2021ANNUAL REPORT
In This
2021
Report
Table of Contents
Selected Financial Data .................................... 1
Leer to the Shareholders ................................ 2
Board of Directors ........................................... 3
Management's Discussion ............................. 4-6
Independent Auditor's Report .......................... 7
Financial Statements ................................... 8-11
Our Team ........................................................ 12
Stockholder Informaon ................................ 13
Lumbee Guaranty Bank - 2021 Annual Report
Selected Financial Data
Selected Financial Data
The following table sets forth certain selected financial data concerning the Bank for the years ended
December 31, 2021, 2020, 2019, 2018, and 2017. This information should be read in conjunction with
The following table sets forth certain selected financial data concerning the Bank for the years ended
December 31, 2021, 2020, 2019, 2018, and 2017. This information should be read in conjunction with and is and is qualified in its entirety by reference to the detailed audited financial statements and notes qualified in its entirety by reference to the detailed audited consolidated financial statements and notes thereto which are included in this Annual Report.
thereto which are included in this Annual Report.
2021
Income Statement Data
(in thousands) Interest Income Interest Expense Net Interest Income
$
Provision for loan loss
Net interest income after provision for loan lossNoninterest income Noninterest expense Income taxes
Net Income
Per Share Data
Net income
$
Year end book value Dividends declared Common Dividends declared Class A
Balance Sheet Data
(in thousands) Loans, net Investments Total Assets Deposits Shareholders' Equity
$
178,701
227,691 103,798 473,266 319,431 421,575 276,842 43,248 36,377
722 703 13,839 11,869
2020 | 2019 | 2018 |
$ 13,623 1,472 12,151 300 11,851 1,995 11,072 307 $2,467 $ 0.73 12.69 0.24 0.30 $ 210,536 136,778 417,194 362,088 42,948 | $ 13,437 1,054 12,383 167 12,216 2,194 10,791 516 $3,103 $ 0.91 11.11 0.21 -$ 180,837 104,599 336,329 289,378 37,973 |
2017
14,561
$ 12,572
(325) 118 14,164 11,751 2,026 2,158 11,583 11,171 584 882 $4,023 $1,856
1.19
$ 0.54
12.87 10.52 0.25 0.19
0.31
-
$ 174,928
Lumbee Guaranty Bank - 2021 Annual Report 1
TO OUR SHAREHOLDERS
I am pleased to invite you to our annual shareholders' meeng to be held virtually on Wednesday, May 25, 2022, at 1:00 PM. We have provided specific instrucons in our proxy statement on how to parcipate.
On behalf of our Board of Directors and our employees, let me thank you for your ongoing support of your Bank. Because of your commitment and support, we are able to furnish capital, provide jobs, and reinvest in our local communies here in southeastern North Carolina. Lumbee Guaranty Bank exists to serve the counes of Cumberland, Hoke, and Robeson and the surrounding region by delivering the best financial products via excellent customer service. Thank you for supporng that mission.
Within our Annual Report, you will find last year's financial highlights in summary form, as well as other relevant informaon for your review. You will note that 2021 yielded strong earnings for your bank. As we celebrated our 50th anniversary, it was appropriate that the bank posted record profits to mark such an important milestone.
As the COVID-19 pandemic persisted, our focus remained on protecng the health and safety of our employees and customers while sll connuing to meet the needs of our customers. Despite the challenges presented by the virus, we were able to move our bank forward in many ways in 2021. Some of the accomplishments our employees were able to achieve include:
• Compleon of forgiveness by the Small Business Administraon of 100% of the nearly 600 Paycheck Protecon Program loans totaling over $31 million - These loans provided needed capital to small businesses in our community and helped protect thousands of jobs in our region.
• A total redesign and relaunch of our retail checking account lineup - Our new, simplified slate of checking accounts offers greater benefits and improved
technology to our customers.
• The introducon of Zelle into our payment opons - This well-known payment soluon is now integrated in our mobile banking app to offer a fast, easy way to transfer money between individuals quickly and safely.
• The launch of tokenizaon - With Apple Pay, Google Pay, and several other digital wallets, our customers now have access to world-class payment plaorms.
• The creaon of an insurance partnership - By joining a consorum of community banks in North Carolina, we can now provide an avenue for our customers to request compeve rates on a variety of insurance products.
Addionally, we were able to significantly reduce our non-performing assets and increase efficiency through projects like installaon of a bankwide VoIP phone system. All of these efforts produced, as stated earlier, record earnings, asset growth of 13%, a 12% stock price appreciaon, and an increased dividend for all shareholders.
Fiſty years ago, a group of concerned local leaders had an idea to start a community bank to serve the unserved. What started as just a dream has grown into an instuon of almost $500 million in assets and nearly 100 employees serving a three-county area as a full-service commercial bank. Without your support, the fulfilment of the dream would not have been possible, nor would our connued mission of future growth. Thank you again for helping us be "Your Community Bank".
Please review, vote, and return your proxy card as soon as possible or vote online.
Sincerely,
Kyle R. Chavis
Chief Execuve Officer
2
Lumbee Guaranty Bank - 2021 Annual Report
BOARD of DIRECTORS
LARRY R. CHAVIS
Chairman of the Board Rered, Bank CEO and President
ARNOLD LOCKLEAR
Vice Chairman of the Board
Rered, Aorney
REDELL COLLINS
Secretary of the Board
Owner, Redell Collins Construcon Company
LARRY T. BROOKS
Rered, Principal
SYBIL BULLARD
Vice President of Markeng Southeastern Grain Company, LLC
CHRISTOPHER DIXON
Partner
Haigh, Byrd & Lambert, LLP
DAVID E BROOKS, DVM
Pembroke Veterinary Hospital
DERRICK STATEN
Rered, Banking Execuve
JAMES THOMAS
Rered, BellSouth
Lumbee Guaranty Bank - 2021 Annual Report
3
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Lumbee Guaranty Bank published this content on 15 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2022 13:10:04 UTC.