Lake Ridge Bancorp Reports Profit Growth to $8.6 Million

The bank’s financial health improved as net interest income reached $26.3 million, up from $24.9 million in the first quarter. This growth stemmed from the repricing of loans at higher rates and increased holdings in securities. Noninterest income also saw a lift, rising to $5.3 million driven by wealth management fees and interchange activity, while noninterest expenses dipped slightly to $20.1 million.

Loan demand remains steady, with net loans growing by $43.1 million to hit $2.42 billion by the end of June, largely supported by commercial real estate. Asset quality improved as non-performing loans dropped to 0.38% of the total portfolio. Deposits also grew by $71.2 million, reaching $2.78 billion, bolstered by inflows into interest-bearing checking and money market accounts. Chief Executive Officer Jim Tubbs attributed the results to the bank's community-focused model, which pairs personalized service with modern digital tools to sustain long-term relationships.