Lewis & Clark Bancorp announces 2023 Fourth Quarter and Year-to-Date Results [Yahoo! Finance]
LEWIS & CLARK BANCORP (LWCL)
Company Research
Source: Yahoo! Finance
Quarter-to-date net income totaled $191,000 for the three months ended December 31, 2023, compared to net income for the same period last year of $617,000. Earnings per share were $0.18 for the current-year quarter, compared to $0.57 for the prior-year quarter. Investment Securities The full-year 2023 net loss was substantially due to a $3.2 million pre-tax loss on the sale of investment securities. In response to the rapid and unprecedented increase in market interest rates and resulting negative net interest margin earned on the investment portfolio, Management effected the sale of $72.9 million (amortized cost) of fixed-rate investment securities. The proceeds from the sale of investments totaled $69.7 million, resulting in a $3.2 million pre-tax loss. The bulk of the proceeds from this sale were reinvested into higher-yielding investment securities, with the remainder being held in interest-bearing cash balances. This sale better positioned the Company's balance sheet in three
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