbee Guaranty Bank Reports 1st Quarter 2021 Earnings

Lumbee Guaranty Bank Reports 1st Quarter 2021 Earnings $1.062 million in net income for the quarter-ended March 31, 2021 Improving asset quality ratios PEMBROKE, NC / ACCESSWIRE / April 27, 2021 / For the quarter ended March 31, 2021, Lumbee Guaranty Bank ( Lumbee or Bank ), reported net income of $1,062,000, or earnings per share of $0.31, compared to net income of $722,000, or earnings per share of $0.21, for the same period in 2020. As of the quarter-end, Lumbee reported assets of $436.4 million, an increase of 27.7% over assets of $341.8 million as of March 31, 2020. Loans rose 1.2% to $199.6 million, compared to loans of $197.3 million reported March 31, 2020. Deposits grew to $386.6 million at March 31, 2021, an increase of 34.0% from March 31, 2020 deposits of $288.5 million. Capital levels remained strong, as shareholders equity totaled $42.7 million, or 9.8% of assets at March 31, 2021, versus $42.6 million, or 12.46% of assets at the year-ago date.

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