Lizton Financial Corporation Announces Record Mid-Year Earnings
BROWNSBURG, Ind. (July 3, 2019) – Lizton Financial Corporation has achieved record earnings for the first two quarters of 2019 with net income of $3.289 million or $51.81 per share. The unaudited results reflect a 45 percent improvement and compared favorably to net income of $2.272 million or $35.78 per share reported last June 2018. Year-to-date June 2019 return on average assets was 1.32% while return on average equity was 12.67%. The balance sheet reflected $516 million in assets at June 30, 2019. Growth in assets and loans compared to one year ago was 3.3 percent and 8.7 percent, respectively.
Strong loan growth, management of our net interest margin, and expense efficiencies helped fuel the increase in net income year-over-year. In addition, during June 2019 the company recorded an after tax gain of $580 thousand from the sale of bank-owned property, positively impacting earnings.
President and CEO Michael Baker stated, “Local decision making and commitment to our communities by our experienced professional bankers continue to drive improvements at our company.”
The Board of Directors has approved a special dividend of $4.57 per share reflective of the improved earnings. The one-time, special dividend will accrue to shareholders of record on July 15 and be paid on July 30, 2019.
Lizton Financial Corporation is a bank holding company. Its subsidiary, State Bank of Lizton, is an independently owned and operated community bank with nine full service locations throughout Hendricks and Boone counties. With offices in Avon, Brownsburg (2), Plainfield, Lebanon (2), Lizton, Pittsboro and Zionsville, the bank offers a full line of personal and commercial banking services, and is the premier community bank in the area. Learn more at any branch, at 866-348-4674, or at statebankoflizton.com.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Corporation’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Corporation’s business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. Management may elect to update forward-looking statements at some future point; however, it specifically disclaims any obligation to do so.