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.